EX-99.1 4 d198539_ex99-1.txt CHARACTERISTICS OF THE MORTGAGE POOL Exhibit 99.1 ------------ The Depositor purchased the Initial Group I Mortgage Loans (the "Initial Group I Mortgage Loans"), the Initial Group II Mortgage Loans (the "Initial Group II Mortgage Loans") and the Initial Group III Mortgage Loans (the "Initial Group III Mortgage Loans" and collectively with the Initial Group I Mortgage Loans and the Initial Group II Mortgage Loans, the "Initial Mortgage Loans") from the Seller pursuant to the Mortgage Loan Purchase Agreement, dated as of December 3, 2003 (the "Mortgage Loan Purchase Agreement"), between the Seller and the Depositor. Subsequent Group I Mortgage Loans (the "Subsequent Group I Mortgage Loans"), Subsequent Group II Mortgage Loans (the "Subsequent Group II Mortgage Loans") and Subsequent Group III Mortgage Loans (the "Subsequent Group III Mortgage Loans"; collectively with the Subsequent Group I Mortgage Loans, the Subsequent Group II Mortgage Loans and the Subsequent Group III Mortgage Loans, the "Subsequent Mortgage Loans") were purchased by the Trust from the Depositor on December 19, 2003 from funds on deposit in the Pre-Funding Accounts and sold by the Depositor to the Trust for deposit in the Mortgage Pool. Pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2003 (the "Pooling and Servicing Agreement"), among the Depositor, the Master Servicer and the Trustee, the Depositor will cause the Initial Mortgage Loans and the Subsequent Mortgage Loans (together, the "Mortgage Loans") to be assigned to the Trustee for the benefit of the certificateholders. The Pooling and Servicing Agreement provides that each Mortgage Loan in the Mortgage Pool must conform to certain specified characteristics and, following the conveyance of the Subsequent Mortgage Loans, the Mortgage Pool must conform to certain specified characteristics, as described in the Prospectus Supplement, dated December 3, 2003 (the "Prospectus Supplement") under "--Conveyance of Subsequent Mortgage Loans and the Pre-Funding Accounts." The Initial Group I Mortgage Loans and the Subsequent Group I Mortgage Loans (the "Group I Mortgage Loans") consist of approximately 4,367 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance as of the Cut-off Date of approximately $605,603,318.35, after application of scheduled payments due on or before the Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. The Initial Group II Mortgage Loans and the Subsequent Group II Mortgage Loans (the "Group II Mortgage Loans") consist of approximately 263 adjustable and fixed-rate Mortgage Loans having an aggregate principal balance as of the Cut-off Date of approximately $91,098,041.65, after application of scheduled payments due on or before the Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. The Initial Group III Mortgage Loans and the Subsequent Group III Mortgage Loans (the "Group III Mortgage Loans") consist of approximately 315 fixed-rate Mortgage Loans having an aggregate principal balance as of the Cut-off Date of approximately $53,297,204.96, after application of scheduled payments due on or before the Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. The Mortgage Loans 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 Mortgage Loan will accrue interest at the fixed-rate (in the case of the fixed-rate Group I Mortgage Loans, the fixed-rate Group II Mortgage Loans and the Group III Mortgage Loans) or the adjustable-rate (in the case of the adjustable-rate Group I Mortgage Loans and the adjustable-rate Group II Mortgage Loans) calculated as specified under the terms of the related mortgage note (each such rate, a "Mortgage Rate"). Each adjustable-rate Mortgage Loan accrues interest at a Mortgage Rate that is adjustable. The adjustable-rate Mortgage Loans 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 such Mortgage Loans will occur after an initial period of two 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 2.00% per annum on the first related Adjustment Date (the "Initial Periodic Rate Cap") and will not increase or decrease by more than 1.00% 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 -13- 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 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. Approximately 71.15% of the Group I Mortgage Loans, approximately 70.87% of the Group II Mortgage Loans and approximately 77.13% of the Group III Mortgage Loans 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. 