EX-99.1 3 dimh2002-9fex991.txt ADDITIONAL EXHIBITS Exhibit 99.1 ------------ THE MORTGAGE POOL GENERAL The mortgage pool consists of conventional one- to four-family, fully-amortizing and balloon mortgage loans, all of which have fixed rates that are secured by first liens on mortgaged properties. The mortgage loans will have original terms to maturity of not greater than 30 years. The mortgage loans consist of 922 mortgage loans with an aggregate principal balance as of the Cut-off Date of approximately $200,000,208 after application of scheduled payments due on or before the Cut-off Date whether or not received. The Company conveyed the mortgage loans to the trust on the Closing Date pursuant to the Trust Agreement. The Seller made certain representations and warranties with respect to the mortgage loans in the Mortgage Loan Sale and Contribution Agreement. These representations and warranties were assigned to the indenture trustee for the benefit of the Bondholders. 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 Bondholders. SEE "THE MORTGAGE POOLS -- REPRESENTATIONS BY SELLERS" IN THE PROSPECTUS. Substantially all of the mortgage loans initially will be subserviced by Wendover Funding, Inc. The subservicing with respect to substantially all of the mortgage loans will be transferred to GMAC Mortgage Corporation or an affiliate thereof, on or about March 1, 2003, as described in this prospectus supplement under "Description of the Servicing Agreement -- The Subservicers." None of the mortgage loans were 30 days or more delinquent as of the Cut-off Date. Substantially all of the mortgage loans have scheduled monthly payments due on the first of the month. Each mortgage loan will contain a customary "due-on-sale" clause. Each mortgage loan is required to be covered by a standard hazard insurance policy. SEE "PRIMARY MORTGAGE INSURANCE, HAZARD INSURANCE; CLAIMS THEREUNDER -- HAZARD INSURANCE POLICIES" IN THE PROSPECTUS. PREPAYMENT CHARGES A majority of the mortgage loans provide for payment by the mortgagor of a prepayment charge in limited circumstances on prepayments. Generally, these mortgage loans provide for payment of a prepayment charge on some partial or full prepayments made within one year, five years or other period as provided in the related mortgage note from the date of origination of the mortgage loan. No mortgage loan provides for payment of a prepayment charge on partial or full prepayments made more than five years from the date of origination of the mortgage loan. The amount of the prepayment charge is as provided in the related mortgage note, and the prepayment charge, if applicable, will generally apply if, in any twelve-month period during the first year, five years or other period as provided in the related mortgage note from the date of origination of the mortgage loan, the mortgagor prepays an aggregate amount exceeding 20% of the original principal balance of the mortgage loan. The amount of the prepayment charge will generally be as much as 6 months' advance interest calculated on the basis of the mortgage rate in effect at the time of the prepayment on the amount prepaid in excess of 20% of the original principal balance of the mortgage loan. The prepayment charges may, in certain circumstances, 7 be waived by the Master Servicer or the related subservicer. Some of these prepayment charges may not be enforceable in cases where the mortgagor sells the related mortgaged property. There can be no assurance that the prepayment charges will have any effect on the prepayment performance of the mortgage loans. The Master Servicer or the related subservicer will be entitled to all prepayment charges received on the mortgage loans, and these amounts will not be available for distribution on the Bonds. PRIMARY MORTGAGE INSURANCE AND THE RADIAN LENDER-PAID PMI POLICY Substantially all of the mortgage loans with a loan-to-value ratio at origination in excess of 80.00% will be insured by one of the following: (1) a Primary Insurance Policy issued by a private mortgage insurer (other than a Radian Lender-Paid PMI Policy) or (2) the Radian Lender-Paid PMI Policy. Each Primary Insurance Policy will insure against default under each insured mortgage note as follows: (A) for which the outstanding principal balance at origination of such mortgage loan is greater than or equal to 80.01% and up to and including 90.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered by a Primary Insurance Policy in an amount equal to at least 6.00% of the Allowable Claim and (B) for which the outstanding principal balance at origination of such mortgage loan exceeded 90.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered by a Primary Insurance Policy in an amount equal to at least 22.00% of the Allowable Claim. The Radian Lender-Paid PMI Policy will insure against default under each insured mortgage note as follows: (A) for which the outstanding principal balance at origination of such mortgage loan is greater than or equal to 80.01% and up to and including 89.99% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered in an amount equal to at least 22.00% of the Allowable Claim, (B) for which the outstanding principal balance at origination of such mortgage loan is at least 90.00% and up to and including 95.