-----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, Lan7vrMN4oRwpo1Ekvte3KtC/CQ+gMeJ9mvzrk05ow5gDzf3OD6Q9R15lW8kN4zo EkrBsM0eUtvAVZ5kmkOo1A== 0000891554-01-506472.txt : 20020411 0000891554-01-506472.hdr.sgml : 20020411 ACCESSION NUMBER: 0000891554-01-506472 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20011109 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CORP CENTRAL INDEX KEY: 0001018905 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330715871 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-08439 FILM NUMBER: 1797932 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 9494753600 MAIL ADDRESS: STREET 1: 1401 DOVE STREET STREET 2: SUITE 200 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 FORMER COMPANY: FORMER CONFORMED NAME: ICIFC SECURED ASSETS CORP DATE OF NAME CHANGE: 19960716 8-K 1 d27452_8k.txt CURRENT REPORT ================================================================================ 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 9, 2001 IMPAC SECURED ASSETS CORP. (as company under a Pooling and Servicing Agreement, dated as of October 1, 2001, providing for, inter alia, the issuance of Mortgage Pass-Through Certificates, Series 2001-7) Impac Secured Assets Corp. (Exact name of registrant as specified in its charter) CALIFORNIA 333-66328 33-071-5871 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 1401 Dove Street 92660 Newport Beach, California (Zip Code) (Address of Principal Executive Offices) Registrant's telephone number, including area code, is (949) 475-3600 Item 2. Acquisition or Disposition of Assets. On October 30, 2001, a single series of certificates, entitled Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2001-7 (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of October 1, 2001 (the "Agreement"), among Impac Secured Assets Corp., as company (the "Company"), Impac Funding Corporation as master servicer (the "Master Servicer") and Bankers Trust Company of California, N.A. as trustee (the "Trustee"). On November 9, 2001, 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 $34,866,262 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 9, 2001, 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 Certificates, 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 "Subsequent Mortgage Loans"). As of the Closing Date, the Trust Fund primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans having an aggregate principal balance of approximately $165,132,376 as of October 1, 2001 and (ii) the Pre- Funding Account, which contained approximately $34,867,724.24. As more fully described above, on November 9, 2001, 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 November 1, 2001, 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 9, 2001 between Impac Secured Assets Corp. as Company and Bankers Trust Company of California, N.A., as Trustee. 99.1 Characteristics of the Mortgage Pool as of November 1, 2001, relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2001-7. 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. IMPAC SECURED ASSETS CORP. By: /s/ Richard J. Johnson ---------------------------------- Name: Richard J. Johnson Title: Chief Financial Officer Dated: November 21, 2001 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 4.2 Subsequent Transfer Instrument, dated as of November 9, 2001 between Impac Secured Assets Corp. as Company and Bankers Trust Company of California, N.A., as Trustee. 99.1 Characteristics of the Mortgage Pool as of November 1, 2001, relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2001-7. EX-4.2 3 d27452_ex4-2.txt SUBSEQUENT TRANSFER INSTRUMENT Exhibit 4.2 SUBSEQUENT TRANSFER INSTRUMENT Pursuant to this Subsequent Transfer Instrument, dated November 9, 2001 (the "Instrument"), between Impac Secured Assets Corp. as Company (the "Company"), and Bankers Trust Company of California, N.A. as trustee of the Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2001-7, as purchaser (the "Trustee"), and pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2001 (the "Pooling and Servicing Agreement"), among the Company as the company, Impac Funding Corporation, as Master Servicer, and the Trustee as trustee, the Company and the Trustee agree to the sale by the Company and the purchase by the Trustee in trust, on behalf of the Trust, of the Mortgage Loans on the attached Schedule of Mortgage Loans (the "Subsequent Mortgage Loans"). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Pooling and Servicing Agreement. Section 1. Conveyance of Subsequent Mortgage Loans. (a) The Company does hereby sell, transfer, assign, set over and convey to the 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 2.06 of the Pooling and Servicing Agreement; 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 Trustee each item set forth in Section 2.01 of the Pooling and Servicing Agreement. The transfer to the Trustee by the Company of the Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is intended by the ompany, the Master Servicer, the Trustee and the Certificateholders to constitute and to be treated as a sale by the Company to the Truste Fund. (b) The Company, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse for the benefit of the Certificateholders all the right, title and interest of the Company, in, to and under the Subsequent Mortgage Loan Purchase Agreement, dated November 1, 2001, among Impac Funding Corporation, as seller, the Company, as purchaser, and Imapc Mortgage Holdings, Inc. (the "Purchase Agreement"). (c) Additional terms of the sale are set forth on Attachemnt A hereto. 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 2.06 of the Pooling and Servicing Agreement are satisfied as of the date hereof. (b) All terms and conditions of the Pooling and Servicing Agreement 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 Pooling and Servicing Agreement. 