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 in all of the loan groups, 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. The Depositor makes no representation as to the effect 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. As of July 1, 2003, the Alternative Mortgage Parity Act of 1982 (the "Parity Act"), which regulates the ability of the Originators to impose prepayment charges, was amended, and as a result, the Originators will be required to comply with state and local laws in originating mortgage loans with prepayment charge provisions with respect to loans originated on or after July 1, 2003. The Depositor makes no representations as to the effect that the prepayment charges, decisions by the Master Servicer with respect to the waiver thereof and the recent amendment of the Parity Act, may have on the prepayment performance of the Mortgage Loans. However, the OTS's ruling does not retroactively affect loans originated before July 1, 2003. See "Certain Legal Aspects of Mortgage Loans-Enforceability of Certain Provisions-Prepayment Charges" in the prospectus. None of the Mortgage Loans are Buydown Mortgage Loans. -14- GROUP I MORTGAGE LOAN STATISTICS The Group I Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $605,603,318.35, after application of scheduled payments due on or before the Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. None of the Group I Mortgage Loans had a first Due Date prior to July 2003 or after February 2004, or will have a remaining term to stated maturity of less than 119 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any Group I Mortgage Loan is January 2034. The Group I Mortgage Loans are expected to have the following characteristics as of the Cut-off Date (the sum in any column may not equal the total indicated due to rounding): PRINCIPAL BALANCES OF THE GROUP I MORTGAGE LOANS AS OF THE CUT-OFF DATE(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE RANGE OF PRINCIPAL BALANCES AS MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF OF THE CUT-OFF DATE ($) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------------ --------- ---------------- ----------------- 50,000.01 - 75,000.00........ 702 $ 46,258,277.36 7.64% 75,000.01 -100,000.00........ 851 74,485,188.21 12.30 100,000.01 -125,000.00........ 671 75,000,012.43 12.38 125,000.01 -150,000.00........ 596 82,009,112.72 13.54 150,000.01 -175,000.00........ 435 70,600,365.36 11.66 175,000.01 -200,000.00........ 331 62,239,094.44 10.28 200,000.01 -225,000.00........ 275 58,602,563.88 9.68 225,000.01 -250,000.00........ 191 45,634,403.92 7.54 250,000.01 -275,000.00........ 122 31,923,985.67 5.27 275,000.01 -300,000.00........ 91 26,153,035.09 4.32 300,000.01 -325,000.00........ 87 27,091,777.14 4.47 325,000.01 -350,000.00........ 5 1,685,436.05 0.28 350,000.01 -375,000.00........ 1 374,753.44 0.06 375,000.01 -400,000.00........ 6 2,289,729.77 0.38 400,000.01 -425,000.00........ 3 1,255,582.87 0.21 ----- --------------- ------ Total.................... 4,367 $605,603,318.35 100.00% ===== =============== ====== ______________ (1) The average principal balance of the Group I Mortgage Loans as of the Cut-off Date was approximately $138,677. CURRENT MORTGAGE RATES OF THE GROUP I MORTGAGE LOANS AS OF THE CUT-OFF DATE(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF CURRENT MORTGAGE RATE (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ----------------- 5.000 - 5.999........... 169 $ 30,325,598.95 5.01% 6.000 - 6.999........... 669 109,721,498.47 18.12 7.000 - 7.999........... 1,349 201,530,123.41 33.28 8.000 - 8.999........... 948 120,509,074.14 19.90 9.000 - 9.999........... 764 93,776,462.35 15.49 10.000 -10.999........... 321 35,256,277.59 5.82 11.000 -11.999........... 110 11,063,634.75 1.83 12.000 -12.999........... 37 3,420,648.69 0.57 ----- --------------- ------ Total................... 