Exhibit 99.2
July 28, 2005
FBR Securitization Trust 2005-1
Callable Mortgage-Backed Notes, Series 2005-1
Callable Mortgage-Backed Notes, Series 2005-1
$1,137,450,000
(Approximate, Subject to +/- 10% Variance)
Series Term Sheet
Accredited Home Lenders, Inc.
Originator
FBR Securitization, Inc.
Depositor
Financial Security Assurance Inc.
Note Insurer
FRIEDMAN BILLINGS RAMSEY
Lead Underwriter
DISCLAIMER
Attached is a Series Term Sheet that describes the structure, collateral and certain aspects of the FBR Securitization Trust 2005-1, Mortgage-Backed Notes, Series 2005-1. Friedman, Billings, Ramsey & Co., Inc. (“FBR”) has prepared this Series Term Sheet for distribution to potential investors. Though the Depositor provided FBR with certain information, the Depositor did not participate in the preparation of this Series Term Sheet. The Series Term Sheet is for informational purposes only and is subject to modification or change. The information and assumptions contained in this Series Term Sheet are preliminary and will be superseded by any subsequent series term sheets and by a prospectus, a prospectus supplement and by any other additional information subsequently filed with the Securities and Exchange Commission or incorporated by reference in the Depositor’s registration statement.
Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive information and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the FBR trading desk at (703) 469-1225.
Any investment decision should be based only upon the information in the final prospectus and prospectus supplement as of their publication dates.
Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors must consider the risks of these securities.
If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.
COMPUTATIONAL MATERIALS
This Series Term Sheet contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by FBR in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by FBR and not by the issuer of the securities.
Numerous assumptions were used in preparing the Computational Materials which may or may not be stated therein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.
Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. Without limiting the foregoing, the collateral information set forth in these Computational Materials, including without limitation the collateral tables which follow, is based only on a the pool of Mortgage Loans expected to be included in the trust along with certain other Mortgage Loans on the Closing Date. Certain Mortgage Loans contained in this pool may be deleted from the final pool of Mortgage Loans delivered to the trust on the Closing Date and other loans may be substituted therefor. Although FBR believes the information with respect to the pool will be representative of the final pool of Mortgage Loans, the collateral characteristics of the final pool may nonetheless vary from the collateral characteristics of the pool presented in the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither FBR nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.
| Contact Information | ||||||||||
| FBR | FBR | FBR | ||||||||
| ABS Banking | ABS Trading/Syndicate | ABS Structuring | ||||||||
| Mike Ciuffo | (703) 312-1889 | Salmaan Siddiqui | (703) 469-1225 | Anna Zuckerman | (703) 469-1283 | |||||
| Dane Smith | (703) 312-1896 | Tol Ho | (703) 312-1737 | |||||||
| Chris DeMulder | (703) 312-1754 | |||||||||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 1 | July 28, 2005 | |
FBR Securitization Trust 2005-1
Callable Mortgage-Backed Notes, Series 2005-1
Callable Mortgage-Backed Notes, Series 2005-1
| Class Principal | WAL | Payment Window | Expected Rating | Interest | ||||||||||||||||
| Class(1) | Amount ($)(2) | Call/Mat(3) | (Mths) Call/Mat(3) | (S&P/Moody’s) | Type(4) | |||||||||||||||
| A-1 | $ | 541,690,000 | Not Marketed Hereby | AAA/Aaa | Floating | |||||||||||||||
| A-2 | $ | 595,760,000 | 1.98 / 2.75 | 1 - 39 / 1 - 179 | AAA/Aaa | Floating | ||||||||||||||
| (1) | The Notes are priced to the Payment Date on which the Optional Termination may first be exercised. | |
| (2) | Approximate, subject to a +/- 10% variance. | |
| (3) | See “Pricing Prepayment Speed” herein. | |
| (4) | See “Net WAC Rate” herein. The margin on the Notes will be multiplied by 2 on and after the Margin Stepup Date. |
A. General Terms
Issuer: | FBR Securitization Trust 2005-1. | |
Depositor: | FBR Securitization, Inc. | |
Originator: | Accredited Home Lenders, Inc. | |
Lead Underwriter: | Friedman, Billings, Ramsey & Co., Inc. | |
Co-Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Incorporated. | |
Note Insurer: | Financial Security Assurance Inc. | |
Master Servicer and Securities Administrator: | Wells Fargo Bank, National Association. | |
Servicer and Custodian: | JPMorgan Chase Bank, National Association. | |
Credit Risk Manager: | The Murrayhill Company. | |
Indenture Trustee: | HSBC Bank USA, National Association. | |
Owner Trustee: | Wilmington Trust Company. | |
Hedge Counterparty: | [TBD] | |
Notes: | The Class A-1 and Class A-2 Notes. | |
Ownership Certificate: | The Issuer will also issue an ownership certificate, which will not be offered and will be held initially by an affiliate of the Depositor. | |
Payment Date: | The 25th day of each month (or if not a business day, the next succeeding business day) commencing in August 2005. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 2 | July 28, 2005 | |
Cut-off Date: | July 1, 2005. | |
Final Maturity Date: | The Payment Date in June 2035. | |
Expected Pricing Date: | On or about August [1], 2005. | |
Expected Closing Date: | On or about August 16, 2005. | |
Accrued Interest: | The price to be paid by investors for the Notes will not include accrued interest (settling flat). | |
Registration: | The Notes will be available in book-entry form through DTC and only upon request through Clearstream, Luxembourg and the Euroclear System. | |
Mortgage Loans and Mortgage Loan Groups: | The trust will include Mortgage Loans having an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $1,169 million, of which approximately $1,006 million and $163 million are adjustable-rate first lien and fixed-rate first lien residential mortgage loans, respectively. The Mortgage Loans will be divided into two mortgage loan groups. The Group 1 Mortgage Loans will consist only of those mortgage loans with principal balances that conform to Freddie Mac guidelines and the Group 2 Mortgage Loans will consist of mortgage loans that may or may not conform to Freddie Mac guidelines. The Group 1 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $557 million, of which approximately $492 million and $65 million are adjustable-rate first lien and fixed-rate first lien residential mortgage loans, respectively. The Group 2 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $612 million, of which approximately $514 million and $98 million are adjustable-rate first lien and fixed-rate first lien residential mortgage loans, respectively. | |
| The collateral tables included in the attached Computational Materials represent a pool of Mortgage Loans having the characteristics described therein as of the Cut-off Date. Certain Mortgage Loans may be removed from the final pool of Mortgage Loans to be included in the trust on the Closing Date or substituted therefor, although the characteristics of such final pool are not expected to materially differ from the characteristics of the mortgage pool described in the Computational Materials. | ||
Note Insurance Policy and Note Insurance Agreement: | On the Closing Date, the Note Insurer will issue a financial guaranty insurance policy for the benefit of the Notes, pursuant to which the Note Insurer will guarantee that the Notes will receive the timely payment of interest, the payment of principal upon the occurrence of a Parity Deficiency Amount and the ultimate payment of principal at maturity. A Parity Deficiency Amount will exist on any Payment Date, after application of payments on the Mortgage Loans, on which the aggregate Scheduled Principal Balance of the Mortgage Loans is less than the outstanding principal amount of the Notes. The Note Insurance Policy will not cover (i) Basis Risk Shortfalls, (ii) Prepayment Interest Shortfalls or (iii) Relief Act Shortfalls. | |
| The Issuer, the Depositor, an affiliate of the Depositor and the Note Insurer will also enter into a note insurance agreement on the Closing Date regarding the Note Insurance Policy and related matters. The Note Insurer will have certain rights with respect to the transaction as specified in the Indenture and the Transfer and Servicing Agreement, including the right to direct acceleration of the Notes upon an Event of Default. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 3 | July 28, 2005 | |
The Credit Risk Manager: | The Credit Risk Manager will monitor the performance of the Servicer, and make recommendations to the Servicer and/or Master Servicer regarding certain delinquent and defaulted Mortgage Loans and will report to the Depositor on the performance of such Mortgage Loans, pursuant to a Credit Risk Management Agreement to be entered into by the Credit Risk Manager, the Servicer and the Master Servicer. The Credit Risk Manager will rely upon mortgage loan data that is provided to it by the Servicer and the Master Servicer in performing its advisory and monitoring functions. | |
Cap Agreement: | On the Closing Date, the Issuer will enter into a hedge agreement with the Hedge Counterparty to make payments generally in respect of any Basis Risk Shortfall on the Notes to the extent not paid by Monthly Excess Cashflow on the Payment Dates occurring from [September 2005] to [October 2008]. On each such Payment Date, the Hedge Counterparty will be obligated to make a payment to the Issuer equal to the product of (a) the amount, if any, by which one-month LIBOR (up to a maximum of [10.50]%) exceeds the related strike rate for such Payment Date, (b) the lesser of (i) the related notional balance for such Payment Date, and (ii) the aggregate Class Principal Amount of the Notes prior to payments on such Payment Date, and (c) the quotient of (i) the number of days in the related Interest Accrual Period divided by (ii) 360. The expected strike rate and notional balance for each Payment Date are set forth in the Cap Schedule. The Cap Agreement may have a schedule of strike rates and notional balances that varies from the Cap Schedule in this Series Term Sheet. | |
Credit Enhancement: | Consists of the following: |
| 1. | Monthly Excess Cashflow; | ||
| 2. | Overcollateralization; and | ||
| 3. | Note Insurance Policy. |
Optional Termination: | The transaction will allow for an optional call and the retirement of the Notes, which may be exercised by the holder of the ownership certificate, subject to the consent of the Note Insurer, when the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period is equal to or less than 30% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. | |
Clean up Call: | Subject to the consent of the Note Issuer, the Servicer will have the right to purchase all of the Mortgage Loans and pay the Notes, which right may be exercised when the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period is equal to or less than 10% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. If the Servicer does not exercise this right, the Note Insurer may do so. | |
Pricing Prepayment Speed: | The Notes will be priced based on the following collateral prepayment assumptions: | |
| FRM Loans: | 100% PPC (100% PPC: 4% — 20% CPR over 12 months, 20% CPR thereafter). | |
| ARM Loans: | 100% PPC (100% PPC: 2% — 30% CPR over 12 months, constant 30% CPR up to and including the 22nd month, constant 50% CPR up to and including 27th month, and constant 35% CPR thereafter). | |
| With respect to both FRM and ARM loans, the CPR shall not exceed 85% in any given period. | ||
Federal Tax Status: | It is anticipated that for federal income tax purposes the Notes will be characterized as debt instruments. | |
SMMEA Eligibility: | The Notes will constitute “mortgage related securities” for purposes of SMMEA. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 4 | July 28, 2005 | |
ERISA Eligibility: | The Notes are expected to be eligible for purchase by or on behalf of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, subject to certain conditions as further described in the prospectus supplement. | |
Servicing Fee: | On each Payment Date, the Servicer will be entitled to 1/12 of 0.50% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period (“Servicing Fee”), less a portion of such Fee that will be certificated and paid monthly to FBR Trust Investments, LLC. The Depositor may replace the Servicer at any time for any reason, subject to the consent of the Note Insurer in its absolute and sole discretion. The Servicer may assign its servicing rights and obligations with the consent of the Note Insurer. The appointment of any successor servicer also will be subject to the consent of the Note Insurer. | |
Master Servicing Fee: | On each Payment Date, the Master Servicer will be entitled to 1/12 of 0.0125% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period. The fees of the Indenture Trustee, the Owner Trustee, the Securities Administrator and the Custodian will be paid by the Master Servicer from the Master Servicing Fee. | |
Credit Risk Manager’s Fee: | On each Payment Date, the Credit Risk Manager will be entitled to 1/12 of 0.015% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 5 | July 28, 2005 | |
B. Payments on the Notes
Priority of Payments: | (a) Group 1 Interest Proceedsshall be applied on each Payment Date in the following order of priority: |
| 1. | To pay to the Note Insurer the Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 1 Mortgage Loans and thereafter, any Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 2 Mortgage Loans remaining unpaid after application of Group 2 Interest Proceeds pursuant to clause (c)(1) below; | ||
| 2. | To pay Current Interest to the holders of the Class A-1 Notes and thereafter, any Current Interest to the holders of the Class A-2 Notes remaining unpaid after application of Group 2 Interest Proceeds pursuant to clause (c)(2) below; | ||
| 3. | To reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-1 Notes, together with interest thereon at the Prime Rate plus 2% per annum, and thereafter to reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-2 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of Group 2 Interest Proceeds pursuant to clause (c)(3) below; and | ||
| 4. | For payment as Group 1 Monthly Excess Cashflow; |
| (b) Group 1 Principal Proceedsshall be applied on each Payment Date in the following order of priority: |
| 1. | To pay the Class A-1 Principal Payment Amount to the holders of the Class A-1 Notes in reduction of their Class Principal Amount until it is reduced to zero; and | ||
| 2. | For payment as Group 1 Monthly Excess Cashflow; |
| (c) Group 2 Interest Proceedsshall be applied on each Payment Date in the following order of priority: |
| 1. | To pay to the Note Insurer the Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 2 Mortgage Loans and thereafter, any Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 1 Mortgage Loans remaining unpaid after application of Group 1 Interest Proceeds pursuant to clause (a)(1) above; | ||
| 2. | To pay Current Interest to the holders of the Class A-2 Notes and thereafter, any Current Interest to the holders of the Class A-1 Notes remaining unpaid after application of Group 1 Interest Proceeds pursuant to clause (a)(2) above; | ||
| 3. | To reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-2 Notes, together with interest thereon at the Prime Rate plus 2% per annum, and thereafter to reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-1 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of Group 1 Interest Proceeds pursuant to clause (a)(3) above; and | ||
| 4. | For payment as Group 2 Monthly Excess Cashflow; |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 6 | July 28, 2005 | |
| (d) Group 2 Principal Proceedsshall be applied on each Payment Date in the following order of priority: |
| 1. | To pay the Class A-2 Principal Payment Amount to the holders of the Class A-2 Notes in reduction of their Class Principal Amount until it is reduced to zero; and | ||
| 2. | For payment as Group 2 Monthly Excess Cashflow; |
| (e) Group 1 Monthly Excess Cashflow, if any, shall be applied in the following order of priority: |
| 1. | To pay any unpaid Current Interest to the holders of the Class A-1 Notes and thereafter any Current Interest to the holders of the Class A-2 Notes remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(1) below; | ||
| 2. | To pay the Group 1 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-1 Notes, and thereafter, the Group 2 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-2 Notes to the extent remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(2) below; | ||
| 3. | Without duplication, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-1 Notes together with interest thereon at the Prime Rate plus 2% per annum, and any other amounts due to the Note Insurer pursuant to the Note Insurance Agreement, and thereafter, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-2 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(3) below; | ||
| 4. | To pay any Basis Risk Shortfall to the Class A-1 Notes and thereafter, any Basis Risk Shortfall to the Class A-2 Notes to the extent remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(4) below; and | ||
| 5. | Any remaining Group 1 Monthly Excess Cashflow to the holder of the ownership certificate; |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 7 | July 28, 2005 | |
| (f) Group 2 Monthly Excess Cashflow, if any, shall be applied in the following order of priority: |
| 1. | To pay any unpaid Current Interest to the holders of the Class A-2 Notes and thereafter any Current Interest to the holders of the Class A-1 Notes remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(1) above; | ||
| 2. | To pay the Group 2 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-2 Notes, and thereafter, the Group 1 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-1 Notes to the extent remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(2) above; | ||
| 3. | Without duplication, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-2 Notes together with interest thereon at the Prime Rate plus 2% per annum, and any other amounts due to the Note Insurer pursuant to the Note Insurance Agreement, and thereafter, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-1 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(3) above; | ||
| 4. | To pay any Basis Risk Shortfall to the Class A-2 Notes and thereafter, any Basis Risk Shortfall to the Class A-1 Notes to the extent remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(4) above; and | ||
| 5. | Any remaining Group 2 Monthly Excess Cashflow to the holder of the ownership certificate. |
Pursuant to the terms of the Transfer and Servicing Agreement and the Note Insurance Policy, the Securities Administrator will be authorized to draw on the Note Insurance Policy on any Payment Date on which, after application of the payment waterfall, (i) there is a deficiency in Current Interest payable on the Notes; (ii) there is a Parity Deficiency Amount (in which case, the amount thereof shall be applied in proportion to the Group 1 and Group 2 Parity Deficiency Amounts in reduction of the Class Principal Amounts of the Class A-1 and A-2 Notes, respectively); and (iii) there are insufficient funds to pay all outstanding principal on the Notes on their Final Maturity Dates. The Note Insurance Policy will not cover (i) Basis Risk Shortfalls, (ii) Prepayment Interest Shortfalls or (iii) Relief Act Shortfalls. The Note Insurance Policy will cover Current Interest remaining unpaid from previous Payment Dates, but will not cover interest on such amounts to the extent that the failure to pay Current Interest for such prior Payment Dates was due to the failure of the Securities Administrator to deliver a timely and correct notice of claim to the Note Insurer.
