EX-99.1 2 d318406-ex99_1.txt CHARACTERISTICS OF THE MORTGAGE POOL Mortgage Loan Statistics For purposes of this Form 8-K, "Tables" shall mean computer generated tables and/or charts describing the characteristics of the Mortgage Loans as of the Cut-off Date. All percentages in the Tables were calculated based on the principal balance of the Mortgage Loans as of the Cut-off Date. The sum of the columns may not equal the respective totals due to rounding.

---------------------- (1) A mortgage loan with a loan program including the term "30Y LIB1M" has a term of 30 years and the mortgage rate adjusts monthly based on the value of One-Month LIBOR. A mortgage loan with a loan program including the term "30Y LIB6M" has a term of 30 years and the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term "30Y LIB12M" has a term of 30 years and the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term "30Y CMT1Y" has a term of 30 years and the mortgage rate adjusts annually based on the value of One-Year CMT. A mortgage loan with a loan program including the term "2/28 LIB6M" has a term of 30 years, the first two of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term "3/27 LIB6M" has a term of 30 years, the first three of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term "5/25 LIB6M" has a term of 30 years, the first five of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term "7/23 LIB6M" has a term of 30 years, the first seven of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term "10/20 LIB6M" has a term of 30 years, the first ten of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts semi-annually based on the value of Six-Month LIBOR. A mortgage loan with a loan program including the term "3/1 LIB12M" has a term of 30 years, the first three of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term "5/1 LIB12M" has a term of 30 years, the first five of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term "7/1 LIB12M" has a term of 30 years, the first seven of which consist of a fixed-rate period, and thereafter the mortgage rate adjusts annually based on the value of One-Year LIBOR. A mortgage loan with a loan program including the term "IO" has an interest only period. A mortgage loan with a loan program of "30/15 Fixed Balloon" has a term of 30 years, the mortgage rate is fixed for the entire term and requires a balloon payment in year 15. A mortgage loan with a loan program of "30/20 Fixed Balloon" has a term of 30 years, the mortgage rate is fixed for the entire term and requires a balloon payment in year 20. A mortgage loan with a loan program of "15Yr Fixed", "20Yr Fixed", "25Yr Fixed" and "30Yr Fixed" is a fixed-rate loan with a term of 15, 20, 25 and 30 years, respectively.

---------------------- * The average principal balance of the Mortgage Loans as of the Cut-off Date was approximately $227,377. 8

---------------------- * The average original principal balance of the Mortgage Loans as of the Cut-off Date was approximately $227,570. 9

---------------------- * The weighted average mortgage rate of the Mortgage Loans as of the Cut-off Date was approximately 6.089% per annum. 10

---------------------- * Excluded fixed rate loans. As of the Cut-off Date, the weighted average remaining months to the next adjustment date of the Mortgage Loans was approximately 31 months. 11

---------------------- * Excluded fixed rate loans. The weighted average gross margin of the Mortgage Loans as of the Cut-off Date was approximately 3.851% per annum 12

---------------------- * Excluded Fixed Rate Loans. As of the Cut-off Date, the weighted average Maximum Mortgage Rate of the Mortgage Loans was approximately 11.860% per annum.

*Excluded Fixed Rate Loans **This is an introductory rate program. 13

---------------------- * Excluded Fixed Rate Loans.

---------------------- * Excluded Fixed Rate Loans. 14

---------------------- * With respect to the first lien Mortgage Loans, the original loan-to-value ratio. With respect to the fixed-rate second lien Mortgage Loans, the combined loan-to-value ratio. The minimum and maximum loan-to-value ratios of the Mortgage Loans at origination were approximately 20.00% and 125.00%, respectively, and the weighted average original loan-to-value ratio at origination of the Mortgage Loans as of the Cut-off Date was approximately 75.31%.

---------------------- (1) Based on representations by the Mortgagors at the time of origination of the Mortgage Loans. 15

SEE "-UNDERWRITING STANDARDS" IN THE PROSPECTUS SUPPLEMENT FOR A DETAILED DESCRIPTION OF THE SELLER'S LOAN PROGRAMS AND DOCUMENTATION REQUIREMENTS. 16

---------------------- (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-, B, C and CX correspond to Progressive Series I+, I and II, III and III+, IV, V and VI, respectively. All of the Seasoned Mortgage Loans have been assigned credit grades by Impac Funding. (2) These Loans were originated under the Seller's Progressive Express(TM) Program. The underwriting for these Mortgage Loans is generally based on the borrower's "Credit Score" score and therefore these Mortgage Loans do not correspond to the alphabetical risk categories listed above. 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" IN THE PROSPECTUS SUPPLEMENT FOR A DESCRIPTION OF THE SELLER'S RISK CATEGORIES.

---------------------- *No more than approximately 0.49% 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. 18

---------------------- * As of the Cut-off Date, the weighted average debt to income ratio of the Loans was approximately 39.42% per annum.

---------------------- * The weighted average remaining term to maturity of the Mortgage Loans as of the Cut-off Date was approximately 357 months.

---------------------- (1) The Credit Bureau Risk Scores referenced in this table with respect to substantially all of the Mortgage Loans were obtained by the respective originators from one or more credit reporting agencies, and were determined at the time of origination. * The weighted average Credit Bureau Risk Score of the Mortgage Loans as of the Cut-off Date was approximately 689. 20

---------------------- * Excludes the fixed-rate Mortgage Loans. As of the Cut-off Date, the weighted average months to first roll of the Mortgage Loans was approximately 31 months.

Impac CMB Trust Series 2005-3, Collateralized Asset - Backed Bonds, Series 2005-3 8-K