-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E1oAAVNO6qWvS0RgVmHERe7U/AJqbJ1OeLuoWzOrP/2ZcjYxfphhmcFb5+/cgI5/ kDYvwp2fFQkA1FDeKAtT2g== 0000882377-02-000863.txt : 20021121 0000882377-02-000863.hdr.sgml : 20021121 20021121172502 ACCESSION NUMBER: 0000882377-02-000863 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20021106 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMH ASSETS CORP CENTRAL INDEX KEY: 0001017447 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330705301 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-06637 FILM NUMBER: 02836568 BUSINESS ADDRESS: STREET 1: 1401 DOVE STREET STREET 2: SUITE 200 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 9494753600 MAIL ADDRESS: STREET 1: 20371 IRVINE AVENUE CITY: SANTA ANA HEIGHTS STATE: CA ZIP: 92707 8-K 1 d104164.txt IMH ASSETS CORP - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 6, 2002 IMH ASSETS CORP. (as depositor under an Indenture, dated as of November 6, 2002, providing for, inter alia, the issuance of Collateralized Asset-Backed Bonds, Series 2002-6F) IMH Assets Corp. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) CALIFORNIA 333-83600 33-0705301 ---------- --------- ---------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 1401 Dove Street Newport Beach, California 92660 - ------------------------- ----- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code, is (949) 475-3600 - -------------------------------------------------------------------------------- Item 2. Acquisition or Disposition of Assets. ------------------------------------ On October 30, 2002, a single series of bonds, entitled IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F (the "Bonds"), were issued pursuant to an indenture, dated as of October 30, 2002 (the "Agreement"), between Impac CMB Trust Series 2002-6F, a Delaware business trust, as Issuer (the "Issuer"), and Deutsche Bank National Trust Company, as Indenture Trustee (the "Indenture Trustee"). On November 6, 2002, following the closing of the initial issuance of the Certificates, the Trustee purchased from the Company certain Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate principal balance equal to approximately $49,848,389 with funds on deposit in the pre-funding account (the "Pre-Funding Account") established pursuant to the Agreement at a purchase price equal to the principal balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated November 6, 2002, between the Company and the Trustee (the "Instrument"). Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument. Item 5. Other Events. ------------ Description of the Mortgage Pool The Bonds, issued pursuant to the Agreement, evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of conventional, one- to four- family, fixed-rate first lien mortgage loans having original terms to maturity of not greater than 30 years (the "Mortgage Loans"). As of the Closing Date, the Trust Fund primarily consisted of (i) the Mortgage Pool, which consisted of Initial Mortgage Loans, as defined in the Agreement, having an aggregate principal balance of approximately $150,151,052 as of October 1, 2002 and (ii) the Pre-Funding Account, which contained approximately $49,848,947. As more fully described above, on November 6, 2002, the Company purchased the Subsequent Mortgage Loans with the funds on deposit in the Pre-Funding Account. The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of the Cut-off Date. References to the Cut-off Date shall mean October 1, 2002, with respect to the Initial Mortgage Loans and November 1, 2002, with respect to the Subsequent Mortgage Loans. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. --------------------------------------------------------- (a) Not applicable (b) Not applicable (c) Exhibits:
EXHIBIT NO. DESCRIPTION ----------- ----------- 4.2 Subsequent Transfer Instrument, dated as of November 6, 2002 between IMH Assets Corp., as Company and Deutsche Bank National Trust Company, as Trustee. 99.1 Characteristics of the Mortgage Pool as of the Cut-off Date, relating to IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F.