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 Certificateholders' expense on direction of the related Certificateholders, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders or is necessary for the administration or servicing of the 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 Trustee and their respective successors and assigns. IMPAC SECURED ASSETS CORP. By: /s/ Richard J. Johnson ------------------------------ Name: Richard J. Johnson Title: Chief Financial Officer BANKERS TRUST COMPANY OF CALIFORNIA, N.A. By: /s/ James Noriega ----------------------------- Name: James Noriega Title: Associate EX-99.1 4 d27452_ex99-1.txt CHARACTERISTICS OF THE MORTGAGE POOL Exhibit 99.1 THE MORTGAGE POOL General References to percentages of the mortgage loans unless otherwise noted are calculated based on the aggregate principal balance of the subsequent mortgage loans as of the Subsequent Cut-off Date. The mortgage pool will consist of conventional, one- to four-family, fixed-rate, fully-amortizing and balloon payment mortgage loans secured by first liens on mortgaged properties. The mortgage pool will include the subsequent mortgage loans which will be acquired by the trust during the Funding Period with amounts on deposit in the Pre-Funding Account. The subsequent mortgage loans consist of 193 mortgage loans with an aggregate principal balance as of the Subsequent Cut-off Date of approximately $34,866,262 after application of scheduled payments due on or before the Subsequent Cut-off Date whether or not received. The mortgage pool will consist of two groups of mortgage loans, Loan Group 1 and Loan Group 2. The mortgage loans in the two groups are referred to as the Group 1 Loans and the Group 2 Loans, and the subsequent mortgage loans in the two groups are referred to as the subsequent Group 1 Loans and the subsequent Group 2 Loans. The Group 1 Loans will consist of mortgage loans which had principal balances at origination which are less than or equal to the conforming balance. The conforming balance for mortgage loans secured by a single family property is $275,000 for all mortgage loans other than those originated in Alaska, Hawaii, Guam and the U.S. Virgin Islands, for which it is $412,500. The conforming balance is higher for mortgage loans secured by two- to four-family properties. The Seller will convey the subsequent mortgage loans to the company on the Subsequent Transfer Date pursuant to the Subsequent Mortgage Loan Purchase Agreement. The company will convey the subsequent mortgage loans to the trust on the Subsequent Transfer Date pursuant to the Subsequent Transfer Instrument. The Seller will make certain representations and warranties with respect to the subsequent mortgage loans in the Mortgage Loan Purchase Agreement. These representations and warranties will be assigned by the company to the Trustee for the benefit of the Certificateholders. As more particularly described in the prospectus, the Seller will have certain repurchase or substitution obligations in connection with a breach of any such representation or warranty, as well as in connection with an omission or defect in respect of certain constituent documents required to be delivered with respect to the mortgage loans, if such breach, omission or defect cannot be cured and it materially and adversely affects the interests of the Certificateholders. In the event the Seller fails to repurchase an subsequent mortgage loan, Impac Holdings will be required to do so. See "The Mortgage Pools--Representations by Sellers" in the prospectus. Prepayment Charges Approximately 73.65% of the subsequent mortgage loans in the aggregate, 70.07% of the subsequent Group 1 Loans and 79.51% of the subsequent Group 2 Loans, provide for payment by the mortgagor of a prepayment charge in limited circumstances on prepayments. Generally, these subsequent mortgage loans provide for payment of a prepayment charge on 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 subsequent 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 subsequent mortgage loan, the mortgagor prepays an aggregate amount exceeding 20% of the original principal balance of the subsequent 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 subsequent mortgage loan. There can be no assurance that the prepayment charges will have any effect on the prepayment performance of the subsequent mortgage loans. Mortgage Loan Characteristics The average principal balance of the subsequent mortgage loans at origination was approximately $180,745. No subsequent mortgage loan had a principal balance at origination of greater than approximately $780,000 or less than approximately $48,450. The average principal balance of the subsequent mortgage loans as of the Subsequent Cut-off Date was approximately $180,654. No subsequent mortgage loan had a principal balance as of the Subsequent Cut-off Date of greater than approximately $778,686 or less than approximately $48,450. As of the Subsequent Cut-off Date, the subsequent mortgage loans had mortgage rates ranging from approximately 6.750% per annum to approximately 11.900% per annum and the weighted average mortgage rate was approximately 8.499% per annum. The weighted average remaining term to stated maturity of the subsequent mortgage loans will be approximately 355 months as of the Subsequent Cut-off Date. None of the subsequent mortgage loans will have a first Due Date prior to July 1, 2001 or after December 1, 2001, or will have a remaining term to maturity of less than 178 months or greater than 360 months as of the Subsequent Cut-off Date. The latest maturity date of any subsequent mortgage loan is November 1, 2031. The weighted average loan-to-value ratio at origination of the subsequent mortgage loans was approximately 81.03%. No loan-to-value ratio at origination was greater than approximately 97.00% or less than approximately 23.53%. 