First Franklin Mortgage Loan Trust 2005-FF4 Inactive
Filed: 28 Jul 05, 12:00am
Exhibit 99.1
First Franklin Mortgage Loan Trust 2005-FF4 (the “Trust”) consists of a pool of residential mortgage loans (the “Mortgage Loans” or the “Mortgage Pool”) consisting of a group of fixed-rate and adjustable-rate, first lien mortgage loans with Principal Balances that conform to Fannie Mae and Freddie Mac loan limits (the “Group I Mortgage Loans”), and a group of fixed-rate and adjustable-rate, first lien mortgage loans with Principal Balances that may or may not conform to Fannie Mae and Freddie Mac loan limits (the “Group II Mortgage Loans”). The Group I Mortgage Loans include initial mortgage loans and subsequent mortgage loans delivered after the Closing Date (the “Subsequent Group I Mortgage Loans”). The Group II Mortgage Loans will include initial mortgage loans and subsequent mortgage loans delivered after the Closing Date (the “Subsequent Group II Mortgage Loans” and together with the Subsequent Group I Mortgage Loans, the “Subsequent Mortgage Loans”).
The Mortgage Loans consist of approximately 6,481 Mortgage Loans with a Cut-off Date Principal Balance of approximately $1,274,999,994. The Group I Mortgage Loans consist of approximately 5,652 Mortgage Loans with a Cut-off Date Principal Balance of approximately $892,993,403. The Group II Mortgage Loans consist of approximately 829 Mortgage Loans with a Cut-off Date Principal Balance of approximately $382,006,591.
Each Mortgage Loan will accrue interest at the adjustable-rate or fixed-rate calculated as specified under the terms of the related mortgage note (each such rate, a “Mortgage Rate”). Approximately 87.22% of the Group I Mortgage Loans are Adjustable-Rate Mortgage Loans (the “Adjustable-Rate Group I Mortgage Loans”) and approximately 12.78% of the Group I Mortgage Loans are fixed-rate Mortgage Loans (the “Fixed-Rate Group I Mortgage Loans”). Approximately 93.07% of the Group II Mortgage Loans are Adjustable-Rate Mortgage Loans (the “Adjustable-Rate Group II Mortgage Loans”) and approximately 6.93% of the Group II Mortgage Loans are fixed-rate Mortgage Loans (the “Fixed-Rate Group II Mortgage Loans”). Approximately 88.97% of the Mortgage Loans are Adjustable-Rate Mortgage Loans (the “Adjustable-Rate Mortgage Loans”) and approximately 11.03% of the Mortgage Loans are fixed-rate Mortgage Loans (the “Fixed-Rate Mortgage Loans”).
Each fixed-rate Mortgage Loan has a Mortgage Rate that is fixed for the life of such Mortgage Loan.
Substantially all of the adjustable-rate Mortgage Loans accrue interest at a Mortgage Rate that is adjustable following an initial period of one year, two years, three years or five years following origination. Generally, the adjustable-rate Mortgage Loans provide for semi-annual adjustment to the Mortgage Rate thereon and for corresponding adjustments to the monthly payment amount due thereon, in each case on each adjustment date applicable thereto (each such date, an “Adjustment Date”); provided, that (i) the first adjustment of the rates for approximately 0.24 of the Adjustable-Rate Group I Mortgage Loans, approximately 0.11% of the Adjustable-Rate Group II Mortgage Loans and approximately 0.20% of the Adjustable-Rate Mortgage Loans (by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans as of the Cut-off Date), will not occur until one year after the date of origination, (ii) the first adjustment of the rates for approximately 72.48% of the Adjustable-Rate Group I Mortgage Loans and approximately 72.07% of the adjustable-Rate Group II Mortgage Loans (in each case, by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans in the related Loan Group as of the Cut-off Date) and approximately 72.35% of the Adjustable-Rate Mortgage Loans (by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans as of the Cut-off Date), will not occur until two years after the date of origination, (iii) the first adjustment of the rates for approximately 21.05% of the Adjustable-Rate Group I Mortgage Loans and approximately 18.81% of the Adjustable-Rate Group II Mortgage Loans (in each case, by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans in the related Loan Group as of the Cut-off Date) and approximately 20.35% of the Adjustable-Rate
Mortgage Loans (by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans as of the Cut-off Date), will not occur until three years after the date of origination and (iv) the first adjustment of the rates for approximately 5.71% of the Adjustable-Rate Group I Mortgage Loans and approximately 8.74% of the Adjustable-Rate Group II Mortgage Loans (in each case, by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans in the related Loan Group as of the Cut-off Date) and approximately 6.66% of the Adjustable-Rate Mortgage Loans (by aggregate Principal Balance of the Adjustable-Rate Mortgage Loans as of the Cut-off Date), will not occur until five years after the date of origination (each such Adjustable-Rate Mortgage Loan, a “Delayed First Adjustment Mortgage Loan”). On each Adjustment Date for each adjustable-rate Mortgage Loan, the Mortgage Rate thereon will be adjusted to equal the sum, rounded to the nearest or next highest multiple of 0.125%, of Six-Month LIBOR (as defined below) and a fixed percentage amount (the “Gross Margin”). The Mortgage Rate on any adjustable-rate Mortgage Loan will not decrease on the first related Adjustment Date, will not increase by more than a stated percentage (up to 3.000% per annum, as specified in the related mortgage note) on the first related Adjustment Date (the “Initial Periodic Rate Cap”) and will not increase or decrease by more than a stated percentage (1.000% per annum, as specified in the related mortgage note) on any Adjustment Date thereafter (the “Periodic Rate Cap”). The Adjustable-Rate Group I Mortgage Loans have a weighted average Initial Periodic Rate Cap of approximately 2.987% per annum and a weighted average Periodic Rate Cap of approximately 1.000% per annum thereafter. The Adjustable-Rate Group II Mortgage Loans have a weighted average Initial Periodic Rate Cap of approximately 2.994% per annum and a weighted average Periodic Rate Cap of approximately 1.000% per annum thereafter. The Adjustable-Rate Mortgage Loans have a weighted average Initial Periodic Rate Cap of approximately 2.989% per annum and a weighted average Periodic Rate Cap of approximately 1.000% per annum thereafter. Each Mortgage Rate on each adjustable-rate Mortgage Loan will not exceed a specified maximum Mortgage Rate over the life of such Mortgage Loan (the “Maximum Mortgage Rate”) or be less than a specified minimum Mortgage Rate over the life of such Mortgage Loan (the “Minimum Mortgage Rate”). Effective with the first monthly payment due on each adjustable-rate Mortgage Loan after each related Adjustment Date, the monthly payment amount will be adjusted to an amount that will amortize fully the outstanding Principal Balance of the related adjustable-rate Mortgage Loan over its remaining term, and pay interest at the Mortgage Rate as so adjusted. Due to the application of the Periodic Rate Caps and the Maximum Mortgage Rates, the Mortgage Rate on each adjustable-rate Mortgage Loan, as adjusted on any related Adjustment Date, may be less than the sum of the Index and the related Gross Margin, rounded as described in this prospectus supplement. None of the adjustable-rate Mortgage Loans will permit the related mortgagor to convert the adjustable Mortgage Rate thereon to a fixed Mortgage Rate.
Approximately 51.94% of the Group I Mortgage Loans, approximately 75.61% of the Group II Mortgage Loans and approximately 59.03% of the Mortgage Loans (the “Interest Only Mortgage Loans”) provide that for a period of 60 months after origination, the required monthly payments are limited to accrued interest (each, an “Interest Only Period”). At the end of the Interest Only Period, the monthly payments on each such Mortgage Loan will be recalculated to provide for amortization of the Principal Balance by the maturity date and payment of interest at the then-current Mortgage Rate.
Approximately 77.67% of the Group I Mortgage Loans, approximately 80.90% of the Group II Mortgage Loans and approximately 78.64% of the Mortgage Loans provide for payment by the mortgagor of a prepayment charge in limited circumstances on certain prepayments. Generally, each such Mortgage Loan provides for payment of a prepayment charge on partial prepayments and prepayments in full made within a stated number of months that is between 12 and 36 months from the date of origination of such Mortgage Loan. The amount of the prepayment charge is provided in the related mortgage note and with respect to approximately 78.53% of the Mortgage Loans that have a prepayment charge, the prepayment charge is equal to six months’ interest on any amounts prepaid in excess of 20% of the original Principal Balance of the related Mortgage Loan in any 12 month period. The holders of the Class
P Certificates will be entitled to all prepayment charges received on the Mortgage Loans, and such amounts will not be available for distribution on the other classes of Certificates. Under certain circumstances, as described in the Pooling Agreement, the Servicer may waive the payment of any otherwise applicable prepayment charge. Investors should conduct their own analysis of the effect, if any, that the prepayment charges, and decisions by the Servicer with respect to the waiver thereof, may have on the prepayment performance of the Mortgage Loans. As of July 1, 2003, the Alternative Mortgage Parity Act of 1982 (the “Parity Act”), which regulates the ability of some originators to impose prepayment charges, was amended. The Depositor makes no representations as to the effect that the prepayment charges, decisions by the Servicer with respect to the waiver thereof and the recent amendment of the Parity Act, may have on the prepayment performance of the Mortgage Loans. However, the Office of Thrift Supervision’s ruling does not retroactively affect loans originated before July 1, 2003.
Mortgage Loan Statistics for all Mortgage Loans
The following statistical information, unless otherwise specified, is based upon percentages of the Principal Balances of the Mortgage Loans as of the Cut-off Date.