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. IMH ASSETS CORP. By: /s/ Richard J. Johnson ----------------------- Name: Richard J. Johnson Title: Chief Financial Officer Dated: November 21, 2002 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 4.2 Subsequent Transfer Instrument, dated as of November 6, 2002 between IMH Assets Corp., as Company and Deutsche Bank National Trust Company, as Trustee. 99.1 Characteristics of the Mortgage Pool as of the Cut-off Date, relating to IMH Assets Corp., Collateralized Asset-Backed, Series 2002-6F. EX-4.2 3 d104164_ex4-2.txt SUBSEQUENT TRANSFER INSTRUMENT Exhibit 4.1 ----------- SUBSEQUENT TRANSFER INSTRUMENT Pursuant to this Subsequent Transfer Instrument, dated November 6, 2002 (the "Instrument"), between IMH Assets Corp. as Company (the "Company"), and Deutsche Bank National Trust Company as indenture trustee of the IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F, as purchaser (the "Indenture Trustee"), and pursuant to the Indenture, dated as of October 30, 2002 (the "Indenture"), between Impac CMB Trust Series 2002-6F, as issuer (the "Issuer") and the Indenture Trustee as indenture trustee, the Company and the Indenture Trustee agree to the sale by the Company and the purchase by the Indenture Trustee in trust, on behalf of the Trust, of the Subsequent Mortgage Loans on the attached Schedule 1 of Mortgage Loans (the "Subsequent Mortgage Loans"). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Indenture. Section 1. Conveyance of Subsequent Mortgage Loans. --------------------------------------- (a) The Company does hereby sell, transfer, assign, set over and convey to the Indenture Trustee in trust, on behalf of the Trust, without recourse, all of its right, title and interest in and to the Subsequent Mortgage Loans, and including all amounts due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be delivered pursuant to Section 2.05 of the Indenture; provided, however that the Company reserves and retains all right, title and interest in and to amounts due on the Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date. The Company, contemporaneously with the delivery of this Agreement, has delivered or caused to be delivered to the Indenture Trustee each item set forth in Section 2.05 of the Indenture. The transfer to the Indenture Trustee by the Company of the Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is intended by the Company, the Master Servicer, the Indenture Trustee and the Bondholders to constitute and to be treated as a sale by the Company to the Trust Fund. (b) The Company, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Indenture Trustee without recourse for the benefit of the Bondholders all the right, title and interest of the Company, in, to and under the Subsequent Mortgage Loan Sale and Contribution Agreement, dated November 6, 2002, between the Company, as purchaser, and Impac Mortgage Holdings, Inc., as seller (the "Purchase Agreement"). (c) Additional terms of the sale are set forth on Attachment A hereto. 1 Section 2. Representations and Warranties; Conditions Precedent. ------------------------------------------ (a) The Company hereby confirms that each of the conditions precedent and the representations and warranties set forth in Section 2.05 of the Indenture are satisfied as of the date hereof. (b) All terms and conditions of the Indenture are hereby ratified and confirmed; provided, however, that in the event of any conflict, the provisions of this Instrument shall control over the conflicting provisions of the Indenture. Section 3. Recordation of Instrument. ------------------------- To the extent permitted by applicable law, this Instrument, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Master Servicer at the Bondholders' expense on direction of the related Bondholders, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Bondholders or is necessary for the administration or servicing of the Subsequent Mortgage Loans. Section 4. Governing Law. ------------- This Instrument shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without giving effect to principles of conflicts of law. Section 5. Counterparts. ------------ This Instrument may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same instrument. Section 6. Successors and Assigns. ---------------------- This Instrument shall inure to the benefit of and be binding upon the Company and the Indenture Trustee and their respective successors and assigns. 