- 6 -
EXHIBIT 99.1
The mortgage loans delivered to the trust (the "Mortgage Loans") will
consist of conventional, one-to four- family, adjustable-rate and fixed-rate
mortgage loans with principal balances at origination that may or may not
conform to Xxxxxxx Mac or Xxxxxx Mae loan limits. The Depositor purchased the
Mortgage Loans from the Seller pursuant to the Mortgage Loan Purchase Agreement,
dated as of February 27, 2004, between the Seller and the Depositor. Pursuant to
the Pooling and Servicing Agreement, dated March 1, 2004 (the "Pooling and
Servicing Agreement"), among the Depositor, the Master Servicer and the Trustee,
the Depositor will cause the Mortgage Loans to be assigned to the Trustee for
the benefit of the certificateholders.
The Mortgage Loans will be secured by mortgages or deeds of trust or other
similar security instruments creating first liens on residential properties (the
"Mortgaged Properties") consisting of attached, detached or semi-detached one-to
four-family dwelling units, individual condominium units or individual units in
planned unit developments and manufactured housing. The Mortgage Loans will have
original terms to maturity of not greater than 30 years from the date on which
the first payment was due on each Mortgage Loan.
Each adjustable-rate Mortgage Loan will accrue interest at the
adjustable-rate calculated as specified under the terms of the related mortgage
note and each fixed-rate Mortgage Loan will have a Mortgage Rate that is fixed
for the life of such Mortgage (each such rate, a "Mortgage Rate").
Approximately 95.08% and approximately 4.92% of the Mortgage Loans, by
aggregate scheduled principal balance of the Mortgage Loans as of the Cut-off
Date, were originated by the Seller's wholesale lending affiliates, Argent
Mortgage Company, LLC ("Argent") and Olympus Mortgage Company ("Olympus" and
together with Argent, the "Originators"), respectively.
Each adjustable-rate Mortgage Loan will accrue interest at a Mortgage Rate
that is adjustable. The adjustable-rate Mortgage Loans will provide for
semi-annual adjustment to the Mortgage Rate thereon and for corresponding
adjustments to the monthly payment amount due thereon, in each case on each
adjustment date applicable thereto (each such date, an Adjustment Date");
provided, that the first adjustment for approximately 62.76% of the
adjustable-rate Mortgage Loans will occur after an initial period of two years
after origination, and the first adjustment for approximately 37.24% of the
adjustable-rate Mortgage Loans will occur after an initial period of three years
after origination. On each Adjustment Date for each adjustable-rate Mortgage
Loan, the Mortgage Rate thereon will be adjusted (subject to rounding) to equal
the sum of the applicable Index (as defined below) and a fixed percentage amount
(the " Gross Margin"). The Mortgage Rate on each adjustable-rate Mortgage Loan
will not decrease on the first related Adjustment Date, will not increase by
more than 2.000% per annum on the first related Adjustment Date (the "Initial
Periodic Rate Cap") and will not increase or decrease by more than 1.000% per
annum on any Adjustment Date thereafter (the "Periodic Rate Cap"). Each Mortgage
Rate on each adjustable-rate Mortgage Loan will not exceed a specified maximum
Mortgage Rate over the life of such Mortgage Loan (the "Maximum Mortgage Rate")
or be less than a specified minimum Mortgage Rate over the life of such Mortgage
Loan (the "Minimum Mortgage Rate"). Effective with the first monthly payment due
on each adjustable-rate Mortgage Loan after each related Adjustment Date, the
monthly payment amount will be adjusted to an amount that will amortize fully
the outstanding principal balance of the related Mortgage Loan over its
remaining term, and pay interest at the Mortgage Rate as so adjusted. Due to the
application of the Periodic Rate Caps and the Maximum Mortgage Rates, the
Mortgage Rate on each such adjustable-rate Mortgage Loan, as adjusted on any
related Adjustment Date, may be less than the sum of the Index and the related
Gross Margin, rounded as described herein. None of the adjustable-rate Mortgage
Loans permits the related mortgagor to convert the adjustable Mortgage Rate
thereon to a fixed Mortgage Rate.