Approximately 40.88% of the Mortgage Loans had loan-to-value ratios at origination in excess of 80.00%. No Mortgage Loan had a loan-to-value ratio at origination in excess of 103.00%. The weighted average loan-to-value ratio of the Mortgage Loans at origination was approximately 83.54%. There can be no assurance that the loan-to-value ratio of any Mortgage Loan determined at any time after origination is less than or equal to its original loan-to-value ratio. Additionally, the Originator’s determination of the value of a Mortgaged Property used in the calculation of the original loan-to-value ratios of the Mortgage Loans may differ from the appraised value of such Mortgaged Property or the actual value of such Mortgaged Property at origination.
All of the Mortgage Loans have a scheduled payment due each month (the “Due Date”) on the first day of the month.
The weighted average remaining term to maturity of the Mortgage Loans was approximately 358 months as of the Cut-off Date. None of the Mortgage Loans had a first Due Date prior to May 2004 or after August 2005, or has a remaining term to maturity of less than 175 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any Mortgage Loan is July 2035.
The average Principal Balance of the Mortgage Loans at origination was approximately $196,826. The average Cut-off Date Principal Balance of the Mortgage Loans was approximately $196,729. No Mortgage Loan had a Cut-off Date Principal Balance of greater than approximately $1,200,000 or less than approximately $19,047.
As of the Cut-off Date, the Mortgage Loans had Mortgage Rates of not less than 4.375% per annum and not more than 10.000% per annum and the weighted average Mortgage Rate of the Mortgage Loans was approximately 6.804% per annum. As of the Cut-off Date, the Adjustable-Rate Mortgage Loans had Gross Margins ranging from 3.250% per annum to 8.000% per annum, Minimum Mortgage Rates ranging from 4.375% per annum to 9.875% per annum and Maximum Mortgage Rates ranging from 10.375% per annum to 15.875% per annum. As of the Cut-off Date, the weighted average Gross Margin of the Adjustable-Rate Mortgage Loans was approximately 5.703% per annum, the weighted average Minimum Mortgage Rate of the Adjustable-Rate Mortgage Loans was approximately 6.750% per annum and the weighted average Maximum Mortgage Rate of the Adjustable-Rate Mortgage Loans was approximately 12.750% per annum. The latest next Adjustment Date following the Cut-off Date on any
Adjustable-Rate Mortgage Loan occurs in July 2010 and the weighted average time until the next Adjustment Date for all of the Adjustable-Rate Mortgage Loans is approximately 28 months.
The Mortgage Loans are expected to have the following characteristics as of the Cut-off Date (the sum in any column may not equal the total indicated due to rounding):
Cut-off Date Principal Balances of the Mortgage Loans(1)
Principal Balance ($) |
| Number of |
| Principal Balance Outstanding as of the |
| % of Aggregate |
19,047 - 50,000 |
| 236 |
| $ 9,709,444.81 |
| 0.76% |
50,001 - 100,000 |
| 1,302 |
| 101,319,604.76 |
| 7.95 |
100,001 - 150,000 |
| 1,525 |
| 190,580,713.50 |
| 14.95 |
150,001 - 200,000 |
| 1,208 |
| 209,553,126.60 |
| 16.44 |
200,001 - 250,000 |
| 699 |
| 156,455,040.42 |
| 12.27 |
250,001 - 300,000 |
| 457 |
| 125,558,713.95 |
| 9.85 |
300,001 - 350,000 |
| 282 |
| 90,956,874.80 |
| 7.13 |
350,001 - 400,000 |
| 204 |
| 76,380,328.86 |
| 5.99 |
400,001 - 450,000 |
| 136 |
| 58,063,211.83 |
| 4.55 |
450,001 - 500,000 |
| 115 |
| 54,796,512.90 |
| 4.30 |
500,001 - 550,000 |
| 90 |
| 47,266,295.08 |
| 3.71 |
550,001 - 600,000 |
| 83 |
| 47,699,310.69 |
| 3.74 |
600,001 - 650,000 |
| 50 |
| 31,548,191.09 |
| 2.47 |
650,001 - 700,000 |
| 31 |
| 20,977,092.33 |
| 1.65 |
700,001 - 750,000 |
| 12 |
| 8,842,829.62 |
| 0.69 |
750,001 - 800,000 |
| 17 |
| 13,326,458.79 |
| 1.05 |
800,001 - 850,000 |
| 7 |
| 5,796,577.13 |
| 0.45 |
850,001 - 900,000 |
| 8 |
| 7,079,767.41 |
| 0.56 |
900,001 - 950,000 |
| 3 |
| 2,775,650.00 |
| 0.22 |
950,001 - 1,000,000 |
| 12 |
| 11,816,949.12 |
| 0.93 |
1,000,001 - 1,050,000 |
| 1 |
| 1,012,300.00 |
| 0.08 |
1,050,001 - 1,100,000 |
| 1 |
| 1,085,000.00 |
| 0.09 |
1,150,001 - 1,200,000 |
| 2 |
| 2,400,000.00 |
| 0.19 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | The average Cut-off Date Principal Balance of the Mortgage Loans was approximately $196,729. |
Credit Scores for the Mortgage Loans(1)
Credit Score |
| Number of |
| Principal Balance |
| % of Aggregate |
540 - 550 |
| 207 |
| $ 29,452,687.89 |
| 2.31% |
551 - 575 |
| 652 |
| 93,604,852.00 |
| 7.34 |
576 - 600 |
| 508 |
| 85,670,101.27 |
| 6.72 |
601 - 625 |
| 1,371 |
| 237,545,052.39 |
| 18.63 |
626 - 650 |
| 1,242 |
| 237,088,292.83 |
| 18.60 |
651 - 675 |
| 1,029 |
| 222,537,650.49 |
| 17.45 |
676 - 700 |
| 650 |
| 159,543,263.16 |
| 12.51 |
701 - 725 |
| 414 |
| 99,675,590.45 |
| 7.82 |
726 - 750 |
| 218 |
| 56,618,808.53 |
| 4.44 |
751 - 775 |
| 120 |
| 33,454,008.45 |
| 2.62 |
776 - 800 |
| 58 |
| 16,982,368.81 |
| 1.33 |
801 - 813 |
| 12 |
| 2,827,317.42 |
| 0.22 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1)The weighted average credit score of the Mortgage Loans that had credit scores was approximately 649.
Original Terms to Maturity of the Mortgage Loans(1)
Original Term (months) |
| Number of |
| Principal Balance |
| % of Aggregate |
180 |
| 90 |
| $ 8,952,367.84 |
| 0.70% |
240 |
| 3 |
| 297,453.00 |
| 0.02 |
360 |
| 6,388 |
| 1,265,750,172.85 |
| 99.27 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | The weighted average original term to maturity of the Mortgage Loans was approximately 359 months. |
Remaining Terms to Maturity of the Mortgage Loans(1)
Remaining Term (months) |
| Number of |
| Principal Balance |
| % of Aggregate |
175 - 176 |
| 2 |
| $ 201,872.81 |
| 0.02% |
177 - 178 |
| 20 |
| 1,806,128.65 |
| 0.14 |
179 - 180 |
| 68 |
| 6,944,366.38 |
| 0.54 |
239 - 240 |
| 3 |
| 297,453.00 |
| 0.02 |
347 - 348 |
| 1 |
| 80,000.00 |
| 0.01 |
351 - 352 |
| 8 |
| 1,143,321.92 |
| 0.09 |
353 - 354 |
| 11 |
| 2,691,775.76 |
| 0.21 |
355 - 356 |
| 61 |
| 13,328,953.89 |
| 1.05 |
357 - 358 |
| 838 |
| 157,415,823.29 |
| 12.35 |
359 - 360 |
| 5,469 |
| 1,091,090,297.99 |
| 85.58 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | The weighted average remaining term to maturity of the Mortgage Loans was approximately 358 months. |
Property Types of the Mortgage Loans
Property Type |
| Number of |
| Principal Balance |
| % of Aggregate |
Single Family |
| 4,765 |
| $ 884,008,335.11 |
| 69.33% |
PUD(1) |
| 1,006 |
| 236,687,174.83 |
| 18.56 |
Condominium |
| 462 |
| 95,390,023.28 |
| 7.48 |
2 Units |
| 223 |
| 50,024,992.34 |
| 3.92 |
3 Units |
| 16 |
| 5,097,431.65 |
| 0.40 |
4 Units |
| 8 |
| 3,432,936.48 |
| 0.27 |
Modular |
| 1 |
| 359,100.00 |
| 0.03 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | PUD refers to a home or “unit” in a Planned Unit Development. |
Occupancy Status of the Mortgage Loans(1)
Occupancy Status |
| Number of |
| Principal Balance |
| % of Aggregate |
Primary |
| 6,211 |
| $ 1,233,598,052.28 |
| 96.75% |
Non-owner |
| 217 |
| 32,637,640.53 |
| 2.56 |
Second Home |
| 53 |
| 8,764,300.88 |
| 0.69 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | Occupancy as represented by the mortgagor at the time of origination. |
Purpose of the Mortgage Loans
Purpose |
| Number of |
| Principal Balance |
| % of Aggregate |
Purchase |
| 3,565 |
| $ 722,958,615.39 |
| 56.70% |
Cash Out Refinance |
| 2,577 |
| 495,721,272.57 |
| 38.88 |
Rate/Term Refinance |
| 339 |
| 56,320,105.73 |
| 4.42 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
Original Loan-to-Value Ratios of the Mortgage Loans(1)
Original Loan-to-Value Ratio (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
11.30 - 15.00 |
| 1 |
| $ 65,000.00 |
| 0.01% |
20.01 - 25.00 |
| 6 |
| 354,723.90 |
| 0.03 |
25.01 - 30.00 |
| 11 |
| 824,328.82 |
| 0.06 |
30.01 - 35.00 |
| 10 |
| 1,018,867.57 |
| 0.08 |
35.01 - 40.00 |
| 15 |
| 1,498,276.69 |
| 0.12 |
40.01 - 45.00 |
| 24 |
| 4,460,613.78 |
| 0.35 |
45.01 - 50.00 |
| 32 |
| 5,721,064.36 |
| 0.45 |
50.01 - 55.00 |
| 42 |
| 6,648,568.25 |
| 0.52 |
55.01 - 60.00 |
| 47 |
| 10,083,826.77 |
| 0.79 |
60.01 - 65.00 |
| 114 |
| 25,601,488.81 |
| 2.01 |
65.01 - 70.00 |
| 144 |
| 30,726,043.05 |
| 2.41 |
70.01 - 75.00 |
| 232 |
| 54,320,573.30 |
| 4.26 |
75.01 - 80.00 |
| 2,934 |
| 612,483,104.43 |
| 48.04 |
80.01 - 85.00 |
| 505 |
| 96,234,785.02 |
| 7.55 |
85.01 - 90.00 |
| 890 |
| 165,685,781.42 |
| 12.99 |
90.01 - 95.00 |
| 499 |
| 91,086,908.10 |
| 7.14 |
95.01 - 100.00 |
| 956 |
| 165,028,228.15 |
| 12.94 |
100.01 - 103.00 |
| 19 |
| 3,157,811.27 |
| 0.25 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) The weighted average original loan-to-value ratio of the Mortgage Loans as of the Cut-off Date was approximately 83.54.
