EX-99.1 2 d227419_ex99-1.txt CHARACTERISTICS OF THE MORTGAGE POOL EXHIBIT 99.1 The pool (the "Mortgage Pool") delivered to the trust (the "Mortgage Loans") consists of conventional, one-to four- family, fixed-rate mortgage loans. The Depositor purchased the Mortgage Loans from the Seller pursuant to the Mortgage Loan Purchase Agreement, dated April 8, 2004 (the " Mortgage Loan Purchase Agreement"), between the Seller and the Depositor. Pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date (the "Pooling and Servicing Agreement"), among the Depositor, the Master Servicer and the Trustee, the Depositor caused the Mortgage Loans to be assigned to the Trustee for the benefit of the certificateholders. 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 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 with principal balances at origination that may or may not conform to Freddie Mac or Fannie Mae loan limits. Approximately 94.64% of the Mortgage Loans were originated or acquired by Ameriquest and approximately 5.36% of the Mortgage Loans were originated by the Seller's affiliate Town & Country Credit Corporation ("Town & Country" and together with Ameriquest, the "Originators"), in each case, by aggregate scheduled principal balance of the Mortgage Loans as of the Cut-off Date. 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 contains 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. Approximately 90.04% 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. Generally, each such Mortgage Loan will provide 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. 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. MORTGAGE LOAN STATISTICS The Mortgage Loans consist of 3,777 fixed-rate Mortgage Loans having an aggregate principal balance as of the Cut-off Date of approximately $699,999,866.82, 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 Closing Date. None of the Mortgage Loans had a first Due Date prior to October 2003 or after June 2004, or will have a remaining term to stated maturity of less than 116 months or greater than 360 months as of the Cut-off Date. The latest maturity date of any Mortgage Loan is May 2034.

*Based on the original balances of the Mortgage Loans.

*Based on mortgagor representation at origination.

** Cash proceeds to the borrower inclusive of debt consolidation payments exceed 2% or $2000 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 $2000 of the original principal balance of the related loan. Excludes home equity loans originated in Texas with any cash proceeds.

AMERIQUEST MORTGAGE SEC INC AS BK PAS THR CERS SER 2004 FR1 8-K