EXHIBIT 99.1
The pool of mortgage loans transferred to the trust (the "Mortgage Loans")
will consist of conventional, one-to four- family, adjustable-rate and
fixed-rate mortgage loans. The Depositor will purchase the Mortgage Loans from
the Seller pursuant to the Subsequent Mortgage Loan Purchase Agreement, dated as
of January 14, 2004 (the "Subsequent Mortgage Loan Purchase Agreement"), between
the Seller and the Depositor. Pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 2003 (the "Pooling and Servicing Agreement"), among the
Depositor, the Master Servicer and the Trustee, the Depositor will cause the
Mortgage Loans to be assigned to the Trustee for the benefit of the
certificateholders. The Cut-off Date for the Initial Mortgage Loans is December
1, 2003 (the "Cut-off Date"). The Subsequent Cut-off Date for the Subsequent
Mortgage Loans is January 1, 2004 (the "Subsequent Cut-off Date"). For purposes
of this Exhibit 99.1, the term Related Cut-off Date (the "Related Cut-off Date")
means the Cut-off Date for the Initial Mortgage Loans and the Subsequent Cut-off
Date for the Subsequent Mortgage Loans, as applicable.
The Mortgage Loans are secured by mortgages or deeds of trust or other
similar security instruments creating first liens on residential properties (the
"Mortgaged Properties") consisting of attached, detached or semi-detached one-to
four- family dwelling units, individual condominium units or individual units in
planned unit developments and manufactured housing. The Mortgage Loans will 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.
Each adjustable-rate Mortgage Loan will accrue interest at the
adjustable-rate calculated as specified under the terms of the related mortgage
note (each such rate, a "Mortgage Rate").
Each fixed-rate Mortgage Loan will have a Mortgage Rate that is fixed for
the life of such Mortgage Loan. Each adjustable-rate Mortgage Loan will
accrue interest at a Mortgage Rate that is adjustable. The adjustable-rate
Mortgage Loans will 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
approximately 74.44% of the adjustable-rate Group I Mortgage Loans and
approximately 77.84% of the adjustable-rate Group II Mortgage Loans will occur
after an initial period of two years after origination and the first adjustment
for approximately 25.56% of the adjustable-rate Group I Mortgage Loans and
approximately 22.16% of the adjustable-rate Group II Mortgage Loans will occur
after an initial period of three 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 2.000% per annum on the
first related Adjustment Date (the "Initial Periodic Rate Cap") and will not
increase or decrease by more than 1.000% 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 will 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.
None of the Mortgage Loans are Buydown Mortgage Loans.
For purposes of calculating interest and principal distributions on the
Class A Certificates, the Mortgage Loans will be divided into two loan groups,
designated as the "Group I Mortgage Loans" and the "Group II Mortgage Loans."
The Group I Mortgage Loans will consist of adjustable-rate and fixed-rate
mortgage loans with principal balances at
-12-
origination that conform to ▇▇▇▇▇▇▇ Mac and ▇▇▇▇▇▇ Mae loan limits and the Group
II Mortgage Loans will consist of adjustable-rate and fixed-rate mortgage loans
with principal balances at origination that may or may not conform to ▇▇▇▇▇▇▇
Mac or ▇▇▇▇▇▇ Mae loan limits.
The Group I Mortgage Loans consist of approximately 6,822
adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal
balance as of the Related Cut-off Date of approximately $1,055,845,922.39, after
application of scheduled payments due on or before the Related Cut-off Date
whether or not received, and subject to a permitted variance of plus or minus
5%. The Group II Mortgage Loans consist of approximately 1,000 adjustable-rate
and fixed-rate Mortgage Loans having an aggregate principal balance as of the
Related Cut-off Date of approximately $330,153,974.41, after application of
scheduled payments due on or before the Related Cut-off Date whether or not
received, and subject to a permitted variance of plus or minus 5%.
Approximately 73.34% of the Group I Mortgage Loans and approximately
78.99% of the Group II Mortgage Loans provide for payment by the mortgagor of a
prepayment charge on certain principal prepayments, subject to certain
limitations in the related mortgage note and limitations upon collection in the
Pooling and Servicing Agreement. Generally, each such Mortgage Loan provides for
payment of a prepayment charge on certain prepayments made within a defined
period set forth in the related Mortgage Note (generally within the first three
years but possibly as short as one year from the date of origination of such
Mortgage Loan). The amount of the prepayment charge is as provided in the
related Mortgage Note. The holders of the Class P Certificates will be entitled
to all prepayment charges received on the Mortgage Loans in both loan groups,
and such amounts will not be available for distribution on the other classes of
Certificates. Under certain instances, as described under the terms of the
Pooling and Servicing Agreement, the Master 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 Master Servicer with respect to the waiver thereof, may have on the
prepayment performance of the Mortgage Loans. The Depositor makes no
representation as to the effect that the prepayment charges, and decisions by
the Master Servicer with respect to the waiver thereof, may have on the
prepayment performance of the Mortgage Loans.