The Mortgage Loans will have scheduled monthly payments due on the first
day of the month (with respect to each Mortgage Loan, a "Due Date"). Each
Mortgage Loan will contain a customary "due-on-sale" clause which provides that
(subject to state and federal restrictions) the Mortgage Loan must be repaid at
the time of sale of the related Mortgaged Property or with the consent of the
holder of the mortgage note assumed by a creditworthy purchaser of the related
Mortgaged Property.
None of the Mortgage Loans will be Buydown Mortgage Loans.
Approximately 71.83% of the Mortgage Loans, by aggregate scheduled
principal balances as of the Cut-off Date, provide for payment by the mortgagor
of a prepayment charge on certain principal prepayments, subject to certain
limitations in the related mortgage note and limitations upon collection in the
Pooling and Servicing Agreement.
- 7 -
Generally, each such Mortgage Loan provides for payment of a prepayment charge
on certain prepayments made within a defined period set forth in the related
Mortgage Note (generally within the first three years but possibly as short as
one year from the date of origination of such Mortgage Loan). The amount of the
prepayment charge is as provided in the related Mortgage Note. The holders of
the Class P Certificates will be entitled to all prepayment charges received on
the Mortgage Loans, and such amounts will not be available for distribution on
the other classes of Certificates. Under certain instances, as described under
the terms of the Pooling and Servicing Agreement, the Master Servicer may waive
the payment of any otherwise applicable prepayment charge. Investors should
conduct their own analysis of the effect, if any, that the prepayment charges,
and decisions by the Master Servicer with respect to the waiver thereof, may
have on the prepayment performance of the Mortgage Loans.
Mortgage Loan Statistics
The Mortgage Loans consist of 2,826 adjustable-rate and fixed-rate
Mortgage Loans having an aggregate principal balance as of the Cut-off Date of
$500,000,366.43, after application of scheduled payments due on or before the
Cut-off Date whether or not received and application of all unscheduled payments
of principal received prior to the Calculation Date, and subject to a permitted
variance of plus or minus 5%. None of the Mortgage Loans had a first Due Date
prior to October 2003 or after March 2004, or will have a remaining term to
stated maturity of less than 176 months or greater than 359 months as of the
Cut-off Date. The latest maturity date of any Mortgage Loans is February 2034.
The Mortgage Loans are expected to have the characteristics set forth in Annex
III of this prospectus supplement as of the Cut-off Date (the sum in any column
may not equal the total indicated due to rounding).
- 8 -
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Collateral Type
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PRINCIPAL REMAINING
NUMBER OF BALANCE % OF PRINCIPAL TERM TO GROSS
MORTGAGE AS OF THE BALANCE AS OF MATURITY DEBT-TO- COUPON OLTV
COLLATERAL TYPE LOANS CUT-OFF DATE THE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
------------------------------------------------------------------------------------------------------------------------------------
2-yr Fixed / Adjustable-Rate 1,195 $201,186,352.90 40.24% 357 38.17 7.393 619 89.25
3-yr Fixed / Adjustable-Rate 636 119,397,257.31 23.88 357 38.53 7.099 612 85.03
Fixed Rate 995 179,416,756.22 35.88 349 38.44 6.906 634 81.35
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Principal Balances at Origination
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REMAINING
RANGE OF NUMBER OF PRINCIPAL BALANCE % OF PRINCIPAL TERM TO GROSS
PRINCIPAL BALANCES MORTGAGE AS OF BALANCE AS OF MATURITY DEBT-TO- COUPON OLTV
AT ORIGINATION ($) LOANS ORIGINATION ORIGINATION (months)* INCOME (%)* (%)* FICO* (%)*
-----------------------------------------------------------------------------------------------------------------------------------
50,000.01-100,000.00 ....... 728 $ 57,192,038.00 11.41% 350 35.44 7.853 600 82.93
100,000.01-150,000.00 ...... 716 89,714,452.00 17.90 352 36.86 7.416 615 85.67
150,000.01-200,000.00 ...... 492 84,877,666.00 16.94 355 38.80 7.081 618 85.40
200,000.01-250,000.00 ...... 292 65,963,576.00 13.16 356 40.43 7.037 621 84.89
250,000.01-300,000.00 ...... 222 60,763,071.00 12.12 355 39.26 6.996 627 86.57
300,000.01-350,000.00 ...... 155 50,358,217.00 10.05 352 39.13 6.837 644 87.28
350,000.01-400,000.00 ...... 107 40,228,380.00 8.03 356 38.90 7.049 630 87.44
400,000.01-450,000.00 ...... 59 25,258,383.00 5.04 358 39.52 6.659 646 84.44
450,000.01-500,000.00 ...... 50 23,913,855.00 4.77 358 37.99 6.772 635 83.25
500,000.01-550,000.00 ...... 2 1,083,750.00 0.22 358 39.03 5.726 632 77.49
550,000.01-600,000.00 ...... 1 555,000.00 0.11 358 5.00 6.900 702 79.86
600,000.01-650,000.00 ...... 2 1,231,000.00 0.25 358 43.50 7.550 654 79.68
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Total: 2,826 $501,139,388.00 100.00% 354 38.35 7.148 623 85.40
-----------------------------------------------------------------------------------------------------------------------------------
* Based on the original balances of the Mortgage Loans.