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 8 | July 28, 2005 | |
C. Definitions
Basis Risk Shortfall: | For each class of Notes on any Payment Date, the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest under clause (a) of the definition thereof for such class of Notes at the Formula Rate for such Payment Date over (ii) the Current Interest under clause (a) of the definition thereof due to such class of Notes based upon the application of the Net WAC Rate for such Payment Date, (b) the excess, if any, of (i) the amount that would have been the Current Interest under clause (b)(y) of the definition thereof for such class of Notes at the Formula Rate for such Payment Date over (ii) the Current Interest under clause (b)(y) of the definition thereof due to such class of Notes on such Payment Date based upon the application of the Net WAC Rate, (c) any excess described in clauses (a) and (b) above for any prior Payment Date that remains unpaid (together with any unpaid interest thereon from prior Payment Dates pursuant to clause (d)), and (d) interest accrued during the Interest Accrual Period related to such Payment Date on the amount described in clause (c) above at the applicable Formula Rate. The Note Insurance Policy will not cover Basis Risk Shortfall. | |
Class A-1 Principal Payment Amount: | For any Payment Date, an amount equal to the lesser of (a) the Class Principal Amount of the Class A-1 Notes and (b) the excess, if any, of Group 1 Principal Proceeds over the Group 1 Overcollateralization Release Amount. | |
Class A-2 Principal Payment Amount: | For any Payment Date an amount equal to the lesser of (a) the Class Principal Amount of the Class A-2 Notes and (b) the excess, if any, of Group 2 Principal Proceeds over the Group 2 Overcollateralization Release Amount. | |
Class Principal Amount: | For each class of Notes, the aggregate principal amount of such class of Notes on the Closing Date, less the sum of all amounts paid as principal (including insurance proceeds paid as principal) on such class of Notes on all prior Payment Dates. | |
Cumulative Realized Loss Percentage: | With respect to any Payment Date, a fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Due Period by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. | |
Current Interest: | With respect to any Payment Date and each class of Notes, the sum of (a) the interest accrued during the related Interest Accrual Period at the applicable Note Interest Rate for such class of Notes on the related Class Principal Amount immediately prior to such Payment Date, and (b) the sum of (x) any unpaid Current Interest from the previous Payment Dates for such class of Notes, and (y) interest thereon at the applicable Note Interest Rate for such Payment Date. | |
Delinquency Rate: | For any Due Period, the fraction, expressed as a percentage, the numerator of which is the aggregate Scheduled Principal Balance of all Mortgage Loans that are 60 or more days delinquent (including all foreclosures and REO Properties) as of the close of business on the last day of the preceding calendar month, and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans as of the close of business on the last day of such calendar month. | |
Due Period: | For each Payment Date, a period beginning on the second day of the calendar month preceding the month in which the Payment Date occurs (or the day following the Cut-off Date in respect of the initial Due Period) and ending on the first day of the calendar month in which the Payment Date occurs. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 9 | July 28, 2005 | |
Formula Rate: | For each class of Notes, a per annum rate equal to the lesser of (a) one-month LIBOR plus the applicable margin and (b) 14.00%. | |
Group 1 Interest Proceeds: | With respect to any Payment Date, generally, the difference between (a) the sum of all scheduled and unscheduled payments of interest on the Group 1 Mortgage Loans, all proceeds in respect of interest from the liquidation of Group 1 Mortgage Loans, all insurance proceeds on the Group 1 Mortgage Loans in respect of interest (other than pursuant to the Note Insurance Policy), and certain proceeds in respect of interest from the repurchase of a Group 1 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable, and (b) the amount of the Master Servicing Fee, Servicing Fee, Credit Risk Manager’s Fee and expenses and indemnities due and payable by the Issuer with respect to the Group 1 Mortgage Loans. |
Group 1 Monthly Excess Cashflow: | For any Payment Date, the sum of any Group 1 Interest Proceeds and Group 1 Principal Proceeds remaining as provided in sections (a) and (b) of “Payment on Notes-Priority of Payments.” | |
Group 1 Overcollateralization Amount: | With respect to any Payment Date, the amount by which the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans as of the last day of the related Due Period exceeds the Class Principal Amount of the Class A-1 Notes after the payment of all principal on the Class A-1 Notes on such Payment Date. | |
Group 1 Overcollateralization Deficiency Amount: | For any Payment Date, the excess, if any, of (a) the Group 1 Target Overcollateralization Amount for such Payment Date over (b) the Group 1 Overcollateralization Amount for such Payment Date, calculated after taking into account the reduction of the Class Principal Amount of the Class A-1 Notes resulting from the payment of the Class A-1 Principal Payment Amount on such Payment Date. | |
Group 1 Overcollateralization Release Amount: | For any Payment Date an amount equal to the lesser of (a) Group 1 Principal Proceeds for such Payment Date and (b) the excess, if any, of (i) the Group 1 Overcollateralization Amount for such Payment Date (assuming, for the purposes of this calculation, that 100% of Group 1 Principal Proceeds is applied as payment of principal on the Class A-1 Notes) over (ii) the Group 1 Target Overcollateralization Amount for such Payment Date; provided, however, that if the Overcollateralization Release Amount for any Payment Date exceeds the sum of the Group 1 and Group 2 Overcollateralization Release Amounts, calculated without regard to the proviso thereof and the Group 2 Overcollateralization Release Amount is equal to the Group 2 Principal Proceeds, then the Group 1 Overcollateralization Release Amount will be equal to lesser of (a) the excess of (i) the Overcollateralization Release Amount over (ii) the Group 2 Overcollateralization Release Amount (calculated without regard to the proviso thereof) and (b) the Group 1 Principal Proceeds. | |
Group 1 Parity Deficiency Amount: | For any Payment Date, after application of all Group 1 and Group 2 Interest Proceeds and Principal Proceeds, the amount, if any, by which the Class Principal Amount of the Class A-1 Notes exceeds the Scheduled Principal Balance of the Group 1 Mortgage Loans as of the last day of the related Due Period. | |
Group 1 Principal Proceeds: | For any Payment Date, generally, the sum of all scheduled and unscheduled payments of principal on the Group 1 Mortgage Loans, all proceeds in respect of principal from the liquidation of Group 1 Mortgage Loans, all insurance proceeds on the Group 1 Mortgage Loans in respect of principal (other than pursuant to the Note Insurance Policy), and all proceeds from the repurchase of a Group 1 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 10 | July 28, 2005 | |
Group 1 Target Overcollateralization Amount: | For any Payment Date prior to the Stepdown Date, approximately [2.70]% of the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date. | |
| For any Payment Date on or after the Stepdown Date, the product of (a) the Target Overcollateralization Amount and (b) a fraction (i) the numerator of which is the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans as of the last day of the related Due Period and (ii) the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in both loan groups as of the last day of the related Due Period. | ||
Group 2 Interest Proceeds: | With respect to any Payment Date, generally, the difference between (a) the sum of all scheduled and unscheduled payments of interest on the Group 2 Mortgage Loans, all proceeds in respect of interest from the liquidation of Group 2 Mortgage Loans, all insurance proceeds on the Group 2 Mortgage Loans in respect of interest (other than pursuant to the Note Insurance Policy) and certain proceeds in respect of interest from the repurchase of a Group 2 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable, and (b) the amount of the Master Servicing Fee, Servicing Fee, Credit Risk Manager’s Fee and expenses and indemnities due and payable by the Issuer with respect to the Group 2 Mortgage Loans. | |
Group 2 Monthly Excess Cashflow: | For any Payment Date, the sum of any Group 2 Interest Proceeds and Group 2 Principal Proceeds remaining as provided in sections (c) and (d) of “Payments on Notes-Priority of Payments.” | |
Group 2 Overcollateralization Amount: | With respect to any Payment Date, the amount by which the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans as of the last day of the related Due Period exceeds the Class Principal Amount of the Class A-2 Notes after the payment of all principal on the Class A-2 Notes on such Payment Date. | |
Group 2 Overcollateralization Deficiency Amount: | For any Payment Date, the excess, if any, of (a) the Group 2 Target Overcollateralization Amount for such Payment Date over (b) the Group 2 Overcollateralization Amount for such Payment Date, calculated after taking into account the reduction of the Class Principal Amount of the Class A-2 Notes resulting from the payment of the Class A-2 Principal Payment Amount on such Payment Date. | |
Group 2 Overcollateralization Release Amount: | For any Payment Date an amount equal to the lesser of (a) Group 2 Principal Proceeds for such Payment Date and (b) the excess, if any, of (i) the Group 2 Overcollateralization Amount for such Payment Date (assuming, for the purposes of this calculation, that 100% of Group 2 Principal Proceeds is applied as payment of principal on the Class A-2 Notes) over (ii) Group 2 Target Overcollateralization Amount for such Payment Date; provided, however, that if the Overcollateralization Release Amount for any Payment Date exceeds the sum of the Group 1 and Group 2 Overcollateralization Release Amounts, calculated without regard to the proviso thereof and the Group 1 Overcollateralization Release Amount is equal to the Group 1 Principal Proceeds, then the Group 2 Overcollateralization Release Amount will be equal to lesser of (a) the excess of (i) the Overcollateralization Release Amount over (ii) the Group 1 Overcollateralization Release Amount (calculated without regard to the proviso thereof) and (b) the Group 2 Principal Proceeds. | |
Group 2 Parity Deficiency Amount: | For any Payment Date, after application of all Group 1 and Group 2 Interest Proceeds and Principal Proceeds, the amount, if any, by which the Class Principal Amount of the Class A-2 Notes exceeds the Scheduled Principal Balance of the Group 2 Mortgage Loans as of the last day of the related Due Period. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 11 | July 28, 2005 | |
Group 2 Principal Proceeds: | For any Payment Date, generally, the sum of all scheduled and unscheduled payments of principal on the Group 2 Mortgage Loans, all proceeds in respect of principal from the liquidation of Group 2 Mortgage Loans, all insurance proceeds on the Group 2 Mortgage Loans in respect of principal (other than pursuant to the Note Insurance Policy), and all proceeds from the repurchase of a Group 2 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable. | |
Group 2 Target Overcollateralization Amount: | For any Payment Date prior to the Stepdown Date, approximately [2.70]% of the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date. | |
| For any Payment Date on or after the Stepdown Date, the product of (a) the Target Overcollateralization Amount and (b) a fraction (i) the numerator of which is the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans as of the last day of the related Due Period and (ii) the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in both loan groups as of the last day of the related Due Period. | ||
Interest Accrual Period: | For each Payment Date, the period beginning with the previous Payment Date (or, in the case of the first Payment Date, the Closing Date) and ending on the day prior to such Payment Date. | |
Margin Stepup Date: | The first Payment Date on which the aggregate Scheduled Principal Balance of the Mortgage Loans as of the end of the related Due Period is less than 20% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. | |
Monthly Insurance Premium: | For any Payment Date, the insurance premium due to the Note Insurer, which premium will be determined as a variable rate, which is not expected to exceed [2.50]% per annum, multiplied by a notional balance approximately equal to the aggregate Class Principal Amount of the Notes as of the first day of the related Due Period. The Monthly Insurance Premium will increase by no more than 50% on the Margin Stepup Date. | |
Monthly Insurance Premium Fee Rate: | For any Payment Date, the product of (i) a fraction, the numerator of which is the Monthly Insurance Premium with respect to such Payment Date and denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans as of the first day of the related Due Period and (ii) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period. | |
Net WAC Rate: | For any Payment Date, the excess, if any, of (a) the lesser of (i) Net WAC Rate of the Group 1 Mortgage Loans and (ii) the Net WAC Rate of the Group 2 Mortgage Loans over (b) the Monthly Insurance Premium Fee Rate. The Net WAC Rate for each Group of Mortgage Loans for any Payment Date is equal to the product of (a) a fraction, the numerator of which is the excess of (i) the total scheduled interest in respect of the Mortgage Loans of such Group for such Payment Date over (ii) the sum of (1) the Servicing Fee, (2) the Master Servicing Fee and (3) the Credit Risk Manager’s Fee, each for such Mortgage Loan Group, and the denominator of which is the aggregate Scheduled Principal Balance of such Group of Mortgage Loans as of the first day of the related Due Period and (b) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period. | |
Note Interest Rate: | For each class of Notes, the lesser of (a) the applicable Formula Rate and (b) the Net WAC Rate. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 12 | July 28, 2005 | |
Overcollateralization Release Amount | For any Payment Date an amount equal to the lesser of (a) sum of the Group 1 and Group 2 Principal Proceeds for such Payment Date and (b) the excess, if any, of (i) the sum of the Group 1 and Group 2 Overcollateralization Amounts for such Payment Date (assuming, for the purposes of this calculation, that 100% of Group 1 Principal Proceeds is applied as payment of principal on the Class A-1 Notes and 100% of Group 2 Principal Proceeds is applied as payment of principal on the Class A-2 Notes) over (ii) the Target Overcollateralization Amount for such Payment Date. | |
Parity Deficiency Amount: | For any Payment Date, after application of all Group 1 and Group 2 Interest Proceeds and Principal Proceeds, the amount, if any, by which the Class Principal Amount of the Class A-1 Notes and Class A-2 Notes exceeds the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period. | |
Prepayment Period: | With respect to any Payment Date, the calendar month preceding the month of such Payment Date. | |
Realized Loss: | With respect to any Mortgage Loan that has been liquidated, the excess, if any, of the principal balance of such Mortgage Loan together with accrued and unpaid interest thereon over the proceeds of the liquidation. With respect to any Mortgage Loan, the extent to which its principal balance, or the amount of the scheduled monthly payment of principal, has been reduced pursuant to a judicial proceeding. | |
Rolling Three Month Delinquency Rate: | With respect to any Payment Date, the average of the Delinquency Rates for each of the three (or a shorter period, in the case of the first and second Payment Dates) immediately preceding months. | |
Scheduled Principal Balance: | With respect to any Mortgage Loan as of any date of determination, the principal balance of such Mortgage Loan as of the Cut-off Date, reduced by all scheduled payments of principal due after the Cut-off Date and all amounts allocable to unscheduled principal payments. | |
Stepdown Date: | The later to occur of (a) the Payment Date in August 2008 and (b) the first Payment Date on which the aggregate Group 1 and Group 2 Overcollateralization Amounts equals or exceeds [5.40]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period. | |