Geographic Distribution of the Mortgaged Properties related to the Mortgage Loans(1)
Location |
| Number of |
| Principal Balance |
| % of Aggregate |
Alabama |
| 78 |
| $ 8,702,029.20 |
| 0.68% |
Arizona |
| 146 |
| 25,282,703.95 |
| 1.98 |
Arkansas |
| 23 |
| 2,638,519.40 |
| 0.21 |
California |
| 1,244 |
| 433,851,439.93 |
| 34.03 |
Colorado |
| 122 |
| 23,711,177.02 |
| 1.86 |
Connecticut |
| 35 |
| 6,916,798.82 |
| 0.54 |
Delaware |
| 1 |
| 219,801.29 |
| 0.02 |
District of Columbia |
| 2 |
| 349,311.51 |
| 0.03 |
Florida |
| 476 |
| 85,216,824.55 |
| 6.68 |
Georgia |
| 212 |
| 34,059,009.52 |
| 2.67 |
Idaho |
| 16 |
| 1,808,980.06 |
| 0.14 |
Illinois |
| 338 |
| 59,029,865.88 |
| 4.63 |
Indiana |
| 280 |
| 29,160,219.68 |
| 2.29 |
Iowa |
| 26 |
| 2,120,922.46 |
| 0.17 |
Kansas |
| 24 |
| 3,382,169.63 |
| 0.27 |
Kentucky |
| 60 |
| 7,350,099.21 |
| 0.58 |
Louisiana |
| 22 |
| 2,938,724.23 |
| 0.23 |
Maine |
| 18 |
| 3,012,899.81 |
| 0.24 |
Maryland |
| 133 |
| 28,588,696.55 |
| 2.24 |
Massachusetts |
| 120 |
| 32,238,591.15 |
| 2.53 |
Michigan |
| 316 |
| 45,552,809.57 |
| 3.57 |
Minnesota |
| 215 |
| 41,985,800.32 |
| 3.29 |
Missouri |
| 114 |
| 15,073,940.62 |
| 1.18 |
Montana |
| 1 |
| 127,200.00 |
| 0.01 |
Nebraska |
| 11 |
| 983,292.21 |
| 0.08 |
Nevada |
| 113 |
| 27,256,523.71 |
| 2.14 |
New Hampshire |
| 10 |
| 1,873,827.10 |
| 0.15 |
New Jersey |
| 94 |
| 21,723,730.54 |
| 1.70 |
New Mexico |
| 22 |
| 3,673,761.46 |
| 0.29 |
New York |
| 200 |
| 46,246,661.03 |
| 3.63 |
North Carolina |
| 235 |
| 34,116,649.05 |
| 2.68 |
North Dakota |
| 1 |
| 37,600.00 |
| 0.00 |
Ohio |
| 347 |
| 41,830,474.94 |
| 3.28 |
Oklahoma |
| 18 |
| 2,124,777.63 |
| 0.17 |
Oregon |
| 161 |
| 27,212,236.23 |
| 2.13 |
Pennsylvania |
| 118 |
| 13,753,059.41 |
| 1.08 |
Rhode Island |
| 25 |
| 4,976,724.39 |
| 0.39 |
South Carolina |
| 80 |
| 9,960,604.69 |
| 0.78 |
South Dakota |
| 1 |
| 71,963.64 |
| 0.01 |
Tennessee |
| 146 |
| 16,244,164.75 |
| 1.27 |
Texas |
| 389 |
| 46,535,179.70 |
| 3.65 |
Utah |
| 130 |
| 18,205,305.95 |
| 1.43 |
Vermont |
| 2 |
| 272,622.02 |
| 0.02 |
Virginia |
| 80 |
| 19,965,084.93 |
| 1.57 |
Washington |
| 162 |
| 29,115,388.86 |
| 2.28 |
West Virginia |
| 7 |
| 646,303.03 |
| 0.05 |
Wisconsin |
| 106 |
| 14,727,524.06 |
| 1.16 |
Wyoming |
| 1 |
| 128,000.00 |
| 0.01 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | The greatest ZIP Code geographic concentration of Mortgage Loans was approximately 0.29 in the 92253 ZIP Code. |
Documentation Levels of the Mortgage Loans
Documentation Level |
| Number of |
| Principal Balance |
| % of Aggregate |
Full Documentation |
| 4,942 |
| $ 956,649,923.85 |
| 75.03% |
No Income Verification |
| 1,199 |
| 222,002,049.16 |
| 17.41 |
Stated Plus Documentation |
| 290 |
| 85,508,357.14 |
| 6.71 |
Limited Income Verification |
| 47 |
| 10,096,801.69 |
| 0.79 |
Blended Access |
| 3 |
| 742,861.85 |
| 0.06 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
Current Mortgage Rates of the Mortgage Loans(1)
Current Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
4.375 - 5.000 |
| 31 |
| $ 8,530,514.99 |
| 0.67% |
5.001 - 6.000 |
| 979 |
| 282,639,467.19 |
| 22.17 |
6.001 - 7.000 |
| 2,502 |
| 529,575,201.64 |
| 41.54 |
7.001 - 8.000 |
| 2,090 |
| 346,431,169.10 |
| 27.17 |
8.001 - 9.000 |
| 797 |
| 100,313,370.79 |
| 7.87 |
9.001 - 10.000 |
| 82 |
| 7,510,269.98 |
| 0.59 |
Total |
| 6,481 |
| $ 1,274,999,993.69 |
| 100.00% |
___________________
(1) | The weighted average current Mortgage Rate of the Mortgage Loans as of the Cut-off Date was approximately 6.804 per annum. |
Gross Margins of the Adjustable-Rate Mortgage Loans(1)
Gross Margin (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
3.250 - 4.000 |
| 15 |
| $ 5,980,716.54 |
| 0.53% |
4.001 - 5.000 |
| 721 |
| 197,919,489.70 |
| 17.45 |
5.001 - 6.000 |
| 2,929 |
| 633,204,230.29 |
| 55.82 |
6.001 - 7.000 |
| 1,598 |
| 269,853,992.19 |
| 23.79 |
7.001 - 8.000 |
| 203 |
| 27,426,646.32 |
| 2.42 |
Total |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
___________________
(1) | The weighted average Gross Margin of the Adjustable-Rate Mortgage Loans as of the Cut-off Date was approximately 5.703 per annum. |
Next Rate Adjustment Date for the Adjustable-Rate Mortgage Loans(1)
Next Rate Adjustment Date |
| Number of |
| Principal Balance |
| % of Aggregate |
06/01/05 |
| 1 |
| $ 183,175.00 |
| 0.02% |
08/01/05 |
| 3 |
| 557,687.42 |
| 0.05 |
09/01/05 |
| 12 |
| 2,762,193.80 |
| 0.24 |
11/01/05 |
| 1 |
| 310,000.00 |
| 0.03 |
12/01/05 |
| 5 |
| 1,161,500.00 |
| 0.10 |
02/01/06 |
| 1 |
| 134,948.89 |
| 0.01 |
03/01/06 |
| 7 |
| 1,201,151.81 |
| 0.11 |
04/01/06 |
| 1 |
| 80,000.00 |
| 0.01 |
05/01/06 |
| 1 |
| 404,267.65 |
| 0.04 |
06/01/06 |
| 3 |
| 540,066.87 |
| 0.05 |
07/01/06 |
| 1 |
| 251,598.49 |
| 0.02 |
08/01/06 |
| 6 |
| 727,023.43 |
| 0.06 |
09/01/06 |
| 4 |
| 707,809.62 |
| 0.06 |
10/01/06 |
| 1 |
| 645,781.48 |
| 0.06 |
11/01/06 |
| 9 |
| 1,462,228.15 |
| 0.13 |
12/01/06 |
| 19 |
| 4,262,430.07 |
| 0.38 |
01/01/07 |
| 35 |
| 7,973,774.46 |
| 0.70 |
02/01/07 |
| 224 |
| 45,766,670.69 |
| 4.03 |
03/01/07 |
| 2,164 |
| 434,286,613.93 |
| 38.28 |
04/01/07 |
| 52 |
| 8,349,369.62 |
| 0.74 |
05/01/07 |
| 224 |
| 42,659,124.50 |
| 3.76 |
06/01/07 |
| 1,238 |
| 273,584,838.84 |
| 24.12 |
08/01/07 |
| 1 |
| 164,700.00 |
| 0.01 |
09/01/07 |
| 1 |
| 189,500.00 |
| 0.02 |
10/01/07 |
| 1 |
| 106,500.00 |
| 0.01 |
11/01/07 |
| 7 |
| 1,821,406.21 |
| 0.16 |
12/01/07 |
| 4 |
| 966,901.01 |
| 0.09 |
01/01/08 |
| 14 |
| 3,039,569.43 |
| 0.27 |
02/01/08 |
| 74 |
| 12,251,528.03 |
| 1.08 |
03/01/08 |
| 640 |
| 125,818,846.67 |
| 11.09 |
04/01/08 |
| 14 |
| 3,792,748.56 |
| 0.33 |
05/01/08 |
| 54 |
| 10,441,942.87 |
| 0.92 |
06/01/08 |
| 321 |