GROUP I MORTGAGE LOAN STATISTICS
None of the Group I Mortgage Loans had a first Due Date prior to August
2003 or after February 2004, or will have a remaining term to stated maturity of
less than 175 months or greater than 360 months as of the Related Cut-off Date.
The latest maturity date of any Group I Mortgage Loan is January 2034.
The Group I Mortgage Loans are expected to have the following
characteristics as of the Cut-off Date, with respect to the Initial Group I
Mortgage Loans and as of the Subsequent Cut-off Date, with respect to the
Subsequent Group I Mortgage Loans (the sum in any column may not equal the total
indicated due to rounding):
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PRINCIPAL BALANCES OF THE GROUP I MORTGAGE LOANS AS OF THE RELATED CUT-OFF DATE(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
RANGE OF PRINCIPAL BALANCES AS NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
OF THE RELATED CUT-OFF DATE ($) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------------ -------------- ----------------------------- -----------------------------
50,000.01 - 75,000.00 ......... 737 $ 49,717,316.81 4.709%
75,000.01 - 100,000.00 ......... 1,130 98,835,774.48 9.361
100,000.01 - 125,000.00 ......... 977 110,166,711.17 10.434
125,000.01 - 150,000.00 ......... 937 128,773,241.48 12.196
150,000.01 - 175,000.00 ......... 740 119,945,037.20 11.360
175,000.01 - 200,000.00 ......... 642 120,229,148.30 11.387
200,000.01 - 225,000.00 ......... 474 101,220,025.72 9.587
225,000.01 - 250,000.00 ......... 358 85,074,455.40 8.057
250,000.01 - 275,000.00 ......... 304 79,617,840.69 7.541
275,000.01 - 300,000.00 ......... 272 78,548,276.66 7.439
300,000.01 - 325,000.00 ......... 178 55,493,817.25 5.256
325,000.01 - 350,000.00 ......... 18 6,090,991.82 0.577
350,000.01 - 375,000.00 ......... 12 4,362,443.16 0.413
375,000.01 - 400,000.00 ......... 24 9,313,717.33 0.882
400,000.01 - 425,000.00 ......... 7 2,868,490.45 0.272
425,000.01 - 450,000.00 ......... 2 883,018.52 0.084
450,000.01 - 475,000.00 ......... 7 3,242,058.63 0.307
475,000.01 - 500,000.00 ......... 3 1,463,557.32 0.139
----- ------------------ -------
Total ...................... 6,822 $ 1,055,845,922.39 100.000%
===== ================== =======
______________
(1) The average principal balance of the Group I Mortgage Loans as of the
Related Cut-off Date was approximately $154,771.
MORTGAGE RATES OF THE GROUP I MORTGAGE LOANS AS OF THE RELATED CUT-OFF DATE(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
CURRENT MORTGAGE RATE (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
5.000 - 5.999 .............. 347 $ 68,698,290.74 6.506%
6.000 - 6.999 .............. 1,532 275,747,876.59 26.116
7.000 - 7.999 .............. 2,533 396,429,210.91 37.546
8.000 - 8.999 .............. 1,741 235,641,312.91 22.318
9.000 - 9.999 .............. 538 64,310,716.85 6.091
10.000 - 10.999 .............. 89 10,176,124.46 0.964
11.000 - 11.999 .............. 32 3,913,442.83 0.371
12.000 - 12.999 .............. 10 928,947.10 0.088
----- ----------------- -------
Total ....................... 6,822 $1,055,845,922.39 100.000%
===== ================= =======
______________
(1) The weighted average current Mortgage Rate of the Group I Mortgage Loans as
of the Related Cut-off Date was approximately 7.516% per annum.
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MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
MAXIMUM MORTGAGE RATE (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
11.000 - 11.500 ............ 35 $ 7,372,048.80 0.931%
11.501 - 12.000 ............ 174 34,001,315.00 4.294
12.001 - 12.500 ............ 394 75,347,698.62 9.515
12.501 - 13.000 ............ 703 124,168,835.59 15.681
13.001 - 13.500 ............ 884 145,323,666.09 18.352
13.501 - 14.000 ............ 1,071 167,717,145.95 21.180
14.001 - 14.500 ............ 761 108,474,373.76 13.699
14.501 - 15.000 ............ 538 72,674,956.98 9.178
15.001 - 15.500 ............ 258 32,807,329.87 4.143
15.501 - 16.000 ............ 103 12,290,642.38 1.552
16.001 - 16.500 ............ 39 4,966,615.47 0.627
16.501 - 17.000 ............ 18 2,488,499.22 0.314
17.001 - 17.500 ............ 14 1,831,703.65 0.231
17.501 - 18.000 ............ 16 1,689,605.23 0.213
18.001 - 18.500 ............ 7 702,027.08 0.089
----- --------------- -------
Total ..................... 5,015 $791,856,463.69 100.000%
===== =============== =======
______________
(1) The weighted average Maximum Mortgage Rate of the adjustable-rate Group I
Mortgage Loans as of the Related Cut-off Date was approximately 13.591% per
annum.
MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
MINIMUM MORTGAGE RATE (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
5.001 - 5.500 ............. 35 $ 7,372,048.80 0.931%
5.501 - 6.000 ............. 174 34,001,315.00 4.294
6.001 - 6.500 ............. 394 75,347,698.62 9.515
6.501 - 7.000 ............. 703 124,168,835.59 15.681
7.001 - 7.500 ............. 884 145,323,666.09 18.352
7.501 - 8.000 ............. 1,071 167,717,145.95 21.180
8.001 - 8.500 ............. 761 108,474,373.76 13.699
8.501 - 9.000 ............. 538 72,674,956.98 9.178
9.001 - 9.500 ............. 258 32,807,329.87 4.143
9.501 -10.000 ............. 103 12,290,642.38 1.552
10.001 -10.500 ............. 39 4,966,615.47 0.627
10.501 -11.000 ............. 18 2,488,499.22 0.314
11.001 -11.500 ............. 14 1,831,703.65 0.231
11.501 -12.000 ............. 16 1,689,605.23 0.213
12.001 -12.500 ............. 7 702,027.08 0.089
----- --------------- -------
Total ..................... 5,015 $791,856,463.69 100.000%
===== =============== =======
______________
(1) The weighted average Minimum Mortgage Rate of the adjustable-rate Group I
Mortgage Loans as of the Related Cut-off Date was approximately 7.591% per
annum.
-15-
GROSS MARGINS OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
GROSS MARGINS (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
4.001- 4.500 .............. 217 $ 32,140,203.36 4.059%
4.501- 5.000 .............. 6 577,754.92 0.073
5.001- 5.500 .............. 251 49,881,812.43 6.299
5.501- 6.000 .............. 10 1,685,117.94 0.213
6.000- 6.500 .............. 4,488 700,381,900.26 88.448
6.501- 7.000 .............. 11 1,650,633.56 0.208
7.000- 7.500 .............. 32 5,539,041.22 0.700
----- --------------- -------
Total .................... 5,015 $791,856,463.69 100.000%
===== =============== =======
______________
(1) The weighted average Gross Margin of the adjustable-rate Group I Mortgage
Loans as of the Related Cut-off Date was approximately 6.357% per annum.
NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
NEXT ADJUSTMENT DATE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
July 2005 .................. 5 $ 624,633.98 0.079%
August 2005 ................ 10 1,341,288.88 0.169
September 2005 ............. 58 6,666,584.09 0.842
October 2005 ............... 397 58,058,320.30 7.332
November 2005 .............. 2,706 420,422,816.78 53.093
December 2005 .............. 592 93,091,743.09 11.756
January 2006 .............. 59 9,226,365.00 1.165
August 2006 ................ 1 85,341.57 0.011
September 2006 ............. 1 62,946.97 0.008
October 2006 ............... 106 17,910,326.95 2.262
November 2006 .............. 875 151,179,736.57 19.092
December 2006 .............. 203 33,012,209.51 4.169
January 2007 .............. 2 174,150.00 0.022
----- --------------- -------
Total .................... 5,015 $791,856,463.69 100.000%
===== =============== =======
______________
(1) The weighted average next Adjustment Date for the adjustable-rate Group I
Mortgage Loans as of the Related Cut-off Date is February 2006.
-16-
ORIGINAL LOAN-TO-VALUE RATIOS OF THE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
ORIGINAL LOAN-TO-VALUE RATIO (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
20.000 or less .............. 2 $ 189,573.65 0.018%
20.001 - 25.000 ............. 5 516,770.09 0.049
25.001 - 30.000 ............. 9 882,249.60 0.084
30.001 - 35.000 ............. 19 2,486,403.73 0.235
35.001 - 40.000 ............. 30 3,538,720.78 0.335
40.001 - 45.000 ............. 29 4,070,117.87 0.385
45.001 - 50.000 ............. 51 6,304,560.47 0.597
50.001 - 55.000 ............. 70 9,649,366.84 0.914
55.001 - 60.000 ............. 109 16,471,712.87 1.560
60.001 - 65.000 ............. 178 27,046,601.07 2.562
65.001 - 70.000 ............. 239 35,102,392.30 3.325
70.001 - 75.000 ............. 469 72,504,883.17 6.867
75.001 - 80.000 ............. 937 141,649,205.18 13.416
80.001 - 85.000 ............. 972 151,538,104.66 14.352
85.001 - 90.000 ............. 2,166 325,504,192.99 30.829
90.001 - 95.000 ............. 1,537 258,391,067.12 24.472
----- ----------------- -------
Total ..................... 6,822 $1,055,845,922.39 100.000%
===== ================= =======
______________
(1) The weighted average original loan-to-value ratio of the Group I Mortgage
Loans as of the Related Cut-off Date was approximately 84.696%.