4,367 $605,603,318.35 100.00% ===== =============== ====== ______________ (1) The weighted average current Mortgage Rate of the Group I Mortgage Loans as of the Cut-off Date was approximately 8.14% per annum. -15- MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF MAXIMUM MORTGAGE RATE (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ----------------- 11.001 -11.500........... 2 $ 430,554.58 0.11% 11.501 -12.000........... 54 9,921,854.34 2.52 12.001 -12.500........... 73 13,693,439.97 3.47 12.501 -13.000........... 171 30,704,324.51 7.79 13.001 -13.500........... 294 47,618,899.94 12.08 13.501 -14.000........... 472 71,213,908.09 18.06 14.001 -14.500........... 300 41,230,536.68 10.46 14.501 -15.000........... 392 52,546,035.62 13.33 15.001 -15.500........... 324 43,296,469.13 10.98 15.501 -16.000........... 336 40,677,271.74 10.32 16.001 -16.500........... 129 15,495,743.36 3.93 16.501 -17.000........... 140 14,856,763.48 3.77 17.001 -17.500........... 48 4,499,426.48 1.14 17.501 -18.000........... 43 5,133,997.33 1.30 18.001 -18.500........... 19 1,729,228.78 0.44 18.501 -19.000........... 13 1,274,034.46 0.32 ----- --------------- ------ Total................... 2,810 $394,322,488.49 100.00% ===== =============== ====== ______________ (1) The weighted average Maximum Mortgage Rate of the adjustable-rate Group I Mortgage Loans as of the Cut-off Date was approximately 14.50% per annum. MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF MINIMUM MORTGAGE RATE (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ----------------- 5.001 - 5.500........... 2 $ 430,554.58 0.11% 5.501 - 6.000........... 54 9,921,854.34 2.52 6.001 - 6.500........... 73 13,693,439.97 3.47 6.501 - 7.000........... 171 30,704,324.51 7.79 7.001 - 7.500........... 294 47,618,899.94 12.08 7.501 - 8.000........... 472 71,213,908.09 18.06 8.001 - 8.500........... 300 41,230,536.68 10.46 8.501 - 9.000........... 392 52,546,035.62 13.33 9.001 - 9.500........... 324 43,296,469.13 10.98 9.501 -10.000........... 336 40,677,271.74 10.32 10.001 -10.500........... 129 15,495,743.36 3.93 10.501 -11.000........... 140 14,856,763.48 3.77 11.001 -11.500........... 48 4,499,426.48 1.14 11.501 -12.000........... 43 5,133,997.33 1.30 12.001 -12.500........... 19 1,729,228.78 0.44 12.501 -13.000........... 13 1,274,034.46 0.32 ----- --------------- ------ Total................... 2,810 $394,322,488.49 100.00% ===== =============== ====== ______________ (1) The weighted average Minimum Mortgage Rate of the adjustable-rate Group I Mortgage Loans as of the Cut-off Date was approximately 8.50% per annum. -16- GROSS MARGINS OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF GROSS MARGINS (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ------------------ 3.001 - 3.500............ 1 $ 228,000.00 0.06% 4.001 - 4.500............ 1 105,926.68 0.03 4.501 - 5.000............ 216 35,407,996.19 8.98 5.001 - 5.500............ 318 49,409,429.15 12.53 5.501 - 6.000............ 1,150 165,545,455.14 41.98 6.001 - 6.500............ 770 98,481,614.76 24.98 6.501 - 7.000............ 354 45,144,066.57 11.45 ----- --------------- ------ Total.................... 2,810 $394,322,488.49 100.00% ===== =============== ====== ______________ (1) The weighted average Gross Margin of the adjustable-rate Group I Mortgage Loans as of the Cut-off Date was approximately 5.99% per annum. NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF NEXT ADJUSTMENT DATE LOANS THE CUT-OFF DATE THE CUT-OFF DATE --------------------------- --------- ----------------- ----------------- June 2005.................. 3 $ 352,712.16 0.09% July 2005.................. 1 101,716.59 0.03 August 2005................ 44 6,477,169.03 1.64 September 2005............. 41 5,746,126.41 1.46 October 2005............... 28 3,814,896.00 0.97 November 2005.............. 2,004 284,389,530.30 72.12 December 2005.............. 672 91,422,051.00 23.19 January 2006............... 17 2,018,287.00 0.51 ----- --------------- ------ Total.................... 2,810 $394,322,488.49 100.00% ===== =============== ====== ______________ (1) The weighted average next Adjustment Date for the adjustable-rate Group I Mortgage Loans as of the Cut-off Date is November 2005.