2 IMH ASSETS CORP. By: /s/ Richard J. Johnson ------------------------ Name: Richard J. Johnson Title: Chief Financial Officer DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee for the Trust. By: /s/ James Noriega ------------------------ Name: James Noriega Title: Associate 3 EX-99.1 4 d104164_ex99-1.txt CHARACTERISTICS OF THE MORTGAGE POOL Exhibit 99.1 ------------ THE MORTGAGE POOL GENERAL The mortgage pool will consist of conventional one- to four-family, fully-amortizing mortgage loans, all of which have fixed rates that are secured by first liens on mortgaged properties. The mortgage pool will include the initial mortgage loans which were acquired by the trust on the Closing Date and subsequent mortgage loans which will be acquired by the trust during the Funding Period with amounts on deposit in the Pre-Funding Account. The mortgage loans consist of 1,082 mortgage loans with an aggregate principal balance as of the Subsequent Cut-off Date of approximately $199,999,442 after application of scheduled payments due on or before the Subsequent Cut-off Date whether or not received. PREPAYMENT CHARGES Approximately 81.04% of the mortgage loans provide for payment by the mortgagor of a prepayment charge in limited circumstances on prepayments. Generally, these mortgage loans provide for payment of a prepayment charge on some partial or full prepayments made within one year, five years or other period as provided in the related mortgage note from the date of origination of the mortgage loan. No mortgage loan provides for payment of a prepayment charge on partial or full prepayments made more than five years from the date of origination of the mortgage loan. The amount of the prepayment charge is as provided in the related mortgage note, and the prepayment charge will generally apply if, in any twelve-month period during the first year, five years or other period as provided in the related mortgage note from the date of origination of the mortgage loan, the mortgagor prepays an aggregate amount exceeding 20% of the original principal balance of the mortgage loan. The amount of the prepayment charge will generally be equal to 6 months' advance interest calculated on the basis of the mortgage rate in effect at the time of the prepayment on the amount prepaid in excess of 20% of the original principal balance of the mortgage loan. The prepayment charges may, in certain circumstances, be waived by the Master Servicer or the related subservicer. Some of these prepayment charges may not be enforceable in cases where the mortgagor sells the related mortgaged property. There can be no assurance that the prepayment charges will have any effect on the prepayment performance of the mortgage loans. The Master Servicer or the related subservicer will be entitled to all prepayment charges received on the mortgage loans, and these amounts will not be available for distribution on the Bonds. PRIMARY MORTGAGE INSURANCE AND THE RADIAN LENDER-PAID PMI POLICY Substantially all of the mortgage loans with a loan-to-value ratio at origination in excess of 80.00% will be insured by one of the following: (1) a Primary Insurance Policy issued by a private mortgage insurer (other than a Radian Lender-Paid PMI Policy) or (2) the Radian Lender-Paid PMI Policy. Each Primary Insurance Policy will insure against default under each insured mortgage note as follows: (A) for which the outstanding principal balance at origination of such mortgage loan is greater than or equal to 80.01% and up to and including 90.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered by a Primary Insurance Policy in an amount equal to at least 20.00% of the Allowable Claim and (B) for which the outstanding principal balance at origination of such mortgage loan exceeded 90.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered by a Primary Insurance Policy in an amount equal to at least 22.00% of the Allowable Claim. 1 The Radian Lender-Paid PMI Policy will insure against default under each insured mortgage note as follows: (A) for which the outstanding principal balance at origination of such mortgage loan is greater than or equal to 80.01% and up to and including 89.99% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered in an amount equal to at least 22.00% of the Allowable Claim, (B) for which the outstanding principal balance at origination of such mortgage loan is at least 90.00% and up to and including 95.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered in an amount equal to at least 22.00% of the Allowable Claim and (C) for which the outstanding principal balance at origination of such mortgage loan is at least 95.01% and up to and including 97.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered in an amount equal to at least 35.00% of the Allowable Claim. With respect to the Radian Lender-Paid PMI Policy, the premium will be payable by the Master Servicer out of interest collections on the mortgage loans at a rate equal to the related Radian PMI Rate. The Radian PMI Rates will range from 0.29% per annum to 1.65% per annum of the Stated Principal Balance of the related Radian PMI Insured Loan. MORTGAGE LOAN CHARACTERISTICS The average principal balance of the mortgage loans at origination was approximately $184,975. No mortgage loan had a principal balance at origination of greater than approximately $1,000,000 or less than approximately $47,250. The average principal balance of the mortgage loans as of the Cut-off Date was approximately $184,842. No mortgage loan had a principal balance as of the Cut-off Date of greater than approximately $999,074 or less than approximately $47,144. As of the Cut-off Date, the mortgage loans had mortgage rates ranging from approximately 5.500% per annum to approximately 