MORTGAGED PROPERTY TYPES OF THE GROUP I MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
PROPERTY TYPE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Single Family Detached ......... 5,294 $ 801,666,708.37 75.926%
2-4 Family Residence ........... 530 102,215,685.55 9.681
PUD Detached ................... 435 73,435,210.49 6.955
Condominium .................... 443 64,671,579.20 6.125
Manufactured ................... 72 6,939,680.24 0.657
Single Family Attached ......... 7 723,351.05 0.069
PUD Attached ................... 41 6,193,707.49 0.587
----- ----------------- -------
Total ........................ 6,822 $1,055,845,922.39 100.000%
===== ================= =======
-17-
MORTGAGED PROPERTY OCCUPANCY STATUS OF THE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
OCCUPANCY STATUS MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Primary ........................ 6,095 $ 964,179,277.39 91.318%
Non-Owner Occupied ............. 679 85,382,976.86 8.087
Second Home .................... 48 6,283,668.14 0.595
Total ........................ 6,822 $1,055,845,922.39 100.000%
______________
(1) Occupancy status as represented by the mortgagor at the time of origination.
PURPOSE OF THE GROUP I MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
PURPOSE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Refinance-Cashout(1) ........... 4,475 $ 698,209,278.22 66.128%
Refinance-Rate Term(2) ......... 592 85,770,556.21 8.123
Purchase ....................... 1,755 271,866,087.96 25.749
----- ----------------- -------
Total ........................ 6,822 $1,055,845,922.39 100.000%
===== ================= =======
______________
(1) Cash proceeds to the borrower inclusive of Debt Consolidation payments
exceed $2000 or 2% of the original Principal Balance of the related
mortgage loan. Also includes all home equity loans originated in Texas
with any cash proceeds.
(2) Cash proceeds to the borrower inclusive of Debt Consolidation payments
are equal to or less than $2000 or 2% of the original Principal Balance
of the related mortgage loan. Excludes home equity loans originated in
Texas with any cash proceeds.
-18-
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES RELATING TO THE GROUP I MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
LOCATION MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Alabama ..................... 59 $ 6,180,157.33 0.585%
Alaska ...................... 17 3,044,490.57 0.288
Arizona ..................... 405 50,112,418.97 4.746
Arkansas .................... 2 148,156.11 0.014
California .................. 1,290 261,502,889.57 24.767
Colorado .................... 114 19,681,395.80 1.864
Connecticut ................. 132 21,342,125.23 2.021
Delaware .................... 8 1,516,939.35 0.144
Florida ..................... 924 122,388,767.47 11.592
Georgia ..................... 103 15,173,255.93 1.437
Hawaii ...................... 39 9,600,160.29 0.909
Idaho ....................... 11 1,299,390.45 0.123
Illinois .................... 517 82,434,777.94 7.807
Indiana ..................... 101 9,230,544.74 0.874
Iowa ........................ 28 2,537,129.09 0.240
Kansas ...................... 26 2,786,320.70 0.264
Kentucky .................... 30 2,927,552.41 0.277
Louisiana ................... 49 5,489,913.49 0.520
Maine ....................... 7 1,083,009.30 0.103
Maryland .................... 114 19,673,794.94 1.863
Massachusetts ............... 96 21,028,958.23 1.992
Michigan .................... 267 29,505,687.35 2.795
Minnesota ................... 160 27,999,797.62 2.652
Mississippi ................. 24 2,432,967.27 0.230
Missouri .................... 168 16,832,079.09 1.594
Montana ..................... 1 134,786.62 0.013
Nebraska .................... 9 938,246.94 0.089
Nevada ...................... 121 19,890,411.64 1.884
New Hampshire ............... 15 2,395,841.03 0.227
New Jersey .................. 252 46,643,349.89 4.418
New Mexico .................. 57 7,319,257.12 0.693
New York .................... 307 73,422,604.81 6.954
North Carolina .............. 44 4,901,623.61 0.464
North Dakota ................ 1 65,190.78 0.006
Ohio ........................ 300 28,890,555.14 2.736
Oklahoma .................... 32 3,492,218.00 0.331
Oregon ...................... 78 11,831,919.89 1.121
Pennsylvania ................ 121 16,029,666.22 ▇.▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ ................ 52 8,478,780.29 0.803
South Carolina .............. 39 3,713,533.59 0.352
Tennessee ................... 64 7,017,460.39 0.665
Texas ....................... 295 33,261,094.05 3.150
Utah ........................ 90 13,908,903.21 1.317
Vermont ..................... 4 438,230.63 0.042
Washington .................. 162 28,416,162.34 2.691
Wisconsin ................... 85 8,468,723.30 0.802
Wyoming ..................... 2 234,683.66 0.022
Total ............... 6,822 $1,055,845,922.39 100.000%
______________
(1) The greatest ZIP Code geographic concentration of the Group I Mortgage
Loans was approximately 0.336% in the 95206 ZIP Code.