______________ (1) The weighted average original loan-to-value ratio of the Group I Mortgage Loans as of the Cut-off Date was approximately 77.36%. -17-

MORTGAGED PROPERTY OCCUPANCY STATUS OF THE GROUP I MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF OCCUPANCY STATUS LOANS THE CUT-OFF DATE THE CUT-OFF DATE ----------------------------- --------- ----------------- ----------------- Owner Occupied............... 4,193 $584,611,225.61 96.53% Non Owner Occupied........... 128 15,523,411.97 2.56 Second Home.................. 46 5,468,680.77 0.90 ----- --------------- ------ Total...................... 4,367 $605,603,318.35 100.00% ===== =============== ====== ______________ (1) Occupancy status as represented by the mortgagor at the time of origination.

______________ (1) Cash proceeds to the borrower inclusive of Debt Consolidation payments exceed $2,000 or 2% of the original Principal Balance of the related mortgage loan. Also includes all home equity loans originated in Texas with any cash proceeds. (2) Cash proceeds to the borrower inclusive of Debt Consolidation payments are $2,000 or 2% or less of the original Principal Balance of the related mortgage loan. Excludes home equity loans originated in Texas with any cash proceeds. -18- GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES RELATING TO THE GROUP I MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF LOCATION LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------- --------- ----------------- ----------------- Alabama..................... 95 $ 9,822,289.57 1.62% Arkansas.................... 10 961,081.27 0.16 Arizona..................... 75 9,240,368.53 1.53 California.................. 586 111,769,737.67 18.46 Colorado.................... 92 13,974,955.94 2.31 Connecticut................. 89 14,231,318.08 2.35 Delaware.................... 18 2,487,168.21 0.41 Florida..................... 522 60,049,057.30 9.92 Georgia..................... 46 5,492,120.53 0.91 Hawaii...................... 13 3,749,083.41 0.62 Iowa........................ 36 3,000,249.54 0.50 Idaho....................... 4 385,816.59 0.06 Illinois.................... 172 23,495,462.04 3.88 Indiana..................... 95 9,116,395.56 1.51 Kansas...................... 38 3,531,164.21 0.58 Kentucky.................... 8 792,489.24 0.13 Louisiana................... 60 6,494,615.96 1.07 Massachusetts............... 214 37,584,227.35 6.21 Maryland.................... 144 21,774,355.28 3.60 Maine....................... 30 3,658,316.01 0.60 Michigan.................... 211 23,944,201.99 3.95 Minnesota................... 202 30,631,427.83 5.06 Missouri.................... 76 7,794,213.82 1.29 Mississippi................. 46 4,382,811.78 0.72 Montana..................... 2 358,809.53 0.06 North Carolina.............. 28 2,975,655.33 0.49 Nebraska.................... 22 2,086,982.38 0.35 New Hampshire............... 16 2,088,288.83 0.35 New Jersey.................. 209 33,334,638.89 5.50 New Mexico.................. 11 1,011,398.94 0.17 Nevada...................... 23 3,421,828.60 0.57 New York.................... 215 38,929,941.65 6.43 Ohio........................ 94 9,857,143.71 1.63 Oklahoma.................... 31 2,977,102.77 0.49 Oregon...................... 13 1,840,327.56 0.30 Pennsylvania................ 152 17,023,297.44 2.81 Rhode Island................ 68 10,816,752.25 1.79 South Carolina.............. 7 890,106.56 0.15 South Dakota................ 4 378,112.94 0.06 Tennessee................... 59 5,645,462.48 0.93 Texas....................... 273 27,294,960.24 4.51 Utah........................ 10 1,218,912.35 0.20 Vermont..................... 9 1,246,595.77 0.21 Washington.................. 100 16,498,566.47 2.72 Wisconsin................... 133 16,730,935.29 2.76 Wyoming..................... 6 614,570.66 0.10 ----- --------------- ------ Total..................... 4,367 $605,603,318.35 100.00% ===== =============== ====== ______________ (1) The greatest ZIP Code geographic concentration of the Group I Mortgage Loans was approximately 0.29% in the 02302 ZIP Code. -19- QUALIFYING FICO SCORES FOR THE GROUP I MORTGAGE LOANS AT ORIGINATION(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF QUALIFYING FICO SCORE LOANS THE CUT-OFF DATE THE CUT-OFF DATE --------------------- --------- ----------------- ----------------- 500-524.............. 315 $ 38,701,410.15 6.39% 525-549.............. 449 55,933,193.49 9.24 550-574.............. 675 91,476,917.95 15.11 575-599.............. 486 64,698,329.81 10.68 600-624.............. 550 74,121,607.32 12.24 625-649.............. 541 78,427,932.24 12.95 650-674.............. 485 70,693,990.29 11.67 675-699.............. 346 52,160,027.75 8.61 700-724.............. 223 34,631,274.03 5.72 725-749.............. 160 24,333,926.96 4.02 750-774.............. 90 13,280,696.86 2.19 775-799.............. 35 5,301,609.96 0.88 800-824.............. 12 1,842,401.54 0.30 ----- --------------- ------ Total.............. 4,367 $605,603,318.35 100.00% ===== =============== ====== ______________ (1) The weighted average qualifying FICO score at origination of the Group I Mortgage Loans that had FICO scores was approximately 620. See "--FICO Scores" herein.