11.750% per annum and the weighted average mortgage rate was approximately 7.663% per annum. The weighted average remaining term to stated maturity of the mortgage loans was approximately 346 months as of the Cut-off Date. None of the mortgage loans will have a first Due Date prior to March 1, 2002, or after December 1, 2002, or will have a remaining term to stated maturity of less than 176 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any mortgage loan is November 1, 2032. The loan-to-value ratio of a mortgage loan secured by a first lien is equal to the ratio, expressed as a percentage, of the principal amount of the loan at origination, to the lesser of the appraised value of the related mortgaged property at the time of origination and the sales price. The weighted average of the loan- to-value ratios at origination of the mortgage loans was approximately 81.71%. No loan-to-value ratio at origination of any mortgage loan was greater than approximately 100.00% or less than approximately 11.25%. The original mortgages for some of the mortgage loans have been, or in the future may be, at the sole discretion of the master servicer, recorded in the name of Mortgage Electronic Registration Systems, Inc., or MERS, solely as nominee for the seller and its successors and assigns, and subsequent assignments of those mortgages have been, or in the future may be, at the sole discretion of the master servicer, registered electronically through the MERS(R) System. In some other cases, the original mortgage was recorded in the name of the originator of the mortgage loan, record ownership was later assigned to MERS, solely as nominee for the owner of the mortgage loan, and subsequent assignments of the mortgage were, or in the future may be, at the sole discretion of the master servicer, registered electronically through the MERS(R) System. For each of these mortgage loans, MERS serves as mortgagee of record on the mortgage solely as a nominee in an administrative capacity on behalf of the indenture trustee, and does not have any interest in the mortgage loan. Some of the mortgage loans were recorded in the name of MERS. For additional 2 information regarding the recording of mortgages in the name of MERS see "Yield on the Bonds -- Yield Sensitivity of the Class M Bonds" in this prospectus supplement. 25 mortgage loans, representing approximately 2.00% of the mortgage pool (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date), are balloon loans. The amount of the balloon payment on each of these mortgage loans is substantially in excess of the amount of the scheduled monthly payment on such mortgage loan for the period prior to the Due Date of the balloon payment. These mortgage loans have a weighted average remaining term to stated maturity of approximately 179 months. None of the mortgage loans is a buydown mortgage loan. None of the mortgage loans will be subject to the Home Ownership and Equity Protection Act of 1994 or any comparable state law. Approximately 81.04% of the mortgage loans (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date) provide for prepayment charges. Approximately 40.76% and 7.97% of the mortgage loans (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date) are covered by a Primary Insurance Policy and the Radian Lender-Paid PMI Policy, respectively. For the mortgage loans, the weighted average of the Radian PMI Rates for the mortgage loans covered by the Radian Lender-Paid PMI Policy is approximately 0.91% per annum Set forth below is a description of certain additional characteristics of the mortgage loans as of the Cut-off Date, except as otherwise indicated. All percentages of the mortgage loans are approximate percentages by aggregate principal balance as of the Cut-off Date, except as otherwise indicated. Dollar amounts and percentages may not add up to totals due to rounding. 3
PRINCIPAL BALANCES AT ORIGINATION PERCENTAGE OF CUT-OFF DATE ORIGINAL NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID PRINCIPAL BALANCES ($) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ---------------------- -------------- ----------------- ----------------- 0.01 - 50,000.00...................... 2 $ 95,377 0.05% 50,000.01 - 100,000.00...................... 200 16,714,203 8.36 100,000.01 - 150,000.00...................... 318 39,259,320 19.63 150,000.01 - 200,000.00...................... 236 41,000,166 20.50 200,000.01 - 250,000.00...................... 115 25,708,868 12.85 250,000.01 - 300,000.00...................... 82 22,507,583 11.25 300,000.01 - 350,000.00...................... 50 16,348,750 8.17 350,000.01 - 400,000.00...................... 34 12,822,604 6.41 400,000.01 - 450,000.00...................... 8 3,385,532 1.69 450,000.01 - 500,000.00...................... 17 8,107,081 4.05 500,000.01 - 550,000.00...................... 5 2,621,201 1.31 550,000.01 - 600,000.00...................... 1 598,964 0.30 600,000.01 - 650,000.00...................... 4 2,505,225 1.25 650,000.01 - 700,000.00...................... 2 1,400,000 0.70 700,000.01 - 750,000.00...................... 4 2,947,474 1.47 950,000.01 - 1,000,000.00.................... 4 3,977,096 1.99 ----- ------------ ------ Total................................... 1,082 $199,999,442 100.00% ===== ============ ======