- 9 -
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Principal Balance as of the Cut-Off Date
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% OF PRINCIPAL REMAINING
RANGE OF NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
PRINCIPAL BALANCES MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
AS OF THE CUT-OFF DATE ($) LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
50,000.01 - 100,000.00 .... 730 $ 57,271,470.91 11.45% 350 35.41 7.853 600 82.93
100,000.01 - 150,000.00 .... 719 90,063,065.28 18.01 352 36.84 7.411 615 85.62
150,000.01 - 200,000.00 .... 487 83,932,452.72 16.79 355 38.87 7.084 618 85.46
200,000.01 - 250,000.00 .... 295 66,559,607.92 13.31 356 40.36 7.036 621 84.84
250,000.01 - 300,000.00 .... 223 61,074,588.72 12.21 356 39.37 6.986 627 86.56
300,000.01 - 350,000.00 .... 151 49,038,776.04 9.81 352 39.07 6.849 644 87.41
350,000.01 - 400,000.00 .... 110 41,333,456.09 8.27 356 38.89 7.043 631 87.52
400,000.01 - 450,000.00 .... 57 24,452,465.91 4.89 358 39.66 6.641 644 84.24
450,000.01 - 500,000.00 .... 49 23,409,766.40 4.68 358 37.88 6.784 636 83.15
500,000.01 - 550,000.00 .... 2 1,081,466.63 0.22 358 39.04 5.726 632 77.49
550,000.01 - 600,000.00 .... 1 554,069.35 0.11 358 5.00 6.900 702 79.86
600,000.01 - 650,000.00 .... 2 1,229,180.46 0.25 358 43.49 7.550 654 79.68
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Remaining Term to Maturity
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
RANGE OF MONTHS MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
REMAINING (months) LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
121-180 .................... 48 $ 6,037,747.31 1.21% 177 34.86 6.591 614 71.54
181-240 .................... 37 5,205,969.40 1.04 238 40.01 6.682 633 78.53
301-360 .................... 2,741 488,756,649.72 97.75 357 38.38 7.160 623 85.65
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Mortgage Rate
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
RANGE OF CURRENT MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
MORTGAGE RATES (%) LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
5.000 - 5.499 .......... 59 $ 15,601,002.12 3.12% 347 39.39 5.342 673 76.02
5.500 - 5.999 .......... 200 42,808,500.39 8.56 349 39.02 5.757 657 78.92
6.000 - 6.499 .......... 306 67,085,579.56 13.42 353 38.91 6.255 640 82.77
6.500 - 6.999 .......... 529 107,677,518.99 21.54 354 38.93 6.744 632 86.87
7.000 - 7.499 .......... 527 92,809,031.28 18.56 356 38.29 7.231 622 87.71
7.500 - 7.999 .......... 505 81,789,812.51 16.36 355 38.04 7.718 615 88.15
8.000 - 8.499 .......... 356 49,290,790.16 9.86 356 36.10 8.214 594 86.91
8.500 - 8.999 .......... 200 25,167,539.55 5.03 356 37.77 8.691 582 86.42
9.000 - 9.499 .......... 85 10,225,354.75 2.05 356 38.68 9.223 568 82.53
9.500 - 9.999 .......... 19 2,688,239.04 0.54 357 37.29 9.707 558 82.61
10.000 - 10.499 .......... 22 2,396,302.73 0.48 351 40.38 10.231 551 78.86
10.500 - 10.999 .......... 7 891,464.12 0.18 357 41.65 10.824 528 65.46
11.000 - 11.499 .......... 6 858,264.28 0.17 357 40.65 11.140 536 72.40
11.500 - 11.999 .......... 3 513,094.28 0.10 357 39.84 11.732 532 70.18
12.000 - 12.499 .......... 1 116,933.44 0.02 358 53.00 12.050 535 60.00