Target Overcollateralization Amount: | For any Payment Date prior to the Stepdown Date, approximately [2.70]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. | |
| For any Payment Date on or after the Stepdown Date, the lesser of (a) [2.70]% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, and (b) [5.40]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period, subject to a floor equal to 0.50% of the principal balance of the Mortgage Loans as of the Cut-off Date;provided, however,if a Trigger Event has occurred and is continuing on a Payment Date, the Target Overcollateralization Amount will be the same as the Target Overcollateralization Amount on the preceding Payment Date. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 13 | July 28, 2005 | |
Trigger Event | With respect to any Payment Date, a Trigger Event has occurred if (a) the Rolling Three Month Delinquency Rate as of the last day of the related Due Period equals or exceeds [15.95]%, or (b) the Cumulative Realized Loss Percentage exceeds the percentage specified in the table below for such Payment Date: |
| Payment Date Occurring In | Percentage | |
| August 2008-July 2009 | [3.25]% with respect to August 2008, plus an additional 1/12th of [2.00]% for each month thereafter | |
| August 2009-July 2010 | [5.25]% with respect to August 2009, plus an additional 1/12th of [1.50]% for each month thereafter | |
| August 2010-July 2011 | [6.75]% with respect to August 2010, plus an additional 1/12th of [0.75]% for each month thereafter | |
| August 2011 and thereafter | [7.50]% |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
| FRIEDMAN BILLINGS RAMSEY | ||
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 14 | July 28, 2005 | |
D. Net WAC Rate
| Net WAC Rate | ||||||||||||||||||||||||||||||||
| Effective Net | Effective Net | Effective Net | ||||||||||||||||||||||||||||||
| Net WAC | WAC | Net WAC | WAC | Net WAC | WAC | |||||||||||||||||||||||||||
| Period | Rate(1)(3) | Rate(1)(2)(3) | Period | Rate(1)(3) | Rate(1)(2)(3) | Period | Rate(1)(3) | Rate(1)(2)(3) | ||||||||||||||||||||||||
| 1 | NA | NA | 14 | 6.219 | % | 10.500 | % | 27 | 7.426 | % | 10.500 | % | ||||||||||||||||||||
| 2 | 6.282 | % | 10.500 | % | 15 | 6.430 | % | 10.500 | % | 28 | 8.192 | % | 10.500 | % | ||||||||||||||||||
| 3 | 6.498 | % | 10.500 | % | 16 | 6.204 | % | 10.500 | % | 29 | 8.459 | % | 10.500 | % | ||||||||||||||||||
| 4 | 6.277 | % | 10.500 | % | 17 | 6.414 | % | 10.500 | % | 30 | 8.145 | % | 10.500 | % | ||||||||||||||||||
| 5 | 6.492 | % | 10.500 | % | 18 | 6.187 | % | 10.500 | % | 31 | 8.121 | % | 10.500 | % | ||||||||||||||||||
| 6 | 6.270 | % | 10.500 | % | 19 | 6.179 | % | 10.500 | % | 32 | 8.697 | % | 10.500 | % | ||||||||||||||||||
| 7 | 6.265 | % | 10.500 | % | 20 | 6.872 | % | 10.500 | % | 33 | 8.129 | % | 10.500 | % | ||||||||||||||||||
| 8 | 6.962 | % | 10.500 | % | 21 | 6.192 | % | 10.500 | % | 34 | 9.457 | % | 10.500 | % | ||||||||||||||||||
| 9 | 6.254 | % | 10.500 | % | 22 | 7.507 | % | 10.500 | % | 35 | 9.101 | % | 10.500 | % | ||||||||||||||||||
| 10 | 6.466 | % | 10.500 | % | 23 | 7.225 | % | 10.500 | % | 36 | 9.394 | % | 10.500 | % | ||||||||||||||||||
| 11 | 6.241 | % | 10.500 | % | 24 | 7.451 | % | 10.500 | % | 37 | 9.038 | % | 10.500 | % | ||||||||||||||||||
| 12 | 6.452 | % | 10.500 | % | 25 | 7.167 | % | 10.500 | % | 38 | 9.012 | % | 10.500 | % | ||||||||||||||||||
| 13 | 6.226 | % | 10.500 | % | 26 | 7.150 | % | 10.500 | % | 39 | 9.430 | % | 10.500 | % | ||||||||||||||||||
| (1) | Assumes that six-month LIBOR and one-month LIBOR are both equal to 20.00%. | |
| (2) | Assumes payments are received from the Cap Agreement. | |
| (3) | Assumes the Pricing Prepayment Speed to the Payment Date on which the Optional Termination maybe first exercised. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 15 | July 28, 2005 | |
E. Cap Schedule
| Cap Agreement | ||||||||||||||||||||||||||
| Notional Balance | Cap Strike | Cap Ceiling | Notional Balance | Cap Strike | Cap Ceiling | |||||||||||||||||||||
| Period | ($) | (%) | (%) | Period | ($) | (%) | (%) | |||||||||||||||||||
| 1 | 0.00 | 0.000 | 10.500 | 21 | 672,142,250.64 | 6.192 | 10.500 | |||||||||||||||||||
| 2 | 1,126,978,113.17 | 6.282 | 10.500 | 22 | 636,552,332.67 | 7.507 | 10.500 | |||||||||||||||||||
| 3 | 1,114,022,877.01 | 6.498 | 10.500 | 23 | 602,974,942.19 | 7.225 | 10.500 | |||||||||||||||||||
| 4 | 1,098,605,236.82 | 6.277 | 10.500 | 24 | 571,227,630.16 | 7.451 | 10.500 | |||||||||||||||||||
| 5 | 1,080,755,538.57 | 6.492 | 10.500 | 25 | 541,652,665.86 | 7.167 | 10.500 | |||||||||||||||||||
| 6 | 1,060,520,038.36 | 6.270 | 10.500 | 26 | 522,900,393.90 | 7.150 | 10.500 | |||||||||||||||||||
| 7 | 1,037,961,969.56 | 6.265 | 10.500 | 27 | 504,789,268.31 | 7.426 | 10.500 | |||||||||||||||||||
| 8 | 1,013,161,081.92 | 6.962 | 10.500 | 28 | 487,290,517.09 | 8.192 | 10.500 | |||||||||||||||||||
| 9 | 986,217,788.26 | 6.254 | 10.500 | 29 | 470,432,051.08 | 8.459 | 10.500 | |||||||||||||||||||
| 10 | 957,367,761.70 | 6.466 | 10.500 | 30 | 454,140,540.40 | 8.145 | 10.500 | |||||||||||||||||||
| 11 | 929,342,039.21 | 6.241 | 10.500 | 31 | 438,396,492.81 | 8.121 | 10.500 | |||||||||||||||||||
| 12 | 902,119,924.20 | 6.452 | 10.500 | 32 | 423,181,094.89 | 8.697 | 10.500 | |||||||||||||||||||
| 13 | 875,678,172.55 | 6.226 | 10.500 | 33 | 408,476,195.19 | 8.129 | 10.500 | |||||||||||||||||||
| 14 | 849,994,216.44 | 6.219 | 10.500 | 34 | 394,266,293.55 | 9.457 | 10.500 | |||||||||||||||||||
| 15 | 825,046,144.53 | 6.430 | 10.500 | 35 | 380,564,509.72 | 9.101 | 10.500 | |||||||||||||||||||
| 16 | 800,812,682.89 | 6.204 | 10.500 | 36 | 367,320,202.60 | 9.394 | 10.500 | |||||||||||||||||||
| 17 | 777,269,619.63 | 6.414 | 10.500 | 37 | 354,517,722.00 | 9.038 | 10.500 | |||||||||||||||||||
| 18 | 754,400,762.14 | 6.187 | 10.500 | 38 | 353,525,402.92 | 9.012 | 10.500 | |||||||||||||||||||
| 19 | 732,161,358.75 | 6.179 | 10.500 | 39 | 342,207,818.32 | 9.430 | 10.500 | |||||||||||||||||||
| 20 | 709,768,882.07 | 6.872 | 10.500 | 40 and thereafter | 0.00 | 0.000 | 0.000 | |||||||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 16 | July 28, 2005 | |
F. Excess Spread Schedule
| Excess Spread(1)(2) | ||||||||||||||||||||||||||||||||||||
| FWD 1 | FWD 6 | Excess | Excess | FWD 1 | FWD 6 | Excess | Excess | |||||||||||||||||||||||||||||
| Month | Month | Spread | Spread | Month | Month | Spread | Spread | |||||||||||||||||||||||||||||
| Period | LIBOR % | LIBOR % | Static | Forward | Period | LIBOR % | LIBOR % | Static | Forward | |||||||||||||||||||||||||||
| 1 | 3.594 | 3.933 | NA | NA | 21 | 4.319 | 4.366 | 2.751 | 2.036 | |||||||||||||||||||||||||||
| 2 | 3.815 | 4.065 | 2.796 | 2.573 | 22 | 4.337 | 4.363 | 4.040 | 3.333 | |||||||||||||||||||||||||||
| 3 | 3.884 | 4.130 | 2.928 | 2.645 | 23 | 4.356 | 4.360 | 3.887 | 3.139 | |||||||||||||||||||||||||||
| 4 | 4.027 | 4.182 | 2.793 | 2.358 | 24 | 4.300 | 4.356 | 4.005 | 3.336 | |||||||||||||||||||||||||||
| 5 | 4.194 | 4.215 | 2.925 | 2.342 | 25 | 4.311 | 4.366 | 3.849 | 3.149 | |||||||||||||||||||||||||||
| 6 | 4.109 | 4.221 | 2.790 | 2.273 | 26 | 4.324 | 4.376 | 3.839 | 3.128 | |||||||||||||||||||||||||||
| 7 | 4.165 | 4.232 | 2.787 | 2.215 | 27 | 4.335 | 4.387 | 3.977 | 3.287 | |||||||||||||||||||||||||||
| 8 | 4.205 | 4.230 | 3.186 | 2.633 | 28 | 4.346 | 4.396 | 4.545 | 4.166 | |||||||||||||||||||||||||||
| 9 | 4.176 | 4.229 | 2.781 | 2.199 | 29 | 4.357 | 4.406 | 4.669 | 4.303 | |||||||||||||||||||||||||||
| 10 | 4.225 | 4.238 | 2.912 | 2.301 | 30 | 4.369 | 4.416 | 4.517 | 4.118 | |||||||||||||||||||||||||||
| 11 | 4.228 | 4.238 | 2.775 | 2.141 | 31 | 4.380 | 4.426 | 4.503 | 4.093 | |||||||||||||||||||||||||||
| 12 | 4.146 | 4.242 | 2.905 | 2.372 | 32 | 4.390 | 4.436 | 4.766 | 4.396 | |||||||||||||||||||||||||||
| 13 | 4.167 | 4.265 | 2.768 | 2.196 | 33 | 4.400 | 4.447 | 4.505 | 4.078 | |||||||||||||||||||||||||||
| 14 | 4.188 | 4.284 | 2.764 | 2.172 | 34 | 4.410 | 4.456 | 4.640 | 4.278 | |||||||||||||||||||||||||||
| 15 | 4.207 | 4.303 | 2.894 | 2.303 | 35 | 4.420 | 4.467 | 4.486 | 4.090 | |||||||||||||||||||||||||||
| 16 | 4.226 | 4.324 | 2.756 | 2.127 | 36 | 4.415 | 4.476 | 4.609 | 4.244 | |||||||||||||||||||||||||||
| 17 | 4.247 | 4.343 | 2.887 | 2.259 | 37 | 4.425 | 4.485 | 4.454 | 4.055 | |||||||||||||||||||||||||||
| 18 | 4.266 | 4.363 | 2.748 | 2.081 | 38 | 4.434 | 4.495 | 4.321 | 3.889 | |||||||||||||||||||||||||||
| 19 | 4.283 | 4.365 | 2.743 | 2.060 | 39 | 4.442 | 4.502 | 4.532 | 4.126 | |||||||||||||||||||||||||||
| 20 | 4.300 | 4.366 | 3.144 | 2.513 | ||||||||||||||||||||||||||||||||
| (1) | Assumes the Pricing Prepayment Speed to the Payment Date on which the Optional Termination maybe first exercised. | |
| (2) | Calculated as (a) interest collections on the Mortgage Loans (net of the Master Servicer Fees, Servicing Fees, Credit Risk Manager’s Fee and Monthly Insurance Premium), less the aggregate amount of interest due on the Notes divided by (b) the aggregate principal balance of the Mortgage Loans as of the first day of the Due Period. |
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 17 | July 28, 2005 | |
G. Computational Items
Note Summary — To Optional Termination
| CLASS A-1 | ||||||||||||||||||||
| Prepay Speed | 50%PPC | 75%PPC | 100%PPC | 125%PPC | 150%PPC | |||||||||||||||
| WAL (yrs) | 3.92 | 2.64 | 1.96 | 1.55 | 1.29 | |||||||||||||||
| Modified Duration (yrs) | 3.54 | 2.47 | 1.86 | 1.49 | 1.25 | |||||||||||||||
| Principal Window (mths) | 1 – 81 | 1 – 54 | 1 – 39 | 1 – 30 | 1 – 24 | |||||||||||||||
| CLASS A-2 | ||||||||||||||||||||
| Prepay Speed | 50%PPC | 75%PPC | 100%PPC | 125%PPC | 150%PPC | |||||||||||||||
| WAL (yrs) | 3.97 | 2.68 | 1.98 | 1.57 | 1.30 | |||||||||||||||
| Modified Duration (yrs) | 3.58 | 2.49 | 1.88 | 1.51 | 1.26 | |||||||||||||||
| Principal Window (mths) | 1 – 81 | 1 – 54 | 1 – 39 | 1 – 30 | 1 – 24 | |||||||||||||||
Note Summary — To Maturity
| CLASS A-1 | ||||||||||||||||||||
| Prepay Speed | 50%PPC | 75%PPC | 100%PPC | 125%PPC | 150%PPC | |||||||||||||||
| WAL (yrs) | 5.32 | 3.60 | 2.68 | 2.10 | 1.71 | |||||||||||||||
| Modified Duration (yrs) | 4.46 | 3.19 | 2.44 | 1.96 | 1.61 | |||||||||||||||
| Principal Window (mths) | 1 – 308 | 1 – 235 | 1 – 179 | 1 – 142 | 1 – 115 | |||||||||||||||
| CLASS A-2 | ||||||||||||||||||||
| Prepay Speed | 50%PPC | 75%PPC | 100%PPC | 125%PPC | 150%PPC | |||||||||||||||
| WAL (yrs) | 5.45 | 3.70 | 2.75 | 2.16 | 1.76 | |||||||||||||||
| Modified Duration (yrs) | 4.55 | 3.26 | 2.51 | 2.01 | 1.65 | |||||||||||||||
| Principal Window (mths) | 1 – 308 | 1 – 235 | 1 – 179 | 1 – 142 | 1 – 115 | |||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 18 | July 28, 2005 | |
H. The Mortgage Loans
Information with respect to the Mortgage Loans expected to be included in the mortgage pool is set forth below. Prior to the Closing Date, Mortgage Loans may be removed from the mortgage pool and other loans may be substituted therefore. FBR believes that the information set forth herein with respect to the mortgage pool is representative of the final mortgage pool as of the Cut-off Date, although some characteristics of the Mortgage Loans in the mortgage pool may vary.
Aggregate Mortgage Loan Statistics
As of the Cut-off Date
| Minimum | Maximum | |||||||||||
| Scheduled Principal Balance | $ | 1,169,019,965.19 | $ | 7,318.25 | $ | 998,345.55 | ||||||
| Average Scheduled Principal Balance | $ | 196,573.06 | ||||||||||
| Number of Mortgage Loans | 5,947 | |||||||||||
| Weighted Average Mortgage Rate | 7.460 | % | 4.990 | % | 12.990 | % | ||||||
| Weighted Average FICO Score | 635 | 479 | 817 | |||||||||
| Weighted Average Original LTV | 80.76 | % | 10.87 | % | 100.00 | % | ||||||
| Weighted Average Original Term | 358 months | 120 months | 360 months | |||||||||
| Weighted Average Stated Remaining Term | 355 months | 114 months | 358 months | |||||||||
| Weighted Average Seasoning | 3 months | 2 months | 10 months | |||||||||
ARM Characteristics | ||||||||||||
| Weighted Average Gross Margin | 6.013 | % | 3.310 | % | 11.490 | % | ||||||
| Weighted Average Minimum Interest Rate | 7.491 | % | 5.125 | % | 12.990 | % | ||||||
| Weighted Average Maximum Interest Rate | 14.490 | % | 12.125 | % | 19.990 | % | ||||||
| Weighted Average Initial Rate Cap | 1.499 | % | 1.000 | % | 1.500 | % | ||||||
| Weighted Average Subsequent Rate Cap | 1.499 | % | 1.000 | % | 1.500 | % | ||||||
| Weighted Average Months to Next Adjustment Date | 22 months | 3 months | 58 months | |||||||||
| Maturity Date | January 1, 2015 | May 1, 2035 | ||||||||||
| Maximum Zip Code Concentration | 0.29 | % | 11221 | |||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 19 | July 28, 2005 | |
Aggregate Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Mortgage Rate (%) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 4.501 - - 5.000 | 2 | $ | 318,840.40 | 0.03 | % | 4.994 | % | 797 | 47.41 | % | ||||||||||||||
| 5.001 - 5.500 | 30 | 7,724,551.30 | 0.66 | 5.388 | 717 | 71.51 | ||||||||||||||||||
| 5.501 - - 6.000 | 205 | 53,748,035.85 | 4.60 | 5.897 | 686 | 75.53 | ||||||||||||||||||
| 6.001 - - 6.500 | 447 | 112,738,822.73 | 9.64 | 6.365 | 679 | 78.83 | ||||||||||||||||||
| 6.501 - - 7.000 | 1,239 | 285,151,282.05 | 24.39 | 6.869 | 661 | 79.47 | ||||||||||||||||||
| 7.001 - - 7.500 | 1,024 | 209,767,453.74 | 17.94 | 7.344 | 643 | 80.71 | ||||||||||||||||||
| 7.501 - - 8.000 | 1,411 | 259,549,091.83 | 22.20 | 7.848 | 618 | 82.35 | ||||||||||||||||||
| 8.001 - 8.500 | 613 | 102,183,000.86 | 8.74 | 8.326 | 591 | 82.94 | ||||||||||||||||||
| 8.501 - - 9.000 | 618 | 90,843,283.83 | 7.77 | 8.822 | 580 | 83.58 | ||||||||||||||||||
| 9.001 - 9.500 | 181 | 25,520,814.05 | 2.18 | 9.324 | 572 | 83.24 | ||||||||||||||||||
| 9.501 - 10.000 | 125 | 15,405,962.77 | 1.32 | 9.853 | 563 | 81.01 | ||||||||||||||||||
| 10.001 - 10.500 | 26 | 3,036,485.21 | 0.26 | 10.365 | 553 | 82.01 | ||||||||||||||||||
| 10.501 - 11.000 | 21 | 2,560,679.62 | 0.22 | 10.774 | 548 | 79.45 | ||||||||||||||||||
| 11.001 - 11.500 | 2 | 151,220.45 | 0.01 | 11.286 | 561 | 89.56 | ||||||||||||||||||
| 11.501 - 12.000 | 2 | 286,721.95 | 0.02 | 11.782 | 671 | 89.33 | ||||||||||||||||||
| 12.501 - 13.000 | 1 | 33,718.55 | 0.00 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Current Balance ($) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 0.01 - 50,000.00 | 139 | $ | 6,179,791.81 | 0.53 | % | 8.424 | % | 588 | 71.16 | % | ||||||||||||||
| 50,000.01 - - 100,000.00 | 1,111 | 86,227,933.64 | 7.38 | 8.082 | 609 | 81.47 | ||||||||||||||||||
| 100,000.01 - 150,000.00 | 1,386 | 173,206,860.14 | 14.82 | 7.735 | 624 | 82.03 | ||||||||||||||||||
| 150,000.01 - 200,000.00 | 992 | 173,250,556.86 | 14.82 | 7.580 | 628 | 81.68 | ||||||||||||||||||
| 200,000.01 - 250,000.00 | 730 | 163,543,021.98 | 13.99 | 7.408 | 637 | 79.90 | ||||||||||||||||||
| 250,000.01 - 300,000.00 | 570 | 156,377,993.59 | 13.38 | 7.298 | 641 | 80.47 | ||||||||||||||||||
| 300,000.01 - 350,000.00 | 333 | 107,647,523.77 | 9.21 | 7.246 | 639 | 81.01 | ||||||||||||||||||
| 350,000.01 - 400,000.00 | 305 | 115,242,264.72 | 9.86 | 7.195 | 655 | 81.36 | ||||||||||||||||||
| 400,000.01 - 450,000.00 | 152 | 64,745,111.67 | 5.54 | 7.214 | 644 | 80.96 | ||||||||||||||||||
| 450,000.01 - 500,000.00 | 120 | 57,475,427.41 | 4.92 | 7.250 | 646 | 79.85 | ||||||||||||||||||
| 500,000.01 - 550,000.00 | 42 | 22,020,635.41 | 1.88 | 7.444 | 647 | 78.62 | ||||||||||||||||||
| 550,000.01 - 600,000.00 | 34 | 19,746,078.96 | 1.69 | 7.177 | 649 | 78.81 | ||||||||||||||||||
| 600,000.01 - 650,000.00 | 17 | 10,678,778.85 | 0.91 | 7.065 | 650 | 78.43 | ||||||||||||||||||
| 650,000.01 - 700,000.00 | 4 | 2,724,629.45 | 0.23 | 7.511 | 633 | 77.65 | ||||||||||||||||||
| 700,000.01 - 750,000.00 | 6 | 4,432,414.72 | 0.38 | 6.778 | 649 | 75.97 | ||||||||||||||||||
| 750,000.01 - 800,000.00 | 2 | 1,531,667.47 | 0.13 | 6.793 | 686 | 71.75 | ||||||||||||||||||
| 950,000.01 - 1,000,000.00 | 4 | 3,989,274.74 | 0.34 | 7.714 | 618 | 56.82 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 20 | July 28, 2005 | |
Aggregate Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Loan Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| ARM 2/28 | 3,766 | $ | 748,654,355.93 | 64.04 | % | 7.674 | % | 622 | 81.11 | % | ||||||||||||||
| ARM 2/28 60 month IO | 756 | 208,767,275.18 | 17.86 | 6.804 | 675 | 80.20 | ||||||||||||||||||
| 30 Year Fixed | 954 | 139,780,061.93 | 11.96 | 7.337 | 640 | 79.55 | ||||||||||||||||||
| ARM 3/27 | 222 | 29,804,929.73 | 2.55 | 7.939 | 621 | 86.03 | ||||||||||||||||||
| 30 Year Fixed 60 month IO | 45 | 12,127,491.09 | 1.04 | 6.500 | 681 | 76.80 | ||||||||||||||||||
| ARM 3/27 60 month IO | 33 | 7,777,770.17 | 0.67 | 6.895 | 683 | 80.84 | ||||||||||||||||||
| 15 Year Fixed | 58 | 5,816,096.97 | 0.50 | 7.256 | 631 | 71.60 | ||||||||||||||||||
| ARM 5/25 | 36 | 5,116,594.44 | 0.44 | 7.930 | 640 | 86.69 | ||||||||||||||||||
