Exhibit 99.1
------------
The Mortgage Loans consist of approximately 299 Mortgage Loans having
an aggregate principal balance as of the Subsequent Cut-off Date of
approximately $99,449,749, after application of scheduled payments due on or
before the Subsequent Cut-off Date whether or not received, and subject to a
permitted variance of plus or minus 5%. The Mortgage Loans have original terms
to maturity of not greater than 30 years from the date on which the first
payment was due on each Mortgage Loan.
Approximately 68.90% of the Mortgage Loans were retail originated
mortgage loans and approximately 31.10% of the Mortgage Loans were wholesale
originated mortgage loans. Approximately 73.88% of the Mortgage Loans were
originated under the Originator's "Standard" underwriting program and
approximately 26.12% of the Mortgage Loans were originated under the
Originator's "LTV Plus" underwriting program.
Each Mortgage Loan will accrue interest at the fixed-rate or the
adjustable-rate calculated as specified under the terms of the related mortgage
note (each such rate, a "Mortgage Rate"). Approximately 5.72% of the Mortgage
Loans are fixed-rate Mortgage Loans and approximately 94.28% of the Mortgage
Loans are adjustable-rate Mortgage Loans.
Each Adjustable-Rate Mortgage Loan accrues interest at a Mortgage Rate
that is adjustable. 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 the first adjustment for the Initial Adjustable-Rate Mortgage
Loans will occur after an initial period of two years after origination. On each
Adjustment Date for each Adjustable-Rate Mortgage Loan, the Mortgage Rate
thereon will be adjusted (subject to rounding) to equal the sum of the
applicable Index (as defined below) and a fixed percentage amount (the "Gross
Margin"). The Mortgage Rate on each Adjustable-Rate Mortgage Loan will not
decrease on the first related Adjustment Date, will not increase by more than
2.00% per annum on the first related Adjustment Date (the "Initial Periodic Rate
Cap") and will not increase or decrease by more than 1.00% per annum on any
Adjustment Date thereafter (the "Periodic Rate Cap"). 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 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 such 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 herein. None of the Adjustable-Rate Mortgage
Loans permits the related mortgagor to convert the adjustable Mortgage Rate
thereon to a fixed Mortgage Rate.
The Mortgage Loans have scheduled monthly payments due on the first day
of the month (with respect to each Mortgage Loan, a "Due Date"). Each Mortgage
Loan will contain a customary "due-on-sale" clause which provides that (subject
to state and federal restrictions) the Mortgage Loan must be repaid at the time
of sale of the related Mortgaged Property or with the consent of the holder of
the mortgage note assumed by a creditworthy purchaser of the related Mortgaged
Property.
Approximately 65.81% of the Mortgage Loans by aggregate principal
balance as of the Cut-off Date provide for payment by the mortgagor of a
prepayment charge (a "Prepayment Charge") on certain voluntary prepayments in
full. Generally, each such Mortgage Loan provides for payment of a Prepayment
Charge on certain voluntary prepayments in full made within a defined period set
forth in the related Mortgage Note (generally within the first three years but
may be as short as one year or as long as five years from the date of
origination of such Mortgage Loan). The amount of the Prepayment Charge is as
provided in the related Mortgage Note.
None of the Mortgage Loans are Buydown Mortgage Loans.
MORTGAGE LOAN STATISTICS
The average principal balance of the Mortgage Loans at origination was
approximately $332,923. No Mortgage Loan had a principal balance at origination
greater than approximately $577,500 or less than approximately $54,000. The
average principal balance of the Mortgage Loans as of the Cut-off Date was
approximately $332,608. No Mortgage Loan had a principal balance as of the
Cut-off Date greater than approximately $575,000 or less than approximately
$53,983.
The Mortgage Loans had Mortgage Rates as of the Subsequent Cut-off Date
ranging from approximately 6.40% per annum to approximately 13.00% per annum,
and the weighted average Mortgage Rate on the Mortgage Loans was approximately
9.02% per annum. As of the Subsequent Cut-off Date, the adjustable-rate Mortgage
Loans had Gross Margins ranging from approximately 1.00% to approximately 7.13%,
Minimum Mortgage Rates ranging from approximately 6.40% per annum to
approximately 13.00% per annum and Maximum Mortgage Rates ranging from
approximately 12.40% per annum to approximately 19.00% per annum. As of the
Subsequent Cut-off Date, the weighted average Gross Margin on the
adjustable-rate Mortgage Loans was approximately 6.38%, the weighted average
Minimum Mortgage Rate on the adjustable-rate Mortgage Loans was approximately
9.03% per annum and the weighted average Maximum Mortgage Rate on the
adjustable-rate Mortgage Loans was approximately 15.03% per annum. The latest
first Adjustment Date following the Subsequent Cut-off Date on any
adjustable-rate Mortgage Loan occurs in January 2004 and the weighted average
next Adjustment Date for all of the adjustable-rate Mortgage Loans following the
Subsequent Cut-off Date is October 2003.