12.500 - 12.999 .......... 1 80,939.23 0.02 357 35.00 12.650 520 58.70
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Original Loan-to-Value Ratios
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% OF PRINCIPAL REMAINING
RANGE OF ORIGINAL NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
LOAN-TO-VALUE MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
RATIOS (%) LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
25.00 or less ............. 2 $ 224,336.16 0.04% 356 32.00 7.829 609 21.71
25.01 - 30.00 ............ 1 99,319.28 0.02 178 24.00 6.150 594 28.17
30.01 - 35.00 ............ 5 841,354.93 0.17 345 33.19 6.846 583 32.23
35.01 - 40.00 ............ 11 1,668,640.73 0.33 339 36.56 6.452 623 37.74
40.01 - 45.00 ............ 9 1,818,709.00 0.36 311 32.03 6.353 663 42.16
45.01 - 50.00 ............ 19 2,793,856.39 0.56 329 31.81 6.568 622 48.22
50.01 - 55.00 ............ 21 3,067,438.96 0.61 340 38.02 6.655 608 52.96
55.01 - 60.00 ............ 52 7,775,830.04 1.56 352 37.74 7.245 609 58.22
60.01 - 65.00 ............ 78 12,526,559.62 2.51 349 40.10 6.826 606 63.49
65.01 - 70.00 ............ 120 22,230,919.13 4.45 346 39.63 6.899 603 68.56
70.01 - 75.00 ............ 177 29,325,447.41 5.87 353 40.48 7.112 594 74.14
75.01 - 80.00 ............ 365 63,546,751.80 12.71 354 37.51 6.953 612 79.28
80.01 - 85.00 ............ 330 57,605,687.19 11.52 355 37.84 7.136 608 84.27
85.01 - 90.00 ............ 784 134,266,194.49 26.85 355 37.35 7.292 628 89.61
90.01 - 95.00 ............ 852 162,209,321.30 32.44 356 39.29 7.208 639 94.70
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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FICO Score at Origination
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
RANGE OF FICO SCORES LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
500 - 519 .................. 90 $ 13,587,118.83 2.72% 353 41.79 8.373 510 73.81
520 - 539 .................. 131 18,199,066.97 3.64 357 39.32 8.118 531 76.19
540 - 559 .................. 221 32,827,869.03 6.57 352 38.74 7.813 551 81.46
560 - 579 .................. 220 34,799,798.81 6.96 354 39.90 7.653 568 81.86
580 - 599 .................. 386 61,761,221.74 12.35 355 38.51 7.473 589 84.83
600 - 619 .................. 453 79,198,760.78 15.84 354 38.53 7.093 609 87.29
620 - 639 .................. 439 80,274,089.60 16.05 354 38.64 6.949 629 88.27
640 - 659 .................. 308 58,975,938.65 11.80 354 38.22 6.796 649 87.03
660 - 679 .................. 222 47,278,331.21 9.46 354 38.00 6.814 668 87.10
680 - 699 .................. 160 30,859,484.75 6.17 354 36.91 6.723 688 87.84
700 - 719 .................. 85 17,645,093.40 3.53 354 34.90 6.773 709 88.60
720 - 739 .................. 52 10,500,458.15 2.10 356 36.77 6.742 729 86.55
740 - 759 .................. 31 7,141,372.65 1.43 353 34.90 6.381 748 81.18
760 - 779 .................. 18 4,209,112.17 0.84 357 39.27 6.247 769 75.13
780 - 799 .................. 10 2,742,649.69 0.55 358 34.83 5.883 787 81.45
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Debt-to-Income Ratio
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
RANGE OF DEBT-TO- MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