-19-
QUALIFYING FICO SCORES FOR THE GROUP I MORTGAGE LOANS AT ORIGINATION(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
QUALIFYING FICO SCORE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
500 - 524 .......... 373 $ 52,013,753.90 4.926%
525 - 549 .......... 668 92,066,405.74 8.720
550 - 574 .......... 1,093 159,789,123.34 15.134
575 - 599 .......... 861 131,960,215.60 12.498
600 - 624 .......... 1,374 214,914,789.04 20.355
625 - 649 .......... 999 162,449,148.76 15.386
650 - 674 .......... 684 111,817,410.40 10.590
675 - 699 .......... 367 59,975,845.22 5.680
700 - 724 .......... 194 34,330,920.10 3.252
725 - 749 .......... 119 19,529,611.79 1.850
750 - 774 .......... 57 10,033,028.56 0.950
775 - 799 .......... 31 6,682,052.94 0.633
800 - 824 .......... 2 283,617.00 0.027
----- ----------------- -------
Total .......... 6,822 $1,055,845,922.39 100.000%
===== ================= =======
______________
(1) The weighted average qualifying FICO score at origination of the Group I
Mortgage Loans that had FICO scores was approximately 611.
INCOME DOCUMENTATION OF THE GROUP I MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
INCOME DOCUMENTATION MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Full Documentation ............. 4,687 $ 699,907,105.84 66.289%
Stated Documentation ........... 1,844 306,066,060.12 28.988
Limited Documentation .......... 291 49,872,756.43 4.723
----- ----------------- -------
Total ......................... 6,822 $1,055,845,922.39 100.000%
===== ================= =======
-20-
RISK CATEGORIES FOR THE GROUP I MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
RISK CATEGORY (1) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
I ..................... 4,594 $ 709,434,800.23 67.191%
II .................... 575 87,660,350.34 8.302
III ................... 580 85,208,856.92 8.070
IV .................... 386 56,674,938.78 5.368
V ..................... 233 32,591,275.97 3.087
VI .................... 49 6,727,045.94 0.637
A ..................... 315 59,743,271.60 5.658
A- .................... 24 4,754,958.28 0.450
B ..................... 19 3,899,627.26 0.369
C ..................... 13 2,339,760.39 0.222
C- .................... 34 6,811,036.68 0.645
----- ----------------- -------
Total ................ 6,822 $1,055,845,922.39 100.000%
===== ================= =======
______________
(1) Letters correspond to risk categories of Olympus Mortgage Company and roman
numerals correspond to risk categories of Argent Mortgage Company, LLC.
-21-
GROUP II MORTGAGE LOAN STATISTICS
None of the Group II Mortgage Loans had a first Due Date prior to
August 2003 or after February 2004, or will have a remaining term to stated
maturity of less than 177 months or greater than 360 months as of the Related
Cut-off Date. The latest maturity date of any Group II Mortgage Loan is January
2034.
The Group II Mortgage Loans are expected to have the following
characteristics as of the Cut-off Date, with respect to the Initial Group II
Mortgage Loans and as of the Subsequent Cut-off Date, with respect to the
Subsequent Group II Mortgage Loans (the sum in any column may not equal the
total indicated due to rounding):
-22-
PRINCIPAL BALANCES OF THE GROUP II MORTGAGE LOANS AS OF THE RELATED CUT-OFF DATE(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
RANGE OF PRINCIPAL BALANCES AS NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
OF THE RELATED CUT-OFF DATE ($) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
50,000.01 - 75,000.00 ........... 48 $ 3,241,460.29 0.982%
75,000.01 - 100,000.00 ........... 53 4,583,339.04 1.388
100,000.01 - 125,000.00 ........... 38 4,280,732.71 1.297
125,000.01 - 150,000.00 ........... 38 5,218,158.31 1.581
150,000.01 - 175,000.00 ........... 27 4,388,992.67 1.329
175,000.01 - 200,000.00 ........... 28 5,303,497.19 1.606
200,000.01 - 225,000.00 ........... 18 3,806,987.92 1.153
225,000.01 - 250,000.00 ........... 14 3,306,812.35 1.002
250,000.01 - 275,000.00 ........... 11 2,889,566.85 0.875
275,000.01 - 300,000.00 ........... 8 2,281,536.59 0.691
300,000.01 - 325,000.00 ........... 22 7,023,740.45 2.127
325,000.01 - 350,000.00 ........... 147 49,591,028.61 15.021
350,000.01 - 375,000.00 ........... 130 47,140,682.95 14.278
375,000.01 - 400,000.00 ........... 124 48,266,371.02 14.619
400,000.01 - 425,000.00 ........... 61 25,094,837.71 7.601
425,000.01 - 450,000.00 ........... 69 30,394,636.61 9.206
450,000.01 - 475,000.00 ........... 41 18,956,906.74 5.742
475,000.01 - 500,000.00 ........... 86 42,477,344.55 12.866
500,000.01 - 525,000.00 ........... 10 5,169,137.30 1.566
525,000.01 - 550,000.00 ........... 2 1,074,623.42 0.325
550,000.01 - 575,000.00 ........... 7 3,944,851.31 1.195
575,000.01 - 600,000.00 ........... 5 2,954,415.44 0.895
600,000.01 - 625,000.00 ........... 2 1,216,105.71 0.368
625,000.01 - 650,000.00 ........... 5 3,239,675.22 0.981
650,000.01 - 675,000.00 ........... 1 668,343.90 0.202
675,000.01 - 700,000.00 ........... 1 680,000.00 0.206
725,000.01 - 750,000.00 ........... 4 2,960,189.55 0.897
----- ------------------ -------
Total ........................ 1,000 $ 330,153,974.41 100.000%
===== ================== =======
______________
(1) The average principal balance of the Group II Mortgage Loans as of the
Related Cut-off Date was approximately $330,154.
