EX-99.2 3 d322895-ex99_2.txt CHARACTERISTICS OF THE MORTGAGE POOL EXHIBIT 99.2 The depositor purchased mortgage loans from IndyMac Bank, F.S.B. ("INDYMAC BANK") pursuant to a pooling and servicing agreement, dated as of March 1, 2005, among IndyMac Bank, as seller and master servicer, the depositor and the trustee, and assigned to the trustee for the benefit of holders of the certificates the statistical calculation mortgage loans (other than those removed prior to the closing date) and other similar mortgage loans (together, the "CLOSING DATE MORTGAGE LOANS"). Pursuant to each subsequent transfer instrument the trust acquired subsequent mortgage loans. The Closing Date Mortgage Loans and subsequent mortgage loans included in the trust are referred to as the "MORTGAGE LOANS". The Closing Date Mortgage Loans have an aggregate principal balance as of the cut-off date of approximately $999,491,933. The Closing Date Mortgage Loans to be included in loan group I have an aggregate principal balance equal to approximately $713,377,245, and the Closing Date Mortgage Loans to be included in loan group II have an aggregate principal balance equal to approximately $286,114,588. As of the cut-off date, the aggregate Stated Principal Balance of the Statistical Calculation Mortgage Loans is approximately $999,491,933. The mortgage loans to be included in the mortgage pool were acquired or originated by the seller in the normal course of its business. At origination, 98.48% of the Statistical Calculation Mortgage Loans in loan group I and approximately 99.44% of the Statistical Calculation Mortgage Loans in loan group II had stated terms to maturity of 30 years. All of the Statistical Calculation Mortgage Loans provide for payments due on the first day of each month (a "due date"). Scheduled monthly payments made by the mortgagors on the mortgage loans ("scheduled payments") either earlier or later than the scheduled due dates thereof is not expected to affect the amortization schedule or the relative application of those payments to principal and interest. With the exception of 596 of the Statistical Calculation Mortgage Loans in loan group I and 259 of the Statistical Calculation Mortgage Loans in loan group II, representing approximately 17.54% and 32.94%, respectively, of the Statistical Calculation Mortgage Loans in that loan group (these Statistical Calculation Mortgage Loans are referred to in this prospectus supplement as the "interest-only mortgage loans"), all of the Statistical Calculation Mortgage Loans in each loan group will provide for the amortization of the amount financed over a series of substantially equal monthly payments. The terms of the interest-only mortgage loans only require the related mortgagor to pay interest on the principal balance of the mortgage loan for either the first two, three, five, or ten years after its origination, but require that the entire principal balance of the mortgage loan be fully amortized over the related remaining term of the mortgage loan following such interest only period. Approximately 82.46% of the Statistical Calculation Mortgage Loans in loan group I and approximately 67.06% of the Statistical Calculation Mortgage Loans in loan group II provide for the amortization of the amount financed over a series of substantially equal monthly payments, and approximately 0.16% of the Statistical Calculation Mortgage Loans in loan group I and approximately 0.00% of the Statistical Calculation Mortgage Loans in loan group II are balloon loans and provide for equal monthly payments, consisting of principal and interest, based on a stated amortization schedule, and a single payment of the remaining principal balance of the loan at maturity. Approximately 3,042 Statistical Calculation Mortgage Loans in loan group I and approximately 743 Statistical Calculation Mortgage Loans in group II, representing approximately 73.73% and 72.67% of the cut-off date principal balance of the mortgage loans in the respective loan groups contain prepayment charges. Prepayment charges provide that if the borrower were to prepay the mortgage loan in full at any time from the origination of the mortgage loan to a date set forth in the related mortgage note (the "Prepayment Charge Period"), the borrower would also have to pay a fee in addition to the amount necessary to repay the mortgage loan. The Prepayment Charge Period for the mortgage loans vary from one year to five years, depending on the terms set forth in the related mortgage note. The amount of the prepayment charge varies. The mortgage rate (the "Mortgage Rate") of each of the fixed-rate mortgage loans will be fixed for the life of the loan. The Mortgage Rates for a substantial majority of the adjustable-rate mortgage loans will be fixed for a period after the origination of each such mortgage loan, after which it will adjust semi-annually or 10 annually based on the applicable Loan Index. The adjustable-rate mortgage loans include 2/28 Adjustable Mortgage Loans, 3/27 Adjustable Mortgage Loans, 5/25 Adjustable Mortgage Loans and 7/23 Adjustable Mortgage Loans. The rates on these loans adjust periodically on a date (the "Adjustment Date"), in most cases, after an initial period during which their rate is fixed that ends on their initial Adjustment Date. The change in the interest rate of any adjustable rate loan on any single Adjustment Date may not exceed a maximum known as its "Periodic Rate Cap". The interest rate for each of these mortgage loans is computed as a margin specified in the related mortgage note over the applicable Loan Index. "6-month LIBOR" and "1-year LIBOR" are equal to the average of interbank offered rates for six month or one year U.S. dollar deposits, respectively, in the London market based on quotations of major banks, as published either (x) by Fannie Mae either 30 or 45 days before the Adjustment Date or (y) in the "Money Rates" section of The Wall Street Journal as of the first business day of the month before the Adjustment Date. The "1-year CMT" is the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve. The following tables summarize these characteristics of the different loan programs for the adjustable-rate Statistical Calculation Mortgage Loans. -------------------------------------------------------------------------------- INITIAL PERIODIC RATE FIXED BASE ADJUSTMENT PERIOD INDEX PERIOD 1 Year CMT 1 year 1-year CMT 1 year 2/28 LIBOR Adjustable Mortgage Loans 2 years 6-month LIBOR 6 mos. 3/27 LIBOR Adjustable Mortgage Loans 3 years 6-month LIBOR 6 mos. 3/27 CMT Adjustable Mortgage Loans 3 years 1-year CMT 1 year 5/25 LIBOR Adjustable Mortgage Loans 5 years 6-month LIBOR 6 mos. 5/25 CMT Adjustable Mortgage Loans 5 years 1-year CMT 1 year 5/25 LIBOR Adjustable Mortgage Loans 5 years 1-year LIBOR 1 year 7/23 LIBOR Adjustable Mortgage Loans 7 years 1-year CMT 6 mos. -------------------------------------------------------------------------------- The 2/28 Adjustable Mortgage Loans will include performance loans ("Performance Loans") that provide borrowers the potential of a margin reduction for good payment history. The payment history for the Performance Loan is evaluated in the second month preceding the month in which the initial Adjustment Date occurs. If the related borrower has made scheduled payments in full since the origination of that loan with a maximum of one late payment (which cannot be in the month of evaluation) the loan is eligible for a reduction (ranging from 0.50% to 1.00%) in the margin used to calculate the mortgage rate. Approximately 3.61% of the Statistical Calculation Mortgage Loans are Performance Loans. 11