The average principal balance of the mortgage loans at origination was approximately $184,975. 4
PRINCIPAL BALANCES AS OF THE CUT-OFF DATE PERCENTAGE OF CUT-OFF DATE CURRENT NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID PRINCIPAL BALANCES ($) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ---------------------- -------------- ----------------- ----------------- 0.01 - 50,000.00...................... 2 $ 95,377 0.05% 50,000.01 - 100,000.00...................... 200 16,714,203 8.36 100,000.01 - 150,000.00...................... 319 39,409,167 19.70 150,000.01 - 200,000.00...................... 235 40,850,319 20.43 200,000.01 - 250,000.00...................... 115 25,708,868 12.85 250,000.01 - 300,000.00...................... 82 22,507,583 11.25 300,000.01 - 350,000.00...................... 51 16,698,583 8.35 350,000.01 - 400,000.00...................... 33 12,472,771 6.24 400,000.01 - 450,000.00...................... 8 3,385,532 1.69 450,000.01 - 500,000.00...................... 17 8,107,081 4.05 500,000.01 - 550,000.00...................... 5 2,621,201 1.31 550,000.01 - 600,000.00...................... 1 598,964 0.30 600,000.01 - 650,000.00...................... 4 2,505,225 1.25 650,000.01 - 700,000.00...................... 2 1,400,000 0.70 700,000.01 - 750,000.00...................... 4 2,947,474 1.47 950,000.01 - 1,000,000.00.................... 4 3,977,096 1.99 ----- ------------ ------ Total................................... 1,082 $199,999,442 100.00% ===== ============ ======
As of the Cut-off Date, the average current principal balance of the mortgage loans will be approximately $184,842. 5
MORTGAGE RATES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID MORTGAGE RATES(%) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ----------------- -------------- ----------------- ----------------- 5.500 - 5.999....................... 11 $ 2,257,220 1.13% 6.000 - 6.499....................... 49 12,301,858 6.15 6.500 - 6.999....................... 167 39,077,642 19.54 7.000 - 7.499....................... 147 29,645,642 14.82 7.500 - 7.999....................... 291 50,054,157 25.03 8.000 - 8.499....................... 157 23,764,621 11.88 8.500 - 8.999....................... 155 26,448,950 13.22 9.000 - 9.499....................... 50 7,742,706 3.87 9.500 - 9.999....................... 38 6,325,949 3.16 10.000 - 10.499....................... 10 1,309,406 0.65 10.500 - 10.999....................... 4 701,290 0.35 11.000 - 11.499....................... 1 72,176 0.04 11.500 - 11.999....................... 2 297,826 0.15 ----- ------------ ------ Total............................ 1,082 $199,999,442 100.00% ===== ============ ======
The weighted average mortgage rate of the mortgage loans was approximately 7.663% per annum. 6
ORIGINAL LOAN-TO-VALUE RATIOS PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID ORIGINAL LOAN-TO-VALUE RATIOS (%) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE --------------------------------- -------------- ----------------- ----------------- 10.01 - 15.00...................... 1 $ 67,369 0.03% 15.01 - 20.00...................... 1 69,913 0.03 20.01 - 25.00...................... 1 125,000 0.06 25.01 - 30.00...................... 2 688,671 0.34 30.01 - 35.00...................... 5 1,549,500 0.77 35.01 - 40.00...................... 9 1,471,237 0.74 40.01 - 45.00...................... 4 489,954 0.24 45.01 - 50.00...................... 4 1,960,954 0.98 50.01 - 55.00...................... 17 2,717,100 1.36 55.01 - 60.00...................... 21 4,890,798 2.45 60.01 - 65.00...................... 32 5,488,663 2.74 65.01 - 70.00...................... 78 18,378,289 9.19 70.01 - 75.00...................... 61 12,748,289 6.37 75.01 - 80.00...................... 258 51,895,160 25.95 80.01 - 85.00...................... 24 3,912,619 1.96 85.01 - 90.00...................... 260 44,806,015 22.40 90.01 - 95.00...................... 284 45,609,562 22.80 95.01 - 100.00....................... 20 3,130,349 1.57 ----- ------------ ------ Total.............................. 1,082 $199,999,442 100.00% ===== ============ ======
The minimum and maximum loan-to-value ratios of the mortgage loans at origination were approximately 11.25% and 100.00%, respectively, and the weighted average of the loan-to-value ratios of the mortgage loans at origination was approximately 81.71%. 7
OCCUPANCY TYPES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID OCCUPANCY TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - -------------- -------------- ----------------- ----------------- Second Home............................... 33 $ 6,206,008 3.10% Non-Owner Occupied........................ 139 21,088,018 10.54 Owner Occupied............................ 910 172,705,416 86.35 ----- ------------ ------ Total................................ 1,082 $199,999,442 100.00% ===== ============ ======
Occupancy type is based on the representation of the borrower at the time of origination.