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 trustee, and does not have any interest in the mortgage loan. As of the Subsequent Cut-off Date, approximately 17.03% of the aggregate principal balance of the mortgage loans were recorded in the name of MERS. For additional information regarding the recording of mortgages in the name of MERS see "Yield on the Certificates--Yield Sensitivity of the Mezzanine Certificates" in this prospectus supplement. Five subsequent mortgage loans, representing approximately 1.88% of the mortgage pool (by aggregate outstanding principal balance as of the Subsequent Cut-off Date), are balloon loans. The amount of the balloon payment on each of these subsequent mortgage loans is substantially in excess of the amount of the scheduled monthly payment on such subsequent mortgage loan for the period prior to the Due Date of the balloon payment. These subsequent mortgage loans have a weighted average remaining term to maturity of approximately 178 months. None of the subsequent mortgage loans are buydown mortgage loans. None of the subsequent mortgage loans were 30 days or more delinquent as of the Subsequent Cut-off Date. Set forth below is a description of certain additional characteristics of the subsequent mortgage loans as of the Subsequent Cut-off Date, except as otherwise indicated. All percentages of the subsequent mortgage loans are approximate percentages by aggregate principal balance as of the Subsequent Cut-off Date, except as otherwise indicated. Dollar amounts and percentages may not add up to totals due to rounding. Principal Balances at Origination
Percentage of Subsequent Cut-off Original Number of Date Subsequent Mortgage Loan Subsequent Aggregate Unpaid Aggregate Principal Balances($) Mortgage Loans Principal Balance Principal Balance --------------------- -------------- ----------------- ----------------- 0.01 - 50,000.00 ................. 1 $ 48,450 0.14% 50,000.01 - 100,000.00.................. 58 4,324,642 12.40 100,000.01 - 150,000.00.................. 45 5,438,265 15.60 150,000.01 - 200,000.00.................. 33 5,702,752 16.36 200,000.01 - 250,000.00.................. 21 4,779,463 13.71 250,000.01 - 300,000.00.................. 9 2,494,801 7.16 300,000.01 - 350,000.00.................. 4 1,317,686 3.78 350,000.01 - 400,000.00.................. 7 2,646,468 7.59 400,000.01 - 450,000.00.................. 6 2,563,167 7.35 450,000.01 - 500,000.00.................. 2 955,000 2.74 500,000.01 - 550,000.00.................. 1 528,000 1.51 550,000.01 - 600,000.00.................. 1 570,500 1.64 600,000.01 - 650,000.00.................. 2 1,269,949 3.64 650,000.01 - 700,000.00.................. 1 698,432 2.00 700,000.01 - 750,000.00.................. 1 750,000 2.15 750,000.01 - 800,000.00.................. 1 778,686 2.23 --- ----------- ------ Total............................... 193 $34,866,262 100.00% === =========== ======
The average principal balance of the subsequent mortgage loans at origination was approximately $180,745. Principal Balances as of the Subsequent Cut-off Date
Percentage of Subsequent Cut-off Number of Date Current Subsequent Mortgage Loan Subsequent Aggregate Unpaid Aggregate Principal Balances($) Mortgage Loans Principal Balance Principal Balance --------------------- -------------- ----------------- ----------------- 0.01 - 50,000.00 ........................ 1 $ 48,450 0.14% 50,000.01 - 100,000.00......................... 58 4,324,642 12.40 100,000.01 - 150,000.00......................... 45 5,438,265 15.60 150,000.01 - 200,000.00......................... 33 5,702,752 16.36 200,000.01 - 250,000.00......................... 21 4,779,463 13.71 250,000.01 - 300,000.00......................... 9 2,494,801 7.16 300,000.01 - 350,000.00......................... 4 1,317,686 3.78 350,000.01 - 400,000.00......................... 7 2,646,468 7.59 400,000.01 - 450,000.00......................... 6 2,563,167 7.35 450,000.01 - 500,000.00......................... 2 955,000 2.74 500,000.01 - 550,000.00......................... 1 528,000 1.51 550,000.01 - 600,000.00......................... 1 570,500 1.64 600,000.01 - 650,000.00......................... 2 1,269,949 3.64 650,000.01 - 700,000.00......................... 1 698,432 2.00 700,000.01 - 750,000.00......................... 1 750,000 2.15 750,000.01 - 800,000.00......................... 1 778,686 2.23 --- ----------- ------ Total...................................... 193 $34,866,262 100.00% === =========== ======
As of the Subsequent Cut-off Date, the average current principal balance of the subsequent mortgage loans will be approximately $180,654. Mortgage Rates
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate Mortgage Rates(%) Mortgage Loans Principal Balance Principal Balance ----------------- -------------- ----------------- ----------------- 6.500 - 6.999 ........................ 5 $ 2,241,286 6.43% 7.000 - 7.499 ........................ 7 2,999,555 8.60 7.500 - 7.999 ........................ 12 4,348,422 12.47 8.000 - 8.499 ........................ 39 6,750,920 19.36 8.500 - 8.999 ........................ 51 7,824,533 22.44 9.000 - 9.499 ........................ 37 5,115,928 14.67 9.500 - 9.999 ........................ 24 3,857,614 11.06 10.000 - 10.499......................... 9 966,540 2.77 10.500 - 10.999......................... 7 604,891 1.73 11.500 - 11.999......................... 2 156,572 0.45 --- ----------- ------ Total............................... 193 $34,866,262 100.00% === =========== ======
The weighted average mortgage rate of the subsequent mortgage loans was approximately 8.499% per annum. Original Loan-to-Value Ratios