As of April 1, 2005, the average current principal balance of the Statistical Calculation Mortgage Loans is approximately $196,557. ---------- 1 The values in all tables are calculated as of April 1, 2005 12

As of April 1, 2005, the weighted average mortgage rate of the Statistical Calculation Mortgage Loans is approximately 7.198%. 13

As of April 1, 2005, the weighted average FICO score of the Statistical Calculation Mortgage Loans is approximately 629. 14

(1) Credit Levels are assigned as described under the heading "--UNDERWRITING STANDARDS."

As of April 1, 2005, the weighted average original loan-to-value ratio of the Statistical Calculation Mortgage Loans is approximately 76.80%.

(1) Based on representations of the related mortgagors at the time of origination.

As of April 1, 2005, the weighted average term to maturity of the Statistical Calculation Mortgage Loans is approximately 355 months. 19

As of April 1, 2005, the weighted average gross margin of the Statistical Calculation Mortgage Loans is approximately 5.422%. 23

As of April 1, 2005, the weighted average maximum mortgage rate of the Statistical Calculation Mortgage Loans is approximately 13.482%. 24

As of April 1, 2005, the weighted average minimum mortgage rate of the Statistical Calculation Mortgage Loans is approximately 5.476%. 25

As of April 1, 2005, the weighted average number of months to the next adjustment date for the Statistical Calculation Mortgage Loans is approximately 23 months. 26 STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I The Mortgage Loans to be included in loan group I consist of 4080 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance as of April 1, 2005 of $713,377,245, after application of scheduled payments due on or before April 1, 2005 whether or not received and application of all unscheduled payments of principal received prior to April 1, 2005, and subject to a permitted variance of plus or minus 10%. The Mortgage Loans included in loan group I have the characteristics set forth below (the sum in any column may not equal the total indicated due to rounding).

As of April 1, 2005, the average current principal balance of the Group I Statistical Calculation Mortgage Loans is approximately $174,847. 27

As of April 1, 2005, the weighted average mortgage rate of the Group I Statistical Calculation Mortgage Loans is approximately 7.215%. 28

As of April 1, 2005, the weighted average FICO score of the Group I Statistical Calculation Mortgage Loans is approximately 625. 29

(1) Credit Levels are assigned as described under the heading "--UNDERWRITING STANDARDS."