MORTGAGE LOAN PROGRAM AND DOCUMENTATION TYPE PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID LOAN PROGRAM AND DOCUMENTATION TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - ----------------------------------- -------------- ----------------- ----------------- Progressive Series Program (Full Documentation)............................ 92 $ 20,672,587 10.34% Progressive Series Program (Limited (Stated) Documentation)................... 212 46,315,565 23.16 Progressive Series Program (No Income/ No Asset Documentation)................... 7 2,080,814 1.04 Progressive Express(TM)Program (Non Verified Assets).......................... 389 65,064,865 32.53 Progressive Express(TM)Program (Verified Assets)......................... 231 41,049,510 20.52 Progressive Express(TM)No Doc Program (No Documentation)........................ 140 22,866,725 11.43 Progressive Express(TM)Program No Doc Program (Verified Assets)................. 11 1,949,376 0.97 ----- ------------ ------ Total................................ 1,082 $199,999,442 100.00% ===== ============ ======
SEE "-- UNDERWRITING STANDARDS" BELOW FOR A DETAILED DESCRIPTION OF THE SELLER'S LOAN PROGRAMS AND DOCUMENTATION REQUIREMENTS. 8
RISK CATEGORIES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID CREDIT GRADE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ------------ -------------- ----------------- ----------------- A+(1)...................................... 153 $ 36,346,524 18.17% A(1)....................................... 143 31,869,368 15.93 A-(1)...................................... 17 3,054,765 1.53 B(1)....................................... 1 146,157 0.07 C(1)....................................... 1 86,406 0.04 Progressive Express(TM)I(2).................. 309 51,596,214 25.80 Progressive Express(TM)II(2)................. 388 66,382,387 33.19 Progressive Express(TM)III(2)................ 34 5,196,261 2.60 Progressive Express(TM)IV(2)................. 28 4,290,276 2.15 Progressive Express(TM)V(2).................. 5 692,176 0.35 Progressive Express(TM)VI(2)................. 3 338,909 0.17 ----- ------------ ------ Total................................... 1,082 $199,999,442 100.00% ===== ============ ======
_________________ (1) All of these mortgage loans were reviewed and placed into risk categories based on the credit standards of the Progressive Series Program. Credit grades of A+, A, A-, B and C correspond to Progressive Series I+, I and II, III and III+, IV, and V, respectively. All of the mortgage loans originated pursuant to the Express Priority Refi(TM) Program have been placed in Progressive Express(TM) Programs II and III. SEE "-- UNDERWRITING STANDARDS." (2) These mortgage loans were originated under the Seller's Progressive Express(TM) Program. The underwriting for these mortgage loans is generally based on the borrower's "FICO" score and therefore these mortgage loans do not correspond to the alphabetical risk categories listed above. 9
PROPERTY TYPES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ------------- -------------- ----------------- ----------------- Single-Family............................... 732 $136,384,117 68.19% De Minimis PUD.............................. 131 28,346,231 14.17 Condominium................................. 85 12,616,612 6.31 Two- to Four-Family......................... 55 10,450,713 5.23 Planned Unit Development.................... 59 9,452,174 4.73 Hi-Rise..................................... 19 2,671,547 1.34 CondoHotel.................................. 1 78,049 0.04 ----- ------------ ------ Total.................................... 1,082 $199,999,442 100.00% ===== ============ ======
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ----- -------------- ----------------- ----------------- California................................. 348 $ 79,381,518 39.69% Florida.................................... 319 45,848,412 22.92 Georgia.................................... 38 6,100,499 3.05 Texas...................................... 54 7,683,966 3.84 Other (less than 3% in any one state)...... 323 60,985,048 30.49 ----- ------------ ------ Total................................... 1,082 $199,999,442 100.00% ===== ============ ======
No more than approximately 1.10% of the mortgage loans (by aggregate outstanding principal balance as of the Cut-off Date) are secured by mortgaged properties located in any one zip code.
LOAN PURPOSES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID LOAN PURPOSE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ------------ -------------- ----------------- ----------------- Purchase................................... 653 $116,213,011 58.11% Cash-Out Refinance......................... 329 64,357,339 32.18 Rate and Term Refinance.................... 100 19,429,092 9.71 ----- ------------ ------ Total................................... 1,082 $199,999,442 100.00% ===== ============ ======
In general, in the case of a mortgage loan made for "rate and term" refinance purposes, substantially all of the proceeds are used to pay in full the principal balance of a previous mortgage loan of the mortgagor with respect to a mortgaged property and to pay origination and closing costs associated with such refinancing. Mortgage loans made for "cash-out" refinance purposes may involve the use of the proceeds to pay in full the principal balance of a previous mortgage loan and related costs except that a portion of the proceeds are generally retained by the mortgagor for uses unrelated to the mortgaged property. The amount of these proceeds retained by the mortgagor may be substantial. 10 -----END PRIVACY-ENHANCED MESSAGE-----