______________ (1) For a description of each documentation level, see "The Mortgage Loans--Underwriting Standards" herein. RISK CATEGORIES FOR THE GROUP I MORTGAGE LOANS AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF RISK CATEGORY LOANS THE CUT-OFF DATE THE CUT-OFF DATE -------------------------- --------- ----------------- ----------------- 8A........................ 414 $ 63,652,915.09 10.51% 7A........................ 356 53,164,211.09 8.78 6A........................ 346 52,015,239.01 8.59 5A........................ 357 51,766,122.54 8.55 4A........................ 398 59,229,184.43 9.78 3A........................ 318 42,235,364.53 6.97 2A........................ 863 118,163,254.21 19.51 A......................... 294 38,941,533.39 6.43 B......................... 604 74,907,706.65 12.37 C......................... 345 43,546,116.89 7.19 D......................... 72 7,981,670.52 1.32 ----- --------------- ------ Total................... 4,367 $605,603,318.35 100.00% ===== =============== ====== -20- GROUP II MORTGAGE LOAN STATISTICS The Group II Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $91,098,041.65, after application of scheduled payments due on or before the Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. None of the Group II Mortgage Loans had a first Due Date prior to July 2003 or after January 2004, or will have a remaining term to stated maturity of less than 179 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any Group II Mortgage Loan is December 2033. The Group II Mortgage Loans are expected to have the following characteristics as of the Cut-off Date (the sum in any column may not equal the total indicated due to rounding):