INCOME RATIOS (%) LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
20.00 or less ............. 207 $ 31,876,603.61 6.38% 353 13.72 7.299 633 83.22
20.01 - 25.00 ............ 197 29,779,286.97 5.96 349 23.17 7.256 621 82.95
25.00 - 30.00 ............ 260 42,620,162.99 8.52 355 28.37 7.106 633 85.02
30.01 - 35.00 ............ 365 62,661,248.56 12.53 355 32.99 7.137 628 86.76
35.01 - 40.00 ............ 465 80,275,538.65 16.06 354 38.08 7.145 625 85.35
40.01 - 45.00 ............ 553 101,291,664.78 20.26 355 43.15 7.184 620 86.50
45.01 - 50.00 ............ 710 138,353,845.06 27.67 355 48.05 7.094 618 86.89
50.01 - 55.00 ............ 69 13,142,015.81 2.63 350 53.13 7.042 605 67.52
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Geographic Distribution
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
STATE LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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California ................. 521 $133,131,851.91 26.63% 355 39.93 6.775 635 83.04
Florida .................... 372 54,679,480.86 10.94 354 38.41 7.206 616 85.79
New York ................... 190 52,270,313.64 10.45 353 39.25 6.851 628 83.64
Illinois ................... 261 46,259,569.41 9.25 357 37.06 7.447 623 87.46
Arizona .................... 151 18,206,330.65 3.64 349 38.13 7.252 621 88.45
Texas ...................... 120 16,140,918.26 3.23 351 31.55 7.700 615 84.54
Maryland ................... 78 14,186,371.75 2.84 350 39.21 7.307 601 84.12
Ohio ....................... 126 12,967,409.94 2.59 350 37.17 7.475 605 87.22
Minnesota .................. 62 11,609,243.63 2.32 357 39.23 7.096 625 87.58
Connecticut ................ 58 11,523,891.75 2.30 352 37.90 7.059 625 85.24
Michigan ................... 103 11,103,968.31 2.22 356 34.24 8.003 605 85.79
New Jersey ................. 47 10,414,136.17 2.08 348 40.93 6.874 615 81.51
Nevada ..................... 55 9,709,654.93 1.94 358 36.91 7.273 632 90.11
Massachusetts .............. 38 9,402,568.44 1.88 355 38.49 7.320 631 86.62
Georgia .................... 59 9,386,146.75 1.88 349 37.40 7.279 626 88.59
Colorado ................... 38 7,208,321.84 1.44 355 40.59 7.132 628 91.72
Washington ................. 44 6,995,056.24 1.40 357 36.59 7.156 627 88.86
Pennsylvania ............... 50 6,218,129.79 1.24 355 38.83 7.461 587 83.95
Rhode Island ............... 32 5,712,819.67 1.14 354 40.42 6.915 618 83.25
Utah ....................... 35 5,611,764.17 1.12 357 39.39 7.284 629 91.89
Other ...................... 386 47,262,418.32 9.45 355 36.83 7.583 612 87.26
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Occupancy Status
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
OCCUPATION STATUS* LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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Owner Occupied ............. 2,479 $451,015,311.42 90.20% 354 39.03 7.097 620 85.32
Non-Owner Occupied ......... 330 45,781,921.70 9.16 355 31.38 7.673 651 86.36
Second Home ................ 17 3,203,133.31 0.64 353 42.19 6.813 678 83.48
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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* Based on mortgagor representation at origination.