| ARM 5/25 60 month IO | 21 | 4,829,717.29 | 0.41 | 6.863 | 679 | 82.66 | ||||||||||||||||||
| 20 Year Fixed | 37 | 3,493,721.88 | 0.30 | 7.095 | 655 | 65.92 | ||||||||||||||||||
| 10 Year Fixed | 10 | 1,256,203.73 | 0.11 | 7.054 | 666 | 71.93 | ||||||||||||||||||
| 6 Month ARM | 2 | 602,745.94 | 0.05 | 6.388 | 711 | 80.32 | ||||||||||||||||||
| Balloon 30/15 | 3 | 497,464.43 | 0.04 | 7.774 | 613 | 78.70 | ||||||||||||||||||
| ARM 3/27 36 month IO | 1 | 340,000.00 | 0.03 | 6.125 | 669 | 80.00 | ||||||||||||||||||
| 25 Year Fixed | 3 | 155,536.48 | 0.01 | 7.841 | 595 | 68.57 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Remaining Term (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 109 – 120 | 10 | $ | 1,256,203.73 | 0.11 | % | 7.054 | % | 666 | 71.93 | % | ||||||||||||||
| 169 – 180 | 61 | 6,313,561.40 | 0.54 | 7.297 | 630 | 72.16 | ||||||||||||||||||
| 229 – 240 | 37 | 3,493,721.88 | 0.30 | 7.095 | 655 | 65.92 | ||||||||||||||||||
| 289 – 300 | 3 | 155,536.48 | 0.01 | 7.841 | 595 | 68.57 | ||||||||||||||||||
| 349 – 360 | 5,836 | 1,157,800,941.70 | 99.04 | 7.462 | 635 | 80.87 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Seasoning (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 2 | 1,511 | $ | 295,570,677.54 | 25.28 | % | 7.544 | % | 635 | 80.84 | % | ||||||||||||||
| 3 | 2,329 | 463,447,372.46 | 39.64 | 7.428 | 636 | 80.24 | ||||||||||||||||||
| 4 | 1,428 | 280,928,004.90 | 24.03 | 7.414 | 636 | 80.61 | ||||||||||||||||||
| 5 | 453 | 85,279,349.03 | 7.29 | 7.461 | 636 | 82.88 | ||||||||||||||||||
| 6 | 132 | 24,780,919.75 | 2.12 | 7.600 | 629 | 83.22 | ||||||||||||||||||
| 7 | 73 | 14,180,693.84 | 1.21 | 7.347 | 633 | 81.37 | ||||||||||||||||||
| 8 | 14 | 3,117,012.28 | 0.27 | 7.419 | 632 | 83.10 | ||||||||||||||||||
| 9 | 4 | 889,007.09 | 0.08 | 8.156 | 585 | 84.33 | ||||||||||||||||||
| 10 | 3 | 826,928.30 | 0.07 | 7.753 | 616 | 81.17 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Lien Position | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1st | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 21 | July 28, 2005 | |
Aggregate Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Original LTV (%) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 10.01 - 15.00 | 2 | $ | 89,152.82 | 0.01 | % | 9.403 | % | 506 | 12.54 | % | ||||||||||||||
| 15.01 - 20.00 | 7 | 561,068.05 | 0.05 | 7.682 | 593 | 18.08 | ||||||||||||||||||
| 20.01 - 25.00 | 9 | 990,804.52 | 0.08 | 6.473 | 627 | 23.30 | ||||||||||||||||||
| 25.01 - 30.00 | 20 | 2,103,266.11 | 0.18 | 7.082 | 595 | 28.06 | ||||||||||||||||||
| 30.01 - 35.00 | 17 | 1,944,658.38 | 0.17 | 7.195 | 643 | 33.10 | ||||||||||||||||||
| 35.01 - 40.00 | 20 | 2,183,209.19 | 0.19 | 7.099 | 601 | 38.63 | ||||||||||||||||||
| 40.01 - 45.00 | 39 | 6,529,076.14 | 0.56 | 7.733 | 578 | 43.07 | ||||||||||||||||||
| 45.01 - 50.00 | 49 | 6,855,040.75 | 0.59 | 6.969 | 613 | 48.20 | ||||||||||||||||||
| 50.01 - 55.00 | 58 | 11,205,483.72 | 0.96 | 7.219 | 598 | 52.97 | ||||||||||||||||||
| 55.01 - 60.00 | 105 | 19,829,875.30 | 1.70 | 7.476 | 600 | 58.12 | ||||||||||||||||||
| 60.01 - 65.00 | 139 | 28,891,990.20 | 2.47 | 7.460 | 612 | 63.35 | ||||||||||||||||||
| 65.01 - 70.00 | 185 | 37,756,070.71 | 3.23 | 7.697 | 597 | 68.64 | ||||||||||||||||||
| 70.01 - 75.00 | 299 | 56,610,190.98 | 4.84 | 7.548 | 608 | 74.13 | ||||||||||||||||||
| 75.01 - 80.00 | 2,737 | 598,229,788.92 | 51.17 | 7.170 | 661 | 79.84 | ||||||||||||||||||
| 80.01 - 85.00 | 793 | 146,850,282.66 | 12.56 | 7.840 | 595 | 84.59 | ||||||||||||||||||
| 85.01 - 90.00 | 840 | 156,449,366.40 | 13.38 | 7.906 | 608 | 89.52 | ||||||||||||||||||
| 90.01 - 95.00 | 205 | 33,344,217.06 | 2.85 | 7.838 | 625 | 94.58 | ||||||||||||||||||
| 95.01 - 100.00 | 423 | 58,596,423.28 | 5.01 | 7.928 | 643 | 99.83 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| FICO Score | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| No FICO | 10 | $ | 1,305,088.86 | 0.11 | % | 8.279 | % | 0 | 58.32 | % | ||||||||||||||
| 460 – 479 | 2 | 208,825.46 | 0.02 | 8.763 | 479 | 67.91 | ||||||||||||||||||
| 480 – 499 | 6 | 1,138,317.76 | 0.10 | 8.092 | 492 | 58.04 | ||||||||||||||||||
| 500 – 519 | 360 | 55,753,256.62 | 4.77 | 8.522 | 510 | 76.31 | ||||||||||||||||||
| 520 – 539 | 439 | 71,752,049.67 | 6.14 | 8.301 | 530 | 80.14 | ||||||||||||||||||
| 540 – 559 | 380 | 63,429,619.56 | 5.43 | 8.100 | 549 | 80.44 | ||||||||||||||||||
| 560 – 579 | 380 | 64,251,234.89 | 5.50 | 8.049 | 569 | 80.88 | ||||||||||||||||||
| 580 – 599 | 440 | 79,951,452.72 | 6.84 | 7.763 | 590 | 81.77 | ||||||||||||||||||
| 600 – 619 | 519 | 98,348,008.76 | 8.41 | 7.575 | 610 | 81.99 | ||||||||||||||||||
| 620 – 639 | 680 | 139,220,034.52 | 11.91 | 7.390 | 630 | 81.75 | ||||||||||||||||||
| 640 – 659 | 704 | 151,617,874.01 | 12.97 | 7.231 | 649 | 81.23 | ||||||||||||||||||
| 660 – 679 | 649 | 138,440,755.61 | 11.84 | 7.114 | 669 | 81.16 | ||||||||||||||||||
| 680 – 699 | 509 | 111,196,467.52 | 9.51 | 7.086 | 689 | 80.98 | ||||||||||||||||||
| 700 – 719 | 337 | 72,290,869.48 | 6.18 | 7.041 | 708 | 80.85 | ||||||||||||||||||
| 720 – 739 | 230 | 54,041,584.31 | 4.62 | 6.925 | 728 | 80.14 | ||||||||||||||||||
| 740 – 759 | 159 | 36,985,253.56 | 3.16 | 6.778 | 749 | 79.39 | ||||||||||||||||||
| 760 – 779 | 93 | 18,641,373.08 | 1.59 | 6.983 | 769 | 81.20 | ||||||||||||||||||
| 780 – 799 | 43 | 9,018,969.76 | 0.77 | 6.655 | 787 | 76.33 | ||||||||||||||||||
| 800 – 819 | 7 | 1,428,929.04 | 0.12 | 6.309 | 810 | 71.52 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Use of Proceeds | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Purchase | 2,811 | $ | 580,171,364.07 | 49.63 | % | 7.355 | % | 662 | 81.85 | % | ||||||||||||||
| Cashout Refinance | 2,991 | 562,075,853.21 | 48.08 | 7.570 | 608 | 79.72 | ||||||||||||||||||
| Rate/Term Refinance | 135 | 24,173,765.58 | 2.07 | 7.390 | 630 | 78.75 | ||||||||||||||||||
| Const-Perm | 10 | 2,598,982.33 | 0.22 | 7.576 | 637 | 81.29 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 22 | July 28, 2005 | |
Aggregate Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Property Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Single Family | 4,147 | $ | 768,705,462.63 | 65.76 | % | 7.500 | % | 629 | 80.87 | % | ||||||||||||||
| PUD | 619 | 140,518,447.23 | 12.02 | 7.392 | 637 | 81.40 | ||||||||||||||||||
| Duplex | 448 | 106,392,609.94 | 9.10 | 7.333 | 655 | 79.31 | ||||||||||||||||||
| Condo | 469 | 86,915,967.86 | 7.43 | 7.265 | 659 | 81.68 | ||||||||||||||||||
| 3-4 Unit | 199 | 55,834,482.87 | 4.78 | 7.600 | 656 | 78.66 | ||||||||||||||||||
| Townhouse | 52 | 9,026,074.60 | 0.77 | 7.604 | 605 | 82.67 | ||||||||||||||||||
| Modular | 10 | 1,383,134.97 | 0.12 | 7.156 | 622 | 84.93 | ||||||||||||||||||
| Manufactured | 3 | 243,785.09 | 0.02 | 8.647 | 608 | 62.97 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Documentation Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Stated | 2,931 | $ | 630,176,100.16 | 53.91 | % | 7.452 | % | 656 | 78.95 | % | ||||||||||||||
| Full | 2,608 | 439,490,112.18 | 37.59 | 7.541 | 608 | 83.70 | ||||||||||||||||||
| 12 mo Bank Statements | 384 | 94,968,568.19 | 8.12 | 7.136 | 629 | 79.36 | ||||||||||||||||||
| 6 mo Bank Statements | 24 | 4,385,184.66 | 0.38 | 7.424 | 624 | 77.03 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Occupancy Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Owner Occupied | 5,450 | $ | 1,082,735,904.40 | 92.62 | % | 7.434 | % | 633 | 80.86 | % | ||||||||||||||
| Non-Owner Occupied | 432 | 73,190,005.55 | 6.26 | 7.828 | 658 | 78.58 | ||||||||||||||||||
| Second Home | 65 | 13,094,055.24 | 1.12 | 7.535 | 679 | 85.33 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Loan Grade | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| A | 5,451 | $ | 1,087,916,602.13 | 93.06 | % | 7.398 | % | 641 | 81.46 | % | ||||||||||||||
| B | 267 | 43,784,330.55 | 3.75 | 8.214 | 551 | 74.90 | ||||||||||||||||||
| C | 229 | 37,319,032.51 | 3.19 | 8.376 | 559 | 67.40 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 23 | July 28, 2005 | |
Aggregate Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Geographic Distribution | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| California | 1,039 | $ | 288,905,023.78 | 24.71 | % | 7.115 | % | 644 | 78.05 | % | ||||||||||||||
| New York | 550 | 147,044,098.92 | 12.58 | 7.171 | 651 | 77.62 | ||||||||||||||||||
| Florida | 693 | 113,974,250.95 | 9.75 | 7.545 | 638 | 81.82 | ||||||||||||||||||
| Illinois | 365 | 74,989,969.10 | 6.41 | 7.503 | 630 | 81.98 | ||||||||||||||||||
| New Jersey | 211 | 56,082,555.74 | 4.80 | 7.617 | 636 | 81.58 | ||||||||||||||||||
| Georgia | 285 | 40,245,882.64 | 3.44 | 7.904 | 618 | 82.62 | ||||||||||||||||||
| Nevada | 153 | 36,608,672.89 | 3.13 | 7.254 | 649 | 79.96 | ||||||||||||||||||
| Virginia | 155 | 35,293,649.80 | 3.02 | 7.569 | 653 | 80.77 | ||||||||||||||||||
| Maryland | 152 | 33,744,838.39 | 2.89 | 7.827 | 619 | 80.03 | ||||||||||||||||||
| Ohio | 207 | 28,156,809.11 | 2.41 | 7.846 | 614 | 87.21 | ||||||||||||||||||
| Texas | 232 | 25,214,578.48 | 2.16 | 7.579 | 635 | 82.69 | ||||||||||||||||||
| Massachusetts | 97 | 24,628,448.92 | 2.11 | 7.616 | 627 | 80.29 | ||||||||||||||||||
| Connecticut | 109 | 20,463,058.32 | 1.75 | 7.423 | 646 | 81.90 | ||||||||||||||||||
| Arizona | 114 | 18,889,666.55 | 1.62 | 7.588 | 626 | 81.87 | ||||||||||||||||||
| Washington | 94 | 17,120,960.75 | 1.46 | 7.452 | 628 | 82.06 | ||||||||||||||||||
| Michigan | 100 | 15,889,783.89 | 1.36 | 8.034 | 606 | 86.11 | ||||||||||||||||||
| Pennsylvania | 103 | 15,256,678.31 | 1.31 | 7.764 | 606 | 83.38 | ||||||||||||||||||
| Indiana | 133 | 15,207,080.70 | 1.30 | 7.922 | 611 | 88.47 | ||||||||||||||||||
| Alabama | 116 | 15,107,657.55 | 1.29 | 7.988 | 632 | 85.79 | ||||||||||||||||||
| Missouri | 126 | 14,871,863.84 | 1.27 | 8.207 | 598 | 83.77 | ||||||||||||||||||
| Colorado | 77 | 14,476,856.61 | 1.24 | 7.343 | 634 | 82.51 | ||||||||||||||||||
| Oregon | 62 | 11,036,028.47 | 0.94 | 7.355 | 644 | 81.76 | ||||||||||||||||||
| Tennessee | 100 | 9,972,001.03 | 0.85 | 8.001 | 605 | 84.01 | ||||||||||||||||||
| Utah | 47 | 8,106,479.69 | 0.69 | 7.544 | 632 | 83.02 | ||||||||||||||||||
| North Carolina | 64 | 7,841,366.86 | 0.67 | 8.153 | 609 | 83.28 | ||||||||||||||||||
| Minnesota | 38 | 7,281,492.23 | 0.62 | 7.307 | 644 | 84.64 | ||||||||||||||||||
| Rhode Island | 35 | 7,061,877.17 | 0.60 | 7.428 | 638 | 80.92 | ||||||||||||||||||
| Kentucky | 54 | 5,753,791.71 | 0.49 | 8.042 | 610 | 89.78 | ||||||||||||||||||
| Hawaii | 19 | 5,245,157.16 | 0.45 | 7.478 | 611 | 78.43 | ||||||||||||||||||
| New Mexico | 44 | 5,242,939.11 | 0.45 | 7.881 | 635 | 81.96 | ||||||||||||||||||
| Kansas | 46 | 5,158,459.91 | 0.44 | 7.877 | 600 | 83.75 | ||||||||||||||||||
| Maine | 22 | 4,014,472.73 | 0.34 | 7.482 | 626 | 80.66 | ||||||||||||||||||
| Wisconsin | 31 | 4,002,080.29 | 0.34 | 7.989 | 618 | 84.29 | ||||||||||||||||||
| Idaho | 33 | 3,856,875.45 | 0.33 | 7.898 | 610 | 82.81 | ||||||||||||||||||
| Louisiana | 29 | 3,567,967.99 | 0.31 | 8.006 | 612 | 88.49 | ||||||||||||||||||
| Oklahoma | 42 | 3,351,028.75 | 0.29 | 8.217 | 593 | 84.55 | ||||||||||||||||||
| Delaware | 23 | 3,191,580.94 | 0.27 | 7.782 | 597 | 83.01 | ||||||||||||||||||
| New Hampshire | 14 | 3,122,325.16 | 0.27 | 7.936 | 588 | 79.48 | ||||||||||||||||||
| Arkansas | 26 | 3,029,454.72 | 0.26 | 7.903 | 610 | 90.94 | ||||||||||||||||||
| Nebraska | 22 | 2,796,174.97 | 0.24 | 7.985 | 609 | 82.23 | ||||||||||||||||||
| District of Columbia | 8 | 2,691,749.94 | 0.23 | 7.311 | 643 | 73.61 | ||||||||||||||||||
| South Carolina | 20 | 2,423,806.03 | 0.21 | 8.151 | 615 | 83.94 | ||||||||||||||||||
| Vermont | 11 | 1,965,002.42 | 0.17 | 8.011 | 635 | 81.12 | ||||||||||||||||||
| Mississippi | 12 | 1,514,600.48 | 0.13 | 8.381 | 593 | 89.53 | ||||||||||||||||||
| West Virginia | 11 | 1,245,967.42 | 0.11 | 8.293 | 622 | 86.95 | ||||||||||||||||||
| Wyoming | 5 | 817,117.29 | 0.07 | 7.097 | 618 | 88.63 | ||||||||||||||||||
| Montana | 7 | 815,464.70 | 0.07 | 7.693 | 606 | 83.82 | ||||||||||||||||||
| Iowa | 7 | 804,645.26 | 0.07 | 8.534 | 603 | 87.45 | ||||||||||||||||||
| Alaska | 2 | 624,382.37 | 0.05 | 7.554 | 703 | 80.00 | ||||||||||||||||||
| South Dakota | 1 | 168,000.00 | 0.01 | 6.750 | 690 | 80.00 | ||||||||||||||||||
| North Dakota | 1 | 145,289.70 | 0.01 | 7.750 | 639 | 80.00 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements. | ||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 24 | July 28, 2005 | |||
| Aggregate Mortgage Loans | ||||||||||||||||||||||||
| Number of | Outstanding | Percent of Outstanding | Weighted Average | Weighted Average | Weighted Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Prepayment Penalty Term (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 0 | 1,125 | $ | 207,550,288.46 | 17.75 | % | 7.833 | % | 627 | 81.32 | % | ||||||||||||||
| 6 | 111 | 21,275,925.01 | 1.82 | 7.581 | 642 | 81.62 | ||||||||||||||||||
| 12 | 761 | 204,998,699.13 | 17.54 | 7.209 | 650 | 78.81 | ||||||||||||||||||
| 18 | 27 | 6,019,831.80 | 0.51 | 7.293 | 633 | 80.00 | ||||||||||||||||||
| 24 | 2,217 | 451,258,708.04 | 38.60 | 7.409 | 636 | 80.50 | ||||||||||||||||||
| 30 | 58 | 9,784,417.63 | 0.84 | 7.611 | 595 | 79.04 | ||||||||||||||||||
| 36 | 812 | 144,898,670.94 | 12.39 | 7.464 | 632 | 82.19 | ||||||||||||||||||
| 42 | 6 | 772,436.33 | 0.07 | 7.584 | 641 | 89.74 | ||||||||||||||||||
| 48 | 15 | 2,427,656.32 | 0.21 | 7.720 | 611 | 86.48 | ||||||||||||||||||
| 60 | 815 | 120,033,331.53 | 10.27 | 7.396 | 629 | 82.25 | ||||||||||||||||||
Total | 5,947 | $ | 1,169,019,965.19 | 100.00 | % | 7.460 | % | 635 | 80.76 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Margin (%) ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 3.001 - 3.500 | 1 | $ | 520,000.00 | 0.05 | % | 6.875 | % | 666 | 80.00 | % | ||||||||||||||
| 3.501 - 4.000 | 16 | 4,662,642.81 | 0.46 | 5.863 | 678 | 79.97 | ||||||||||||||||||
| 4.001 - 4.500 | 192 | 46,090,383.90 | 4.58 | 6.422 | 669 | 79.85 | ||||||||||||||||||
| 4.501 - 5.000 | 515 | 126,548,864.31 | 12.58 | 6.705 | 661 | 80.60 | ||||||||||||||||||
| 5.001 - 5.500 | 786 | 195,126,409.09 | 19.40 | 6.838 | 664 | 79.57 | ||||||||||||||||||
| 5.501 - 6.000 | 829 | 183,882,733.69 | 18.28 | 7.229 | 648 | 80.19 | ||||||||||||||||||
| 6.001 - 6.500 | 964 | 194,689,922.33 | 19.35 | 7.751 | 620 | 81.63 | ||||||||||||||||||
| 6.501 - 7.000 | 625 | 113,356,782.42 | 11.27 | 8.122 | 605 | 82.99 | ||||||||||||||||||
| 7.001 - 7.500 | 515 | 85,830,146.68 | 8.53 | 8.710 | 586 | 83.15 | ||||||||||||||||||
| 7.501 - 8.000 | 224 | 32,404,859.13 | 3.22 | 9.060 | 576 | 84.47 | ||||||||||||||||||
| 8.001 - 8.500 | 112 | 15,464,761.06 | 1.54 | 9.630 | 574 | 80.47 | ||||||||||||||||||
| 8.501 - 9.000 | 34 | 4,184,359.76 | 0.42 | 10.135 | 567 | 81.47 | ||||||||||||||||||
| 9.001 - 9.500 | 18 | 2,607,250.37 | 0.26 | 10.687 | 541 | 78.39 | ||||||||||||||||||
| 9.501 - 10.000 | 3 | 203,832.63 | 0.02 | 11.210 | 551 | 89.68 | ||||||||||||||||||
| 10.001 - 10.500 | 2 | 286,721.95 | 0.03 | 11.782 | 671 | 89.33 | ||||||||||||||||||
| 11.001 - 11.500 | 1 | 33,718.55 | 0.00 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 4,837 | $ | 1,005,893,388.68 | 100.00 | % | 7.491 | % | 634 | 81.10 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Maximum Mortgage Rate (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 12.001 - 12.500 | 15 | $ | 4,740,400.31 | 0.47 | % | 5.497 | % | 692 | 79.19 | % | ||||||||||||||
| 12.501 - 13.000 | 136 | 37,364,705.12 | 3.71 | 5.905 | 683 | 78.25 | ||||||||||||||||||
| 13.001 - 13.500 | 346 | 91,694,882.05 | 9.12 | 6.366 | 679 | 79.56 | ||||||||||||||||||
| 13.501 - 14.000 | 1,022 | 245,044,874.14 | 24.36 | 6.870 | 663 | 79.62 | ||||||||||||||||||
| 14.001 - 14.500 | 879 | 189,203,805.39 | 18.81 | 7.343 | 643 | 80.78 | ||||||||||||||||||
| 14.501 - 15.000 | 1,160 | 227,487,234.20 | 22.62 | 7.848 | 617 | 82.24 | ||||||||||||||||||
| 15.001 - 15.500 | 494 | 89,636,530.83 | 8.91 | 8.327 | 591 | 83.12 | ||||||||||||||||||
| 15.501 - 16.000 | 494 | 79,424,996.80 | 7.90 | 8.825 | 581 | 83.50 | ||||||||||||||||||
| 16.001 - 16.500 | 152 | 22,640,810.06 | 2.25 | 9.327 | 572 | 83.46 | ||||||||||||||||||
| 16.501 - 17.000 | 99 | 13,198,972.93 | 1.31 | 9.849 | 561 | 80.63 | ||||||||||||||||||
| 17.001 - 17.500 | 20 | 2,736,593.59 | 0.27 | 10.370 | 551 | 81.73 | ||||||||||||||||||
| 17.501 - 18.000 | 15 | 2,247,922.31 | 0.22 | 10.769 | 544 | 78.13 | ||||||||||||||||||
| 18.001 - 18.500 | 2 | 151,220.45 | 0.02 | 11.286 | 561 | 89.56 | ||||||||||||||||||
| 18.501 - 19.000 | 2 | 286,721.95 | 0.03 | 11.782 | 671 | 89.33 | ||||||||||||||||||
| 19.501 - 20.000 | 1 | 33,718.55 | 0.00 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 4,837 | $ | 1,005,893,388.68 | 100.00 | % | 7.491 | % | 634 | 81.10 | % | ||||||||||||||
This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements.