The weighted average loan-to-value ratio at origination of the Mortgage
Loans was approximately 80.29%. At origination, no Mortgage Loan had a
loan-to-value ratio greater than approximately 95.00% or less than approximately
53.64%.
The weighted average remaining term to stated maturity of the Mortgage
Loans was approximately 29 years and 7 months as of the Subsequent Cut-off Date.
None of the Mortgage Loans had a first Due Date prior to August 2001 or after
February 2002, or will have a remaining term to stated maturity of less than 14
years or greater than 30 years as of the Subsequent Cut-off Date. The latest
maturity date of any Mortgage Loan is January 2032.
The Mortgage Loans are expected to have the following characteristics
as of the Subsequent Cut-off Date (the sum in any column may not equal the total
indicated due to rounding):
PRINCIPAL BALANCES OF THE MORTGAGE LOANS AT ORIGINATION(1)
RANGE OF PRINCIPAL BALANCES AT NUMBER OF AGGREGATE ORIGINAL PRINCIPAL % OF AGGREGATE ORIGINAL
ORIGINATION ($) MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
--------------- -------------- ------- -----------------
50,000.01 - 100,000.00................... 16 $ 1,217,775.00 1.22%
100,000.01 - 150,000.00................... 7 904,300.00 0.91
150,000.01 - 200,000.00................... 7 1,250,305.00 1.26
200,000.01 - 250,000.00................... 3 678,300.00 0.68
250,000.01 - 300,000.00................... 64 18,622,605.00 18.71
300,000.01 - 350,000.00................... 95 31,094,064.00 31.24
350,000.01 - 400,000.00................... 41 15,511,935.00 15.58
400,000.01 - 450,000.00................... 33 14,076,801.00 14.14
450,000.01 - 500,000.00................... 30 14,515,391.00 14.58
500,000.01 - 550,000.00................... 1 520,000.00 0.52
550,000.01 - 600,000.00................... 2 1,152,500.00 1.16
--- -------------- ------
Total............................ 299 $99,543,976.00 100.00%
--- --------------- ------
- -------------------
(1) The average principal balance of the Mortgage Loans as of origination
was approximately $332,923.
PRINCIPAL BALANCES OF THE MORTGAGE LOANS AS OF THE SUBSEQUENT CUT-OFF DATE(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
RANGE OF PRINCIPAL BALANCES AS NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
OF THE CUT OFF DATE ($) MORTGAGE LOANS DATE CUT-OFF DATE
----------------------- -------------- ---- ------------
50,000.01 - 100,000.00................... 16 $ 1,216,926.17 1.22%
100,000.01 - 150,000.00................... 7 903,626.12 0.91
150,000.01 - 200,000.00................... 7 1,248,681.55 1.26
200,000.01 - 250,000.00................... 3 677,610.56 0.68
250,000.01 - 300,000.00................... 64 18,607,231.74 18.71
300,000.01 - 350,000.00................... 96 31,413,066.89 31.59
350,000.01 - 400,000.00................... 40 15,147,867.29 15.23
400,000.01 - 450,000.00................... 33 14,062,655.02 14.14
450,000.01 - 500,000.00................... 30 14,503,209.57 14.58
500,000.01 - 550,000.00................... 1 519,429.79 0.52
550,000.01 - 600,000.00................... 2 1,149,444.46 1.16
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- ------
- -------------------
(1) The average principal balance of the Mortgage Loans as of the Cut-off
Date was approximately $332,608.