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Documentation Type
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
INCOME DOCUMENTATION LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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Full Documentation ......... 1,942 $320,888,138.97 64.18% 353 39.09 7.003 617 84.53
Stated Documentation ....... 738 152,108,965.20 30.42 356 37.86 7.448 635 87.06
Limited Documentation ...... 146 27,003,262.26 5.40 354 32.37 7.188 623 86.48
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Loan Purpose
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
PURPOSE LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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Refinance-Debt
Consolidation Cash Out** ... 1,941 $343,602,521.74 68.72% 353 38.83 7.075 614 83.36
Purchase ................... 746 133,496,786.25 26.70 357 37.02 7.351 646 90.90
Refinance-Debt Consolidation
No Cash Out*** ............. 139 22,901,058.44 4.58 354 39.04 7.067 629 84.08
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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** Cash proceeds to the borrower inclusive of debt consolidation
payments exceed 2% or $2,000 of the original principal balance of
the related loan. Also includes all home equity loans originated in
Texas with any cash proceeds.
*** Cash proceeds to the borrower inclusive of debt consolidation
payments do not exceed 2% or $2,000 of the original principal
balance of the related loan. Excludes home equity loans originated
in Texas with any cash proceeds.
- 14 -
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Credit Grade
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
RISK CATEGORY LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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1 .......................... 1,964 $351,453,261.73 70.29% 354 37.81 6.962 633 86.43
2 .......................... 233 36,982,430.10 7.40 355 38.60 7.506 595 84.82
3 .......................... 225 37,251,261.03 7.45 354 38.33 7.331 597 84.06
4 .......................... 196 35,576,812.56 7.12 356 41.56 7.460 604 84.13
5 .......................... 72 9,560,978.24 1.91 358 38.79 8.362 564 70.75
6 .......................... 28 4,573,820.97 0.91 358 41.89 9.252 543 69.07
A .......................... 92 20,543,629.14 4.11 356 39.98 7.485 634 85.89
A- ......................... 6 1,736,296.10 0.35 358 43.58 7.723 585 84.24
B .......................... 2 406,373.72 0.08 215 40.85 6.299 615 46.92
C .......................... 2 409,014.69 0.08 357 31.27 8.153 592 68.43
C- ......................... 6 1,506,488.15 0.30 357 44.44 10.514 532 76.94
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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* Letters correspond to risk categories of Olympus Mortgage Company
and roman numerals correspond to risk categories of Argent Mortgage
Company, LLC.
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Property Type
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
PROPERTY TYPE LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
Single Family Detached ..... 2,195 $382,540,569.24 76.51% 354 38.54 7.138 620 85.29
Two-to Four-Family ......... 223 44,322,176.31 8.86 356 36.52 7.273 643 84.71
PUD Detached ............... 177 37,157,805.43 7.43 356 38.00 7.042 624 87.34
Condominium ................ 151 26,468,847.46 5.29 357 38.37 7.230 639 87.34
Manufactured Housing ....... 58 6,006,219.86 1.20 348 40.87 7.221 618 77.30
PUD Attached ............... 17 2,442,981.94 0.49 358 39.81 7.287 619 86.28
Single Family Attached ..... 5 1,061,766.19 0.21 357 43.20 6.506 620 86.25
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Prepayment Charge Term
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
PREPAYMENT CHARGE TERM AT MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
ORIGINATION (MOS.) LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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0 .......................... 787 $140,864,134.64 28.17% 354 37.69 7.333 618 85.92
12 ......................... 183 43,059,695.98 8.61 353 38.61 6.998 633 83.60
24 ......................... 777 128,319,317.31 25.66 356 38.46 7.366 618 88.57
36 ......................... 1,079 187,757,218.50 37.55 353 38.73 6.896 628 83.28