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 25 | July 28, 2005 | |||
| Aggregate Mortgage Loans | ||||||||||||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Minimum Mortgage Rate (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 5.001 - 5.500 | 13 | $ | 4,137,654.37 | 0.41 | % | 5.368 | % | 689 | 79.02 | % | ||||||||||||||
| 5.501 - 6.000 | 136 | 37,364,705.12 | 3.71 | 5.905 | 683 | 78.25 | ||||||||||||||||||
| 6.001 - 6.500 | 348 | 92,297,627.99 | 9.18 | 6.366 | 680 | 79.56 | ||||||||||||||||||
| 6.501 - 7.000 | 1,022 | 245,044,874.14 | 24.36 | 6.870 | 663 | 79.62 | ||||||||||||||||||
| 7.001 - 7.500 | 879 | 189,203,805.39 | 18.81 | 7.343 | 643 | 80.78 | ||||||||||||||||||
| 7.501 - 8.000 | 1,160 | 227,487,234.20 | 22.62 | 7.848 | 617 | 82.24 | ||||||||||||||||||
| 8.001 - 8.500 | 494 | 89,636,530.83 | 8.91 | 8.327 | 591 | 83.12 | ||||||||||||||||||
| 8.501 - 9.000 | 494 | 79,424,996.80 | 7.90 | 8.825 | 581 | 83.50 | ||||||||||||||||||
| 9.001 - 9.500 | 152 | 22,640,810.06 | 2.25 | 9.327 | 572 | 83.46 | ||||||||||||||||||
| 9.501 - 10.000 | 99 | 13,198,972.93 | 1.31 | 9.849 | 561 | 80.63 | ||||||||||||||||||
| 10.001 - 10.500 | 20 | 2,736,593.59 | 0.27 | 10.370 | 551 | 81.73 | ||||||||||||||||||
| 10.501 - 11.000 | 15 | 2,247,922.31 | 0.22 | 10.769 | 544 | 78.13 | ||||||||||||||||||
| 11.001 - 11.500 | 2 | 151,220.45 | 0.02 | 11.286 | 561 | 89.56 | ||||||||||||||||||
| 11.501 - 12.000 | 2 | 286,721.95 | 0.03 | 11.782 | 671 | 89.33 | ||||||||||||||||||
| 12.501 - 13.000 | 1 | 33,718.55 | 0.00 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 4,837 | $ | 1,005,893,388.68 | 100.00 | % | 7.491 | % | 634 | 81.10 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Initial Rate Cap (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1.000 | 14 | $ | 2,997,874.32 | 0.30 | % | 7.274 | % | 621 | 81.78 | % | ||||||||||||||
| 1.500 | 4,823 | 1,002,895,514.36 | 99.70 | 7.492 | 634 | 81.10 | ||||||||||||||||||
Total | 4,837 | $ | 1,005,893,388.68 | 100.00 | % | 7.491 | % | 634 | 81.10 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Subsequent Rate Cap (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1.000 | 14 | $ | 2,997,874.32 | 0.30 | % | 7.274 | % | 621 | 81.78 | % | ||||||||||||||
| 1.500 | 4,823 | 1,002,895,514.36 | 99.70 | 7.492 | 634 | 81.10 | ||||||||||||||||||
Total | 4,837 | $ | 1,005,893,388.68 | 100.00 | % | 7.491 | % | 634 | 81.10 | % | ||||||||||||||
This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements.
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 26 | July 28, 2005 | |||
Aggregate Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Months to Next Adjustment Date | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 3 | 2 | $602,745.94 | 0.06 | % | 6.388 | % | 711 | 80.32 | % | |||||||||||||||
| 14 | 1 | 491,821.85 | 0.05 | 7.500 | 613 | 80.00 | ||||||||||||||||||
| 15 | 2 | 660,569.94 | 0.07 | 8.083 | 569 | 80.95 | ||||||||||||||||||
| 16 | 9 | 2,484,140.16 | 0.25 | 7.349 | 636 | 80.47 | ||||||||||||||||||
| 17 | 53 | 11,295,618.41 | 1.12 | 7.201 | 637 | 80.53 | ||||||||||||||||||
| 18 | 99 | 20,773,642.07 | 2.07 | 7.629 | 626 | 82.08 | ||||||||||||||||||
| 19 | 325 | 66,272,889.07 | 6.59 | 7.451 | 634 | 82.08 | ||||||||||||||||||
| 20 | 1,054 | 227,891,912.20 | 22.66 | 7.420 | 633 | 80.63 | ||||||||||||||||||
| 21 | 1,806 | 381,567,181.77 | 37.93 | 7.463 | 634 | 80.52 | ||||||||||||||||||
| 22 | 1,173 | 245,983,855.64 | 24.45 | 7.584 | 634 | 81.39 | ||||||||||||||||||
| 26 | 1 | 229,230.30 | 0.02 | 8.990 | 552 | 90.00 | ||||||||||||||||||
| 28 | 1 | 99,363.67 | 0.01 | 7.259 | 630 | 80.00 | ||||||||||||||||||
| 29 | 2 | 133,713.40 | 0.01 | 7.807 | 629 | 87.03 | ||||||||||||||||||
| 30 | 6 | 886,393.36 | 0.09 | 7.595 | 652 | 89.47 | ||||||||||||||||||
| 31 | 32 | 4,876,890.97 | 0.48 | 7.816 | 632 | 87.83 | ||||||||||||||||||
| 32 | 88 | 13,190,964.69 | 1.31 | 7.594 | 648 | 84.94 | ||||||||||||||||||
| 33 | 89 | 13,548,049.61 | 1.35 | 7.670 | 623 | 82.94 | ||||||||||||||||||
| 34 | 37 | 4,958,093.90 | 0.49 | 7.980 | 631 | 86.34 | ||||||||||||||||||
| 53 | 1 | 204,000.00 | 0.02 | 7.125 | 699 | 80.00 | ||||||||||||||||||
| 54 | 1 | 154,498.94 | 0.02 | 8.250 | 580 | 100.00 | ||||||||||||||||||
| 55 | 3 | 671,397.85 | 0.07 | 7.392 | 668 | 92.76 | ||||||||||||||||||
| 56 | 14 | 2,219,402.56 | 0.22 | 7.722 | 665 | 84.22 | ||||||||||||||||||
| 57 | 30 | 5,513,125.28 | 0.55 | 7.288 | 652 | 83.67 | ||||||||||||||||||
| 58 | 8 | 1,183,887.10 | 0.12 | 7.359 | 675 | 84.97 | ||||||||||||||||||
Total | 4,837 | $ | 1,005,893,388.68 | 100.00 | % | 7.491 | % | 634 | 81.10 | % | ||||||||||||||
This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements.
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 27 | July 28, 2005 | |||
Group 1 Mortgage Loan Statistics
As of the Cut-off Date
| Minimum | Maximum | |||||||||||
| Scheduled Principal Balance | $ | 556,725,493.48 | $ | 24,538.07 | $ | 592,530.48 | ||||||
| Average Scheduled Principal Balance | $ | 162,928.15 | ||||||||||
| Number of Mortgage Loans | 3,417 | |||||||||||
| Weighted Average Mortgage Rate | 7.633% | 4.990% | 11.990% | |||||||||
| Weighted Average FICO Score | 618 | 479 | 817 | |||||||||
| Weighted Average Original LTV | 80.56% | 10.87% | 100.00% | |||||||||
| Weighted Average Original Term | 358 months | 120 months | 360 months | |||||||||
| Weighted Average Stated Remaining Term | 355 months | 117 months | 358 months | |||||||||
| Weighted Average Seasoning | 3 months | 2 months | 10 months | |||||||||
ARM Characteristics | ||||||||||||
| Weighted Average Gross Margin | 6.150% | 3.310% | 10.490% | |||||||||
| Weighted Average Minimum Interest Rate | 7.669% | 5.490% | 11.990% | |||||||||
| Weighted Average Maximum Interest Rate | 14.668% | 12.490% | 18.990% | |||||||||
| Weighted Average Initial Rate Cap | 1.498% | 1.000% | 1.500% | |||||||||
| Weighted Average Subsequent Rate Cap | 1.498% | 1.000% | 1.500% | |||||||||
| Weighted Average Months to Next Adjustment Date | 21 months | 3 months | 58 months | |||||||||
| Maturity Date | April 1, 2015 | May 1, 2035 | ||||||||||
| Maximum Zip Code Concentration | 0.38% | 11216 | ||||||||||
This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements.
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 28 | July 28, 2005 | |||
| Group 1 Mortgage Loans | ||||||||||||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Mortgage Rate (%) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 4.501 - 5.000 | 1 | $ | 189,310.96 | 0.03 | % | 4.990 | % | 783 | 57.51 | % | ||||||||||||||
| 5.001 - 5.500 | 8 | 1,873,651.31 | 0.34 | 5.431 | 716 | 71.14 | ||||||||||||||||||
| 5.501 - 6.000 | 87 | 19,437,047.59 | 3.49 | 5.914 | 684 | 71.80 | ||||||||||||||||||
| 6.001 - 6.500 | 195 | 38,065,376.60 | 6.84 | 6.378 | 667 | 77.83 | ||||||||||||||||||
| 6.501 - 7.000 | 630 | 116,718,678.13 | 20.97 | 6.882 | 652 | 79.34 | ||||||||||||||||||
| 7.001 - 7.500 | 567 | 94,546,733.24 | 16.98 | 7.346 | 628 | 80.51 | ||||||||||||||||||
| 7.501 - 8.000 | 856 | 137,565,749.51 | 24.71 | 7.847 | 605 | 81.63 | ||||||||||||||||||
| 8.001 - 8.500 | 410 | 61,145,709.62 | 10.98 | 8.334 | 584 | 83.00 | ||||||||||||||||||
| 8.501 - 9.000 | 416 | 56,876,033.77 | 10.22 | 8.819 | 570 | 82.86 | ||||||||||||||||||
| 9.001 - - 9.500 | 127 | 16,169,831.66 | 2.90 | 9.322 | 564 | 82.32 | ||||||||||||||||||
| 9.501 - 10.000 | 93 | 11,273,600.13 | 2.02 | 9.850 | 559 | 79.23 | ||||||||||||||||||
| 10.001 - 10.500 | 14 | 1,517,792.47 | 0.27 | 10.410 | 547 | 78.36 | ||||||||||||||||||
| 10.501 - 11.000 | 10 | 972,928.21 | 0.17 | 10.814 | 562 | 85.58 | ||||||||||||||||||
| 11.001 - 11.500 | 1 | 86,328.33 | 0.02 | 11.125 | 565 | 95.00 | ||||||||||||||||||
| 11.501 - 12.000 | 2 | 286,721.95 | 0.05 | 11.782 | 671 | 89.33 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Current Balance ($) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 0.01 - - 50,000.00 | 89 | $ | 4,055,635.85 | 0.73 | % | 8.423 | % | 589 | 73.05 | % | ||||||||||||||
| 50,000.01 - 100,000.00 | 775 | 59,823,092.78 | 10.75 | 8.076 | 608 | 80.96 | ||||||||||||||||||
| 100,000.01 - 150,000.00 | 934 | 116,781,804.99 | 20.98 | 7.772 | 619 | 81.42 | ||||||||||||||||||
| 150,000.01 - 200,000.00 | 660 | 115,122,276.93 | 20.68 | 7.633 | 618 | 81.30 | ||||||||||||||||||
| 200,000.01 - 250,000.00 | 424 | 94,596,355.47 | 16.99 | 7.536 | 617 | 79.19 | ||||||||||||||||||
| 250,000.01 - 300,000.00 | 279 | 76,416,230.25 | 13.73 | 7.435 | 615 | 80.15 | ||||||||||||||||||
| 300,000.01 - 350,000.00 | 167 | 53,833,976.04 | 9.67 | 7.364 | 621 | 80.65 | ||||||||||||||||||
| 350,000.01 - 400,000.00 | 53 | 19,520,832.76 | 3.51 | 7.395 | 637 | 81.19 | ||||||||||||||||||
| 400,000.01 - 450,000.00 | 19 | 8,232,305.77 | 1.48 | 7.111 | 652 | 79.85 | ||||||||||||||||||
| 450,000.01 - 500,000.00 | 12 | 5,622,909.64 | 1.01 | 7.689 | 622 | 79.09 | ||||||||||||||||||
| 500,000.01 - 550,000.00 | 4 | 2,127,542.52 | 0.38 | 8.573 | 640 | 71.57 | ||||||||||||||||||
| 550,000.01 - 600,000.00 | 1 | 592,530.48 | 0.11 | 6.999 | 654 | 80.00 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Loan Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| ARM 2/28 | 2,467 | $ | 404,719,376.47 | 72.70 | % | 7.789 | % | 607 | 81.00 | % | ||||||||||||||
| ARM 2/28 60 month IO | 286 | 61,572,869.04 | 11.06 | 6.847 | 666 | 80.59 | ||||||||||||||||||
| 30 Year Fixed | 395 | 56,070,195.03 | 10.07 | 7.410 | 635 | 77.05 | ||||||||||||||||||
| 3/27 ARM | 156 | 18,587,091.08 | 3.34 | 7.973 | 613 | 85.92 | ||||||||||||||||||
| ARM 3/27 60 month IO | 21 | 3,833,239.27 | 0.69 | 7.141 | 669 | 79.79 | ||||||||||||||||||
| 15 Year Fixed | 33 | 3,708,551.96 | 0.67 | 7.129 | 648 | 70.66 | ||||||||||||||||||
| 30 Year Fixed 60 month IO | 11 | 2,382,643.11 | 0.43 | 6.626 | 671 | 72.90 | ||||||||||||||||||
| 20 Year Fixed | 25 | 2,226,211.15 | 0.40 | 7.427 | 642 | 68.04 | ||||||||||||||||||
| ARM 5/25 60 month IO | 9 | 1,696,078.39 | 0.30 | 6.936 | 656 | 78.40 | ||||||||||||||||||
| ARM 5/25 | 8 | 1,170,155.40 | 0.21 | 7.667 | 653 | 92.70 | ||||||||||||||||||
| 10 Year Fixed | 4 | 359,468.91 | 0.06 | 6.769 | 637 | 60.15 | ||||||||||||||||||
| 6 Month ARM | 1 | 333,778.73 | 0.06 | 6.500 | 752 | 83.75 | ||||||||||||||||||
| 25 Year Fixed | 1 | 65,834.94 | 0.01 | 7.990 | 590 | 80.00 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements.