MORTGAGE RATES OF THE MORTGAGE LOANS AS OF THE SUBSEQUENT CUT-OFF DATE(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
CURRENT MORTGAGE RATE(%) MORTGAGE LOANS DATE CUT-OFF DATE
------------------------ -------------- ---- ------------
6.000 - 6.499........................... 1 $ 332,193.52 0.33%
6.500 - 6.999........................... 13 4,838,176.66 4.86
7.000 - 7.499........................... 15 6,054,563.60 6.09
7.500 - 7.999........................... 39 13,151,071.62 13.22
8.000 - 8.499........................... 33 12,102,164.36 12.17
8.500 - 8.999........................... 58 19,718,623.58 19.83
9.000 - 9.499........................... 29 9,514,705.03 9.57
9.500 - 9.999........................... 42 13,423,378.37 13.50
10.000 - 10.499........................... 17 5,668,816.87 5.70
10.500 - 10.999........................... 21 5,864,091.46 5.90
11.000 - 11.499........................... 13 3,047,909.57 3.06
11.500 - 11.999........................... 10 2,935,625.38 2.95
12.000- 12.499............................ 1 366,000.00 0.37
12.500 - 12.999........................... 7 2,432,429.14 2.45
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- ------
- ------------------
(1) The weighted average current Mortgage Rate of the Mortgage Loans as of
the Cut-off Date was approximately 9.020% per annum.
MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE SUBSEQUENT MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
MAXIMUM MORTGAGE RATE(%) MORTGAGE LOANS DATE CUT-OFF DATE
------------------------ -------------- ---- ------------
12.000 - 12.499........................... 1 $ 332,193.52 0.35%
12.500 - 12.999........................... 13 4,838,176.66 5.16
13.000 - 13.499........................... 15 6,054,563.60 6.46
13.500 - 13.999........................... 35 12,046,067.26 12.85
14.000 - 14.499........................... 32 11,747,164.36 12.53
14.500 - 14.999........................... 53 17,739,365.12 18.92
15.000 - 15.499........................... 27 9,021,279.10 9.62
15.500 - 15.999........................... 38 12,060,004.81 12.86
16.000 - 16.499........................... 16 5,276,816.87 5.63
16.500 - 16.999........................... 21 5,864,091.46 6.25
17.000 - 17.499........................... 13 3,047,909.57 3.25
17.500 - 17.999........................... 10 2,935,625.38 3.13
18.000 - 18.499........................... 1 366,000.00 0.39
18.500 - 18.999........................... 7 2,432,429.14 2.59
--- ------------------- ------
Total............................ 282 $ 93,761,686.85 100.00%
--- ------------------- ------
- --------------------
(1) The weighted average Maximum Mortgage Rate of the adjustable-rate
Mortgage Loans as of the Cut-off Date was approximately 15.026% per
annum.
MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
MINIMUM MORTGAGE RATE(%) MORTGAGE LOANS DATE CUT-OFF DATE
------------------------ -------------- ---- ------------
6.000 - 6.499........................... 1 $ 332,193.52 0.35%
6.500 - 6.999........................... 13 4,838,176.66 5.16
7.000 - 7.499........................... 15 6,054,563.60 6.46
7.500 - 7.999........................... 35 12,046,067.26 12.85
8.000 - 8.499........................... 32 11,747,164.36 12.53
8.500 - 8.999........................... 53 17,739,365.12 18.92
9.000 - 9.499........................... 27 9,021,279.10 9.62
9.500 - 9.999........................... 38 12,060,004.81 12.86
10.000 - 10.499........................... 16 5,276,816.87 5.63
10.500 - 10.999........................... 21 5,864,091.46 6.25
11.000 - 11.499........................... 13 3,047,909.57 3.25
11.500 - 11.999........................... 10 2,935,625.38 3.13
12.000 - 12.499........................... 1 366,000.00 0.39
12.500 - 12.999........................... 7 2,432,429.14 2.59
--- --------------- ------
Total............................ 282 $93,761,686.85 100.00%
--- -------------- ------
- ------------------
(1) The weighted average Minimum Mortgage Rate of the adjustable-rate
Mortgage Loans as of the Cut-off Date was approximately 9.026% per
annum.
GROSS MARGINS OF THE ADJUSTABLE-RATE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
GROSS MARGINS(%) MORTGAGE LOANS DATE CUT-OFF DATE
---------------- -------------- ---- ------------
1.000 - 1.249............................. 1 $ 315,637.16 0.34%
5.000 - 5.249............................. 1 282,210.47 0.30
5.500 - 5.749............................. 39 13,422,953.22 14.32
6.000 - 6.249............................. 2 620,188.21 0.66
6.250 - 6.499............................. 2 640,430.35 0.68
6.500 - 6.749............................. 212 71,364,215.97 76.11
6.750 - 6.999............................. 1 57,578.78 0.06
7.000 - 7.249............................. 24 7,058,472.69 7.53
--- ------------------- ------
Total............................ 282 $ 93,761,686.85 100.00%
--- ------------------- ------
- ------------------
(1) The weighted average Gross Margin of the adjustable-rate Mortgage Loans
as of the Cut-off Date was approximately 6.381% per annum.
NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
NEXT ADJUSTMENT DATE MORTGAGE LOANS DATE CUT-OFF DATE
-------------------- -------------- ---- ------------
July 2003................................. 4 $ 1,394,821.85 1.49%
August 2003............................... 18 5,902,495.23 6.30
September 2003............................ 25 8,616,907.64 9.19
October 2003.............................. 53 16,392,645.72 17.48
November 2003............................. 145 48,034,739.41 51.23
December 2003............................. 36 13,037,577.00 13.91
January 2004.............................. 1 382,500.00 0.41
--- ------------------- ------
Total............................ 282 $ 93,761,686.85 100.00%
--- ------------------- ------
- ------------------
(1) The weighted average next Adjustment Date for the adjustable-rate
Mortgage Loans as of the Cut-off Date is approximately October 2003.
ORIGINAL LOAN-TO-VALUE RATIOS OF THE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
ORIGINAL LOAN-TO-VALUE RATIO(%) MORTGAGE LOANS DATE CUT-OFF DATE
------------------------------- -------------- ---- ------------
50.01 - 55.00............................. 3 $ 1,129,087.41 1.14%
55.01 - 60.00............................. 6 2,126,470.31 2.14
60.01 - 65.00............................. 12 4,387,524.92 4.41
65.01 - 70.00............................. 17 6,254,126.99 6.29
70.01 - 75.00............................. 42 14,252,091.44 14.33
75.01 - 80.00............................. 79 28,310,928.06 28.47
80.01 - 85.00............................. 40 14,602,545.94 14.68
85.01 - 90.00............................. 84 24,396,265.51 24.53
90.01 - 95.00............................. 16 3,990,708.58 4.01
--- -------------- ------
Total............................ 299 $99,449,749.16 100.00%
--- -------------- ------
- ------------------
(1) The weighted average original loan-to-value ratio of the Mortgage Loans
as of the Cut-off Date was approximately 80.29%.
MORTGAGED PROPERTY TYPES OF THE MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
PROPERTY TYPE MORTGAGE LOANS DATE CUT-OFF DATE
------------- -------------- ---- ------------
Single Family Detached.................... 262 $ 87,725,098.80 88.21%
Two Family................................ 2 324,515.06 0.33
Planned Unit Development Detached......... 27 9,190,749.22 9.24
Condominium............................... 6 1,958,780.52 1.97
Three- to four-family..................... 1 170,561.11 0.17
Planned Unit Development Attached......... 1 80,044.45 0.08
--- ------------------ ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------ ------
MORTGAGED PROPERTY OCCUPANCY STATUS OF THE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
OCCUPANCY STATUS MORTGAGE LOANS DATE CUT-OFF DATE
---------------- -------------- ---- ------------
Owner Occupied............................ 292 $ 97,180,571.82 97.72%
Non Owner Occupied........................ 5 1,639,614.92 1.65
Second Home............................... 2 629,562.42 0.63
--- ------------------ ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------ ------
- --------------------
(1) Occupancy status as represented by the mortgagor at the time of
origination.