Percentage of Number of Subsequent Cut-off Subsequent Aggregate Unpaid Date Aggregate Original Loan-to-Value Ratios(%) Mortgage Loans Principal Balance Principal Balance -------------------------------- -------------- ----------------- ----------------- 20.01 - 25.00.................................. 1 $ 399,672 1.15% 30.01 - 35.00.................................. 1 778,686 2.23 50.01 - 55.00.................................. 1 750,000 2.15 55.01 - 60.00.................................. 3 749,742 2.15 60.01 - 65.00.................................. 5 1,949,134 5.59 65.01 - 70.00.................................. 10 2,234,016 6.41 70.01 - 75.00.................................. 7 926,841 2.66 75.01 - 80.00.................................. 46 9,730,313 27.91 80.01 - 85.00.................................. 4 545,714 1.57 85.01 - 90.00.................................. 65 9,622,625 27.60 90.01 - 95.00.................................. 49 7,053,419 20.23 95.01 -100.00.................................. 1 126,100 0.36 --- ----------- ------ Total...................................... 193 $34,866,262 100.00% === =========== ======
The minimum and maximum loan-to-value ratios of the subsequent mortgage loans at origination were approximately 23.53% and 97.00%, respectively, and the weighted average of the loan-to-value ratios of the subsequent mortgage loans at origination was approximately 81.03. Occupancy Types
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate Occupancy (as indicated by borrower) Mortgage Loans Principal Balance Principal Balance - ------------------------------------ -------------- ----------------- ----------------- Second Home................................. 3 $ 574,507 1.65% Non-Owner Occupied.......................... 24 3,244,428 9.31 Primary Residence........................... 166 31,047,326 89.05 --- ----------- ------ Total................................... 193 $34,866,262 100.00% === =========== ======
Mortgage Loan Program and Documentation Type
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate Loan Program and Documentation Type Mortgage Loans Principal Balance Principal Balance ----------------------------------- -------------- ----------------- ----------------- Progressive Series Program (Full Documentation).............................. 14 $ 3,003,870 8.62% Progressive Series Program (Limited (Stated) Documentation)..................... 16 6,162,646 17.68 Progressive Series Program (Lite Income/Stated Asset Documentation).......... 2 501,912 1.44 Progressive Express(TM)Program (Verified Assets)..................................... 54 9,059,804 25.98 Progressive Express(TM)Program (Non Verified Assets)............................ 99 14,904,103 42.75 Progressive Express(TM)No Doc Program (No Documentation).......................... 8 1,233,926 3.54 --- ----------- ------ Total................................... 193 $34,866,262 100.00% === =========== ======
See "--Underwriting Standards" below for a detailed description of the Seller's loan programs and documentation requirements. Risk Categories
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate Credit Grade Mortgage Loans Principal Balance Principal Balance ------------ -------------- ----------------- ----------------- A+(1).................................... 14 $ 4,793,310 13.75% A(1)..................................... 15 4,701,748 13.49 A-(1).................................... 3 173,370 0.50 Progressive Express(TM)I(2).............. 52 9,012,673 25.85 Progressive Express(TM)II(2)............. 88 13,308,539 38.17 Progressive Express(TM)III(2)............ 15 2,102,863 6.03 Progressive Express(TM)IV(2)............. 4 529,493 1.52 Progressive Express(TM)V(2).............. 2 244,265 0.70 --- ----------- ------ Total.............................. 193 $34,866,262 100.00% === =========== ======
- ---------- (1) All of these subsequent mortgage loans were reviewed and placed into risk categories based on the credit standards of the Progressive Series Program. Credit grades of A+, A, and A- correspond to Progressive Series I+, I and II, and III and III+ , respectively. (2) These subsequent mortgage loans were originated under the Seller's Progressive Express(TM) Program. The underwriting for these subsequent mortgage loans is generally based on the borrower's "FICO" score and therefore these subsequent mortgage loans do not correspond to the alphabetical risk categories listed above. See "--Underwriting Standards" below for a description of the Seller's risk categories. Property Types
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate Property Type Mortgage Loans Principal Balance Principal Balance ------------- -------------- ----------------- ----------------- Single-Family................. 136 $24,825,296 71.20% Condominium................... 15 1,854,800 5.32 Two- to Four-Family........... 10 1,513,996 4.34 De Minimis PUD................ 20 5,475,701 15.70 Planned Unit Development...... 8 842,332 2.42 Hi-Rise....................... 4 354,136 1.02 --- ----------- ------ Total...................... 193 $34,866,262 100.00% === =========== ======
Geographic Distribution of Mortgaged Properties
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate State Mortgage Loans Principal Balance Principal Balance ----- -------------- ----------------- ----------------- California............................ 58 $13,978,389 40.09% Florida............................... 41 5,500,147 15.77 New York.............................. 8 1,777,877 5.10 Texas................................. 13 2,180,304 6.25 Virginia.............................. 6 2,008,875 5.76 Other (less than 3% in any one state). 67 9,420,669 27.02 --- ----------- ------ Total.............................. 193 $34,866,262 100.00% === =========== ======
No more than approximately 2.23% of the subsequent mortgage loans (by aggregate outstanding principal balance as of the Subsequent Cut-off Date) will be secured by mortgaged properties located in any one zip code. Loan Purposes