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 29 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Remaining Term (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 109 - 120 | 4 | $ | 359,468.91 | 0.06 | % | 6.769 | % | 637 | 60.15 | % | ||||||||||||||
| 169 - 180 | 33 | 3,708,551.96 | 0.67 | 7.129 | 648 | 70.66 | ||||||||||||||||||
| 229 - 240 | 25 | 2,226,211.15 | 0.40 | 7.427 | 642 | 68.04 | ||||||||||||||||||
| 289 - 300 | 1 | 65,834.94 | 0.01 | 7.990 | 590 | 80.00 | ||||||||||||||||||
| 349 - 360 | 3,354 | 550,365,426.52 | 98.86 | 7.638 | 618 | 80.70 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Seasoning (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 2 | 875 | $ | 142,575,959.60 | 25.61 | % | 7.683 | % | 623 | 80.65 | % | ||||||||||||||
| 3 | 1,361 | 225,515,215.15 | 40.51 | 7.620 | 617 | 80.16 | ||||||||||||||||||
| 4 | 810 | 132,272,703.67 | 23.76 | 7.591 | 615 | 80.19 | ||||||||||||||||||
| 5 | 248 | 37,469,461.05 | 6.73 | 7.647 | 621 | 82.85 | ||||||||||||||||||
| 6 | 72 | 11,292,031.75 | 2.03 | 7.634 | 617 | 82.74 | ||||||||||||||||||
| 7 | 41 | 6,310,105.56 | 1.13 | 7.654 | 611 | 82.99 | ||||||||||||||||||
| 8 | 5 | 491,750.22 | 0.09 | 7.467 | 636 | 83.09 | ||||||||||||||||||
| 9 | 3 | 463,160.03 | 0.08 | 9.449 | 572 | 83.72 | ||||||||||||||||||
| 10 | 2 | 335,106.45 | 0.06 | 8.124 | 620 | 82.89 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Lien Position | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1st | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Original LTV (%) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 10.01 - 15.00 | 2 | $ | 89,152.82 | 0.02 | % | 9.403 | % | 506 | 12.54 | % | ||||||||||||||
| 15.01 - 20.00 | 4 | 346,935.96 | 0.06 | 7.437 | 654 | 18.41 | ||||||||||||||||||
| 20.01 - 25.00 | 4 | 353,971.37 | 0.06 | 7.014 | 572 | 22.91 | ||||||||||||||||||
| 25.01 - 30.00 | 16 | 1,513,801.57 | 0.27 | 7.230 | 615 | 27.90 | ||||||||||||||||||
| 30.01 - 35.00 | 9 | 1,230,060.06 | 0.22 | 7.513 | 637 | 32.95 | ||||||||||||||||||
| 35.01 - 40.00 | 19 | 2,089,470.53 | 0.38 | 7.065 | 602 | 38.68 | ||||||||||||||||||
| 40.01 - 45.00 | 25 | 3,306,482.09 | 0.59 | 7.787 | 572 | 42.90 | ||||||||||||||||||
| 45.01 - 50.00 | 34 | 4,537,642.68 | 0.82 | 7.173 | 594 | 48.15 | ||||||||||||||||||
| 50.01 - 55.00 | 40 | 7,038,067.55 | 1.26 | 7.350 | 598 | 53.15 | ||||||||||||||||||
| 55.01 - 60.00 | 78 | 14,037,623.42 | 2.52 | 7.673 | 588 | 57.85 | ||||||||||||||||||
| 60.01 - 65.00 | 104 | 17,943,882.77 | 3.22 | 7.623 | 590 | 63.39 | ||||||||||||||||||
| 65.01 - 70.00 | 124 | 21,968,358.04 | 3.95 | 7.684 | 591 | 68.66 | ||||||||||||||||||
| 70.01 - 75.00 | 207 | 34,433,693.49 | 6.19 | 7.729 | 593 | 74.21 | ||||||||||||||||||
| 75.01 - 80.00 | 1,277 | 214,047,421.34 | 38.45 | 7.319 | 646 | 79.79 | ||||||||||||||||||
| 80.01 - 85.00 | 545 | 92,637,528.76 | 16.64 | 7.884 | 587 | 84.61 | ||||||||||||||||||
| 85.01 - 90.00 | 573 | 95,052,166.15 | 17.07 | 7.930 | 607 | 89.50 | ||||||||||||||||||
| 90.01 - 95.00 | 130 | 19,272,087.88 | 3.46 | 7.932 | 622 | 94.57 | ||||||||||||||||||
| 95.01 - 100.00 | 226 | 26,827,147.00 | 4.82 | 8.050 | 643 | 99.88 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 30 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| FICO Score | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| No FICO | 8 | $ | 1,032,282.63 | 0.19 | % | 8.166 | % | 0 | 54.47 | % | ||||||||||||||
| 460 - 479 | 2 | 208,825.46 | 0.04 | 8.763 | 479 | 67.91 | ||||||||||||||||||
| 480 - 499 | 4 | 698,590.34 | 0.13 | 8.643 | 490 | 62.77 | ||||||||||||||||||
| 500 - 519 | 272 | 41,310,881.73 | 7.42 | 8.508 | 510 | 76.00 | ||||||||||||||||||
| 520 - 539 | 330 | 50,502,885.15 | 9.07 | 8.277 | 530 | 79.81 | ||||||||||||||||||
| 540 - 559 | 270 | 43,275,129.70 | 7.77 | 8.088 | 549 | 80.55 | ||||||||||||||||||
| 560 - 579 | 245 | 38,249,921.81 | 6.87 | 8.026 | 569 | 80.53 | ||||||||||||||||||
| 580 - 599 | 292 | 47,089,654.07 | 8.46 | 7.812 | 590 | 81.10 | ||||||||||||||||||
| 600 - 619 | 313 | 47,945,284.25 | 8.61 | 7.665 | 610 | 81.36 | ||||||||||||||||||
| 620 - 639 | 389 | 66,735,579.77 | 11.99 | 7.433 | 630 | 82.34 | ||||||||||||||||||
| 640 - 659 | 353 | 62,485,048.51 | 11.22 | 7.261 | 649 | 81.09 | ||||||||||||||||||
| 660 - 679 | 314 | 53,515,670.90 | 9.61 | 7.197 | 669 | 80.53 | ||||||||||||||||||
| 680 - 699 | 238 | 40,555,636.44 | 7.28 | 7.193 | 690 | 81.63 | ||||||||||||||||||
| 700 - 719 | 152 | 24,111,806.91 | 4.33 | 7.172 | 708 | 80.92 | ||||||||||||||||||
| 720 - 739 | 97 | 16,091,307.91 | 2.89 | 7.065 | 730 | 80.52 | ||||||||||||||||||
| 740 - 759 | 66 | 11,100,634.00 | 1.99 | 6.805 | 748 | 80.77 | ||||||||||||||||||
| 760 - 779 | 49 | 7,871,835.84 | 1.41 | 7.108 | 768 | 83.26 | ||||||||||||||||||
| 780 - 799 | 20 | 3,308,546.52 | 0.59 | 6.775 | 786 | 74.91 | ||||||||||||||||||
| 800 - 819 | 3 | 635,971.54 | 0.11 | 7.018 | 813 | 82.74 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Use of Proceeds | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Cashout Refinance | 2,162 | $ | 377,258,400.37 | 67.76 | % | 7.655 | % | 601 | 79.52 | % | ||||||||||||||
| Purchase | 1,164 | 164,226,597.93 | 29.50 | 7.583 | 656 | 83.07 | ||||||||||||||||||
| Rate/Term Refinance | 87 | 14,534,517.65 | 2.61 | 7.620 | 624 | 79.40 | ||||||||||||||||||
| Const-Perm | 4 | 705,977.53 | 0.13 | 8.188 | 604 | 78.29 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Property Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Single Family | 2,410 | $ | 370,031,219.82 | 66.47 | % | 7.687 | % | 609 | 80.75 | % | ||||||||||||||
| Duplex | 282 | 58,689,305.22 | 10.54 | 7.418 | 639 | 78.38 | ||||||||||||||||||
| PUD | 295 | 49,299,291.26 | 8.86 | 7.629 | 615 | 81.95 | ||||||||||||||||||
| Condo | 259 | 38,457,817.04 | 6.91 | 7.438 | 654 | 82.29 | ||||||||||||||||||
| 3-4 Unit | 131 | 34,367,246.59 | 6.17 | 7.643 | 646 | 77.99 | ||||||||||||||||||
| Townhouse | 31 | 4,668,984.97 | 0.84 | 7.753 | 599 | 83.25 | ||||||||||||||||||
| Modular | 8 | 1,150,705.25 | 0.21 | 7.264 | 612 | 82.78 | ||||||||||||||||||
| Manufactured | 1 | 60,923.33 | 0.01 | 8.150 | 629 | 75.00 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 31 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Documentation Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Stated | 1,559 | $ | 275,586,774.80 | 49.50 | % | 7.590 | % | 638 | 77.92 | % | ||||||||||||||
| Full | 1,652 | 243,066,913.37 | 43.66 | 7.715 | 596 | 83.58 | ||||||||||||||||||
| 12 mo Bank Statements | 190 | 35,352,120.40 | 6.35 | 7.405 | 615 | 80.76 | ||||||||||||||||||
| 6 mo Bank Statements | 16 | 2,719,684.91 | 0.49 | 7.705 | 606 | 76.08 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Occupancy Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Owner Occupied | 3,011 | $ | 490,111,540.93 | 88.03 | % | 7.606 | % | 612 | 80.67 | % | ||||||||||||||
| Non-Owner Occupied | 355 | 58,396,650.29 | 10.49 | 7.847 | 659 | 78.88 | ||||||||||||||||||
| Second Home | 51 | 8,217,302.26 | 1.48 | 7.735 | 685 | 86.39 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Loan Grade | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| A | 3,045 | $ | 499,589,947.05 | 89.74 | % | 7.557 | % | 625 | 81.68 | % | ||||||||||||||
| B | 195 | 29,695,442.66 | 5.33 | 8.220 | 547 | 74.46 | ||||||||||||||||||
| C | 177 | 27,440,103.77 | 4.93 | 8.386 | 559 | 66.91 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 32 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Geographic Distribution | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| California | 389 | $ | 83,246,795.86 | 14.95 | % | 7.400 | % | 616 | 75.53 | % | ||||||||||||||
| New York | 309 | 64,970,588.70 | 11.67 | 7.296 | 626 | 76.08 | ||||||||||||||||||
| Florida | 360 | 52,587,151.18 | 9.45 | 7.663 | 625 | 82.09 | ||||||||||||||||||
| Illinois | 280 | 51,911,893.94 | 9.32 | 7.539 | 621 | 82.02 | ||||||||||||||||||
| New Jersey | 137 | 30,606,890.03 | 5.50 | 7.703 | 619 | 80.72 | ||||||||||||||||||
| Maryland | 122 | 23,396,438.11 | 4.20 | 7.886 | 610 | 81.19 | ||||||||||||||||||
| Georgia | 177 | 23,068,117.43 | 4.14 | 7.888 | 609 | 82.99 | ||||||||||||||||||
| Virginia | 99 | 19,358,510.67 | 3.48 | 7.632 | 640 | 81.71 | ||||||||||||||||||
| Nevada | 81 | 15,929,459.53 | 2.86 | 7.254 | 639 | 79.22 | ||||||||||||||||||
| Massachusetts | 67 | 15,516,754.95 | 2.79 | 7.494 | 619 | 79.71 | ||||||||||||||||||
| Texas | 153 | 14,236,320.89 | 2.56 | 7.752 | 617 | 81.45 | ||||||||||||||||||
| Connecticut | 82 | 13,282,191.02 | 2.39 | 7.651 | 634 | 81.27 | ||||||||||||||||||
| Michigan | 84 | 11,286,220.40 | 2.03 | 8.178 | 600 | 87.25 | ||||||||||||||||||
| Arizona | 77 | 10,742,487.79 | 1.93 | 7.712 | 608 | 81.65 | ||||||||||||||||||
| Washington | 63 | 10,410,575.03 | 1.87 | 7.508 | 622 | 81.90 | ||||||||||||||||||
| Alabama | 92 | 9,388,325.62 | 1.69 | 8.149 | 613 | 85.95 | ||||||||||||||||||
| Missouri | 86 | 9,271,205.89 | 1.67 | 8.387 | 585 | 83.68 | ||||||||||||||||||
| Colorado | 56 | 9,012,480.50 | 1.62 | 7.275 | 628 | 83.07 | ||||||||||||||||||
| Indiana | 82 | 8,013,335.64 | 1.44 | 8.079 | 601 | 86.94 | ||||||||||||||||||
| Pennsylvania | 55 | 7,768,414.61 | 1.40 | 7.912 | 588 | 82.46 | ||||||||||||||||||
| Oregon | 46 | 7,564,939.67 | 1.36 | 7.338 | 645 | 81.17 | ||||||||||||||||||
| Minnesota | 29 | 5,195,545.95 | 0.93 | 7.464 | 626 | 84.50 | ||||||||||||||||||
| North Carolina | 51 | 5,003,604.17 | 0.90 | 8.272 | 599 | 83.75 | ||||||||||||||||||
| Rhode Island | 26 | 4,879,118.91 | 0.88 | 7.600 | 632 | 81.33 | ||||||||||||||||||
| Kansas | 40 | 4,164,750.12 | 0.75 | 7.983 | 595 | 84.13 | ||||||||||||||||||
| Tennessee | 43 | 4,013,599.35 | 0.72 | 8.162 | 578 | 85.26 | ||||||||||||||||||
| New Mexico | 36 | 3,819,526.45 | 0.69 | 8.009 | 626 | 82.34 | ||||||||||||||||||
| Wisconsin | 29 | 3,624,159.54 | 0.65 | 7.985 | 616 | 84.15 | ||||||||||||||||||
| Ohio | 26 | 3,493,355.75 | 0.63 | 8.066 | 600 | 81.37 | ||||||||||||||||||
| Utah | 28 | 3,489,399.17 | 0.63 | 7.623 | 625 | 85.32 | ||||||||||||||||||
| Kentucky | 29 | 3,088,119.03 | 0.55 | 8.294 | 577 | 90.22 | ||||||||||||||||||
| New Hampshire | 12 | 2,530,185.74 | 0.45 | 7.831 | 592 | 80.82 | ||||||||||||||||||
| Maine | 14 | 2,449,984.30 | 0.44 | 7.463 | 613 | 80.20 | ||||||||||||||||||
| Delaware | 18 | 2,370,295.73 | 0.43 | 7.632 | 599 | 84.13 | ||||||||||||||||||
| Idaho | 19 | 2,042,849.51 | 0.37 | 7.947 | 604 | 85.68 | ||||||||||||||||||
| Arkansas | 20 | 1,945,621.30 | 0.35 | 7.926 | 610 | 89.44 | ||||||||||||||||||
| Nebraska | 15 | 1,754,815.65 | 0.32 | 8.343 | 598 | 82.19 | ||||||||||||||||||
| Louisiana | 13 | 1,679,603.50 | 0.30 | 7.905 | �� | 611 | 87.04 | |||||||||||||||||
| Vermont | 8 | 1,625,241.71 | 0.29 | 8.019 | 630 | 80.29 | ||||||||||||||||||
| South Carolina | 14 | 1,481,649.29 | 0.27 | 8.472 | 581 | 85.95 | ||||||||||||||||||
| District of Columbia | 5 | 1,156,711.31 | 0.21 | 7.898 | 591 | 79.08 | ||||||||||||||||||
| West Virginia | 10 | 921,667.15 | 0.17 | 8.502 | 627 | 82.36 | ||||||||||||||||||
| Oklahoma | 8 | 916,964.35 | 0.16 | 7.735 | 621 | 83.69 | ||||||||||||||||||
| Hawaii | 4 | 830,746.47 | 0.15 | 7.504 | 586 | 57.21 | ||||||||||||||||||
| Iowa | 7 | 804,645.26 | 0.14 | 8.534 | 603 | 87.45 | ||||||||||||||||||
| Mississippi | 6 | 766,411.70 | 0.14 | 8.326 | 609 | 86.66 | ||||||||||||||||||
| Montana | 6 | 581,469.48 | 0.10 | 8.072 | 587 | 85.36 | ||||||||||||||||||
| Wyoming | 2 | 213,065.43 | 0.04 | 8.069 | 577 | 80.00 | ||||||||||||||||||
| South Dakota | 1 | 168,000.00 | 0.03 | 6.750 | 690 | 80.00 | ||||||||||||||||||
| North Dakota | 1 | 145,289.70 | 0.03 | 7.750 | 639 | 80.00 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 33 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Prepayment Penalty Term (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 0 | 855 | $ | 131,521,803.68 | 23.62 | % | 7.918 | % | 608 | 80.98 | % | ||||||||||||||
| 6 | 77 | 11,473,643.63 | 2.06 | 7.664 | 626 | 81.45 | ||||||||||||||||||
| 12 | 427 | 90,767,113.60 | 16.30 | 7.304 | 634 | 78.23 | ||||||||||||||||||
| 18 | 23 | 4,716,429.60 | 0.85 | 7.343 | 616 | 80.01 | ||||||||||||||||||
| 24 | 1,372 | 218,964,654.92 | 39.33 | 7.612 | 616 | 80.65 | ||||||||||||||||||
| 30 | 46 | 6,721,879.41 | 1.21 | 7.670 | 584 | 76.99 | ||||||||||||||||||
| 36 | 617 | 92,559,968.64 | 16.63 | 7.612 | 623 | 82.23 | ||||||||||||||||||
Total | 3,417 | $ | 556,725,493.48 | 100.00 | % | 7.633 | % | 618 | 80.56 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Margin (%) ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 3.001 - 3.500 | 1 | $ | 520,000.00 | 0.11 | % | 6.875 | % | 666 | 80.00 | % | ||||||||||||||
| 3.501 - 4.000 | 6 | 1,548,966.70 | 0.31 | 6.385 | 672 | 81.90 | ||||||||||||||||||
| 4.001 - 4.500 | 116 | 23,018,447.99 | 4.68 | 6.665 | 658 | 80.04 | ||||||||||||||||||
| 4.501 - 5.000 | 283 | 54,705,350.63 | 11.12 | 6.958 | 641 | 81.00 | ||||||||||||||||||
| 5.001 - 5.500 | 394 | 77,524,796.69 | 15.76 | 6.869 | 655 | 79.89 | ||||||||||||||||||
| 5.501 - 6.000 | 469 | 80,556,605.81 | 16.38 | 7.249 | 629 | 79.78 | ||||||||||||||||||
| 6.001 - 6.500 | 582 | 97,136,317.20 | 19.75 | 7.774 | 604 | 81.07 | ||||||||||||||||||
| 6.501 - 7.000 | 443 | 68,128,792.21 | 13.85 | 8.151 | 593 | 83.04 | ||||||||||||||||||
| 7.001 - 7.500 | 363 | 51,957,727.62 | 10.56 | 8.705 | 574 | 82.95 | ||||||||||||||||||
| 7.501 - 8.000 | 171 | 21,938,419.17 | 4.46 | 9.055 | 567 | 83.77 | ||||||||||||||||||
| 8.001 - 8.500 | 86 | 11,125,188.94 | 2.26 | 9.711 | 564 | 77.72 | ||||||||||||||||||
| 8.501 - 9.000 | 22 | 2,367,730.71 | 0.48 | 10.111 | 562 | 80.22 | ||||||||||||||||||
| 9.001 - 9.500 | 8 | 958,582.25 | 0.19 | 10.701 | 553 | 85.78 | ||||||||||||||||||
| 9.501 - 10.000 | 2 | 138,940.51 | 0.03 | 11.074 | 549 | 93.11 | ||||||||||||||||||
| 10.001 - 10.500 | 2 | 286,721.95 | 0.06 | 11.782 | 671 | 89.33 | ||||||||||||||||||
Total | 2,948 | $ | 491,912,588.38 | 100.00 | % | 7.669 | % | 616 | 81.15 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Maximum Mortgage Rate (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 12.001 - 12.500 | 5 | $ | 1,316,365.50 | 0.27 | % | 5.751 | % | 720 | 80.22 | % | ||||||||||||||
| 12.501 - 13.000 | 59 | 13,510,005.73 | 2.75 | 5.926 | 681 | 76.58 | ||||||||||||||||||
| 13.001 - 13.500 | 147 | 29,608,059.98 | 6.02 | 6.383 | 667 | 79.49 | ||||||||||||||||||
| 13.501 - 14.000 | 537 | 102,134,295.30 | 20.76 | 6.884 | 653 | 79.84 | ||||||||||||||||||
| 14.001 - 14.500 | 506 | 85,722,696.08 | 17.43 | 7.344 | 625 | 80.72 | ||||||||||||||||||
| 14.501 - 15.000 | 762 | 125,731,995.67 | 25.56 | 7.846 | 603 | 81.72 | ||||||||||||||||||
| 15.001 - 15.500 | 359 | 55,384,156.21 | 11.26 | 8.337 | 583 | 83.46 | ||||||||||||||||||
| 15.501 - 16.000 | 361 | 51,205,168.00 | 10.41 | 8.820 | 570 | 82.76 | ||||||||||||||||||
| 16.001 - 16.500 | 112 | 14,774,667.09 | 3.00 | 9.327 | 561 | 82.52 | ||||||||||||||||||
| 16.501 - 17.000 | 80 | 10,031,304.70 | 2.04 | 9.844 | 556 | 78.96 | ||||||||||||||||||
| 17.001 - 17.500 | 10 | 1,292,080.04 | 0.26 | 10.436 | 542 | 76.89 | ||||||||||||||||||
| 17.501 - 18.000 | 7 | 828,743.80 | 0.17 | 10.798 | 558 | 85.12 | ||||||||||||||||||
