EX-99.1 4 d202299ex99-1.txt ADDITIONAL EXHIBITS EXHIBIT 99.1 The pool of mortgage loans transferred to the trust (the "Mortgage Loans") will consist of conventional, one-to four- family, adjustable-rate and fixed-rate mortgage loans. The Depositor will purchase the Mortgage Loans from the Seller pursuant to the Subsequent Mortgage Loan Purchase Agreement, dated as of January 14, 2004 (the "Subsequent Mortgage Loan Purchase Agreement"), between the Seller and the Depositor. 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 Mortgage Loans to be assigned to the Trustee for the benefit of the certificateholders. The Cut-off Date for the Initial Mortgage Loans is December 1, 2003 (the "Cut-off Date"). The Subsequent Cut-off Date for the Subsequent Mortgage Loans is January 1, 2004 (the "Subsequent Cut-off Date"). For purposes of this Exhibit 99.1, the term Related Cut-off Date (the "Related Cut-off Date") means the Cut-off Date for the Initial Mortgage Loans and the Subsequent Cut-off Date for the Subsequent Mortgage Loans, as applicable. The Mortgage Loans are 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 (each such rate, a "Mortgage Rate"). Each fixed-rate Mortgage Loan will have a Mortgage Rate that is fixed for the life of such Mortgage Loan. 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 74.44% of the adjustable-rate Group I Mortgage Loans and approximately 77.84% of the adjustable-rate Group II Mortgage Loans will occur after an initial period of two years after origination and the first adjustment for approximately 25.56% of the adjustable-rate Group I Mortgage Loans and approximately 22.16% of the adjustable-rate Group II 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 are Buydown Mortgage Loans. For purposes of calculating interest and principal distributions on the Class A Certificates, the Mortgage Loans will be divided into two loan groups, designated as the "Group I Mortgage Loans" and the "Group II Mortgage Loans." The Group I Mortgage Loans will consist of adjustable-rate and fixed-rate mortgage loans with principal balances at -12- origination that conform to Freddie Mac and Fannie Mae loan limits and the Group II Mortgage Loans will consist of adjustable-rate and fixed-rate mortgage loans with principal balances at origination that may or may not conform to Freddie Mac or Fannie Mae loan limits. The Group I Mortgage Loans consist of approximately 6,822 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance as of the Related Cut-off Date of approximately $1,055,845,922.39, after application of scheduled payments due on or before the Related Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. The Group II Mortgage Loans consist of approximately 1,000 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance as of the Related Cut-off Date of approximately $330,153,974.41, after application of scheduled payments due on or before the Related Cut-off Date whether or not received, and subject to a permitted variance of plus or minus 5%. Approximately 73.34% of the Group I Mortgage Loans and approximately 78.99% of the Group II 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 both 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. GROUP I MORTGAGE LOAN STATISTICS None of the Group I Mortgage Loans had a first Due Date prior to August 2003 or after February 2004, or will have a remaining term to stated maturity of less than 175 months or greater than 360 months as of the Related 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, with respect to the Initial Group I Mortgage Loans and as of the Subsequent Cut-off Date, with respect to the Subsequent Group I Mortgage Loans (the sum in any column may not equal the total indicated due to rounding): -13-

(1) The average principal balance of the Group I Mortgage Loans as of the Related Cut-off Date was approximately $154,771.

(1) The weighted average current Mortgage Rate of the Group I Mortgage Loans as of the Related Cut-off Date was approximately 7.516% per annum. -14-

(1) The weighted average Maximum Mortgage Rate of the adjustable-rate Group I Mortgage Loans as of the Related Cut-off Date was approximately 13.591% per annum.

(1) The weighted average Minimum Mortgage Rate of the adjustable-rate Group I Mortgage Loans as of the Related Cut-off Date was approximately 7.591% per annum. -15-

(1) The weighted average Gross Margin of the adjustable-rate Group I Mortgage Loans as of the Related Cut-off Date was approximately 6.357% per annum.

(1) The weighted average next Adjustment Date for the adjustable-rate Group I Mortgage Loans as of the Related Cut-off Date is February 2006. -16-

(1) The weighted average original loan-to-value ratio of the Group I Mortgage Loans as of the Related Cut-off Date was approximately 84.696%.

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(1) Cash proceeds to the borrower inclusive of Debt Consolidation payments exceed $2000 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 equal to or less than $2000 or 2% of the original Principal Balance of the related mortgage loan. Excludes home equity loans originated in Texas with any cash proceeds. -18-

(1) The greatest ZIP Code geographic concentration of the Group I Mortgage Loans was approximately 0.336% in the 95206 ZIP Code. -19-

(1) The weighted average qualifying FICO score at origination of the Group I Mortgage Loans that had FICO scores was approximately 611.

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(1) Letters correspond to risk categories of Olympus Mortgage Company and roman numerals correspond to risk categories of Argent Mortgage Company, LLC. -21- GROUP II MORTGAGE LOAN STATISTICS None of the Group II Mortgage Loans had a first Due Date prior to August 2003 or after February 2004, or will have a remaining term to stated maturity of less than 177 months or greater than 360 months as of the Related Cut-off Date. The latest maturity date of any Group II Mortgage Loan is January 2034. The Group II Mortgage Loans are expected to have the following characteristics as of the Cut-off Date, with respect to the Initial Group II Mortgage Loans and as of the Subsequent Cut-off Date, with respect to the Subsequent Group II Mortgage Loans (the sum in any column may not equal the total indicated due to rounding): -22-

(1) The average principal balance of the Group II Mortgage Loans as of the Related Cut-off Date was approximately $330,154.

(1) The weighted average current Mortgage Rate of the Group II Mortgage Loans as of the Related Cut-off Date was approximately 6.971% per annum. -23-

(1) The weighted average Maximum Mortgage Rate of the adjustable-rate Group II Mortgage Loans as of the Related Cut-off Date was approximately 13.120% per annum.

(1) The weighted average Minimum Mortgage Rate of the adjustable-rate Group II Mortgage Loans as of the Related Cut-off Date was approximately 7.120% per annum. -24-

(1) The weighted average Gross Margin of the adjustable-rate Group II Mortgage Loans as of the Related Cut-off Date was approximately 6.322% per annum.

(1) The weighted average next Adjustment Date for the adjustable-rate Group II Mortgage Loans as of the Related Cut-off Date is January 2006. -25-

(1) The weighted average original loan-to-value ratio of the Group II Mortgage Loans as of the Related Cut-off Date was approximately 83.305%.

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(1) Occupancy status as represented by the mortgagor at the time of origination.

(1) The greatest ZIP Code geographic concentration of the Group II Mortgage Loans was approximately 0.788% in the 94531 ZIP Code. -28-

(1) The weighted average qualifying FICO score at origination of the Group II Mortgage Loans that had FICO scores was approximately 632.

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(1) Letters correspond to risk categories of Olympus Mortgage Company and roman numerals correspond to risk categories of Argent Mortgage Company, LLC. -30-

ARGENT SECURITIES INC ASSET BACKED PASS THRU CER SER 2003-W9 8-K