Percentage of Subsequent Cut-off Number of Date Subsequent Aggregate Unpaid Aggregate Loan Purpose Mortgage Loans Principal Balance Principal Balance ------------ -------------- ----------------- ----------------- Purchase........................... 129 $21,062,351 60.41% Cash-Out Refinance................. 47 9,259,272 26.56 Rate and Term Refinance............ 16 3,906,690 11.20 Construction....................... 1 637,949 1.83 --- ----------- ------ Total........................... 193 $34,866,262 100.00% === =========== ======
In general, in the case of an subsequent 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. Subsequent 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. Subsequent Group 1 Loan Characteristics The subsequent Group 1 Loans will consist of 163 conventional, one- to four-family, fixed-rate, fully- amortizing and balloon payment mortgage loans secured by first liens on mortgaged properties and having an aggregate principal balance as of the Subsequent Cut-off Date of approximately $21,642,973 after application of scheduled payments due on or before the Subsequent Cut-off Date whether or not received. The average principal balance of the subsequent Group 1 Loans at origination was approximately $132,837. No Subsequent Group 1 Loan had a principal balance at origination of greater than approximately $290,500 or less than approximately $48,450. The average principal balance of the subsequent Group 1 Loans as of the Subsequent Cut-off Date was approximately $132,779. No subsequent Group 1 Loan had a principal balance as of the Subsequent Cut-off Date of greater than approximately $290,198 or less than approximately $48,450. As of the Subsequent Cut-off Date, the subsequent Group 1 Loans had mortgage rates ranging from approximately 6.875% per annum to approximately 11.900% per annum and the weighted average mortgage rate was approximately 8.900% per annum. The weighted average remaining term to stated maturity of the subsequent Group 1 Loans will be approximately 352 months as of the Subsequent Cut-off Date. None of the subsequent Group 1 Loans will have a first Due Date prior to July 1, 2001 or after December 1, 2001, or will have a remaining term to maturity of less than 178 months or greater than 360 months as of the Subsequent Cut-off Date. The latest maturity date of any subsequent Group 1 Loan is November 1, 2031. The weighted average loan-to-value ratio at origination of the subsequent Group 1 Loans was approximately 86.16%. No loan-to-value ratio at origination was greater than approximately 97.00% or less than approximately 56.82%. Five subsequent Group 1 Loans, representing approximately 3.02% of the subsequent Group 1 Loans (by aggregate outstanding principal balance as of the Subsequent Cut-off Date), are balloon loans. The amount of the balloon payment on each of these subsequent Group 1 Loans is substantially in excess of the amount of the scheduled monthly payment on such subsequent Group 1 Loan for the period prior to the Due Date of the balloon payment. These subsequent Group 1 Loans have a weighted average remaining term to maturity of approximately 178 months. None of the subsequent Group 1 Loans are buydown mortgage loans. None of the subsequent Group 1 Loans were 30 days or more delinquent as of the Subsequent Cut- off Date. Set forth below is a description of certain additional characteristics of the subsequent Group 1 Loans as of the Subsequent Cut-off Date, except as otherwise indicated. All percentages of the subsequent Group 1 Loans are approximate percentages by aggregate principal balance of the subsequent Group 1 Loans as of the Subsequent Cut-off Date, except as otherwise indicated. Dollar amounts and percentages may not add up to totals due to rounding. Principal Balances at Origination
Percentage of Subsequent Cut-off Original Number of Date Mortgage Loan Subsequent Group Aggregate Unpaid Aggregate Principal Balances($) 1 Loans Principal Balance Principal Balance --------------------- ------- ----------------- ----------------- 0.01 - 50,000.00....................... 1 $ 48,450 0.22% 50,000.01 - 100,000.00....................... 58 4,324,642 19.98 100,000.01 - 150,000.00....................... 45 5,438,265 25.13 150,000.01 - 200,000.00....................... 33 5,702,752 26.35 200,000.01 - 250,000.00....................... 21 4,779,463 22.08 250,000.01 - 300,000.00....................... 5 1,349,401 6.23 --- ----------- ------ Total.................................... 163 $21,642,973 100.00% === =========== ======
The average principal balance of the subsequent Group 1 Loans at origination was approximately $132,837. Principal Balances as of the Subsequent Cut-off Date
Percentage of Subsequent Cut-off Number of Date Current Mortgage Loan Subsequent Group Aggregate Unpaid Aggregate Principal Balances($) 1 Loans Principal Balance Principal Balance --------------------- ------- ----------------- ----------------- 0.01 - 50,000.00........... 1 $ 48,450 0.22% 50,000.01 - 100,000.00........... 58 4,324,642 19.98 100,000.01 - 150,000.00........... 45 5,438,265 25.13 150,000.01 - 200,000.00........... 33 5,702,752 26.35 200,000.01 - 250,000.00........... 21 4,779,463 22.08 250,000.01 - 300,000.00........... 5 1,349,401 6.23 --- ----------- ------ Total........................ 163 $21,642,973 100.00% === =========== ======
As of the Subsequent Cut-off Date, the average current principal balance of the subsequent Group 1 Loans will be approximately $132,779. Mortgage Rates