| 71,753,944.30 |
| 6.33 |
07/01/08 |
| 2 |
| 465,700.00 |
| 0.04 |
12/01/09 |
| 3 |
| 945,500.00 |
| 0.08 |
01/01/10 |
| 2 |
| 173,594.00 |
| 0.02 |
02/01/10 |
| 17 |
| 3,897,646.55 |
| 0.34 |
03/01/10 |
| 135 |
| 29,711,908.25 |
| 2.62 |
04/01/10 |
| 4 |
| 1,541,529.11 |
| 0.14 |
05/01/10 |
| 18 |
| 4,643,213.31 |
| 0.41 |
06/01/10 |
| 141 |
| 34,442,142.02 |
| 3.04 |
07/01/10 |
| 1 |
| 204,000.00 |
| 0.02 |
Total |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
___________________
(1) | The weighted average time until the next rate Adjustment Date for the Adjustable-Rate Mortgage Loans as of the Cut-off Date was approximately 28 months. |
Maximum Mortgage Rates of the Adjustable-Rate Mortgage Loans(1)
Maximum Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
10.375 - 11.000 |
| 31 |
| $ 8,530,514.99 |
| 0.75% |
11.001 - 12.000 |
| 936 |
| 271,117,350.90 |
| 23.90 |
12.001 - 13.000 |
| 2,195 |
| 476,536,314.98 |
| 42.01 |
13.001 - 14.000 |
| 1,674 |
| 294,528,555.09 |
| 25.96 |
14.001 - 15.000 |
| 585 |
| 79,257,502.98 |
| 6.99 |
15.001 - 15.875 |
| 45 |
| 4,414,836.10 |
| 0.39 |
Total |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
___________________
(1) | The weighted average Maximum Mortgage Rate of the Adjustable-Rate Mortgage Loans as of the Cut-off Date was approximately 12.750 per annum. |
Minimum Mortgage Rates of the Adjustable-Rate Mortgage Loans(1)
Minimum Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
4.375 - 5.000 |
| 31 |
| $ 8,530,514.99 |
| 0.75% |
5.001 - 6.000 |
| 936 |
| 271,117,350.90 |
| 23.90 |
6.001 - 7.000 |
| 2,195 |
| 476,536,314.98 |
| 42.01 |
7.001 - 8.000 |
| 1,674 |
| 294,528,555.09 |
| 25.96 |
8.001 - 9.000 |
| 585 |
| 79,257,502.98 |
| 6.99 |
9.001 - 9.875 |
| 45 |
| 4,414,836.10 |
| 0.39 |
Total |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
___________________
(1) | The weighted average Minimum Mortgage Rate of the Adjustable-Rate Mortgage Loans as of the Cut-off Date was approximately 6.750 per annum. |
Initial Periodic Rate Caps of the Adjustable-Rate Mortgage Loans(1)
Initial Periodic Rate Cap (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
1.000 |
| 22 |
| $ 4,974,556.22 |
| 0.44% |
2.000 |
| 12 |
| 2,280,435.22 |
| 0.20 |
3.000 |
| 5,432 |
| 1,127,130,083.60 |
| 99.36 |
Total |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
___________________
(1) Relates solely to initial rate adjustments.
Subsequent Periodic Rate Caps of the Adjustable-Rate Mortgage Loans(1)
Periodic Rate Cap (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
1.000 |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
Total |
| 5,466 |
| $ 1,134,385,075.04 |
| 100.00% |
___________________
(1) | Relates to all rate adjustments subsequent to initial rate adjustments. |
Group I Mortgage Loan Statistics
The following statistical information, unless otherwise specified, is based upon percentages of the Principal Balances of the Group I Mortgage Loans as of the Cut-off Date.
Approximately 44.49% of the Group I Mortgage Loans had loan-to-value ratios at origination in excess of 80.00%. No Group I Mortgage Loan had a loan-to-value ratio at origination in excess of 100.00%. The weighted average loan-to-value ratio of the Group I Mortgage Loans at origination was approximately 84.05%. There can be no assurance that the loan-to-value ratio of any Group I Mortgage Loan determined at any time after origination is less than or equal to its original loan-to-value ratio. Additionally, the Originator's determination of the value of a Mortgaged Property used in the calculation of the original loan-to-value ratios of the Mortgage Loans may differ from the appraised value of such Mortgaged Property or the actual value of such Mortgaged Property at origination.
All of the Group I Mortgage Loans have a Due Date on the first day of the month.
The weighted average remaining term to maturity of the Group I Mortgage Loans was approximately 357 months as of the Cut-off Date. None of the Group I Mortgage Loans had a first Due Date prior to May 2004 or after August 2005, or has a remaining term to maturity of less than 175 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any Group I Mortgage Loan is July 2035.
The average Principal Balance of the Group I Mortgage Loans at origination was approximately $158,086. The average Cut-off Date Principal Balance of the Group I Mortgage Loans was approximately $157,996. No Group I Mortgage Loan had a Cut-off Date Principal Balance of greater than approximately $560,000 or less than approximately $19,047.
As of the Cut-off Date, the Group I Mortgage Loans had Mortgage Rates of not less than 4.375% per annum and not more than 9.875% per annum and the weighted average Mortgage Rate of the Group I Mortgage Loans was approximately 6.951% per annum. As of the Cut-off Date, the Adjustable-Rate Group I Mortgage Loans had Gross Margins ranging from 3.375% per annum to 7.875% per annum, Minimum Mortgage Rates ranging from 4.375% per annum to 9.875% per annum and Maximum Mortgage Rates ranging from 10.375% per annum to 15.875% per annum. As of the Cut-off Date, the weighted average Gross Margin of the Adjustable-Rate Group I Mortgage Loans was approximately 5.786% per annum, the weighted average Minimum Mortgage Rate of the Adjustable-Rate Group I Mortgage Loans was approximately 6.890% per annum and the weighted average Maximum Mortgage Rate of the Adjustable-Rate Group I Mortgage Loans was approximately 12.890% per annum. The latest next Adjustment Date following the Cut-off Date on any Adjustable-Rate Group I Mortgage Loan occurs in July 2010 and the weighted average time until the next Adjustment Date for all of the Adjustable-Rate Group I Mortgage Loans is approximately 27 months.