| 18.001 - 18.500 | 1 | 86,328.33 | 0.02 | 11.125 | 565 | 95.00 | ||||||||||||||||||
| 18.501 - 19.000 | 2 | 286,721.95 | 0.06 | 11.782 | 671 | 89.33 | ||||||||||||||||||
Total | 2,948 | $ | 491,912,588.38 | 100.00 | % | 7.669 | % | 616 | 81.15 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 34 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Minimum Mortgage Rate (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 5.001 - 5.500 | 4 | $ | 982,586.77 | 0.20 | % | 5.496 | % | 709 | 79.02 | % | ||||||||||||||
| 5.501 - 6.000 | 59 | 13,510,005.73 | 2.75 | 5.926 | 681 | 76.58 | ||||||||||||||||||
| 6.001 - 6.500 | 148 | 29,941,838.71 | 6.09 | 6.384 | 667 | 79.54 | ||||||||||||||||||
| 6.501 - 7.000 | 537 | 102,134,295.30 | 20.76 | 6.884 | 653 | 79.84 | ||||||||||||||||||
| 7.001 - 7.500 | 506 | 85,722,696.08 | 17.43 | 7.344 | 625 | 80.72 | ||||||||||||||||||
| 7.501 - 8.000 | 762 | 125,731,995.67 | 25.56 | 7.846 | 603 | 81.72 | ||||||||||||||||||
| 8.001 - 8.500 | 359 | 55,384,156.21 | 11.26 | 8.337 | 583 | 83.46 | ||||||||||||||||||
| 8.501 - 9.000 | 361 | 51,205,168.00 | 10.41 | 8.820 | 570 | 82.76 | ||||||||||||||||||
| 9.001 - 9.500 | 112 | 14,774,667.09 | 3.00 | 9.327 | 561 | 82.52 | ||||||||||||||||||
| 9.501 - 10.000 | 80 | 10,031,304.70 | 2.04 | 9.844 | 556 | 78.96 | ||||||||||||||||||
| 10.001 - 10.500 | 10 | 1,292,080.04 | 0.26 | 10.436 | 542 | 76.89 | ||||||||||||||||||
| 10.501 - 11.000 | 7 | 828,743.80 | 0.17 | 10.798 | 558 | 85.12 | ||||||||||||||||||
| 11.001 - 11.500 | 1 | 86,328.33 | 0.02 | 11.125 | 565 | 95.00 | ||||||||||||||||||
| 11.501 - 12.000 | 2 | 286,721.95 | 0.06 | 11.782 | 671 | 89.33 | ||||||||||||||||||
Total | 2,948 | $ | 491,912,588.38 | 100.00 | % | 7.669 | % | 616 | 81.15 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Initial Rate Cap (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1.000 | 10 | $ | 1,865,444.51 | 0.38 | % | 7.241 | % | 605 | 83.44 | % | ||||||||||||||
| 1.500 | 2,938 | 490,047,143.87 | 99.62 | 7.671 | 616 | 81.14 | ||||||||||||||||||
Total | 2,948 | $ | 491,912,588.38 | 100.00 | % | 7.669 | % | 616 | 81.15 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Subsequent Rate Cap (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1.000 | 10 | $ | 1,865,444.51 | 0.38 | % | 7.241 | % | 605 | 83.44 | % | ||||||||||||||
| 1.500 | 2,938 | 490,047,143.87 | 99.62 | 7.671 | 616 | 81.14 | ||||||||||||||||||
Total | 2,948 | $ | 491,912,588.38 | 100.00 | % | 7.669 | % | 616 | 81.15 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 35 | July 28, 2005 | |
Group 1 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Months to Next Adjustment Date | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 3 | 1 | $ | 333,778.73 | 0.07 | % | 6.500 | % | 752 | 83.75 | % | ||||||||||||||
| 15 | 1 | 234,722.88 | 0.05 | 10.500 | 516 | 73.59 | ||||||||||||||||||
| 16 | 3 | 325,258.33 | 0.07 | 7.422 | 656 | 82.61 | ||||||||||||||||||
| 17 | 33 | 5,275,335.06 | 1.07 | 7.506 | 609 | 82.84 | ||||||||||||||||||
| 18 | 61 | 10,163,879.32 | 2.07 | 7.633 | 618 | 82.70 | ||||||||||||||||||
| 19 | 194 | 30,581,647.69 | 6.22 | 7.669 | 616 | 82.53 | ||||||||||||||||||
| 20 | 630 | 109,176,654.83 | 22.19 | 7.596 | 612 | 80.34 | ||||||||||||||||||
| 21 | 1,125 | 191,332,182.92 | 38.90 | 7.663 | 613 | 80.55 | ||||||||||||||||||
| 22 | 706 | 119,202,564.48 | 24.23 | 7.736 | 619 | 81.52 | ||||||||||||||||||
| 26 | 1 | 229,230.30 | 0.05 | 8.990 | 552 | 90.00 | ||||||||||||||||||
| 28 | 1 | 99,363.67 | 0.02 | 7.259 | 630 | 80.00 | ||||||||||||||||||
| 29 | 2 | 133,713.40 | 0.03 | 7.807 | 629 | 87.03 | ||||||||||||||||||
| 30 | 5 | 666,521.57 | 0.14 | 7.626 | 631 | 86.00 | ||||||||||||||||||
| 31 | 22 | 2,530,903.71 | 0.51 | 7.834 | 626 | 88.85 | ||||||||||||||||||
| 32 | 58 | 7,252,018.28 | 1.47 | 7.810 | 627 | 85.97 | ||||||||||||||||||
| 33 | 63 | 8,969,534.87 | 1.82 | 7.668 | 621 | 81.95 | ||||||||||||||||||
| 34 | 25 | 2,539,044.55 | 0.52 | 8.433 | 613 | 87.39 | ||||||||||||||||||
| 53 | 1 | 204,000.00 | 0.04 | 7.125 | 699 | 80.00 | ||||||||||||||||||
| 55 | 1 | 298,693.90 | 0.06 | 6.750 | 687 | 100.00 | ||||||||||||||||||
| 56 | 6 | 1,014,271.90 | 0.21 | 7.438 | 636 | 85.69 | ||||||||||||||||||
| 57 | 7 | 1,018,021.16 | 0.21 | 7.190 | 651 | 78.28 | ||||||||||||||||||
| 58 | 2 | 331,246.83 | 0.07 | 7.253 | 668 | 86.49 | ||||||||||||||||||
Total | 2,948 | $ | 491,912,588.38 | 100.00 | % | 7.669 | % | 616 | 81.15 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 36 | July 28, 2005 | |
Group 2 Mortgage Loan Statistics
As of the Cut-off Date
| Minimum | Maximum | |||||||||||
| Scheduled Principal Balance | $ | 612,294,471.71 | $ | 7,318.25 | $ | 998,345.55 | ||||||
| Average Scheduled Principal Balance | $ | 242,013.63 | ||||||||||
| Number of Mortgage Loans | 2,530 | |||||||||||
| Weighted Average Mortgage Rate | 7.302% | 5.000% | 12.990% | |||||||||
| Weighted Average FICO Score | 651 | 495 | 817 | |||||||||
| Weighted Average Original LTV | 80.95% | 16.48% | 100.00% | |||||||||
| Weighted Average Original Term | 359 months | 120 months | 360 months | |||||||||
| Weighted Average Stated Remaining Term | 355 months | 114 months | 358 months | |||||||||
| Weighted Average Seasoning | 3 months | 2 months | 10 months | |||||||||
ARM Characteristics | ||||||||||||
| Weighted Average Gross Margin | 5.882% | 3.645% | 11.490% | |||||||||
| Weighted Average Minimum Interest Rate | 7.320% | 5.125% | 12.990% | |||||||||
| Weighted Average Maximum Interest Rate | 14.320% | 12.125% | 19.990% | |||||||||
| Weighted Average Initial Rate Cap | 1.499% | 1.000% | 1.500% | |||||||||
| Weighted Average Subsequent Rate Cap | 1.499% | 1.000% | 1.500% | |||||||||
| Weighted Average Months to Next Adjustment Date | 22 months | 3 months | 58 months | |||||||||
| Maturity Date | January 1, 2015 | May 1, 2035 | ||||||||||
| Maximum Zip Code Concentration | 0.50% | 91910 | ||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 37 | July 28, 2005 | |
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Mortgage Rate (%) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 4.501 - - 5.000 | 1 | $ | 129,529.44 | 0.02 | % | 5.000 | % | 817 | 32.66 | % | ||||||||||||||
| 5.001 - 5.500 | 22 | 5,850,899.99 | 0.96 | 5.375 | 717 | 71.63 | ||||||||||||||||||
| 5.501 - 6.000 | 118 | 34,310,988.26 | 5.60 | 5.888 | 688 | 77.64 | ||||||||||||||||||
| 6.001 - 6.500 | 252 | 74,673,446.13 | 12.20 | 6.358 | 685 | 79.34 | ||||||||||||||||||
| 6.501 - 7.000 | 609 | 168,432,603.92 | 27.51 | 6.860 | 668 | 79.56 | ||||||||||||||||||
| 7.001 - 7.500 | 457 | 115,220,720.50 | 18.82 | 7.343 | 655 | 80.88 | ||||||||||||||||||
| 7.501 - 8.000 | 555 | 121,983,342.32 | 19.92 | 7.849 | 631 | 83.17 | ||||||||||||||||||
| 8.001 - 8.500 | 203 | �� | 41,037,291.24 | 6.70 | 8.314 | 603 | 82.84 | |||||||||||||||||
| 8.501 - 9.000 | 202 | 33,967,250.06 | 5.55 | 8.827 | 597 | 84.79 | ||||||||||||||||||
| 9.001 - 9.500 | 54 | 9,350,982.39 | 1.53 | 9.327 | 584 | 84.83 | ||||||||||||||||||
| 9.501 - 10.000 | 32 | 4,132,362.64 | 0.67 | 9.861 | 574 | 85.86 | ||||||||||||||||||
| 10.001 - 10.500 | 12 | 1,518,692.74 | 0.25 | 10.320 | 559 | 85.66 | ||||||||||||||||||
| 10.501 - 11.000 | 11 | 1,587,751.41 | 0.26 | 10.750 | 540 | 75.70 | ||||||||||||||||||
| 11.001 - 11.500 | 1 | 64,892.12 | 0.01 | 11.500 | 556 | 82.33 | ||||||||||||||||||
| 12.501 - 13.000 | 1 | 33,718.55 | 0.01 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Current Balance ($) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 0.01 - - 50,000.00 | 50 | $ | 2,124,155.96 | 0.35 | % | 8.427 | % | 585 | 67.54 | % | ||||||||||||||
| 50,000.01 - 100,000.00 | 336 | 26,404,840.86 | 4.31 | 8.098 | 611 | 82.63 | ||||||||||||||||||
| 100,000.01 - 150,000.00 | 452 | 56,425,055.15 | 9.22 | 7.659 | 633 | 83.30 | ||||||||||||||||||
| 150,000.01 - 200,000.00 | 332 | 58,128,279.93 | 9.49 | 7.474 | 649 | 82.45 | ||||||||||||||||||
| 200,000.01 - 250,000.00 | 306 | 68,946,666.51 | 11.26 | 7.231 | 663 | 80.88 | ||||||||||||||||||
| 250,000.01 - 300,000.00 | 291 | 79,961,763.34 | 13.06 | 7.167 | 667 | 80.77 | ||||||||||||||||||
| 300,000.01 - 350,000.00 | 166 | 53,813,547.73 | 8.79 | 7.127 | 657 | 81.36 | ||||||||||||||||||
| 350,000.01 - 400,000.00 | 252 | 95,721,431.96 | 15.63 | 7.154 | 659 | 81.40 | ||||||||||||||||||
| 400,000.01 - 450,000.00 | 133 | 56,512,805.90 | 9.23 | 7.229 | 643 | 81.13 | ||||||||||||||||||
| 450,000.01 - 500,000.00 | 108 | 51,852,517.77 | 8.47 | 7.203 | 649 | 79.93 | ||||||||||||||||||
| 500,000.01 - 550,000.00 | 38 | 19,893,092.89 | 3.25 | 7.324 | 648 | 79.37 | ||||||||||||||||||
| 550,000.01 - 600,000.00 | 33 | 19,153,548.48 | 3.13 | 7.183 | 649 | 78.77 | ||||||||||||||||||
| 600,000.01 - 650,000.00 | 17 | 10,678,778.85 | 1.74 | 7.065 | 650 | 78.43 | ||||||||||||||||||
| 650,000.01 - 700,000.00 | 4 | 2,724,629.45 | 0.44 | 7.511 | 633 | 77.65 | ||||||||||||||||||
| 700,000.01 - 750,000.00 | 6 | 4,432,414.72 | 0.72 | 6.778 | 649 | 75.97 | ||||||||||||||||||
| 750,000.01 - 800,000.00 | 2 | 1,531,667.47 | 0.25 | 6.793 | 686 | 71.75 | ||||||||||||||||||
| 950,000.01 - 1,000,000.00 | 4 | 3,989,274.74 | 0.65 | 7.714 | 618 | 56.82 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 38 | July 28, 2005 | |
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Loan Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| ARM 2/28 | 1,299 | $ | 343,934,979.46 | 56.17 | % | 7.537 | % | 640 | 81.23 | % | ||||||||||||||
| ARM 2/28 60 month IO | 470 | 147,194,406.14 | 24.04 | 6.786 | 679 | 80.04 | ||||||||||||||||||
| 30 Year Fixed | 559 | 83,709,866.90 | 13.67 | 7.288 | 643 | 81.22 | ||||||||||||||||||
| ARM 3/27 | 66 | 11,217,838.65 | 1.83 | 7.883 | 636 | 86.22 | ||||||||||||||||||
| 30 Year Fixed 60 month IO | 34 | 9,744,847.98 | 1.59 | 6.469 | 683 | 77.75 | ||||||||||||||||||
| ARM 5/25 | 28 | 3,946,439.04 | 0.64 | 8.008 | 636 | 84.91 | ||||||||||||||||||
| ARM 3/27 60 month IO | 12 | 3,944,530.90 | 0.64 | 6.655 | 696 | 81.86 | ||||||||||||||||||
| ARM 5/25 60 month IO | 12 | 3,133,638.90 | 0.51 | 6.823 | 691 | 84.97 | ||||||||||||||||||
| 15 Year Fixed | 25 | 2,107,545.01 | 0.34 | 7.478 | 602 | 73.25 | ||||||||||||||||||
| 20 Year Fixed | 12 | 1,267,510.73 | 0.21 | 6.512 | 679 | 62.20 | ||||||||||||||||||
| 10 Year Fixed | 6 | 896,734.82 | 0.15 | 7.168 | 678 | 76.65 | ||||||||||||||||||
| Balloon 30/15 | 3 | 497,464.43 | 0.08 | 7.774 | 613 | 78.70 | ||||||||||||||||||
| ARM 3/27 36 month IO | 1 | 340,000.00 | 0.06 | 6.125 | 669 | 80.00 | ||||||||||||||||||
| 6 Month ARM | 1 | 268,967.21 | 0.04 | 6.250 | 660 | 76.06 | ||||||||||||||||||
| 25 Year Fixed | 2 | 89,701.54 | 0.01 | 7.733 | 598 | 60.18 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Remaining Term (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 109 - 120 | 6 | $ | 896,734.82 | 0.15 | % | 7.168 | % | 678 | 76.65 | % | ||||||||||||||
| 169 - 180 | 28 | 2,605,009.44 | 0.43 | 7.535 | 604 | 74.29 | ||||||||||||||||||
| 229 - 240 | 12 | 1,267,510.73 | 0.21 | 6.512 | 679 | 62.20 | ||||||||||||||||||
| 289 - 300 | 2 | 89,701.54 | 0.01 | 7.733 | 598 | 60.18 | ||||||||||||||||||
| 349 - 360 | 2,482 | 607,435,515.18 | 99.21 | 7.302 | 651 | 81.02 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Seasoning (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 2 | 636 | $ | 152,994,717.94 | 24.99 | % | 7.415 | % | 647 | 81.03 | % | ||||||||||||||
| 3 | 968 | 237,932,157.31 | 38.86 | 7.245 | 654 | 80.32 | ||||||||||||||||||
| 4 | 618 | 148,655,301.23 | 24.28 | 7.256 | 653 | 80.99 | ||||||||||||||||||
| 5 | 205 | 47,809,887.98 | 7.81 | 7.315 | 648 | 82.90 | ||||||||||||||||||
| 6 | 60 | 13,488,888.00 | 2.20 | 7.572 | 638 | 83.62 | ||||||||||||||||||
| 7 | 32 | 7,870,588.28 | 1.29 | 7.101 | 650 | 80.07 | ||||||||||||||||||
| 8 | 9 | 2,625,262.06 | 0.43 | 7.410 | 631 | 83.10 | ||||||||||||||||||
| 9 | 1 | 425,847.06 | 0.07 | 6.750 | 598 | 85.00 | ||||||||||||||||||
| 10 | 1 | 491,821.85 | 0.08 | 7.500 | 613 | 80.00 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Lien Position | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1st | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 39 | July 28, 2005 | |
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Original LTV (%) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 15.01 - 20.00 | 3 | $ | 214,132.09 | 0.03 | % | 8.080 | % | 512 | 17.56 | % | ||||||||||||||
| 20.01 - 25.00 | 5 | 636,833.15 | 0.10 | 6.172 | 657 | 23.52 | ||||||||||||||||||
| 25.01 - 30.00 | 4 | 589,464.54 | 0.10 | 6.701 | 555 | 28.45 | ||||||||||||||||||
| 30.01 - 35.00 | 8 | 714,598.32 | 0.12 | 6.648 | 655 | 33.35 | ||||||||||||||||||
| 35.01 - 40.00 | 1 | 93,738.66 | 0.02 | 7.875 | 598 | 37.60 | ||||||||||||||||||
| 40.01 - 45.00 | 14 | 3,222,594.05 | 0.53 | 7.679 | 584 | 43.25 | ||||||||||||||||||
| 45.01 - 50.00 | 15 | 2,317,398.07 | 0.38 | 6.569 | 650 | 48.31 | ||||||||||||||||||
| 50.01 - 55.00 | 18 | 4,167,416.17 | 0.68 | 6.998 | 598 | 52.67 | ||||||||||||||||||
| 55.01 - 60.00 | 27 | 5,792,251.88 | 0.95 | 6.998 | 628 | 58.77 | ||||||||||||||||||
| 60.01 - 65.00 | 35 | 10,948,107.43 | 1.79 | 7.193 | 647 | 63.29 | ||||||||||||||||||
| 65.01 - 70.00 | 61 | 15,787,712.67 | 2.58 | 7.715 | 605 | 68.62 | ||||||||||||||||||
| 70.01 - 75.00 | 92 | 22,176,497.49 | 3.62 | 7.267 | 632 | 74.01 | ||||||||||||||||||
| 75.01 - 80.00 | 1,460 | 384,182,367.58 | 62.74 | 7.088 | 670 | 79.88 | ||||||||||||||||||
| 80.01 - 85.00 | 248 | 54,212,753.90 | 8.85 | 7.766 | 608 | 84.57 | ||||||||||||||||||
| 85.01 - 90.00 | 267 | 61,397,200.25 | 10.03 | 7.868 | 611 | 89.55 | ||||||||||||||||||
| 90.01 - 95.00 | 75 | 14,072,129.18 | 2.30 | 7.710 | 629 | 94.59 | ||||||||||||||||||
| 95.01 - 100.00 | 197 | 31,769,276.28 | 5.19 | 7.826 | 644 | 99.79 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| FICO Score | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| No FICO | 2 | $ | 272,806.23 | 0.04 | % | 8.703 | % | 0 | 72.90 | % | ||||||||||||||
| 480 - 499 | 2 | 439,727.42 | 0.07 | 7.217 | 496 | 50.52 | ||||||||||||||||||
| 500 - 519 | 88 | 14,442,374.89 | 2.36 | 8.561 | 510 | 77.19 | ||||||||||||||||||
| 520 - 539 | 109 | 21,249,164.52 | 3.47 | 8.359 | 530 | 80.93 | ||||||||||||||||||
| 540 - 559 | 110 | 20,154,489.86 | 3.29 | 8.126 | 550 | 80.18 | ||||||||||||||||||
| 560 - 579 | 135 | 26,001,313.08 | 4.25 | 8.083 | 569 | 81.40 | ||||||||||||||||||
| 580 - 599 | 148 | 32,861,798.65 | 5.37 | 7.693 | 591 | 82.73 | ||||||||||||||||||
| 600 - 619 | 206 | 50,402,724.51 | 8.23 | 7.490 | 609 | 82.59 | ||||||||||||||||||
| 620 - 639 | 291 | 72,484,454.75 | 11.84 | 7.351 | 630 | 81.21 | ||||||||||||||||||
| 640 - 659 | 351 | 89,132,825.50 | 14.56 | 7.211 | 649 | 81.33 | ||||||||||||||||||
| 660 - 679 | 335 | 84,925,084.71 | 13.87 | 7.062 | 669 | 81.55 | ||||||||||||||||||
| 680 - 699 | 271 | 70,640,831.08 | 11.54 | 7.025 | 689 | 80.60 | ||||||||||||||||||
| 700 - 719 | 185 | 48,179,062.57 | 7.87 | 6.976 | 708 | 80.82 | ||||||||||||||||||
| 720 - 739 | 133 | 37,950,276.40 | 6.20 | 6.865 | 728 | 79.97 | ||||||||||||||||||
| 740 - 759 | 93 | 25,884,619.56 | 4.23 | 6.767 | 749 | 78.79 | ||||||||||||||||||
| 760 - 779 | 44 | 10,769,537.24 | 1.76 | 6.892 | 769 | 79.70 | ||||||||||||||||||
| 780 - 799 | 23 | 5,710,423.24 | 0.93 | 6.585 | 787 | 77.15 | ||||||||||||||||||