______________ (1) The average principal balance of the Group II Mortgage Loans as of the Cut-off Date was approximately $346,380. CURRENT MORTGAGE RATES OF THE GROUP II MORTGAGE LOANS AS OF THE CUT-OFF DATE(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF CURRENT MORTGAGE RATE (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ----------------- 5.000 - 5.999.......... 33 $12,084,536.22 13.27% 6.000 - 6.999.......... 54 20,598,816.96 22.61 7.000 - 7.999.......... 83 27,959,067.92 30.69 8.000 - 8.999.......... 44 14,729,675.48 16.17 9.000 - 9.999.......... 26 9,660,082.20 10.60 10.000 - 10.999.......... 11 2,824,819.17 3.10 11.000 - 11.999.......... 7 2,556,071.86 2.81 12.000 - 12.999.......... 1 63,750.00 0.07 13.000 - 13.999.......... 4 621,221.84 0.68 --- -------------- ------ Total................... 263 $91,098,041.65 100.00% === ============== ====== ______________ (1) The weighted average current Mortgage Rate of the Group II Mortgage Loans as of the Cut-off Date was approximately 7.75% per annum. -21- MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF MAXIMUM MORTGAGE RATE (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ----------------- 11.501 - 12.000.......... 12 $ 3,782,322.72 6.39% 12.001 - 12.500.......... 12 4,258,332.33 7.19 12.501 - 13.000.......... 14 5,638,160.35 9.52 13.001 - 13.500.......... 20 6,195,691.63 10.46 13.501 - 14.000.......... 34 12,601,607.65 21.27 14.001 - 14.500.......... 18 5,599,508.19 9.45 14.501 - 15.000.......... 21 7,439,475.68 12.56 15.001 - 15.500.......... 9 2,986,743.78 5.04 15.501 - 16.000.......... 14 5,420,631.45 9.15 16.001 - 16.500.......... 4 1,254,192.76 2.12 16.501 - 17.000.......... 5 1,039,781.99 1.76 17.001 - 17.500.......... 2 496,659.12 0.84 17.501 - 18.000.......... 5 2,059,412.74 3.48 18.001 - 18.500.......... 1 63,750.00 0.11 19.001 - 19.500.......... 2 398,664.78 0.67 --- -------------- ------ Total................... 173 $59,234,935.17 100.00% === ============== ====== ______________ (1) The weighted average Maximum Mortgage Rate of the adjustable-rate Group II Mortgage Loans as of the Cut-off Date was approximately 14.19% per annum. MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF MINIMUM MORTGAGE RATE (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------- --------- ----------------- ----------------- 5.501 - 6.000.......... 12 $ 3,782,322.72 6.39% 6.001 - 6.500.......... 12 4,258,332.33 7.19 6.501 - 7.000.......... 14 5,638,160.35 9.52 7.001 - 7.500.......... 20 6,195,691.63 10.46 7.501 - 8.000.......... 34 12,601,607.65 21.27 8.001 - 8.500.......... 18 5,599,508.19 9.45 8.501 - 9.000.......... 21 7,439,475.68 12.56 9.001 - 9.500.......... 9 2,986,743.78 5.04 9.501 - 10.000.......... 14 5,420,631.45 9.15 10.001 - 10.500.......... 4 1,254,192.76 2.12 10.501 - 11.000.......... 5 1,039,781.99 1.76 11.001 - 11.500.......... 2 496,659.12 0.84 11.501 - 12.000.......... 5 2,059,412.74 3.48 12.001 - 12.500.......... 1 63,750.00 0.11 13.001 - 13.500.......... 2 398,664.78 0.67 --- -------------- ------ Total................... 173 $59,234,935.17 100.00% === ============== ====== ______________ (1) The weighted average Minimum Mortgage Rate of the adjustable-rate Group II Mortgage Loans as of the Cut-off Date was approximately 8.19% per annum. -22- GROSS MARGINS OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF GROSS MARGINS (%) LOANS THE CUT-OFF DATE THE CUT-OFF DATE ------------------------ --------- ----------------- ----------------- 4.501 - 5.000........... 26 $ 9,318,172.52 15.73% 5.001 - 5.500........... 22 7,580,972.97 12.80 5.501 - 6.000........... 78 26,224,451.31 44.27 6.001 - 6.500........... 37 12,048,323.05 20.34 6.501 - 7.000........... 10 4,063,015.32 6.86 --- -------------- ------ Total 173 $59,234,935.17 100.00% === ============== ====== ______________ (1) The weighted average Gross Margin of the adjustable-rate Group II Mortgage Loans as of the Cut-off Date was approximately 5.85% per annum. NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1) AGGREGATE % OF AGGREGATE NUMBER OF PRINCIPAL BALANCE PRINCIPAL BALANCE MORTGAGE OUTSTANDING AS OF OUTSTANDING AS OF NEXT ADJUSTMENT DATE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------- --------- ----------------- ----------------- June 2005................... 1 $ 566,545.96 0.96% August 2005................. 1 378,744.40 0.64 September 2005.............. 3 510,372.28 0.86 October 2005................ 1 436,355.80 0.74 November 2005............... 102 41,190,368.73 69.54 December 2005............... 65 16,152,548.00 27.27 --- -------------- ------ Total................ 173 $59,234,935.17 100.00% === ============== ====== ______________ (1) The weighted average next Adjustment Date for the adjustable-rate Group II Mortgage Loans as of the Cut-off Date is November 2005.