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Mortgage Rates(%) 1 Loans Principal Balance Principal Balance ----------------- ------- ----------------- ----------------- 6.500 - 6.999 ...................... 1 $ 155,200 0.72% 7.500 - 7.999 ...................... 6 1,012,087 4.68 8.000 - 8.499 ...................... 36 5,279,590 24.39 8.500 - 8.999 ...................... 45 5,903,254 27.28 9.000 - 9.499 ...................... 36 4,840,428 22.36 9.500 - 9.999 ...................... 21 2,724,411 12.59 10.000 - 10.499....................... 9 966,540 4.47 10.500 - 10.999....................... 7 604,891 2.79 11.500 - 11.999....................... 2 156,572 0.72 --- ----------- ------ Total............................. 163 $21,642,973 100.00% === =========== ======
The weighted average mortgage rate of the subsequent Group 1 Loans was approximately 8.900% per annum. Original Loan-to-Value Ratios
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Original Loan-to-Value Ratios(%) 1 Loans Principal Balance Principal Balance ----------------- ------- ----------------- ----------------- 55.01 - 60.00.......................... 2 $ 349,742 1.62% 60.01 - 65.00.......................... 2 247,702 1.14 65.01 - 70.00.......................... 7 884,628 4.09 70.01 - 75.00.......................... 7 926,841 4.28 75.01 - 80.00.......................... 35 5,069,627 23.42 80.01 - 85.00.......................... 4 545,714 2.52 85.01 - 90.00.......................... 60 7,731,039 35.72 90.01 - 95.00.......................... 45 5,761,581 26.62 95.01 -100.00.......................... 1 126,100 0.58 --- ----------- ------ Total.............................. 163 $21,642,973 100.00% === =========== ======
The minimum and maximum loan-to-value ratios of the subsequent Group 1 Loans at origination were approximately 56.82% and 97.00%, respectively, and the weighted average of the loan-to-value ratios of the subsequent Group 1 Loans at origination was approximately 86.16%. Occupancy Types
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Occupancy (as indicated by borrower) 1 Loans Principal Balance Principal Balance - ----------------------------------- ------- ----------------- ----------------- Second Home.............................. 2 $ 276,907 1.28% Non-Owner Occupied....................... 23 2,465,742 11.39 Primary Residence........................ 138 18,900,324 87.33 --- ----------- ------ Total................................ 163 $21,642,973 100.00% === =========== ======
Mortgage Loan Program and Documentation Type
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Loan Program and Documentation Type 1 Loans Principal Balance Principal Balance - ----------------------------------- ------- ----------------- ----------------- Progressive Series Program (Full Documentation)........................... 10 $ 1,482,344 6.85% Progressive Series Program (Limited (Stated) Documentation)......... 6 718,961 3.32 Progressive Series Program (Lite Income/Stated Asset Documentation)........................... 1 62,070 0.29 Progressive Express(TM)Program (Verified Assets)........................ 50 7,163,962 33.10 Progressive Express(TM)Program (Non Verified Assets).................... 88 10,981,709 50.74 Progressive Express(TM)No Doc Program (No Documentation)............... 8 1,233,926 5.70 --- ----------- ------ Total........................................ 163 $21,642,973 100.00% === =========== ======
See "--Underwriting Standards" below for a detailed description of the Seller's loan programs and documentation requirements. Risk Categories
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Credit Grade 1 Loans Principal Balance Principal Balance ------------ ------- ----------------- ----------------- A+(1).................................. 6 $ 794,765 3.67% A(1)................................... 8 1,295,241 5.98 A-(1).................................. 3 173,370 0.80 Progressive Express(TM)I(2)............ 44 5,516,279 25.49 Progressive Express(TM)II(2)........... 81 10,986,697 50.76 Progressive Express(TM)III(2).......... 15 2,102,863 9.72 Progressive Express(TM)IV(2)........... 4 529,493 2.45 Progressive Express(TM)V(2)............ 2 244,265 1.13 --- ----------- ------ Total............................ 163 $21,642,973 100.00% === =========== ======
- ---------- (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, and A-, correspond to Progressive Series I+, I and II, and III and III+ , respectively. (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. See "--Underwriting Standards" below for a description of the Seller's risk categories. Property Types
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Property Type 1 Loans Principal Balance Principal Balance ------------- ------- ----------------- ----------------- Single-Family........................ 113 $15,171,454 70.10% Condominium.......................... 14 1,557,200 7.19 Two- to Four-Family.................. 10 1,513,996 7.00 De Minimis PUD....................... 14 2,203,855 10.18 Planned Unit Development............. 8 842,332 3.89 Hi-Rise.............................. 4 354,136 1.64 --- ----------- ------ Total............................. 163 $21,642,973 100.00% === =========== ======
Geographic Distribution of Mortgaged Properties
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate State 1 Loans Principal Balance Principal Balance ----- ------- ----------------- ----------------- California........................... 41 $ 6,773,142 31.29% Florida.............................. 37 4,225,247 19.52 Georgia.............................. 6 725,350 3.35 New York............................. 7 1,378,389 6.37 Pennsylvania......................... 5 696,504 3.22 Texas................................ 12 1,430,304 6.61 Other (less than 3% in any one state) 55 6,414,037 29.64 --- ----------- ------ Total............................. 163 $21,642,973 100.00% === =========== ======
No more than approximately 1.34% of the subsequent Group 1 Loans (by aggregate outstanding principal balance as of the Subsequent Cut-off Date) will be secured by mortgaged properties located in any one zip code. Loan Purposes