(1) References to loan-to-value ratios are references to combined loan-to-value ratios with respect to second lien Mortgage Loans. As of April 1, 2005, the weighted average original loan-to-value ratio of the Group I Statistical Calculation Mortgage Loans is approximately 76.74%.

(1) Based on representations of the related mortgagors at the time of origination.

As of April 1, 2005, the weighted average term to maturity of the Group I Statistical Calculation Mortgage Loans is approximately 355 months. 34

As of April 1, 2005, the weighted average gross margin of the Group I Statistical Calculation Mortgage Loans is approximately 5.440%. 37 MAXIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I Percentage of Aggregate Principal Number of Balance of Statistical Statistical Calculation Aggregate Principal Calculation Mortgage MAXIMUM MORTGAGE RATE Mortgage Loans Balance Outstanding Loans ------------------------------------- -------------- ------------------- -------------------- less than 10.000..................... 1 $ 299,631 0.05% 10.001 - 10.500..................... 4 780,128 0.14 10.501 - 11.000..................... 5 1,173,964 0.21 11.001 - 11.500..................... 13 2,762,916 0.49 11.501 - 12.000..................... 213 45,909,741 8.08 12.001 - 12.500..................... 375 74,457,385 13.10 12.501 - 13.000..................... 538 104,983,754 18.47 13.001 - 13.500..................... 539 94,215,227 16.58 13.501 - 14.000..................... 507 88,060,074 15.49 14.001 - 14.500..................... 380 60,751,832 10.69 14.501 - 15.000..................... 280 39,093,082 6.88 15.001 - 15.500..................... 188 23,108,003 4.07 15.501 - 16.000..................... 128 18,768,730 3.30 16.001 - 16.500..................... 43 6,839,258 1.20 16.501 - 17.000..................... 22 3,147,804 0.55 17.001 - 17.500..................... 18 2,428,255 0.43 17.501 - 18.000..................... 11 1,240,926 0.22 18.001 - 18.500..................... 2 203,950 0.04 18.501 - 19.000..................... 1 115,000 0.02 ------- ------------- -------- TOTAL:............................... 3,268 $ 568,339,661 100.00% ======= ============= ========

As of April 1, 2005, the weighted average maximum mortgage rate of the Group I Statistical Calculation Mortgage Loans is approximately 13.494%. 38

As of April 1, 2005, the weighted average minimum mortgage rate of the Group I Statistical Calculation Mortgage Loans is approximately 5.488%. 39

As of April 1, 2005, the weighted average number of months to the next adjustment date for the Group I Statistical Calculation Mortgage Loans is approximately 23 months. 40 STATISTICAL CALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II The Mortgage Loans to be included in loan group II consist of 1005 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance as of April 1, 2005 of $286,114,688, after application of scheduled payments due on or before April 1, 2005 whether or not received and application of all unscheduled payments of principal received prior to April 1, 2005, and subject to a permitted variance of plus or minus 10%. The Mortgage Loans included in loan group II have the characteristics set forth below (the sum in any column may not equal the total indicated due to rounding).

As of April 1, 2005, the average current principal balance of the Group II Statistical Calculation Mortgage Loans is approximately $284,691. ---------- 2 The values in all tables are calculated as of April 1, 2005 41

As of April 1, 2005, the weighted average mortgage rate of the Group II Statistical Calculation Mortgage Loans is approximately 7.158%. 42

As of April 1, 2005, the weighted average FICO score of the Group II Statistical Calculation Mortgage Loans is approximately 637. 43

(1) Credit Levels are assigned as described under the heading "--UNDERWRITING STANDARDS."

As of April 1, 2005, the weighted average original loan-to-value ratio of the Group II Statistical Calculation Mortgage Loans is approximately 76.93%.

(1) Based on representations of the related mortgagors at the time of origination.

As of April 1, 2005, the weighted average term to maturity of the Group II Statistical Calculation Mortgage Loans is approximately 357 months. 48

As of April 1, 2005, the weighted average gross margin of the Group II Statistical Calculation Mortgage Loans is approximately 5.381%. 51

As of April 1, 2005, the weighted average maximum mortgage rate of the Group II Statistical Calculation Mortgage Loans is approximately 13.452%. 52

As of April 1, 2005, the weighted average minimum mortgage rate of the Group II Statistical Calculation Mortgage Loans is approximately 5.447%. 53

As of April 1, 2005, the weighted average number of months to the next adjustment date for the Group II Statistical Calculation Mortgage Loans is approximately 23 months. 54

Home Equity Mortgage Loan Asset Backed Trust Series 2005-A 8-K