The Group I Mortgage Loans are expected to have the following characteristics as of the Cut-off Date (the sum in any column may not equal the total indicated due to rounding):
Cut-off Date Principal Balances of the Group I Mortgage Loans(1)
Principal Balance ($) |
| Number of |
| Principal Balance |
| % of Aggregate |
19,047 - 50,000 |
| 230 |
| $ 9,463,668.72 |
| 1.06% |
50,001 - 100,000 |
| 1,277 |
| 99,356,399.02 |
| 11.13 |
100,001 - 150,000 |
| 1,485 |
| 185,507,226.22 |
| 20.77 |
150,001 - 200,000 |
| 1,179 |
| 204,623,356.39 |
| 22.91 |
200,001 - 250,000 |
| 681 |
| 152,387,813.31 |
| 17.06 |
250,001 - 300,000 |
| 449 |
| 123,319,149.38 |
| 13.81 |
300,001 - 350,000 |
| 275 |
| 88,716,704.78 |
| 9.93 |
350,001 - 400,000 |
| 52 |
| 18,757,483.27 |
| 2.10 |
400,001 - 450,000 |
| 15 |
| 6,448,539.67 |
| 0.72 |
450,001 - 500,000 |
| 6 |
| 2,773,062.04 |
| 0.31 |
500,001 - 550,000 |
| 2 |
| 1,080,000.00 |
| 0.12 |
550,001 - 560,000 |
| 1 |
| 560,000.00 |
| 0.06 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The average Cut-off Date Principal Balance of the Group I Mortgage Loans was approximately 157,996. |
Credit Scores for the Group I Mortgage Loans(1)
Credit Score |
| Number of |
| Principal Balance |
| % of Aggregate |
540 - 550 |
| 192 |
| $ 24,399,076.00 |
| 2.73% |
551 - 575 |
| 610 |
| 80,160,105.88 |
| 8.98 |
576 - 600 |
| 466 |
| 71,247,004.08 |
| 7.98 |
601 - 625 |
| 1,252 |
| 187,475,552.07 |
| 20.99 |
626 - 650 |
| 1,113 |
| 178,910,585.43 |
| 20.03 |
651 - 675 |
| 872 |
| 147,089,539.38 |
| 16.47 |
676 - 700 |
| 507 |
| 89,332,524.73 |
| 10.00 |
701 - 725 |
| 337 |
| 60,127,123.93 |
| 6.73 |
726 - 750 |
| 169 |
| 30,723,284.95 |
| 3.44 |
751 - 775 |
| 85 |
| 14,584,278.40 |
| 1.63 |
776 - 800 |
| 39 |
| 6,972,430.53 |
| 0.78 |
801 - 813 |
| 10 |
| 1,971,897.42 |
| 0.22 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The weighted average credit score of the Group I Mortgage Loans that had credit scores was approximately 641. |
Original Terms to Maturity of the Group I Mortgage Loans(1)
Original Term (months) |
| Number of |
| Principal Balance |
| % of Aggregate |
180 |
| 85 |
| $ 7,870,244.59 |
| 0.88% |
240 |
| 3 |
| 297,453.00 |
| 0.03 |
360 |
| 5,564 |
| 884,825,705.21 |
| 99.09 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The weighted average original term to maturity of the Group I Mortgage Loans was approximately 358 months. |
Remaining Terms to Maturity of the Group I Mortgage Loans(1)
Remaining Term (months) |
| Number of |
| Principal Balance |
| % of Aggregate |
175 - 176 |
| 2 |
| $ 201,872.81 |
| 0.02% |
177 - 178 |
| 18 |
| 1,636,678.30 |
| 0.18 |
179 - 180 |
| 65 |
| 6,031,693.48 |
| 0.68 |
239 - 240 |
| 3 |
| 297,453.00 |
| 0.03 |
347 - 348 |
| 1 |
| 80,000.00 |
| 0.01 |
351 - 352 |
| 8 |
| 1,143,321.92 |
| 0.13 |
353 - 354 |
| 9 |
| 1,856,494.28 |
| 0.21 |
355 - 356 |
| 53 |
| 7,820,274.15 |
| 0.88 |
357 - 358 |
| 728 |
| 109,029,481.01 |
| 12.21 |
359 - 360 |
| 4,765 |
| 764,896,133.85 |
| 85.66 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The weighted average remaining term to maturity of the Group I Mortgage Loans was approximately 357 months. |
Property Types of the Group I Mortgage Loans
Property Type |
| Number of |
| Principal Balance |
| % of Aggregate |
Single Family |
| 4,198 |
| $ 626,997,181.94 |
| 70.21% |
PUD(1) |
| 826 |
| 148,239,152.21 |
| 16.60 |
Condominium |
| 405 |
| 70,679,111.77 |
| 7.91 |
2 Units |
| 201 |
| 39,658,238.75 |
| 4.44 |
3 Units |
| 14 |
| 3,985,431.65 |
| 0.45 |
4 Units |
| 7 |
| 3,075,186.48 |
| 0.34 |
Modular |
| 1 |
| 359,100.00 |
| 0.04 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.0% |
___________________
(1) | PUD refers to a home or “unit” in a Planned Unit Development. |
Occupancy Status of the Group I Mortgage Loans(1)
Occupancy Status |
| Number of |
| Principal Balance |
| % of Aggregate |
Primary |
| 5,394 |
| $ 855,594,013.40 |
| 95.81% |
Non-owner |
| 210 |
| 30,516,091.38 |
| 3.42 |
Second Home |
| 48 |
| 6,883,298.02 |
| 0.77 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1)Occupancy as represented by the mortgagor at the time of origination.
Purpose of the Group I Mortgage Loans
Purpose |
| Number of |
| Principal Balance |
| % of Aggregate |
Purchase |
| 3,071 |
| $ 488,120,667.56 |
| 54.66% |
Cash Out Refinance |
| 2,276 |
| 363,329,069.99 |
| 40.69 |
Rate/Term Refinance |
| 305 |
| 41,543,665.25 |
| 4.65 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
Original Loan-to-Value Ratios of the Group I Mortgage Loans(1)
Original Loan-to-Value Ratio (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
11.30 - 15.00 |
| 1 |
| $ 65,000.00 |
| 0.01% |
20.01 - 25.00 |
| 6 |
| 354,723.90 |
| 0.04 |
25.01 - 30.00 |
| 11 |
| 824,328.82 |
| 0.09 |
30.01 - 35.00 |
| 10 |
| 1,018,867.57 |
| 0.11 |
35.01 - 40.00 |
| 14 |
| 1,438,323.50 |
| 0.16 |
40.01 - 45.00 |
| 23 |
| 3,760,613.78 |
| 0.42 |
45.01 - 50.00 |
| 27 |
| 3,403,933.45 |
| 0.38 |
50.01 - 55.00 |
| 36 |
| 4,993,315.80 |
| 0.56 |
55.01 - 60.00 |
| 44 |
| 7,559,534.87 |
| 0.85 |
60.01 - 65.00 |
| 96 |
| 15,235,901.04 |
| 1.71 |
65.01 - 70.00 |
| 119 |
| 18,026,433.20 |
| 2.02 |
70.01 - 75.00 |
| 193 |
| 30,953,111.26 |
| 3.47 |
75.01 - 80.00 |
| 2,516 |
| 408,102,895.97 |
| 45.70 |
80.01 - 85.00 |
| 452 |
| 72,037,029.44 |
| 8.07 |
85.01 - 90.00 |
| 794 |
| 126,628,534.80 |
| 14.18 |
90.01 - 95.00 |
| 451 |
| 74,109,464.00 |
| 8.30 |
95.01 - 100.00 |
| 859 |
| 124,481,391.40 |
| 13.94 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The weighted average original loan-to-value ratio of the Group I Mortgage Loans as of the Cut-off Date was approximately 84.05. |
Geographic Distribution of the Mortgaged Properties related to the Group I Mortgage Loans(1)
Location |
| Number of |
| Principal Balance |
| % of Aggregate Principal |
Alabama |
| 73 |
| $ 7,447,336.87 |
| 0.83% |
Arizona |
| 134 |
| 21,163,711.54 |
| 2.37 |
Arkansas |
| 22 |
| 2,593,549.60 |
| 0.29 |
California |
| 775 |
| 190,566,984.62 |
| 21.34 |
Colorado |
| 115 |
| 20,442,873.88 |
| 2.29 |
Connecticut |
| 34 |
| 6,216,798.82 |
| 0.70 |
Delaware |
| 1 |
| 219,801.29 |
| 0.02 |
District of Columbia |
| 2 |
| 349,311.51 |
| 0.04 |
Florida |
| 446 |
| 71,301,972.88 |
| 7.98 |
Georgia |
| 195 |
| 27,916,200.16 |
| 3.13 |
Idaho |
| 16 |
| 1,808,980.06 |
| 0.20 |
Illinois |
| 312 |
| 48,083,201.72 |
| 5.38 |
Indiana |
| 271 |
| 27,076,595.37 |
| 3.03 |
Iowa |
| 25 |
| 1,990,595.62 |
| 0.22 |
Kansas |
| 24 |
| 3,382,169.63 |
| 0.38 |
Kentucky |
| 57 |
| 6,663,977.96 |
| 0.75 |
Louisiana |
| 22 |
| 2,938,724.23 |
| 0.33 |
Maine |
| 18 |
| 3,012,899.81 |
| 0.34 |
Maryland |
| 113 |
| 20,778,451.89 |
| 2.33 |
Massachusetts |
| 100 |
| 23,316,727.08 |
| 2.61 |
Michigan |
| 303 |
| 40,874,485.02 |
| 4.58 |
Minnesota |
| 203 |
| 37,036,607.76 |
| 4.15 |
Missouri |
| 106 |
| 11,929,905.33 |
| 1.34 |
Montana |
| 1 |
| 127,200.00 |
| 0.01 |
Nebraska |
| 11 |
| 983,292.21 |
| 0.11 |
Nevada |
| 98 |
| 20,300,594.71 |
| 2.27 |
New Hampshire |
| 10 |
| 1,873,827.10 |
| 0.21 |
New Jersey |
| 81 |
| 16,875,757.50 |
| 1.89 |
New Mexico |
| 21 |
| 3,217,761.46 |
| 0.36 |
New York |
| 162 |
| 28,263,146.86 |
| 3.16 |
North Carolina |
| 223 |
| 29,333,616.01 |
| 3.28 |
North Dakota |
| 1 |
| 37,600.00 |
| 0.00 |
Ohio |
| 334 |
| 38,310,147.95 |
| 4.29 |
Oklahoma |
| 16 |
| 1,615,714.73 |
| 0.18 |
Oregon |
| 153 |
| 24,126,425.71 |
| 2.70 |
Pennsylvania |
| 113 |
| 12,369,734.79 |
| 1.39 |
Rhode Island |
| 22 |
| 4,341,427.68 |
| 0.49 |
South Carolina |
| 78 |
| 9,787,917.15 |
| 1.10 |
South Dakota |
| 1 |
| 71,963.64 |
| 0.01 |
Tennessee |
| 138 |
| 14,497,637.37 |
| 1.62 |
Texas |
| 373 |
| 41,939,398.50 |
| 4.70 |
Utah |
| 126 |
| 17,629,362.31 |
| 1.97 |
Vermont |
| 2 |
| 272,622.02 |
| 0.03 |
Virginia |
| 65 |
| 12,902,001.15 |
| 1.44 |
Washington |
| 148 |
| 23,538,319.74 |
| 2.64 |
West Virginia |
| 7 |
| 646,303.03 |
| 0.07 |
Wisconsin |
| 100 |
| 12,691,768.53 |
| 1.42 |
Wyoming |
| 1 |
| 128,000.00 |