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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- 15 -
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Conforming Balance
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% OF PRINCIPAL REMAINING
NUMBER OF PRINCIPAL BALANCE BALANCE AS TERM TO GROSS
MORTGAGE AS OF THE OF THE MATURITY DEBT-TO- COUPON OLTV
CONFORMING BALANCE LOANS CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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Conforming ................. 2,585 $402,134,975.95 80.43% 354 38.09 7.220 620 85.47
Non-Conforming ............. 241 97,865,390.48 19.57 355 39.44 6.854 635 85.13
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Total: 2,826 $500,000,366.43 100.00% 354 38.35 7.148 623 85.41
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Maximum Mortgage Rates of the Adjustable-Rate Loans
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% OF PRINCIPAL
PRINCIPAL BALANCE BALANCE OF REMAINING
NUMBER OF OF ADJUSTABLE ADJUSTABLE RATE TERM TO GROSS
RANGE OF MAXIMUM MORTGAGE RATE LOANS AS OF LOANS AS OF THE MATURITY DEBT-TO- COUPON OLTV
MORTGAGE RATES (%) LOANS THE CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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11.000 - 11.499............ 34 $ 8,723,296.64 2.72% 358 37.71 5.330 643 81.76
11.500 - 11.999............ 84 18,153,474.00 5.66 357 39.60 5.755 652 85.34
12.000 - 12.499............ 153 33,802,613.54 10.54 357 38.69 6.260 641 86.89
12.500 - 12.999............ 322 65,722,390.94 20.50 357 39.37 6.745 628 88.58
13.000 - 13.499............ 357 64,477,459.12 20.11 357 38.16 7.239 621 89.15
13.500 - 13.999............ 383 62,497,414.20 19.49 357 37.94 7.716 614 89.27
14.000 - 14.499............ 258 36,077,330.73 11.25 357 36.18 8.219 590 87.90
14.500 - 14.999............ 140 17,939,850.44 5.60 356 37.68 8.693 575 86.71
15.000 - 15.499............ 58 7,824,481.72 2.44 357 38.95 9.221 562 81.37
15.500 - 15.999............ 13 1,842,429.45 0.57 357 40.47 9.667 559 80.96
16.000 - 16.499............ 16 1,720,378.09 0.54 358 40.12 10.222 541 76.10
16.500 - 16.999............ 6 806,960.55 0.25 357 43.49 10.831 523 62.89
17.000 - 17.499............ 4 613,772.86 0.19 357 44.22 11.157 525 65.68
17.500 - 17.999............ 2 264,824.49 0.08 358 27.50 11.763 546 65.81
18.000 - 18.499............ 1 116,933.44 0.04 358 53.00 12.050 535 60.00
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Total: 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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- 16 -
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Minimum Mortgage Rates of the Adjustable-Rate Loans
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% OF PRINCIPAL
PRINCIPAL BALANCE BALANCE OF REMAINING
NUMBER OF OF ADJUSTABLE ADJUSTABLE RATE TERM TO GROSS
RANGE OF MINIMUM MORTGAGE RATE LOANS AS OF LOANS AS OF THE MATURITY DEBT-TO- COUPON OLTV
MORTGAGE RATES (%) LOANS THE CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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5.000 - 5.499 ........... 34 $ 8,723,296.64 2.72% 358 37.71 5.330 643 81.76
5.500 - 5.999 ........... 84 18,153,474.00 5.66 357 39.60 5.755 652 85.34
6.000 - 6.499 ........... 153 33,802,613.54 10.54 357 38.69 6.260 641 86.89
6.500 - 6.999 ........... 322 65,722,390.94 20.50 357 39.37 6.745 628 88.58
7.000 - 7.499 ........... 357 64,477,459.12 20.11 357 38.16 7.239 621 89.15
7.500 - 7.999 ........... 383 62,497,414.20 19.49 357 37.94 7.716 614 89.27
8.000 - 8.499 ........... 258 36,077,330.73 11.25 357 36.18 8.219 590 87.90
8.500 - 8.999 ........... 140 17,939,850.44 5.60 356 37.68 8.693 575 86.71
9.000 - 9.499 ........... 58 7,824,481.72 2.44 357 38.95 9.221 562 81.37
9.500 - 9.999 ........... 13 1,842,429.45 0.57 357 40.47 9.667 559 80.96
10.000 - 10.499 ........... 16 1,720,378.09 0.54 358 40.12 10.222 541 76.10
10.500 - 10.999 ........... 6 806,960.55 0.25 357 43.49 10.831 523 62.89
11.000 - 11.499 ........... 4 613,772.86 0.19 357 44.22 11.157 525 65.68
11.500 - 11.999 ........... 2 264,824.49 0.08 358 27.50 11.763 546 65.81
12.000 - 12.499 ........... 1 116,933.44 0.04 358 53.00 12.050 535 60.00
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Total: 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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Gross Margins of the Adjustable-Rate Loans