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Loan Purpose 1 Loans Principal Balance Principal Balance ------------ ------- ----------------- ----------------- Purchase............................... 114 $14,881,155 68.76% Cash-Out Refinance..................... 38 5,173,080 23.90 Rate and Term Refinance................ 11 1,588,738 7.34 --- ----------- ------ Total............................... 163 $21,642,973 100.00% === =========== ======
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. Subsequent Group 2 Loan Characteristics The subsequent Group 2 Loans will consist of 30 conventional, one- to four-family, fixed-rate, fully- amortizing and balloon payment mortgage loans secured by first liens on mortgaged properties and having an aggregate principal balance as of the Subsequent Cut-off Date of approximately $13,223,289 after application of scheduled payments due on or before the Subsequent Cut-off Date whether or not received. The average principal balance of the subsequent Group 2 Loans at origination was approximately $441,043. No subsequent Group 2 Loan had a principal balance at origination of greater than approximately $780,000 or less than approximately $275,500. The average principal balance of the subsequent Group 2 Loans as of the Subsequent Cut-off Date was approximately $440,776. No subsequent Group 2 Loan had a principal balance as of the Subsequent Cut-off Date of greater than approximately $778,686 or less than approximately $275,500. As of the Subsequent Cut-off Date, the subsequent Group 2 Loans had mortgage rates ranging from approximately 6.750% per annum to approximately 9.875% per annum and the weighted average mortgage rate was approximately 7.841% per annum. The weighted average remaining term to stated maturity of the subsequent Group 2 Loans will be approximately 359 months as of the Subsequent Cut-off Date. None of the subsequent Group 2 Loans will have a first Due Date prior to August 1, 2001 or after December 1, 2001, or will have a remaining term to maturity of less than 356 months or greater than 360 months as of the Subsequent Cut-off Date. The latest maturity date of any subsequent Group 2 Loan is November 1, 2031. The weighted average loan-to-value ratio at origination of the subsequent Group 2 Loans was approximately 72.63%. No loan-to-value ratio at origination was greater than approximately 95.00% or less than approximately 23.53%. None of the subsequent Group 2 Loans are balloon loans. None of the subsequent Group 2 Loans are buydown mortgage loans. None of the subsequent Group 2 Loans were 30 days or more delinquent as of the Subsequent Cut- off Date. Set forth below is a description of certain additional characteristics of the subsequent Group 2 Loans as of the Subsequent Cut-off Date, except as otherwise indicated. All percentages of the subsequent Group 2 Loans are approximate percentages by aggregate principal balance of the subsequent Group 2 Loans as of the Subsequent Cut-off Date, except as otherwise indicated. Dollar amounts and percentages may not add up to totals due to rounding. Principal Balances at Origination
Percentage of Subsequent Cut-off Original Number of Date Mortgage Loan Subsequent Group Aggregate Unpaid Aggregate Principal Balances($) 2 Loans Principal Balance Principal Balance --------------------- ------- ----------------- ----------------- 250,000.01 - 300,000.00............... 4 $ 1,145,400 8.66% 300,000.01 - 350,000.00............... 4 1,317,686 9.96 350,000.01 - 400,000.00............... 7 2,646,468 20.01 400,000.01 - 450,000.00............... 6 2,563,167 19.38 450,000.01 - 500,000.00............... 2 955,000 7.22 500,000.01 - 550,000.00............... 1 528,000 3.99 550,000.01 - 600,000.00............... 1 570,500 4.31 600,000.01 - 650,000.00............... 2 1,269,949 9.60 650,000.01 - 700,000.00............... 1 698,432 5.28 700,000.01 - 750,000.00............... 1 750,000 5.67 750,000.01 - 800,000.00............... 1 778,686 5.89 -- ----------- ------ Total............................ 30 $13,223,289 100.00% == =========== ======
The average principal balance of the subsequent Group 2 Loans at origination was approximately $441,043. Principal Balances as of the Subsequent Cut-off Date
Percentage of Subsequent Cut-off Number of Date Current Mortgage Loan Subsequent Group Aggregate Unpaid Aggregate Principal Balances($) 2 Loans Principal Balance Principal Balance --------------------- ------- ----------------- ----------------- 250,000.01 - 300,000.00................ 4 $1,145,400 8.66% 300,000.01 - 350,000.00................ 4 1,317,686 9.96 350,000.01 - 400,000.00................ 7 2,646,468 20.01 400,000.01 - 450,000.00................ 6 2,563,167 19.38 450,000.01 - 500,000.00................ 2 955,000 7.22 500,000.01 - 550,000.00................ 1 528,000 3.99 550,000.01 - 600,000.00................ 1 570,500 4.31 600,000.01 - 650,000.00................ 2 1,269,949 9.60 650,000.01 - 700,000.00................ 1 698,432 5.28 700,000.01 - 750,000.00................ 1 750,000 5.67 750,000.01 - 800,000.00................ 1 778,686 5.89 -- ----------- ------ Total............................. 30 $13,223,289 100.00% == =========== ======
As of the Subsequent Cut-off Date, the average current principal balance of the subsequent Group 2 Loans will be approximately $440,776. Mortgage Rates
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Mortgage Rates(%) 2 Loans Principal Balance Principal Balance ----------------- ------- ----------------- ----------------- 6.500 - 6.999 .................... 4 $ 2,086,086 15.78% 7.000 - 7.499 .................... 7 2,999,555 22.68 7.500 - 7.999 .................... 6 3,336,334 25.23 8.000 - 8.499 .................... 3 1,471,330 11.13 8.500 - 8.999 .................... 6 1,921,279 14.53 9.000 - 9.499 .................... 1 275,500 2.08 9.500 - 9.999..................... 3 1,133,204 8.57 -- ----------- ------ Total............................. 30 $13,223,289 100.00% == =========== ======