| 0.01 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The greatest ZIP Code geographic concentration of Group I Mortgage Loans was approximately 0.24 in the 95758 ZIP Code. |
Documentation Levels of the Group I Mortgage Loans(1)
Documentation Level |
| Number of |
| Principal Balance |
| % of Aggregate |
Full Documentation |
| 4,330 |
| $ 670,872,500.62 |
| 75.13% |
No Income Verification |
| 1,078 |
| 172,884,528.28 |
| 19.36 |
Stated Plus Documentation |
| 200 |
| 41,105,709.78 |
| 4.60 |
Limited Income Verification |
| 41 |
| 7,387,802.27 |
| 0.83 |
Blended Access |
| 3 |
| 742,861.85 |
| 0.08 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
Current Mortgage Rates of the Group I Mortgage Loans(1)
Current Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
4.375 - 5.000 |
| 24 |
| $ 5,062,120.65 |
| 0.57% |
5.001 - 6.000 |
| 720 |
| 145,059,854.17 |
| 16.24 |
6.001 - 7.000 |
| 2,161 |
| 367,501,919.06 |
| 41.15 |
7.001 - 8.000 |
| 1,913 |
| 280,628,415.16 |
| 31.43 |
8.001 - 9.000 |
| 756 |
| 87,949,864.21 |
| 9.85 |
9.001 - 9.875 |
| 78 |
| 6,791,229.55 |
| 0.76 |
Total |
| 5,652 |
| $ 892,993,402.80 |
| 100.00% |
___________________
(1) | The weighted average current Mortgage Rate of the Group I Mortgage Loans as of the Cut-off Date was approximately 6.951 per annum. |
Gross Margins of the Adjustable-Rate Group I Mortgage Loans(1)
Gross Margin (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
3.375 - 4.000 |
| 11 |
| $ 2,822,803.65 |
| 0.36% |
4.001 - 5.000 |
| 556 |
| 110,872,014.93 |
| 14.24 |
5.001 - 6.000 |
| 2,486 |
| 421,635,188.78 |
| 54.14 |
6.001 - 7.000 |
| 1,460 |
| 220,457,877.72 |
| 28.31 |
7.001 - 7.875 |
| 190 |
| 23,046,041.97 |
| 2.96 |
Total |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
___________________
(1) | The weighted average Gross Margin of the Adjustable-Rate Group I Mortgage Loans as of the Cut-off Date was approximately 5.786 per annum. |
Next Rate Adjustment Date for the Adjustable-Rate Group I Mortgage Loans(1)
Next Rate Adjustment Date |
| Number of |
| Principal Balance |
| % of Aggregate |
06/01/05 |
| 1 |
| $ 183,175.00 |
| 0.02% |
08/01/05 |
| 3 |
| 557,687.42 |
| 0.07 |
09/01/05 |
| 10 |
| 1,841,746.23 |
| 0.24 |
11/01/05 |
| 1 |
| 310,000.00 |
| 0.04 |
12/01/05 |
| 5 |
| 1,161,500.00 |
| 0.15 |
02/01/06 |
| 1 |
| 134,948.89 |
| 0.02 |
03/01/06 |
| 7 |
| 1,201,151.81 |
| 0.15 |
04/01/06 |
| 1 |
| 80,000.00 |
| 0.01 |
06/01/06 |
| 3 |
| 540,066.87 |
| 0.07 |
07/01/06 |
| 1 |
| 251,598.49 |
| 0.03 |
08/01/06 |
| 6 |
| 727,023.43 |
| 0.09 |
09/01/06 |
| 4 |
| 707,809.62 |
| 0.09 |
11/01/06 |
| 9 |
| 1,462,228.15 |
| 0.19 |
12/01/06 |
| 16 |
| 2,300,410.60 |
| 0.30 |
01/01/07 |
| 33 |
| 6,788,774.46 |
| 0.87 |
02/01/07 |
| 191 |
| 29,452,868.77 |
| 3.78 |
03/01/07 |
| 1,911 |
| 315,172,061.08 |
| 40.47 |
04/01/07 |
| 44 |
| 5,946,363.03 |
| 0.76 |
05/01/07 |
| 188 |
| 27,905,297.71 |
| 3.58 |
06/01/07 |
| 1,019 |
| 173,705,350.06 |
| 22.30 |
08/01/07 |
| 1 |
| 164,700.00 |
| 0.02 |
10/01/07 |
| 1 |
| 106,500.00 |
| 0.01 |
11/01/07 |
| 6 |
| 821,406.21 |
| 0.11 |
12/01/07 |
| 4 |
| 966,901.01 |
| 0.12 |
01/01/08 |
| 13 |
| 2,498,819.43 |
| 0.32 |
02/01/08 |
| 70 |
| 10,176,793.03 |
| 1.31 |
03/01/08 |
| 574 |
| 92,983,937.20 |
| 11.94 |
04/01/08 |
| 12 |
| 2,117,761.05 |
| 0.27 |
05/01/08 |
| 44 |
| 6,963,080.62 |
| 0.89 |
06/01/08 |
| 265 |
| 46,654,562.51 |
| 5.99 |
07/01/08 |
| 2 |
| 465,700.00 |
| 0.06 |
12/01/09 |
| 2 |
| 295,500.00 |
| 0.04 |
01/01/10 |
| 2 |
| 173,594.00 |
| 0.02 |
02/01/10 |
| 14 |
| 2,306,096.55 |
| 0.30 |
03/01/10 |
| 109 |
| 18,018,567.24 |
| 2.31 |
04/01/10 |
| 3 |
| 791,529.11 |
| 0.10 |
05/01/10 |
| 15 |
| 2,961,013.31 |
| 0.38 |
06/01/10 |
| 111 |
| 19,733,404.16 |
| 2.53 |
07/01/10 |
| 1 |
| 204,000.00 |
| 0.03 |
Total |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
___________________
(1) | The weighted average time until the next rate Adjustment Date for the Adjustable-Rate Group I Mortgage Loans as of the Cut-off Date was approximately 27 months. |
Maximum Mortgage Rates of the Adjustable-Rate Group I Mortgage Loans(1)
Maximum Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
10.375 - 11.000 |
| 24 |
| $ 5,062,120.65 |
| 0.65% |
11.001 - 12.000 |
| 688 |
| 139,408,772.01 |
| 17.90 |
12.001 - 13.000 |
| 1,883 |
| 328,254,463.48 |
| 42.15 |
13.001 - 14.000 |
| 1,511 |
| 232,868,420.63 |
| 29.90 |
14.001 - 15.000 |
| 553 |
| 69,002,814.18 |
| 8.86 |
15.001 - 15.875 |
| 44 |
| 4,237,336.10 |
| 0.54 |
Total |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
___________________
(1) | The weighted average Maximum Mortgage Rate of the Adjustable-Rate Group I Mortgage Loans as of the Cut-off Date was approximately 12.890 per annum. |
Minimum Mortgage Rates of the Adjustable-Rate Group I Mortgage Loans(1)
Minimum Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
4.375 - 5.000 |
| 24 |
| $ 5,062,120.65 |
| 0.65% |
5.001 - 6.000 |
| 688 |
| 139,408,772.01 |
| 17.90 |
6.001 - 7.000 |
| 1,883 |
| 328,254,463.48 |
| 42.15 |
7.001 - 8.000 |
| 1,511 |
| 232,868,420.63 |
| 29.90 |
8.001 - 9.000 |
| 553 |
| 69,002,814.18 |
| 8.86 |
9.001 - 9.875 |
| 44 |
| 4,237,336.10 |
| 0.54 |
Total |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
___________________
(1) | The weighted average Minimum Mortgage Rate of the Adjustable-Rate Group I Mortgage Loans as of the Cut-off Date was approximately 6.890 per annum. |
Initial Periodic Rate Caps of the Adjustable-Rate Group I Mortgage Loans(1)
Initial Periodic Rate Cap (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
1.000 |
| 20 |
| $ 4,054,108.65 |
| 0.52% |
2.000 |
| 11 |
| 1,876,167.57 |
| 0.24 |
3.000 |
| 4,672 |
| 772,903,650.83 |
| 99.24 |
Total |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
___________________
(1) | Relates solely to initial rate adjustments. |
Subsequent Periodic Rate Caps of the Adjustable-Rate Group I Mortgage Loans(1)
Periodic Rate Cap (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
1.000 |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
Total |
| 4,703 |
| $ 778,833,927.05 |
| 100.00% |
___________________
(1) | Relates to all rate adjustments subsequent to initial rate adjustments. |
Group II Mortgage Loan Statistics
The following statistical information, unless otherwise specified, is based upon percentages of the Principal Balances of the Group II Mortgage Loans as of the Cut-off Date.
Approximately 32.44% of the Group II Mortgage Loans had loan-to-value ratios at origination in excess of 80.00%. No Group II Mortgage Loan had a loan-to-value ratio at origination in excess of 103.00%. The weighted average loan-to-value ratio of the Group II Mortgage Loans at origination was approximately 82.35%. There can be no assurance that the loan-to-value ratio of any Group II Mortgage Loan determined at any time after origination is less than or equal to its original loan-to-value ratio. Additionally, the Originator's determination of the value of a Mortgaged Property used in the calculation of the original loan-to-value ratios of the Mortgage Loans may differ from the appraised value of such Mortgaged Property or the actual value of such Mortgaged Property at origination.
All of the Group II Mortgage Loans have a Due Date on the first day of the month.
The weighted average remaining term to maturity of the Group II Mortgage Loans was approximately 358 months as of the Cut-off Date. None of the Group II Mortgage Loans had a first Due Date prior to October 2004 or after July 2005, or has a remaining term to maturity of less than 178 months or greater than 359 months as of the Cut-off Date. The latest maturity date of any Group II Mortgage Loan is June 2035.
The average Principal Balance of the Group II Mortgage Loans at origination was approximately $460,945. The average Cut-off Date Principal Balance of the Group II Mortgage Loans was approximately $460,804. No Group II Mortgage Loan had a Cut-off Date Principal Balance of greater than approximately $1,200,000 or less than approximately $20,985.