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered in an amount equal to at least 22.00% of the Allowable Claim and (C) for which the outstanding principal balance at origination of such mortgage loan is at least 95.01% and up to and including 100.00% of the lesser of the Appraised Value and the sales price, such mortgage loan is covered in an amount equal to at least 35.00% of the Allowable Claim. With respect to the Radian Lender-Paid PMI Policy, the premium will be payable by the Master Servicer out of interest collections on the mortgage loans at a rate equal to the related Radian PMI Rate. The Radian PMI Rates will range from 0.30% per annum to 1.65% per annum of the Stated Principal Balance of the related Radian PMI Insured Loan. To the extent of a default by Radian under the Radian Lender-Paid PMI Policy, the Master Servicer will use its best efforts to find a replacement policy with substantially similar terms. MORTGAGE LOAN CHARACTERISTICS The mortgage loans had an aggregate principal balance as of the Cut-off Date of approximately $200,000,208, after application of scheduled payments due on or before the Cut-off Date whether or not received. The average principal balance of the mortgage loans at origination was approximately $217,183. No mortgage loan had a principal balance at origination of greater than approximately $1,000,000 or less than approximately $48,000. The average principal balance of the mortgage loans as of the Cut-off Date was approximately $216,920. No mortgage loan had a principal balance as of the Cut-off Date of greater than approximately $999,508 or less than approximately $47,872. 8 As of the Cut-off Date, the mortgage loans had mortgage rates ranging from approximately 5.375% per annum to approximately 12.000% per annum and the weighted average mortgage rate was approximately 7.099% per annum. The weighted average remaining term to stated maturity of the mortgage loans was approximately 348 months as of the Cut-off Date. None of the mortgage loans will have a first Due Date prior to December 1, 2001, or after February 1, 2003, or will have a remaining term to stated maturity of less than 167 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any mortgage loan is January 1, 2033. The loan-to-value ratio of a mortgage loan secured by a first lien is equal to the ratio, expressed as a percentage, of the principal amount of the loan at origination, to the lesser of the appraised value of the related mortgaged property at the time of origination and the sales price. The weighted average of the loan-to-value ratios at origination of the mortgage loans was approximately 74.80%. No loan-to-value ratio at origination of any mortgage loan was greater than approximately 100.00% or less than approximately 19.05%. Approximately 0.34% of the mortgage loans (by aggregate outstanding principal balance of the mortgage loans as of the cut-off date) are "home loans" and may be "covered home loans" under the Georgia Fair Lending Act. The Georgia Act applies to any mortgage loan that is secured by a property located in the State of Georgia that is the mortgagor's principal residence, that has a principal amount not in excess of the conforming loan balance limit established by Fannie Mae, and that was originated after October 1, 2002. These loans are referred to under the Georgia Act as "home loans." Certain home loans, which are referred to as "covered home loans," have met certain fee and finance-charge criteria. The Georgia Act prohibits certain activities and charges in connection with home loans. Additional prohibitions apply to covered home loans. The original mortgages for some of the mortgage loans have been, or in the future may be, at the sole discretion of the master servicer, recorded in the name of Mortgage Electronic Registration Systems, Inc., or MERS, solely as nominee for the seller and its successors and assigns, and subsequent assignments of those mortgages have been, or in the future may be, at the sole discretion of the master servicer, registered electronically through the MERS(R) System. In some other cases, the original mortgage was recorded in the name of the originator of the mortgage loan, record ownership was later assigned to MERS, solely as nominee for the owner of the mortgage loan, and subsequent assignments of the mortgage were, or in the future may be, at the sole discretion of the master servicer, registered electronically through the MERS(R) System. For each of these mortgage loans, MERS serves as mortgagee of record on the mortgage solely as a nominee in an administrative capacity on behalf of the indenture trustee, and does not have any interest in the mortgage loan. Some of the mortgage loans were recorded in the name of MERS. For additional information regarding the recording of mortgages in the name of MERS see "Yield on the Bonds -- Yield Sensitivity of the Class M Bonds" in this prospectus supplement. 13 mortgage loans, representing approximately 1.27% of the mortgage pool (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date), are balloon loans. The amount of the balloon payment on each of these mortgage loans is substantially in excess of the amount of the scheduled monthly payment on such mortgage loan for the period prior to the Due Date of the balloon payment. These mortgage loans have a weighted average remaining term to stated maturity of approximately 180 months. One mortgage loan, representing approximately 0.06% of the mortgage pool (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date), is a buydown mortgage loan. None of the mortgage loans will be subject to the Home Ownership and Equity Protection Act of 1994 or any comparable state law. 9 Approximately 84.02% of the mortgage loans (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date) provide for prepayment charges. Approximately 18.68% and 6.93% of the mortgage loans (by aggregate outstanding principal balance of the mortgage loans as of the Cut-off Date) are covered by a Primary Insurance Policy and the Radian Lender-Paid PMI Policy, respectively. For the mortgage loans, the weighted average of the Radian PMI Rates for the mortgage loans covered by the Radian Lender-Paid PMI Policy is approximately 0.90% per annum. Set forth below is a description of certain additional characteristics of the mortgage loans as of the Cut-off Date, except as otherwise indicated. All percentages of the mortgage loans are approximate percentages by aggregate principal balance as of the Cut-off Date, except as otherwise indicated. Dollar amounts and percentages may not add up to totals due to rounding. 10