PURPOSE OF THE MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
PURPOSE MORTGAGE LOANS DATE CUT-OFF DATE
------- -------------- ---- ------------
Equity-out Refinance...................... 156 $ 53,145,018.69 53.44%
Rate Term Refinance....................... 120 38,598,198.17 38.81
Purchase.................................. 23 7,706,532.30 7.75
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- ------
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES RELATING TO THE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
LOCATION MORTGAGE LOANS DATE CUT-OFF DATE
-------- -------------- ---- ------------
Alabama................................... 3 $ 964,426.79 0.97%
Arizona................................... 7 2,329,286.08 2.34
California................................ 140 48,730,943.92 49.00
Colorado.................................. 13 4,246,584.18 4.27
Connecticut............................... 5 1,836,532.43 1.85
Florida................................... 9 2,659,820.95 2.67
Georgia................................... 3 835,441.46 0.84
Hawaii.................................... 4 1,869,020.23 1.88
Idaho..................................... 1 449,764.25 0.45
Illinois.................................. 5 1,838,394.71 1.85
Iowa...................................... 1 181,628.40 0.18
Kansas.................................... 3 1,202,256.41 1.21
Maine..................................... 1 431,009.38 0.43
Maryland.................................. 5 1,627,415.57 1.64
Massachusetts............................. 7 2,503,925.98 2.52
Michigan.................................. 7 1,503,101.93 1.51
Minnesota................................. 7 2,504,706.77 2.52
Mississippi............................... 1 333,911.41 0.34
Missouri.................................. 4 1,101,107.20 1.11
Nevada.................................... 1 361,042.15 0.36
New Hampshire............................. 2 655,305.73 0.66
New Jersey................................ 16 4,945,094.81 4.97
New York.................................. 15 4,955,440.69 4.98
Ohio...................................... 3 315,664.32 0.32
Oklahoma.................................. 1 72,866.46 0.07
Oregon.................................... 2 739,192.50 0.74
Pennsylvania.............................. 9 1,969,709.95 1.98
Rhode Island.............................. 1 381,930.48 0.38
Tennessee................................. 1 353,539.31 0.36
Texas..................................... 9 3,434,656.09 3.45
Utah...................................... 1 496,942.51 0.50
Washington................................ 12 3,619,086.11 3.64
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- ---------
- -------------------
(1) The greatest ZIP Code geographic concentration of the Mortgage Loans
was approximately 2.10% in the 95148 ZIP Code.
QUALIFYING FICO SCORES FOR THE MORTGAGE LOANS AT ORIGINATION(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
QUALIFYING FICO SCORE MORTGAGE LOANS DATE CUT-OFF DATE
--------------------- -------------- ---- ------------
500 - 519................................. 10 $ 2,791,164.27 2.81%
520 - 539................................. 19 6,390,573.14 6.43
540 - 559................................. 31 9,469,576.92 9.52
560 - 579................................. 39 12,202,248.81 12.27
580 - 599................................. 30 9,765,363.02 9.82
600 - 619................................. 18 6,521,186.54 6.56
620 - 639................................. 56 19,190,738.97 19.30
640 - 659................................. 41 13,987,827.01 14.07
660 - 679................................. 23 7,908,281.67 7.95
680 - 699................................. 15 5,335,442.08 5.36
700 - 719................................. 3 951,634.87 0.96
720 - 739................................. 7 2,068,323.83 2.08
740 - 759................................. 4 1,721,221.69 1.73
760 - 779................................. 2 799,855.61 0.80
780 - 799................................. 1 346,310.73 0.35
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- -------
- ----------------------
(1) The weighted average qualifying FICO score at origination of the
Mortgage Loans was approximately 615.
INCOME DOCUMENTATION OF THE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
INCOME DOCUMENTATION MORTGAGE LOANS DATE CUT-OFF DATE
-------------------- -------------- ---- ------------
Full Documentation........................ 166 $ 51,980,354.42 52.27%
Stated Income Documentation............... 59 19,809,999.34 19.92
Fast Trac Documentation................... 74 27,659,395.40 27.81
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- ------
- --------------------
(1) For a description of each documentation level, see "The Mortgage
Loans--Underwriting Standards; Representations" herein.
UNDERWRITING PROGRAM OF THE MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
UNDERWRITING PROGRAM MORTGAGE LOANS DATE CUT-OFF DATE
-------------------- -------------- ---- ------------
Standard.................................. 216 $ 73,470,618.05 73.88%
LTV Plus.................................. 83 25,979,131.11 26.12
--- --------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- --------------------- ------
- --------------------
(1) For a description of each underwriting program, see "The Mortgage
Loans--Underwriting Standards; Representations" herein.
RISK CATEGORIES FOR THE MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
CREDIT GRADE MORTGAGE LOANS DATE CUT-OFF DATE
------------ -------------- ---- ------------
AAA....................................... 125 $ 44,536,477.90 44.78%
AA........................................ 89 30,764,231.86 30.93
A......................................... 31 8,388,572.32 8.43
B......................................... 31 10,423,319.78 10.48
C......................................... 9 2,700,549.12 2.72
D......................................... 14 2,636,598.18 2.65
--- ------------------- ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------- ---------
ORIGINATION SOURCE OF THE MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE CUT-OFF BALANCE OUTSTANDING AS OF THE
ORIGINATION SOURCE MORTGAGE LOANS DATE CUT-OFF DATE
------------------ -------------- ---- ------------
Retail.................................... 211 $ 68,521,015.91 68.90%
Wholesale................................. 88 30,928,733.25 31.10
--- ------------------ ------
Total............................ 299 $ 99,449,749.16 100.00%
--- ------------------ ------