MORTGAGE RATES OF THE GROUP II MORTGAGE LOANS AS OF THE RELATED CUT-OFF DATE(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
CURRENT MORTGAGE RATE (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
5.000 - 5.999 ............. 153 $ 59,429,468.95 18.001%
6.000 - 6.999 ............. 350 123,541,129.14 37.419
7.000 - 7.999 ............. 316 102,855,867.79 31.154
8.000 - 8.999 ............. 131 33,724,782.14 10.215
9.000 - 9.999 ............. 44 8,857,021.17 2.683
10.000 - 10.999 ............. 5 1,245,883.51 0.377
11.000 - 11.999 ............. 1 499,821.71 0.151
----- --------------- -------
Total ...................... 1,000 $330,153,974.41 100.000%
===== =============== =======
______________
(1) The weighted average current Mortgage Rate of the Group II Mortgage Loans
as of the Related Cut-off Date was approximately 6.971% per annum.
-23-
MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
MAXIMUM MORTGAGE RATE (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
11.000 - 11.500 ............ 11 $ 4,577,762.84 2.294%
11.501 - 12.000 ............ 46 18,570,371.98 9.308
12.001 - 12.500 ............ 58 24,373,196.12 12.216
12.501 - 13.000 ............ 127 51,180,082.74 25.653
13.001 - 13.500 ............ 106 42,183,506.57 21.143
13.501 - 14.000 ............ 82 32,626,223.61 16.353
14.001 - 14.500 ............ 34 13,690,605.02 6.862
14.501 - 15.000 ............ 16 6,314,235.33 3.165
15.001 - 15.500 ............ 10 3,933,697.36 1.972
15.501 - 16.000 ............ 2 734,006.30 0.368
16.001 - 16.500 ............ 2 827,652.43 0.415
16.501 - 17.000 ............ 1 499,821.71 0.251
--- --------------- -------
Total ............. 495 $199,511,162.01 100.000%
=== =============== =======
______________
(1) The weighted average Maximum Mortgage Rate of the adjustable-rate Group II
Mortgage Loans as of the Related Cut-off Date was approximately 13.120% per
annum.
MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
MINIMUM MORTGAGE RATE (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
5.001 - 5.500 ............... 11 $ 4,577,762.84 2.294%
5.501 - 6.000 ............... 46 18,570,371.98 9.308
6.001 - 6.500 ............... 58 24,373,196.12 12.216
6.501 - 7.000 ............... 127 51,180,082.74 25.653
7.001 - 7.500 ............... 106 42,183,506.57 21.143
7.501 - 8.000 ............... 82 32,626,223.61 16.353
8.001 - 8.500 ............... 34 13,690,605.02 6.862
8.501 - 9.000 ............... 16 6,314,235.33 3.165
9.001 - 9.500 ............... 10 3,933,697.36 1.972
9.501 - 10.000 ............... 2 734,006.30 0.368
10.001 - 10.500 ............... 2 827,652.43 0.415
10.501 - 11.000 ............... 1 499,821.71 0.251
--- --------------- -------
Total ........................ 495 $199,511,162.01 100.000%
=== =============== =======
______________
(1) The weighted average Minimum Mortgage Rate of the adjustable-rate Group II
Mortgage Loans as of the Related Cut-off Date was approximately 7.120% per
annum.
-24-
GROSS MARGINS OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
GROSS MARGINS (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
4.001 - 4.500 .............. 19 $ 8,360,954.72 4.191%
4.501 - 5.000 .............. 1 445,269.04 0.223
5.001 - 5.500 .............. 46 18,391,442.78 9.218
6.001 - 6.500 .............. 427 171,538,877.70 85.980
6.501 - 7.000 .............. 1 374,872.84 0.188
7.001 - 7.500 .............. 1 399,744.93 0.200
--- --------------- -------
Total .................... 495 $199,511,162.01 100.000%
=== =============== =======
______________
(1) The weighted average Gross Margin of the adjustable-rate Group II Mortgage
Loans as of the Related Cut-off Date was approximately 6.322% per annum.
NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
NEXT ADJUSTMENT DATE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
July 2005 .................... 1 $ 362,659.19 0.182%
September 2005 ............... 6 2,638,253.70 1.322
October 2005 ................. 39 16,033,914.31 8.037
November 2005 ................ 275 108,805,114.15 54.536
December 2005 ................ 46 18,612,904.43 9.329
January 2006 ................. 21 8,856,275.00 4.439
September 2006 ............... 2 952,121.88 0.477
October 2006 ................. 10 4,029,915.23 2.020
November 2006 ................ 75 30,764,841.15 15.420
December 2006 ................ 12 4,743,382.97 2.378
January 2007 ................ 8 3,711,780.00 1.860
--- --------------- -------
Total ...................... 495 $199,511,162.01 100.000%
=== =============== =======
______________
(1) The weighted average next Adjustment Date for the adjustable-rate Group II
Mortgage Loans as of the Related Cut-off Date is January 2006.
-25-
ORIGINAL LOAN-TO-VALUE RATIOS OF THE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
GROSS MARGINS (%) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
25.001 - 30.000 ........ 2 $ 142,270.13 0.043%
30.001 - 35.000 ........ 3 1,801,041.08 0.546
35.001 - 40.000 ........ 5 1,062,961.16 0.322
40.001 - 45.000 ........ 7 2,410,856.44 0.730
45.001 - 50.000 ........ 6 2,156,701.70 0.653
50.001 - 55.000 ........ 6 1,992,585.36 0.604
55.001 - 60.000 ........ 19 6,412,435.02 1.942
60.001 - 65.000 ........ 40 14,669,071.41 4.443
65.001 - 70.000 ........ 56 18,344,241.42 5.556
70.001 - 75.000 ........ 71 24,614,855.02 7.456
75.001 - 80.000 ........ 132 46,525,909.78 14.092
80.001 - 85.000 ........ 125 36,553,591.09 11.072
85.001 - 90.000 ........ 278 92,505,188.65 28.019
90.001 - 95.000 ........ 250 80,962,266.15 24.523
----- --------------- -------
Total ......... 1,000 $330,153,974.41 100.000%
===== =============== =======
______________
(1) The weighted average original loan-to-value ratio of the Group II Mortgage
Loans as of the Related Cut-off Date was approximately 83.305%.
MORTGAGED PROPERTY TYPES OF THE GROUP II MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
PROPERTY TYPE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Single Family Residence ........... 818 $271,754,960.47 82.312%
2-4 Family ........................ 42 10,227,486.11 3.098
Planned Unit Development .......... 88 34,487,721.71 10.446
Condominium ....................... 46 11,817,258.81 3.579
Manufactured/Mobile Home .......... 1 71,648.53 0.022
Planned Unit Development Attached . 5 1,794,898.78 0.544
----- --------------- -------
Total ........................... 1,000 $330,153,974.41 100.000%
===== =============== =======
-26-
MORTGAGED PROPERTY OCCUPANCY STATUS OF THE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
OCCUPANCY STATUS MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Primary ....................... 954 $319,226,736.22 96.690%
Non-Owner Occupied ............ 35 7,182,756.03 2.176
Second Home ................... 11 3,744,482.16 1.134
----- --------------- -------
Total ....................... 1,000 $330,153,974.41 100.000%
===== =============== =======
______________
(1) Occupancy status as represented by the mortgagor at the time of origination.
PURPOSE OF THE GROUP II MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
PURPOSE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Refinance-Cashout(1) ............. 697 $229,534,100.05 69.523%
Refinance-Rate Term(2) ........... 100 30,277,936.30 9.171
Purchase ......................... 203 70,341,938.06 21.306
----- --------------- -------
Total .......................... 1,000 $330,153,974.41 100.000%
===== =============== =======
______________
(1) Cash proceeds to the borrower inclusive of Debt Consolidation payments
exceed $2000 or 2% of the original Principal Balance of the related
mortgage loan. Also includes all home equity loans originated in Texas
with any cash proceeds.
(2) Cash proceeds to the borrower inclusive of Debt Consolidation payments
are equal to or less than $2000 or 2% of the original Principal Balance
of the related mortgage loan. Excludes home equity loans originated in
Texas with any cash proceeds.