The average principal balance of the mortgage loans at origination was approximately $217,183. 11

As of the Cut-off Date, the average current principal balance of the mortgage loans will be approximately $216,920. 12 MORTGAGE RATES PERCENTAGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE UNPAID MORTGAGE RATES(%) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ------------------------ -------------- ----------------- ----------------- 5.000 - 5.499......... 1 $ 89,674 0.04% 5.500 - 5.999......... 36 10,929,788 5.46 6.000 - 6.499......... 201 53,101,549 26.55 6.500 - 6.999......... 218 55,922,917 27.96 7.000 - 7.499......... 99 20,861,328 10.43 7.500 - 7.999......... 147 24,312,169 12.16 8.000 - 8.499......... 56 9,129,387 4.56 8.500 - 8.999......... 63 9,557,971 4.78 9.000 - 9.499......... 22 3,263,657 1.63 9.500 - 9.999......... 43 8,033,777 4.02 10.000 - 10.499......... 13 1,706,428 0.85 10.500 - 10.999......... 19 2,422,210 1.21 11.000 - 11.499......... 2 278,981 0.14 11.500 - 11.999......... 1 232,426 0.12 12.000 - 12.499......... 1 157,944 0.08 --- ----------- ------ Total................. 922 200,000,208 100.00% === =========== ====== The weighted average mortgage rate of the mortgage loans was approximately 7.099% per annum. 13

The minimum and maximum loan-to-value ratios of the mortgage loans at origination were approximately 19.05% and 100.00%, respectively, and the weighted average of the loan-to-value ratios of the mortgage loans at origination was approximately 74.80%. 14

Occupancy type is based on the representation of the borrower at the time of origination.

SEE "-- UNDERWRITING STANDARDS" BELOW FOR A DETAILED DESCRIPTION OF THE SELLER'S LOAN PROGRAMS AND DOCUMENTATION REQUIREMENTS. 15 RISK CATEGORIES PERCENTAGE OF NUMBER OF CUT-OFF DATE MORTGAGE AGGREGATE UNPAID AGGREGATE UNPAID CREDIT GRADE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ------------------------------- --------- ----------------- ----------------- A(1)........................... 178 $ 43,783,238 21.89% A-(1).......................... 11 2,093,858 1.05 A+(1).......................... 327 87,236,428 43.62 C(1)........................... 2 297,513 0.15 Progressive Express(TM)I(2).... 184 31,281,707 15.64 Progressive Express(TM)II(2)... 189 30,074,714 15.04 Progressive Express(TM)III(2).. 13 2,334,254 1.17 Progressive Express(TM)IV(2)... 13 2,049,927 1.02 Progressive Express(TM)V(2).... 4 616,143 0.31 Progressive Express(TM)VI(2)... 1 232,426 0.12 --- ------------ ------ Total........................ 922 $200,000,208 100.00% === ============ ====== _________________ (1) All of these mortgage loans were reviewed and placed into risk categories based on the credit standards of the Progressive Series Program. Credit grades of A+, A, A- and C correspond to Progressive Series I+, I and II, III and III+, and V, respectively. All of the mortgage loans originated pursuant to the Express Priority Refi(TM) Program have been placed in Progressive Express(TM) Programs II and III. SEE "-- UNDERWRITING STANDARDS." (2) These mortgage loans were originated under the Seller's Progressive Express(TM) Program. The underwriting for these mortgage loans is generally based on the borrower's "FICO" score and therefore these mortgage loans do not correspond to the alphabetical risk categories listed above. SEE "-- UNDERWRITING STANDARDS" BELOW FOR A DESCRIPTION OF THE SELLER'S RISK CATEGORIES. PROPERTY TYPES PERCENTAGE OF NUMBER OF CUT-OFF DATE MORTGAGE AGGREGATE UNPAID AGGREGATE UNPAID PROPERTY TYPE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE --------------------------- --------- ----------------- ----------------- Single-Family.............. 648 $139,245,611 69.62% De Minimis PUD............. 82 20,788,523 10.39 Two- to Four-Family........ 74 18,629,002 9.31 Condominium................ 76 12,585,604 6.29 Planned Unit Development... 29 6,608,725 3.30 Hi-Rise.................... 12 2,003,002 1.00 CondoHotel................. 1 139,740 0.07 --- ------------ ------ Total.................... 922 $200,000,208 100.00% === ============ ====== 16

No more than approximately 1.49% of the mortgage loans (by aggregate outstanding principal balance as of the Cut-off Date) are secured by mortgaged properties located in any one zip code.

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. 17

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2002 9F 8-K