As of the Cut-off Date, the Group II Mortgage Loans had Mortgage Rates of not less than 4.750% per annum and not more than 10.000% per annum and the weighted average Mortgage Rate of the Group II Mortgage Loans was approximately 6.460% per annum. As of the Cut-off Date, the Adjustable-Rate Group II Mortgage Loans had Gross Margins ranging from 3.250% per annum to 8.000% per annum, Minimum Mortgage Rates ranging from 4.750% per annum to 9.375% per annum and Maximum Mortgage Rates ranging from 10.750% per annum to 15.375% per annum. As of the Cut-off Date, the weighted average Gross Margin of the Adjustable-Rate Group II Mortgage Loans was approximately 5.523% per annum, the weighted average Minimum Mortgage Rate of the Adjustable-Rate Group II Mortgage Loans was approximately 6.442% per annum and the weighted average Maximum Mortgage Rate of the Adjustable-Rate Group II Mortgage Loans was approximately 12.442% per annum. The latest next Adjustment Date following the Cut-off Date on any Adjustable-Rate Group II Mortgage Loan occurs in June 2010 and the weighted average time until the next Adjustment Date for all of the Adjustable-Rate Group II Mortgage Loans is approximately 28 months.
The Group II Mortgage Loans are expected to have the following characteristics as of the Cut-off Date (the sum in any column may not equal the total indicated due to rounding):
Cut-off Date Principal Balances of the Group II Mortgage Loans(1)
Principal Balance ($) |
| Number of |
| Principal Balance |
| % of Aggregate |
20,985 - 50,000 |
| 6 |
| $ 245,776.09 |
| 0.06% |
50,001 - 100,000 |
| 25 |
| 1,963,205.74 |
| 0.51 |
100,001 - 150,000 |
| 40 |
| 5,073,487.28 |
| 1.33 |
150,001 - 200,000 |
| 29 |
| 4,929,770.21 |
| 1.29 |
200,001 - 250,000 |
| 18 |
| 4,067,227.11 |
| 1.06 |
250,001 - 300,000 |
| 8 |
| 2,239,564.57 |
| 0.59 |
300,001 - 350,000 |
| 7 |
| 2,240,170.02 |
| 0.59 |
350,001 - 400,000 |
| 152 |
| 57,622,845.59 |
| 15.08 |
400,001 - 450,000 |
| 121 |
| 51,614,672.16 |
| 13.51 |
450,001 - 500,000 |
| 109 |
| 52,023,450.86 |
| 13.62 |
500,001 - 550,000 |
| 88 |
| 46,186,295.08 |
| 12.09 |
550,001 - 600,000 |
| 82 |
| 47,139,310.69 |
| 12.34 |
600,001 - 650,000 |
| 50 |
| 31,548,191.09 |
| 8.26 |
650,001 - 700,000 |
| 31 |
| 20,977,092.33 |
| 5.49 |
700,001 - 750,000 |
| 12 |
| 8,842,829.62 |
| 2.31 |
750,001 - 800,000 |
| 17 |
| 13,326,458.79 |
| 3.49 |
800,001 - 850,000 |
| 7 |
| 5,796,577.13 |
| 1.52 |
850,001 - 900,000 |
| 8 |
| 7,079,767.41 |
| 1.85 |
900,001 - 950,000 |
| 3 |
| 2,775,650.00 |
| 0.73 |
950,001 - 1,000,000 |
| 12 |
| 11,816,949.12 |
| 3.09 |
1,000,001 - 1,050,000 |
| 1 |
| 1,012,300.00 |
| 0.26 |
1,050,001 - 1,100,000 |
| 1 |
| 1,085,000.00 |
| 0.28 |
1,150,001 - 1,200,000 |
| 2 |
| 2,400,000.00 |
| 0.63 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | The average Cut-off Date Principal Balance of the Group II Mortgage Loans was approximately 460,804. |
Credit Scores for the Group II Mortgage Loans(1)
Credit Score |
| Number of |
| Principal Balance |
| % of Aggregate |
540- 550 |
| 15 |
| $ 5,053,611.89 |
| 1.32% |
551- 575 |
| 42 |
| 13,444,746.12 |
| 3.52 |
576- 600 |
| 42 |
| 14,423,097.19 |
| 3.78 |
601- 625 |
| 119 |
| 50,069,500.32 |
| 13.11 |
626- 650 |
| 129 |
| 58,177,707.40 |
| 15.23 |
651- 675 |
| 157 |
| 75,448,111.11 |
| 19.75 |
676- 700 |
| 143 |
| 70,210,738.43 |
| 18.38 |
701- 725 |
| 77 |
| 39,548,466.52 |
| 10.35 |
726- 750 |
| 49 |
| 25,895,523.58 |
| 6.78 |
751- 775 |
| 35 |
| 18,869,730.05 |
| 4.94 |
776- 800 |
| 19 |
| 10,009,938.28 |
| 2.62 |
801- 803 |
| 2 |
| 855,420.00 |
| 0.22 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | The weighted average credit score of the Group II Mortgage Loans that had credit scores was approximately 668. |
Original Terms to Maturity of the Group II Mortgage Loans(1)
Original Term (months) |
| Number of |
| Principal Balance |
| % of Aggregate |
180 |
| 5 |
| $ 1,082,123.25 |
| 0.28% |
360 |
| 824 |
| 380,924,467.64 |
| 99.72 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | The weighted average original term to maturity of the Group II Mortgage Loans was approximately 359 months. |
Remaining Terms to Maturity of the Group II Mortgage Loans(1)
Remaining Term (months) |
| Number of |
| Principal Balance |
| % of Aggregate |
178- 178 |
| 2 |
| $ 169,450.35 |
| 0.04% |
179- 180 |
| 3 |
| 912,672.90 |
| 0.24 |
353- 354 |
| 2 |
| 835,281.48 |
| 0.22 |
355- 356 |
| 8 |
| 5,508,679.74 |
| 1.44 |
357- 358 |
| 110 |
| 48,386,342.28 |
| 12.67 |
359- 359 |
| 704 |
| 326,194,164.14 |
| 85.39 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | The weighted average remaining term to maturity of the Group II Mortgage Loans was approximately 358 months. |
Property Types of the Group II Mortgage Loans
Property Type |
| Number of |
| Principal Balance |
| % of Aggregate |
Single Family |
| 567 |
| $ 257,011,153.17 |
| 67.28% |
PUD |
| 180 |
| 88,448,022.62 |
| 23.15 |
Condominium |
| 57 |
| 24,710,911.51 |
| 6.47 |
2 Units |
| 22 |
| 10,366,753.59 |
| 2.71 |
3 Units |
| 2 |
| 1,112,000.00 |
| 0.29 |
4 Units |
| 1 |
| 357,750.00 |
| 0.09 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | PUD refers to a home or “unit” in a Planned Unit Development. |
Occupancy Status of the Group II Mortgage Loans(1)
Occupancy Status |
| Number of |
| Principal Balance |
| % of Aggregate |
Primary |
| 817 |
| $ 378,004,038.88 |
| 98.95% |
Non-owner |
| 7 |
| 2,121,549.15 |
| 0.56 |
Second Home |
| 5 |
| 1,881,002.86 |
| 0.49 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | Occupancy as represented by the mortgagor at the time of origination. |
Purpose of the Group II Mortgage Loans
Purpose |
| Number of |
| Principal Balance
|
| % of Aggregate |
Purchase |
| 494 |
| $ 234,837,947.83 |
| 61.47% |
Cash Out Refinance |
| 301 |
| 132,392,202.58 |
| 34.66 |
Rate/Term Refinance |
| 34 |
| 14,776,440.48 |
| 3.87 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
Original Loan-to-Value Ratios of the Group II Mortgage Loans(1)
Original Loan-to-Value Ratio (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
36.36 - 40.00 |
| 1 |
| $ 59,953.19 |
| 0.02% |
40.01 - 45.00 |
| 1 |
| 700,000.00 |
| 0.18 |
45.01 - 50.00 |
| 5 |
| 2,317,130.91 |
| 0.61 |
50.01 - 55.00 |
| 6 |
| 1,655,252.45 |
| 0.43 |
55.01 - 60.00 |
| 3 |
| 2,524,291.90 |
| 0.66 |
60.01 - 65.00 |
| 18 |
| 10,365,587.77 |
| 2.71 |
65.01 - 70.00 |
| 25 |
| 12,699,609.85 |
| 3.32 |
70.01 - 75.00 |
| 39 |
| 23,367,462.04 |
| 6.12 |
75.01 - 80.00 |
| 418 |
| 204,380,208.46 |
| 53.50 |
80.01 - 85.00 |
| 53 |
| 24,197,755.58 |
| 6.33 |
85.01 - 90.00 |
| 96 |
| 39,057,246.62 |
| 10.22 |
90.01 - 95.00 |
| 48 |
| 16,977,444.10 |
| 4.44 |
95.01 - 100.00 |
| 97 |
| 40,546,836.75 |
| 10.61 |
100.01 - 103.00 |
| 19 |
| 3,157,811.27 |
| 0.83 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | The weighted average original loan-to-value ratio of the Group II Mortgage Loans as of the Cut-off Date was approximately 82.35. |
Geographic Distribution of the Mortgaged Properties related to the Group II Mortgage Loans(1)