-27-
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES RELATING TO THE GROUP II MORTGAGE LOANS(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
LOCATION MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Alabama .................... 1 $ 64,319.00 0.019%
Alaska ..................... 1 142,337.67 0.043
Arizona .................... 22 6,775,589.04 2.052
California ................. 443 168,817,127.10 51.133
Colorado ................... 14 5,374,785.42 1.628
Connecticut ................ 30 10,879,782.91 3.295
Florida .................... 97 21,692,139.66 6.570
Georgia .................... 5 1,074,224.71 0.325
Hawaii ..................... 4 1,314,342.63 0.398
Illinois ................... 36 12,074,500.66 3.657
Indiana .................... 2 473,286.92 0.143
Iowa ....................... 3 368,476.62 0.112
Kentucky ................... 1 90,204.18 0.027
Louisiana .................. 6 495,310.00 0.150
Maine ...................... 3 965,693.54 0.292
Maryland ................... 32 11,308,986.81 3.425
Massachusetts .............. 12 4,287,689.28 1.299
Michigan ................... 8 1,917,907.84 0.581
Minnesota .................. 11 3,746,576.56 1.135
Mississippi ................ 2 159,851.16 0.048
Missouri ................... 7 1,543,682.20 0.468
Nebraska ................... 1 369,283.86 0.112
Nevada ..................... 13 4,070,642.25 1.233
New Jersey ................. 32 12,380,729.00 3.750
New Mexico ................. 4 559,957.51 0.170
New York ................... 100 36,246,455.18 10.979
New Hampshire .............. 2 400,164.09 0.121
North Carolina ............. 5 812,874.05 0.246
Ohio ....................... 25 3,329,932.09 1.009
Oklahoma ................... 3 967,056.77 0.293
Oregon ..................... 5 1,988,919.33 0.602
Pennsylvania ............... 10 1,801,648.65 ▇.▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ ............... 7 1,266,235.13 0.384
South Carolina ............. 2 585,570.71 0.177
Tennessee .................. 6 774,293.43 0.235
Texas ...................... 21 4,577,504.45 1.386
Utah ....................... 7 2,011,112.50 0.609
Vermont .................... 1 187,638.83 0.057
Washington ................. 13 3,942,377.60 1.194
Wisconsin .................. 2 190,660.05 0.058
Wyoming .................... 1 124,105.02 0.038
----- --------------- -------
Total .................... 1,000 $330,153,974.41 100.000%
===== =============== =======
______________
(1) The greatest ZIP Code geographic concentration of the Group II Mortgage
Loans was approximately 0.788% in the 94531 ZIP Code.
-28-
QUALIFYING FICO SCORES FOR THE GROUP II MORTGAGE LOANS AT ORIGINATION(1)
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
QUALIFYING FICO SCORE MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
500 - 524 ............... 29 $ 8,315,566.37 2.519%
525 - 549 ............... 57 16,348,935.19 4.952
550 - 574 ............... 85 26,232,671.62 7.946
575 - 599 ............... 112 34,598,494.51 10.480
600 - 624 ............... 192 63,926,740.87 19.363
625 - 649 ............... 193 62,558,658.03 18.948
650 - 674 ............... 138 46,863,293.87 14.194
675 - 699 ............... 81 28,803,614.85 8.724
700 - 724 ............... 51 19,768,285.96 5.988
725 - 749 ............... 33 11,411,536.91 3.456
750 - 774 ............... 25 10,080,829.01 3.053
775 - 799 ............... 4 1,245,347.22 0.377
----- --------------- -------
Total ................. 1,000 $330,153,974.41 100.000%
===== =============== =======
______________
(1) The weighted average qualifying FICO score at origination of the Group II
Mortgage Loans that had FICO scores was approximately 632.
INCOME DOCUMENTATION OF THE GROUP II MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
INCOME DOCUMENTATION MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
Full Documentation ............... 640 $ 202,808,335.60 61.428%
Stated Documentation ............. 303 106,314,977.91 32.202
Limited Documentation ............ 57 21,030,660.90 6.370
----- ------------------ -------
Total .......................... 1,000 $ 330,153,974.41 100.000%
===== ================== =======
-29-
RISK CATEGORIES FOR THE GROUP II MORTGAGE LOANS
AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF THE RELATED BALANCE OUTSTANDING AS OF THE
RISK CATEGORY(1) MORTGAGE LOANS CUT-OFF DATE RELATED CUT-OFF DATE
------------------------------------ -------------- ----------------------------- -----------------------------
I ....................... 714 $ 234,467,523.94 71.018%
II ...................... 88 29,514,778.46 8.940
III ..................... 59 19,082,801.14 5.780
IV ...................... 44 13,241,568.11 4.011
V ....................... 12 3,252,326.41 0.985
VI ...................... 3 1,482,632.95 0.449
A ....................... 66 23,789,906.05 7.206
A- ...................... 7 2,096,766.88 0.635
B ....................... 2 821,428.61 0.249
C- ...................... 5 2,404,241.86 0.728
----- ---------------- -------
Total ................. 1,000 $ 330,153,974.41 100.000%
===== ================ =======
______________
(1) Letters correspond to risk categories of Olympus Mortgage Company and roman
numerals correspond to risk categories of Argent Mortgage Company, LLC.
-30-