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% OF PRINCIPAL
PRINCIPAL BALANCE BALANCE OF REMAINING
NUMBER OF OF ADJUSTABLE ADJUSTABLE RATE TERM TO GROSS
MORTGAGE RATE LOANS AS OF LOANS AS OF THE MATURITY DEBT-TO- COUPON OLTV
RANGE OF GROSS MARGINS (%) LOANS THE CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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4.500 - 4.749 ............. 693 $114,302,226.15 35.65% 357 37.44 7.316 615 87.68
4.750 - 4.999 ............. 2 392,670.95 0.12 358 38.73 7.886 616 90.00
5.000 - 5.249 ............. 1 204,560.20 0.06 356 45.00 7.300 718 95.00
5.500 - 5.749 ............. 79 17,984,219.72 5.61 357 40.25 7.561 630 87.09
6.000 - 6.249 ............. 6 886,206.68 0.28 357 40.64 7.789 592 92.11
6.250 - 6.499 ............. 6 686,241.81 0.21 357 38.05 7.892 621 91.19
6.500 - 6.749 ............. 1,036 184,797,497.87 57.64 357 38.60 7.212 617 87.78
7.000 - 7.249 ............. 8 1,329,986.83 0.41 358 42.88 9.900 531 74.20
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Total: 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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- 17 -
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Next Adjustment Date of the Adjustable-Rate Loans
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% OF PRINCIPAL
PRINCIPAL BALANCE BALANCE OF REMAINING
NUMBER OF OF ADJUSTABLE ADJUSTABLE RATE TERM TO GROSS
MORTGAGE RATE LOANS AS OF LOANS AS OF THE MATURITY DEBT-TO- COUPON OLTV
NEXT ADJUSTMENT DATE LOANS THE CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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September 2005 ............. 2 $ 563,884.46 0.18% 354 43.44 6.630 578 81.20
October 2005 ............... 7 741,790.40 0.23 355 47.01 7.579 571 81.87
November 2005 .............. 101 17,866,622.98 5.57 356 39.46 7.605 618 88.32
December 2005 .............. 427 71,372,756.50 22.26 356 38.25 7.446 621 89.22
January 2006 ............... 614 105,272,883.72 32.84 358 38.31 7.298 620 89.72
February 2006 .............. 44 5,368,414.84 1.67 359 28.33 7.908 595 85.47
September 2006 ............. 1 104,368.12 0.03 354 43.00 9.300 525 87.50
October 2006 ............... 11 1,420,504.33 0.44 355 39.95 7.827 583 72.30
November 2006 .............. 46 7,944,728.15 2.48 356 36.45 7.312 621 83.89
December 2006 .............. 223 44,450,218.51 13.87 357 39.50 7.157 605 85.84
January 2007 ............... 339 62,663,845.24 19.55 358 38.13 7.010 616 84.89
February 2007 .............. 16 2,813,592.96 0.88 359 36.87 7.106 619 84.76
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Total: 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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Initial Periodic Cap of the Adjustable-Rate Loans
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% OF PRINCIPAL
PRINCIPAL BALANCE BALANCE OF REMAINING
NUMBER OF OF ADJUSTABLE ADJUSTABLE RATE TERM TO GROSS
MORTGAGE RATE LOANS AS OF LOANS AS OF THE MATURITY DEBT-TO- COUPON OLTV
INITIAL PERIODIC CAP (%) LOANS THE CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
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2.000 ...................... 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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Total: 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
-----------------------------------------------------------------------------------------------------------------------------------
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Periodic Cap of the Adjustable-Rate Loans
-----------------------------------------------------------------------------------------------------------------------------------
% OF PRINCIPAL
PRINCIPAL BALANCE BALANCE OF REMAINING
NUMBER OF OF ADJUSTABLE ADJUSTABLE RATE TERM TO GROSS
MORTGAGE RATE LOANS AS OF LOANS AS OF THE MATURITY DEBT-TO- COUPON OLTV
PERIODIC CAP (%) LOANS THE CUT-OFF DATE CUT-OFF DATE (months) INCOME (%) (%) FICO (%)
-----------------------------------------------------------------------------------------------------------------------------------
1.000 ...................... 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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Total: 1,831 $320,583,610.21 100.00% 357 38.30 7.284 617 87.68
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