The weighted average mortgage rate of the subsequent Group 2 Loans was approximately 7.841% per annum. Original Loan-to-Value Ratios
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Original Loan-to-Value Ratios(%) 2 Loans Principal Balance Principal Balance ------------------------------- ------- ----------------- ----------------- 20.01 - 25.00.......................... 1 $ 399,672 3.02% 30.01 - 35.00.......................... 1 778,686 5.89 50.01 - 55.00.......................... 1 750,000 5.67 55.01 - 60.00.......................... 1 400,000 3.02 60.01 - 65.00.......................... 3 1,701,432 12.87 65.01 - 70.00.......................... 3 1,349,388 10.20 75.01 - 80.00.......................... 11 4,660,686 35.25 85.01 - 90.00.......................... 5 1,891,587 14.30 90.01 - 95.00.......................... 4 1,291,839 9.77 -- ----------- ------ Total.............................. 30 $13,223,289 100.00% == =========== ======
The minimum and maximum loan-to-value ratios of the subsequent Group 2 Loans at origination were approximately 23.53% and 95.00%, respectively, and the weighted average of the loan-to-value ratios of the subsequent Group 2 Loans at origination was approximately 72.63%. Occupancy Types
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Occupancy (as indicated by borrower) 2 Loans Principal Balance Principal Balance - ------------------------------------ ------- ----------------- ----------------- Second Home........................ 1 $ 297,600 2.25% Non-Owner Occupied................. 1 778,686 5.89 Primary Residence.................. 28 12,147,003 91.86 -- ----------- ------ Total.......................... 30 $13,223,289 100.00% == =========== ======
Mortgage Loan Program and Documentation Type
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Loan Program and Documentation Type 2 Loans Principal Balance Principal Balance - ----------------------------------- ------- ----------------- ----------------- Progressive Series Program (Full Documentation).......................... 4 $ 1,521,525 11.51% Progressive Series Program (Limited (Stated) Documentation)................. 10 5,443,685 41.17 Progressive Express(TM)Program (Verified Assets)....................... 4 1,895,842 14.34 Progressive Series Program (Lite Income/Stated Asset Documentation).......................... 1 439,842 3.33 Progressive Express(TM)Program (Non Verified Assets)........................ 11 3,922,394 29.66 -- ----------- ------ Total............................... 30 $13,223,289 100.00% == =========== ======
See "--Underwriting Standards" below for a detailed description of the Seller's loan programs and documentation requirements. Risk Categories
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Credit Grade 2 Loans Principal Balance Principal Balance ------------ ------- ----------------- ----------------- A+(1)............................. 8 $ 3,998,545 30.24% A(1).............................. 7 3,406,507 25.76 Progressive Express(TM)I(2)....... 8 3,496,394 26.44 Progressive Express(TM)II(2)...... 7 2,321,842 17.56 -- ----------- ------ Total....................... 30 $13,223,289 100.00% == =========== ======
- ---------- (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+ and A correspond to Progressive Series I+, and I and II respectively. 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. See "--Underwriting Standards" below for a description of the Seller's risk categories. Property Types
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Property Type 2 Loans Principal Balance Principal Balance ------------- ------- ----------------- ----------------- Single-Family.......................... 23 $ 9,653,843 73.01% Condominium............................ 1 297,600 2.25 De Minimis PUD......................... 6 3,271,846 24.74 -- ----------- ------ Total............................... 30 $13,223,289 100.00% == =========== ======
Geographic Distribution of Mortgaged Properties
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate State 2 Loans Principal Balance Principal Balance ----- ------- ----------------- ----------------- Arizona................................ 1 $ 439,842 3.33% California............................. 17 7,205,247 54.49 Florida................................ 4 1,274,900 9.64 Hawaii................................. 1 778,686 5.89 New Jersey............................. 1 449,365 3.40 New York............................... 1 399,488 3.02 Texas.................................. 1 750,000 5.67 Virginia............................... 3 1,650,261 12.48 Other (less than 3% in any one state).. 1 275,500 2.08 -- ----------- ------ Total............................... 30 $13,223,289 100.00% == =========== ======
No more than approximately 5.89% of the subsequent Group 2 Loans (by aggregate outstanding principal balance as of the Subsequent Cut-off Date) will be secured by mortgaged properties located in any one zip code. Loan Purposes
Percentage of Subsequent Cut-off Number of Date Subsequent Group Aggregate Unpaid Aggregate Loan Purpose 2 Loans Principal Balance Principal Balance ------------ ------- ----------------- ----------------- Purchase.................................. 15 $ 6,181,196 46.74% Cash-Out Refinance........................ 9 4,086,192 30.90 Rate and Term Refinance................... 5 2,317,952 17.53 Construction.............................. 1 637,949 4.82 -- ----------- ------ Total.................................. 30 $13,223,289 100.00% == =========== ======
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. -----END PRIVACY-ENHANCED MESSAGE-----