Apr 15, 2005 10:57

SEMT 05-3 Marketing

FICO < 640

Collateral Summary Report

General Pool Characteristics

Pool Size: $7,829,180.00

Total Orig. Bal.: $7,829,180.00

Loan Count: 10

Cutoff Date: 2005-04-01

Avg. Cut-Off Balance: $782,918.00

Avg. Orig. Balance: $782,918.00

% Conforming: 16.24%

W.A. FICO: 599

W.A. Orig. LTV: 73.32%

W.A. Cut-Off LTV: 73.32%

Earliest Orig. Date: 2004-08-25

Latest Maturity Date: 2034-09-01

W.A. Gross Coupon: 4.3925%

W.A. Net Coupon: 3.9967%

W.A. Servicing Fee: 0.3794%

W.A. Master Servicing Fee: 0.0165%

W.A. Pass-Through Rate:

W.A. Orig. Term: 305.2 months

W.A. Rem. Term: 304.4 months

W.A. Age: 0.8 months

% OLTV over 80: 12.25%

% OLTV over 95: 9.26%

% OLTV over 100: 0.00%

% with PMI: 0.00%

% with LPMI: 0.00%

% OLTV over 80 with PMI: 0.00%

W.A. MI Coverage:

W.A. MI Adjusted COLTV: 73.32%

% Second Lien: 0.00%

% with Prepay Penalty: 0.00%

% Balloon: 0.00%

Max. Zipcode Conc.: 38.32%

W.A. Roll Term: 3.0 months

W.A. Margin: 1.586%

W.A. Initial Cap (ARMs):

W.A. Interim Cap (ARMs): 6.000%

W.A. Life Cap (ARMs): 7.607%

W.A. Ceiling (ARMs): 12.000%

W.A. Floor (ARMs): 1.586%

Lien Position

Percent

1

100.00%

Total:

100.00%

Credit Score

Percent

600 - 649

71.44%

550 - 599

7.01

500 - 549

21.55

Total:

100.00%

W.A.: 599

Lowest: 538

Highest: 638

Original Balance

Percent

100,001 - 200,000

2.55%

200,001 - 300,000

9.66

300,001 - 400,000

4.02

400,001 - 500,000

6.07

600,001 - 700,000

8.71

700,001 - 800,000

9.12

1,600,001 - 1,700,000

21.55

over 2,000,001

38.32

Total:

100.00%

Average: $782,918.00

Lowest: $200,000.00

Highest: $3,000,000.00

Cut-Off Balance

Percent

100,001 - 200,000

2.55%

200,001 - 300,000

9.66

300,001 - 400,000

4.02

400,001 - 500,000

6.07

600,001 - 700,000

8.71

700,001 - 800,000

9.12

1,600,001 - 1,700,000

21.55

>= 2,000,001

38.32

Total:

100.00%

Average: $782,918.00

Lowest: $200,000.00

Highest: $3,000,000.00

Coupon

Percent

3.501 - 3.750

8.71%

4.001 - 4.250

57.53

4.251 - 4.500

2.99

4.501 - 4.750

3.48

4.751 - 5.000

27.29

Total: 100.00%

W.A.: 4.393%

Lowest: 3.750%

Highest: 4.875%

PMI Providers

Percent

NONE

100.00%

Total:

100.00%

Product Type

Percent

1ML MO - 120 IO

57.53%

6ML MO - 120 IO

42.47

Total: 100.00%

Index

Percent

1ML

57.53%

6ML

42.47

Total:

100.00%

Loan Purpose

Percent

Refinance-Cashout

72.91%

Purchase

27.09

Total:

100.00%

Property Type

Percent

Single Family

49.49%

PUD

41.80

PUD-Detached

8.71

Total:

100.00%

Occupancy Status

Percent

Primary

87.75%

Secondary

12.25

Total:

100.00%

Documentation

Percent

Alternative Documentation

67.19%

Asset Verification, No Income Verification

21.55

Full Documentation

8.71

Lite Documentation

2.55

Total:

100.00%

State

Percent

Florida

41.80%

California

25.57

New Jersey

9.12

Virginia

8.71

Kansas

6.07

Other

8.74

Total:

100.00%

California

Percent

Northern California

15.73%

Southern California

84.27

Total:

100.00%

Zip Code

Percent

33469

38.32%

93108

21.55

07750

9.12

20152

8.71

66083

6.07

Other

16.24

Total:

100.00%

Delinquency*

Percent

0-29 days

100.00%

Total:

100.00%

* MBA method

OLTV

Percent

30.01 - 40.00

2.55%

40.01 - 50.00

3.48

50.01 - 60.00

21.55

60.01 - 70.00

13.14

70.01 - 80.00

47.03

80.01 - 90.00

2.99

90.01 - 100.00

9.26

Total:

100.00%

W.A.:

73.32%

Lowest:

33.23%

Highest:

100.00%

Cut-Off LTV

Percent

30.01 - 40.00

2.55%

40.01 - 50.00

3.48

50.01 - 60.00

21.55

60.01 - 70.00

13.14

70.01 - 80.00

47.03

80.01 - 90.00

2.99

90.01 - 100.00

9.26

Total:

100.00%

W.A.:

73.32%

Lowest:

33.23%

Highest:

100.00%

Prepayment Penalty Term

Percent

0

100.00%

Total:

100.00%

W.A.: 0.0 months

Lowest: 0 months

Highest: 0 months

Original Term

Percent

300

91.29%

360

8.71

Total:

100.00%

W.A.: 305.2 months

Lowest: 300 months

Highest: 360 months

Cut-Off Remaining Term

Percent

295 - 300

91.29%

349 - 354

8.71

Total:

100.00%

W.A.: 304.4 months

Lowest: 299 months

Highest: 353 months

Cutoff Loan Age

Percent

0

69.64%

1 - 6

21.66

7 - 12

8.71

Total:

100.00%

W.A.: 0.8 months

Lowest: 0 months

Highest: 7 months

Gross Margin

Percent

1.500

57.53%

1.625

33.76

2.000

8.71

Total:

100.00%

W.A.: 1.586%

Lowest: 1.500%

Highest: 2.000%

Initial Cap (ARMs)

Percent

0.000

100.00%

Total:

100.00%

W.A.: 0.000%

Lowest: 0.000%

Highest: 0.000%

Periodic Cap (ARMs)

Percent

0.000

91.29%

6.000

8.71

Total:

100.00%

W.A.: 0.522%

Lowest: 0.000%

Highest: 6.000%

Maximum Rate (ARMs)

Percent

11.001 - 12.000

100.00%

Total:

100.00%

W.A.: 12.000%

Lowest: 12.000%

Highest: 12.000%

Remaining IO Term

Percent

109 - 114

8.71%

115 - 120

91.29

Total: 100.00%

LookBack Days

Percent

25

8.71%

32

57.53

45

33.76

Total:

100.00%

This Structural Term Sheet, Collateral Term Sheet, or Computational Materials, as appropriate (the "material"), is for your private information, and Banc of America Securities LLC (the "Underwriter") is not soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriter considers reliable, but the Underwriter does not represent that it is accurate or complete, and it should not be relied upon as such. By accepting this material, the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriter makes no representation regarding the reasonableness of such assumptions, or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriter and its affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and/or buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC"), and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded by the information contained in any final prospectus for any securities actually sold to you. This material is furnished solely by the Underwriter and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. The Underwriter is acting as underwriter and not as an agent for the issuer in connection with the proposed transaction.

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