Location |
| Number of |
| Principal Balance |
| % of Aggregate |
Alabama |
| 5 |
| $ 1,254,692.33 |
| 0.33% |
Arizona |
| 12 |
| 4,118,992.41 |
| 1.08 |
Arkansas |
| 1 |
| 44,969.80 |
| 0.01 |
California |
| 469 |
| 243,284,455.31 |
| 63.69 |
Colorado |
| 7 |
| 3,268,303.14 |
| 0.86 |
Connecticut |
| 1 |
| 700,000.00 |
| 0.18 |
Florida |
| 30 |
| 13,914,851.67 |
| 3.64 |
Georgia |
| 17 |
| 6,142,809.36 |
| 1.61 |
Illinois |
| 26 |
| 10,946,664.16 |
| 2.87 |
Indiana |
| 9 |
| 2,083,624.31 |
| 0.55 |
Iowa |
| 1 |
| 130,326.84 |
| 0.03 |
Kentucky |
| 3 |
| 686,121.25 |
| 0.18 |
Maryland |
| 20 |
| 7,810,244.66 |
| 2.04 |
Massachusetts |
| 20 |
| 8,921,864.07 |
| 2.34 |
Michigan |
| 13 |
| 4,678,324.55 |
| 1.22 |
Minnesota |
| 12 |
| 4,949,192.56 |
| 1.30 |
Missouri |
| 8 |
| 3,144,035.29 |
| 0.82 |
Nevada |
| 15 |
| 6,955,929.00 |
| 1.82 |
NewJersey |
| 13 |
| 4,847,973.04 |
| 1.27 |
NewMexico |
| 1 |
| 456,000.00 |
| 0.12 |
NewYork |
| 38 |
| 17,983,514.17 |
| 4.71 |
NorthCarolina |
| 12 |
| 4,783,033.04 |
| 1.25 |
Ohio |
| 13 |
| 3,520,326.99 |
| 0.92 |
Oklahoma |
| 2 |
| 509,062.90 |
| 0.13 |
Oregon |
| 8 |
| 3,085,810.52 |
| 0.81 |
Pennsylvania |
| 5 |
| 1,383,324.62 |
| 0.36 |
RhodeIsland |
| 3 |
| 635,296.71 |
| 0.17 |
SouthCarolina |
| 2 |
| 172,687.54 |
| 0.05 |
Tennessee |
| 8 |
| 1,746,527.38 |
| 0.46 |
Texas |
| 16 |
| 4,595,781.20 |
| 1.20 |
Utah |
| 4 |
| 575,943.64 |
| 0.15 |
Virginia |
| 15 |
| 7,063,083.78 |
| 1.85 |
Washington |
| 14 |
| 5,577,069.12 |
| 1.46 |
Wisconsin |
| 6 |
| 2,035,755.53 |
| 0.53 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
|
|
|
|
|
|
|
(1) | The greatest ZIP Code geographic concentration of Group II Mortgage Loans was approximately 0.95 in the 92253 ZIP Code. |
Documentation Levels of the Group II Mortgage Loans(1)
Documentation Level |
| Number of |
| Principal Balance |
| % of Aggregate |
Full Documentation |
| 612 |
| $ 285,777,423.23 |
| 74.81% |
No Income Verification |
| 121 |
| 49,117,520.88 |
| 12.86 |
Stated Plus Documentation |
| 90 |
| 44,402,647.36 |
| 11.62 |
Limited Income Verification |
| 6 |
| 2,708,999.42 |
| 0.71 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
Current Mortgage Rates of the Group II Mortgage Loans(1)
Current Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
4.750 - 5.000 |
| 7 |
| $ 3,468,394.34 |
| 0.91% |
5.001 - 6.000 |
| 259 |
| 137,579,613.02 |
| 36.01 |
6.001 - 7.000 |
| 341 |
| 162,073,282.58 |
| 42.43 |
7.001 - 8.000 |
| 177 |
| 65,802,753.94 |
| 17.23 |
8.001 - 9.000 |
| 41 |
| 12,363,506.58 |
| 3.24 |
9.001 - 10.000 |
| 4 |
| 719,040.43 |
| 0.19 |
Total |
| 829 |
| $ 382,006,590.89 |
| 100.00% |
___________________
(1) | The weighted average current Mortgage Rate of the Group II Mortgage Loans as of the Cut-off Date was approximately 6.460 per annum. |
Gross Margins of the Adjustable-Rate Group II Mortgage Loans(1)
Gross Margin (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
3.250 - 4.000 |
| 4 |
| $ 3,157,912.89 |
| 0.89% |
4.001 - 5.000 |
| 165 |
| 87,047,474.77 |
| 24.48 |
5.001 - 6.000 |
| 443 |
| 211,569,041.51 |
| 59.50 |
6.001 - 7.000 |
| 138 |
| 49,396,114.47 |
| 13.89 |
7.001 - 8.000 |
| 13 |
| 4,380,604.35 |
| 1.23 |
Total |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
___________________
(1) | The weighted average Gross Margin of the Adjustable-Rate Group II Mortgage Loans as of the Cut-off Date was approximately 5.523 per annum. |
Next Rate Adjustment Date for the Adjustable-Rate Group II Mortgage Loans(1)
Next Rate Adjustment Date |
| Number of |
| Principal Balance |
| % of Aggregate |
09/01/05 |
| 2 |
| $ 920,447.57 |
| 0.26% |
05/01/06 |
| 1 |
| 404,267.65 |
| 0.11 |
10/01/06 |
| 1 |
| 645,781.48 |
| 0.18 |
12/01/06 |
| 3 |
| 1,962,019.47 |
| 0.55 |
01/01/07 |
| 2 |
| 1,185,000.00 |
| 0.33 |
02/01/07 |
| 33 |
| 16,313,801.92 |
| 4.59 |
03/01/07 |
| 253 |
| 119,114,552.85 |
| 33.50 |
04/01/07 |
| 8 |
| 2,403,006.59 |
| 0.68 |
05/01/07 |
| 36 |
| 14,753,826.79 |
| 4.15 |
06/01/07 |
| 219 |
| 99,879,488.78 |
| 28.09 |
09/01/07 |
| 1 |
| 189,500.00 |
| 0.05 |
11/01/07 |
| 1 |
| 1,000,000.00 |
| 0.28 |
01/01/08 |
| 1 |
| 540,750.00 |
| 0.15 |
02/01/08 |
| 4 |
| 2,074,735.00 |
| 0.58 |
03/01/08 |
| 66 |
| 32,834,909.47 |
| 9.23 |
04/01/08 |
| 2 |
| 1,674,987.51 |
| 0.47 |
05/01/08 |
| 10 |
| 3,478,862.25 |
| 0.98 |
06/01/08 |
| 56 |
| 25,099,381.79 |
| 7.06 |
12/01/09 |
| 1 |
| 650,000.00 |
| 0.18 |
02/01/10 |
| 3 |
| 1,591,550.00 |
| 0.45 |
03/01/10 |
| 26 |
| 11,693,341.01 |
| 3.29 |
04/01/10 |
| 1 |
| 750,000.00 |
| 0.21 |
05/01/10 |
| 3 |
| 1,682,200.00 |
| 0.47 |
06/01/10 |
| 30 |
| 14,708,737.86 |
| 4.14 |
Total |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
___________________
(1) | The weighted average time until the next rate Adjustment Date for the Adjustable-Rate Group II Mortgage Loans as of the Cut-off Date was approximately 28 months. |
Maximum Mortgage Rates of the Adjustable-Rate Group II Mortgage Loans(1)
Maximum Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
10.750 - 11.000 |
| 7 |
| $ 3,468,394.34 |
| 0.98% |
11.001 - 12.000 |
| 248 |
| 131,708,578.89 |
| 37.04 |
12.001 - 13.000 |
| 312 |
| 148,281,851.50 |
| 41.70 |
13.001 - 14.000 |
| 163 |
| 61,660,134.46 |
| 17.34 |
14.001 - 15.000 |
| 32 |
| 10,254,688.80 |
| 2.88 |
15.001 - 15.375 |
| 1 |
| 177,500.00 |
| 0.05 |
Total |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
___________________
(1) | The weighted average Maximum Mortgage Rate of the Adjustable-Rate Group II Mortgage Loans as of the Cut-off Date was approximately 12.442 per annum. |
Minimum Mortgage Rates of the Adjustable-Rate Group II Mortgage Loans(1)
Minimum Mortgage Rate (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
4.750 - 5.000 |
| 7 |
| $ 3,468,394.34 |
| 0.98% |
5.001 - 6.000 |
| 248 |
| 131,708,578.89 |
| 37.04 |
6.001 -�� 7.000 |
| 312 |
| 148,281,851.50 |
| 41.70 |
7.001 - 8.000 |
| 163 |
| 61,660,134.46 |
| 17.34 |
8.001 - 9.000 |
| 32 |
| 10,254,688.80 |
| 2.88 |
9.001 - 9.375 |
| 1 |
| 177,500.00 |
| 0.05 |
Total |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
___________________
(1) | The weighted average Minimum Mortgage Rate of the Adjustable-Rate Group II Mortgage Loans as of the Cut-off Date was approximately 6.442 per annum. |
Initial Periodic Rate Caps of the Adjustable-Rate Group II Mortgage Loans(1)
Initial Periodic Rate Cap (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
1.000 |
| 2 |
| $ 920,447.57 |
| 0.26% |
2.000 |
| 1 |
| 404,267.65 |
| 0.11 |
3.000 |
| 760 |
| 354,226,432.77 |
| 99.63 |
Total |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
___________________
(1) | Relates solely to initial rate adjustments. |
Subsequent Periodic Rate Caps of the Adjustable-Rate Group II Mortgage Loans(1)
Periodic Rate Cap (%) |
| Number of |
| Principal Balance |
| % of Aggregate |
1.000 |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
Total |
| 763 |
| $ 355,551,147.99 |
| 100.00% |
___________________
(1) | Relates to all rate adjustments subsequent to initial rate adjustments. |