______________ (1) The weighted average original loan-to-value ratio of the Group II Mortgage Loans as of the Cut-off Date was approximately 80.39%. -23- Mortgaged Property Types of the Group II Mortgage Loans

Mortgaged Property Occupancy Status of the Group II Mortgage Loans(1)

-------------- (1) Occupancy status as represented by the mortgagor at the time of origination. Purpose of the Group II Mortgage Loans

-------------- (1) Cash proceeds to the borrower inclusive of Debt Consolidation payments exceed $2,000 or 2% of the original Principal Balance of the related mortgage loan. Also includes all home equity loans originated in Texas with any cash proceeds. (2) Cash proceeds to the borrower inclusive of Debt Consolidation payments are $2,000 or 2% or less of the original Principal Balance of the related mortgage loan. Excludes home equity loans originated in Texas with any cash proceeds. -24- Geographic Distribution of the Mortgaged Properties Relating to the Group II Mortgage Loans(1)

-------------- (1) The greatest ZIP Code geographic concentration of the Group II Mortgage Loans was approximately 1.45% in the 92646 ZIP Code. -25- Qualifying FICO Scores for the Group II Mortgage Loans at Origination(1)

---------- (1) The weighted average qualifying FICO score at origination of the Group II Mortgage Loans that had FICO scores was approximately 634. See "--FICO Scores" herein. Income Documentation of the Group II Mortgage Loans(1)

-------------- (1) For a description of each documentation level, see "The Mortgage Loans--Underwriting Standards" herein. Risk Categories for the Group II Mortgage Loans

-26- Group III Mortgage Loan Statistics The Group III Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $53,297,204.96, after application of scheduled payments due on or before the Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. None of the Group III Mortgage Loans had a first Due Date prior to July 2003 or after February 2004, or will have a remaining term to stated maturity of less than 174 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any Group III Mortgage Loan is January 2034. The Group III Mortgage Loans are expected to have the following characteristics as of the Cut-off Date (the sum in any column may not equal the total indicated due to rounding): Principal Balances of the Group III Mortgage Loans as of the Cut-off Date(1)

-------- (1) The average principal balance of the Group III Mortgage Loans as of the Cut-off Date was approximately $169,197. Mortgage Rates of the Group III Mortgage Loans as of the Cut-off Date(1)

---------- (1) The weighted average current Mortgage Rate of the Group III Mortgage Loans as of the Cut-off Date was approximately 7.27% per annum. -27- Original Loan-to-Value Ratios of the Group III Mortgage Loans(1)

-------------- (1) The weighted average original loan-to-value ratio of the Group III Mortgage Loans as of the Cut-off Date was approximately 78.18%. Mortgaged Property Types of the Group III Mortgage Loans

-28- Mortgaged Property Occupancy Status of the Group III Mortgage Loans(1)

-------------- (1) Occupancy status as represented by the mortgagor at the time of origination. Purpose of the Group III Mortgage Loans

-------------- (1) Cash proceeds to the borrower inclusive of Debt Consolidation payments exceed $2,000 or 2% of the original Principal Balance of the related mortgage loan. Also includes all home equity loans originated in Texas with any cash proceeds. (2) Cash proceeds to the borrower inclusive of Debt Consolidation payments are $2,000 or 2% or less of the original Principal Balance of the related mortgage loan. Excludes home equity loans originated in Texas with any cash proceeds. -29- Geographic Distribution of the Mortgaged Properties Relating to the Group III Mortgage Loans(1)

---------- (1) The greatest ZIP Code geographic concentration of the Group III Mortgage Loans was approximately 1.36% in the 02122 ZIP Code. -30- Qualifying FICO Scores for the Group III Mortgage Loans at Origination(1)

---------- (1) The weighted average qualifying FICO score at origination of the Group III Mortgage Loans that had FICO scores was approximately 672. See "--FICO Scores" herein. Income Documentation of the Group III Mortgage Loans(1)

-------------- (1) For a description of each documentation level, see "The Mortgage Loans--Underwriting Standards" herein. Risk Categories for the Group III Mortgage Loans

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AMERIQUEST MORTGAGE SEC INC ASSET BACK PASS THR CER SE 03 12 8-K