| 800 - 819 | 4 | 792,957.50 | 0.13 | 5.740 | 808 | 62.53 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Use of Proceeds | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Purchase | 1,647 | $ | 415,944,766.14 | 67.93 | % | 7.265 | % | 664 | 81.37 | % | ||||||||||||||
| Cashout Refinance | 829 | 184,817,452.84 | 30.18 | 7.396 | 622 | 80.14 | ||||||||||||||||||
| Rate/Term Refinance | 48 | 9,639,247.93 | 1.57 | 7.043 | 638 | 77.78 | ||||||||||||||||||
| Const-Perm | 6 | 1,893,004.80 | 0.31 | 7.348 | 650 | 82.41 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 40 | July 28, 2005 | |
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Property Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Single Family | 1,737 | $ | 398,674,242.81 | 65.11 | % | 7.326 | % | 647 | 80.99 | % | ||||||||||||||
| PUD | 324 | 91,219,155.97 | 14.90 | 7.264 | 649 | 81.11 | ||||||||||||||||||
| Condo | 210 | 48,458,150.82 | 7.91 | 7.127 | 664 | 81.20 | ||||||||||||||||||
| Duplex | 166 | 47,703,304.72 | 7.79 | 7.229 | 674 | 80.46 | ||||||||||||||||||
| 3-4 Unit | 68 | 21,467,236.28 | 3.51 | 7.532 | 672 | 79.74 | ||||||||||||||||||
| Townhouse | 21 | 4,357,089.63 | 0.71 | 7.445 | 611 | 82.05 | ||||||||||||||||||
| Modular | 2 | 232,429.72 | 0.04 | 6.617 | 670 | 95.57 | ||||||||||||||||||
| Manufactured | 2 | 182,861.76 | 0.03 | 8.813 | 602 | 58.97 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Documentation Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Stated | 1,372 | $ | 354,589,325.36 | 57.91 | % | 7.345 | % | 669 | 79.76 | % | ||||||||||||||
| Full | 956 | 196,423,198.81 | 32.08 | 7.325 | 623 | 83.85 | ||||||||||||||||||
| 12 mo Bank Statements | 194 | 59,616,447.79 | 9.74 | 6.976 | 637 | 78.53 | ||||||||||||||||||
| 6 mo Bank Statements | 8 | 1,665,499.75 | 0.27 | 6.965 | 654 | 78.59 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Occupancy Type | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| Owner Occupied | 2,439 | $ | 592,624,363.47 | 96.79 | % | 7.291 | % | 651 | 81.01 | % | ||||||||||||||
| Non-Owner Occupied | 77 | 14,793,355.26 | 2.42 | 7.756 | 654 | 77.39 | ||||||||||||||||||
| Second Home | 14 | 4,876,752.98 | 0.80 | 7.198 | 668 | 83.54 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Loan Grade | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| A | 2,406 | $ | 588,326,655.08 | 96.09 | % | 7.262 | % | 655 | 81.27 | % | ||||||||||||||
| B | 72 | 14,088,887.89 | 2.30 | 8.202 | 561 | 75.83 | ||||||||||||||||||
| C | 52 | 9,878,928.74 | 1.61 | 8.346 | 559 | 68.77 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||
| Series Term Sheet | ||
| Page 41 | July 28, 2005 | |
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Geographic Distribution | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| California | 650 | $ | 205,658,227.92 | 33.59 | % | 7.000 | % | 655 | 79.07 | % | ||||||||||||||
| New York | 241 | 82,073,510.22 | 13.40 | 7.072 | 670 | 78.84 | ||||||||||||||||||
| Florida | 333 | 61,387,099.77 | 10.03 | 7.444 | 649 | 81.58 | ||||||||||||||||||
| New Jersey | 74 | 25,475,665.71 | 4.16 | 7.513 | 658 | 82.62 | ||||||||||||||||||
| Ohio | 181 | 24,663,453.36 | 4.03 | 7.815 | 616 | 88.03 | ||||||||||||||||||
| Illinois | 85 | 23,078,075.16 | 3.77 | 7.421 | 648 | 81.90 | ||||||||||||||||||
| Nevada | 72 | 20,679,213.36 | 3.38 | 7.254 | 657 | 80.53 | ||||||||||||||||||
| Georgia | 108 | 17,177,765.21 | 2.81 | 7.926 | 630 | 82.11 | ||||||||||||||||||
| Virginia | 56 | 15,935,139.13 | 2.60 | 7.493 | 669 | 79.63 | ||||||||||||||||||
| Texas | 79 | 10,978,257.59 | 1.79 | 7.355 | 659 | 84.30 | ||||||||||||||||||
| Maryland | 30 | 10,348,400.28 | 1.69 | 7.693 | 638 | 77.42 | ||||||||||||||||||
| Massachusetts | 30 | 9,111,693.97 | 1.49 | 7.824 | 640 | 81.27 | ||||||||||||||||||
| Arizona | 37 | 8,147,178.76 | 1.33 | 7.424 | 650 | 82.15 | ||||||||||||||||||
| Pennsylvania | 48 | 7,488,263.70 | 1.22 | 7.609 | 624 | 84.33 | ||||||||||||||||||
| Indiana | 51 | 7,193,745.06 | 1.17 | 7.748 | 623 | 90.17 | ||||||||||||||||||
| Connecticut | 27 | 7,180,867.30 | 1.17 | 7.001 | 669 | 83.08 | ||||||||||||||||||
| Washington | 31 | 6,710,385.72 | 1.10 | 7.363 | 638 | 82.31 | ||||||||||||||||||
| Tennessee | 57 | 5,958,401.68 | 0.97 | 7.892 | 624 | 83.18 | ||||||||||||||||||
| Alabama | 24 | 5,719,331.93 | 0.93 | 7.723 | 665 | 85.53 | ||||||||||||||||||
| Missouri | 40 | 5,600,657.95 | 0.91 | 7.908 | 620 | 83.92 | ||||||||||||||||||
| Colorado | 21 | 5,464,376.11 | 0.89 | 7.455 | 643 | 81.59 | ||||||||||||||||||
| Utah | 19 | 4,617,080.52 | 0.75 | 7.484 | 638 | 81.29 | ||||||||||||||||||
| Michigan | 16 | 4,603,563.49 | 0.75 | 7.681 | 620 | 83.30 | ||||||||||||||||||
| Hawaii | 15 | 4,414,410.69 | 0.72 | 7.473 | 616 | 82.42 | ||||||||||||||||||
| Oregon | 16 | 3,471,088.80 | 0.57 | 7.393 | 643 | 83.05 | ||||||||||||||||||
| North Carolina | 13 | 2,837,762.69 | 0.46 | 7.941 | 629 | 82.46 | ||||||||||||||||||
| Kentucky | 25 | 2,665,672.68 | 0.44 | 7.749 | 648 | 89.28 | ||||||||||||||||||
| Oklahoma | 34 | 2,434,064.40 | 0.40 | 8.399 | 583 | 84.87 | ||||||||||||||||||
| Rhode Island | 9 | 2,182,758.26 | 0.36 | 7.043 | 651 | 80.00 | ||||||||||||||||||
| Minnesota | 9 | 2,085,946.28 | 0.34 | 6.916 | 689 | 84.99 | ||||||||||||||||||
| Louisiana | 16 | 1,888,364.49 | 0.31 | 8.096 | 613 | 89.77 | ||||||||||||||||||
| Idaho | 14 | 1,814,025.94 | 0.30 | 7.844 | 617 | 79.58 | ||||||||||||||||||
| Maine | 8 | 1,564,488.43 | 0.26 | 7.512 | 647 | 81.37 | ||||||||||||||||||
| District of Columbia | 3 | 1,535,038.63 | 0.25 | 6.868 | 682 | 69.49 | ||||||||||||||||||
| New Mexico | 8 | 1,423,412.66 | 0.23 | 7.535 | 660 | 80.94 | ||||||||||||||||||
| Arkansas | 6 | 1,083,833.42 | 0.18 | 7.862 | 610 | 93.65 | ||||||||||||||||||
| Nebraska | 7 | 1,041,359.32 | 0.17 | 7.383 | 627 | 82.30 | ||||||||||||||||||
| Kansas | 6 | 993,709.79 | 0.16 | 7.432 | 622 | 82.18 | ||||||||||||||||||
| South Carolina | 6 | 942,156.74 | 0.15 | 7.646 | 667 | 80.79 | ||||||||||||||||||
| Delaware | 5 | 821,285.21 | 0.13 | 8.217 | 591 | 79.78 | ||||||||||||||||||
| Mississippi | 6 | 748,188.78 | 0.12 | 8.437 | 577 | 92.48 | ||||||||||||||||||
| Alaska | 2 | 624,382.37 | 0.10 | 7.554 | 703 | 80.00 | ||||||||||||||||||
| Wyoming | 3 | 604,051.86 | 0.10 | 6.754 | 632 | 91.67 | ||||||||||||||||||
| New Hampshire | 2 | 592,139.42 | 0.10 | 8.387 | 570 | 73.75 | ||||||||||||||||||
| Wisconsin | 2 | 377,920.75 | 0.06 | 8.032 | 635 | 85.61 | ||||||||||||||||||
| Vermont | 3 | 339,760.71 | 0.06 | 7.973 | 656 | 85.09 | ||||||||||||||||||
| West Virginia | 1 | 324,300.27 | 0.05 | 7.699 | 608 | 100.00 | ||||||||||||||||||
| Montana | 1 | 233,995.22 | 0.04 | 6.750 | 651 | 80.00 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 42 | July 28, 2005 | |||
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Prepayment Penalty Term (Months) | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 0 | 270 | $ | 76,028,484.78 | 12.42 | % | 7.687 | % | 660 | 81.92 | % | ||||||||||||||
| 6 | 34 | 9,802,281.38 | 1.60 | 7.483 | 660 | 81.82 | ||||||||||||||||||
| 12 | 334 | 114,231,585.53 | 18.66 | 7.133 | 663 | 79.28 | ||||||||||||||||||
| 18 | 4 | 1,303,402.20 | 0.21 | 7.109 | 695 | 80.00 | ||||||||||||||||||
| 24 | 845 | 232,294,053.12 | 37.94 | 7.217 | 654 | 80.35 | ||||||||||||||||||
| 30 | 12 | 3,062,538.22 | 0.50 | 7.480 | 621 | 83.52 | ||||||||||||||||||
| 36 | 195 | 52,338,702.30 | 8.55 | 7.204 | 647 | 82.12 | ||||||||||||||||||
| 42 | 6 | 772,436.33 | 0.13 | 7.584 | 641 | 89.74 | ||||||||||||||||||
| 48 | 15 | 2,427,656.32 | 0.40 | 7.720 | 611 | 86.48 | ||||||||||||||||||
| 60 | 815 | 120,033,331.53 | 19.60 | 7.396 | 629 | 82.25 | ||||||||||||||||||
Total | 2,530 | $ | 612,294,471.71 | 100.00 | % | 7.302 | % | 651 | 80.95 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Mortgage | Principal | Principal | Gross | Credit | Original | |||||||||||||||||||
| Margin (%) ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 3.501 - 4.000 | 10 | $ | 3,113,676.11 | 0.61 | % | 5.604 | % | 682 | 79.01 | % | ||||||||||||||
| 4.001 - 4.500 | 76 | 23,071,935.91 | 4.49 | 6.179 | 680 | 79.66 | ||||||||||||||||||
| 4.501 - 5.000 | 232 | 71,843,513.68 | 13.98 | 6.513 | 677 | 80.29 | ||||||||||||||||||
| 5.001 - 5.500 | 392 | 117,601,612.40 | 22.88 | 6.817 | 670 | 79.36 | ||||||||||||||||||
| 5.501 - 6.000 | 360 | 103,326,127.88 | 20.10 | 7.213 | 662 | 80.52 | ||||||||||||||||||
| 6.001 - 6.500 | 382 | 97,553,605.13 | 18.98 | 7.729 | 636 | 82.18 | ||||||||||||||||||
| 6.501 - 7.000 | 182 | 45,227,990.21 | 8.80 | 8.079 | 623 | 82.92 | ||||||||||||||||||
| 7.001 - 7.500 | 152 | 33,872,419.06 | 6.59 | 8.718 | 604 | 83.46 | ||||||||||||||||||
| 7.501 - 8.000 | 53 | 10,466,439.96 | 2.04 | 9.070 | 594 | 85.93 | ||||||||||||||||||
| 8.001 - 8.500 | 26 | 4,339,572.12 | 0.84 | 9.424 | 600 | 87.53 | ||||||||||||||||||
| 8.501 - 9.000 | 12 | 1,816,629.05 | 0.35 | 10.165 | 574 | 83.11 | ||||||||||||||||||
| 9.001 - 9.500 | 10 | 1,648,668.12 | 0.32 | 10.679 | 535 | 74.09 | ||||||||||||||||||
| 9.501 - 10.000 | 1 | 64,892.12 | 0.01 | 11.500 | 556 | 82.33 | ||||||||||||||||||
| 11.001 - 11.500 | 1 | 33,718.55 | 0.01 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 1,889 | $ | 513,980,800.30 | 100.00 | % | 7.320 | % | 652 | 81.05 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Maximum Mortgage Rate (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 12.001 - 12.500 | 10 | $ | 3,424,034.81 | 0.67 | % | 5.400 | % | 681 | 78.79 | % | ||||||||||||||
| 12.501 - 13.000 | 77 | 23,854,699.39 | 4.64 | 5.893 | 683 | 79.20 | ||||||||||||||||||
| 13.001 - 13.500 | 199 | 62,086,822.07 | 12.08 | 6.358 | 685 | 79.59 | ||||||||||||||||||
| 13.501 - 14.000 | 485 | 142,910,578.84 | 27.80 | 6.861 | 669 | 79.47 | ||||||||||||||||||
| 14.001 - 14.500 | 373 | 103,481,109.31 | 20.13 | 7.341 | 657 | 80.84 | ||||||||||||||||||
| 14.501 - 15.000 | 398 | 101,755,238.53 | 19.80 | 7.849 | 633 | 82.88 | ||||||||||||||||||
| 15.001 - 15.500 | 135 | 34,252,374.62 | 6.66 | 8.311 | 603 | 82.58 | ||||||||||||||||||
| 15.501 - 16.000 | 133 | 28,219,828.80 | 5.49 | 8.833 | 602 | 84.83 | ||||||||||||||||||
| 16.001 - 16.500 | 40 | 7,866,142.97 | 1.53 | 9.326 | 593 | 85.22 | ||||||||||||||||||
| 16.501 - 17.000 | 19 | 3,167,668.23 | 0.62 | 9.866 | 577 | 85.91 | ||||||||||||||||||
| 17.001 - 17.500 | 10 | 1,444,513.55 | 0.28 | 10.311 | 559 | 86.05 | ||||||||||||||||||
| 17.501 - 18.000 | 8 | 1,419,178.51 | 0.28 | 10.753 | 536 | 74.05 | ||||||||||||||||||
| 18.001 - 18.500 | 1 | 64,892.12 | 0.01 | 11.500 | 556 | 82.33 | ||||||||||||||||||
| 19.501 - 20.000 | 1 | 33,718.55 | 0.01 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 1,889 | $ | 513,980,800.30 | 100.00 | % | 7.320 | % | 652 | 81.05 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 43 | July 28, 2005 | |||
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Minimum Mortgage Rate (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 5.001 - 5.500 | 9 | $ | 3,155,067.60 | 0.61 | % | 5.328 | % | 682 | 79.02 | % | ||||||||||||||
| 5.501 - 6.000 | 77 | 23,854,699.39 | 4.64 | 5.893 | 683 | 79.20 | ||||||||||||||||||
| 6.001 - 6.500 | 200 | 62,355,789.28 | 12.13 | 6.358 | 685 | 79.58 | ||||||||||||||||||
| 6.501 - 7.000 | 485 | 142,910,578.84 | 27.80 | 6.861 | 669 | 79.47 | ||||||||||||||||||
| 7.001 - 7.500 | 373 | 103,481,109.31 | 20.13 | 7.341 | 657 | 80.84 | ||||||||||||||||||
| 7.501 - 8.000 | 398 | 101,755,238.53 | 19.80 | 7.849 | 633 | 82.88 | ||||||||||||||||||
| 8.001 - 8.500 | 135 | 34,252,374.62 | 6.66 | 8.311 | 603 | 82.58 | ||||||||||||||||||
| 8.501 - 9.000 | 133 | 28,219,828.80 | 5.49 | 8.833 | 602 | 84.83 | ||||||||||||||||||
| 9.001 - 9.500 | 40 | 7,866,142.97 | 1.53 | 9.326 | 593 | 85.22 | ||||||||||||||||||
| 9.501 - 10.000 | 19 | 3,167,668.23 | 0.62 | 9.866 | 577 | 85.91 | ||||||||||||||||||
| 10.001 - 10.500 | 10 | 1,444,513.55 | 0.28 | 10.311 | 559 | 86.05 | ||||||||||||||||||
| 10.501 - 11.000 | 8 | 1,419,178.51 | 0.28 | 10.753 | 536 | 74.05 | ||||||||||||||||||
| 11.001 - 11.500 | 1 | 64,892.12 | 0.01 | 11.500 | 556 | 82.33 | ||||||||||||||||||
| 12.501 - 13.000 | 1 | 33,718.55 | 0.01 | 12.990 | 571 | 75.00 | ||||||||||||||||||
Total | 1,889 | $ | 513,980,800.30 | 100.00 | % | 7.320 | % | 652 | 81.05 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Initial Rate Cap (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1.000 | 4 | $ | 1,132,429.81 | 0.22 | % | 7.328 | % | 647 | 79.06 | % | ||||||||||||||
| 1.500 | 1,885 | 512,848,370.49 | 99.78 | 7.320 | 652 | 81.06 | ||||||||||||||||||
Total | 1,889 | $ | 513,980,800.30 | 100.00 | % | 7.320 | % | 652 | 81.05 | % | ||||||||||||||
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Subsequent Rate Cap (%) | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 1.000 | 4 | $ | 1,132,429.81 | 0.22 | % | 7.328 | % | 647 | 79.06 | % | ||||||||||||||
| 1.500 | 1,885 | 512,848,370.49 | 99.78 | 7.320 | 652 | 81.06 | ||||||||||||||||||
Total | 1,889 | $ | 513,980,800.30 | 100.00 | % | 7.320 | % | 652 | 81.05 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY
| FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1 | ||||
| Series Term Sheet | ||||
| Page 44 | July 28, 2005 | |||
Group 2 Mortgage Loans
| Percent of | Weighted | Weighted | Weighted | |||||||||||||||||||||
| Number of | Outstanding | Outstanding | Average | Average | Average | |||||||||||||||||||
| Months to Next Adjustment Date | Mortgage | Principal | Principal | Gross | Credit | Original | ||||||||||||||||||
| ARM Only | Loans | Balance | Balance | Coupon | Score | LTV | ||||||||||||||||||
| 3 | 1 | $ | 268,967.21 | 0.05 | % | 6.250 | % | 660 | 76.06 | % | ||||||||||||||
| 14 | 1 | 491,821.85 | 0.10 | 7.500 | 613 | 80.00 | ||||||||||||||||||
| 15 | 1 | 425,847.06 | 0.08 | 6.750 | 598 | 85.00 | ||||||||||||||||||
| 16 | 6 | 2,158,881.83 | 0.42 | 7.338 | 633 | 80.15 | ||||||||||||||||||
| 17 | 20 | 6,020,283.35 | 1.17 | 6.933 | 662 | 78.50 | ||||||||||||||||||
| 18 | 38 | 10,609,762.75 | 2.06 | 7.626 | 635 | 81.48 | ||||||||||||||||||
| 19 | 131 | 35,691,241.38 | 6.94 | 7.265 | 650 | 81.69 | ||||||||||||||||||
| 20 | 424 | 118,715,257.37 | 23.10 | 7.258 | 653 | 80.91 | ||||||||||||||||||
| 21 | 681 | 190,234,998.85 | 37.01 | 7.263 | 655 | 80.48 | ||||||||||||||||||
| 22 | 467 | 126,781,291.16 | 24.67 | 7.442 | 647 | 81.27 | ||||||||||||||||||
| 30 | 1 | 219,871.79 | 0.04 | 7.499 | 714 | 100.00 | ||||||||||||||||||
| 31 | 10 | 2,345,987.26 | 0.46 | 7.795 | 638 | 86.73 | ||||||||||||||||||
| 32 | 30 | 5,938,946.41 | 1.16 | 7.331 | 674 | 83.69 | ||||||||||||||||||
| 33 | 26 | 4,578,514.74 | 0.89 | 7.673 | 628 | 84.88 | ||||||||||||||||||
| 34 | 12 | 2,419,049.35 | 0.47 | 7.506 | 649 | 85.24 | ||||||||||||||||||
| 54 | 1 | 154,498.94 | 0.03 | 8.250 | 580 | 100.00 | ||||||||||||||||||
| 55 | 2 | 372,703.95 | 0.07 | 7.907 | 653 | 86.95 | ||||||||||||||||||
| 56 | 8 | 1,205,130.66 | 0.23 | 7.961 | 689 | 82.98 | ||||||||||||||||||
| 57 | 23 | 4,495,104.12 | 0.87 | 7.310 | 653 | 84.89 | ||||||||||||||||||
| 58 | 6 | 852,640.27 | 0.17 | 7.400 | 678 | 84.38 | ||||||||||||||||||
Total | 1,889 | $ | 513,980,800.30 | 100.00 | % | 7.320 | % | 652 | 81.05 | % | ||||||||||||||
FRIEDMAN BILLINGS RAMSEY