| DEAL NAME | MSAC 2004-HE3 |
| Closing Date | 5/27/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,164,143,832 |
| |
| Sellers | NC(49.09%),AA(39.82%),ACC(11.09%) |
| Servicers | HQ(88.91%),CH(11.09%) |
| |
| Number of Loans | 7026 |
| Avg Loan Balance ($) | 165,690 |
| |
| Fixed/Floating | |
| % FRM | 29.36 |
| % ARM | 70.64 |
| |
| %IO | 1.19 |
| Wtd Avg IO Term (months) | 114 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.115 |
| Non-Zero Wtd Avg Margin (%) | 5.653 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.228 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.301 |
| |
| Lien Composition | |
| % 1st Lien | 98.85 |
| % 2nd Lien | 1.15 |
| |
| Non-Zero Wtd Avg FICO | 613 |
| % FICO below 600 (inc. N/A) | 42.94 |
| % FICO below 550 (inc. N/A) | 17.24 |
| |
| Wtd Avg Comb Orig LTV | 80.08 |
| % CLTV > 80 | 41.86 |
| % CLTV > 90 | 9.24 |
| % CLTV > 95 | 1.94 |
| |
| % Silent Seconds | 24.03 |
| CLTV incl. all simul. liens (%) | 83.62 |
| |
| Documentation Level | |
| % Full Documentation | 55.19 |
| % Stated Documentation | 40.60 |
| % Limited Documentation | 3.00 |
| % Lite Documentation | 1.20 |
| |
| % Owner Occupied | 94.34 |
| |
| Loan Purpose | |
| % Cashout Refinance | 63.21 |
| % Purchase | 28.99 |
| % Rate Term Refinance | 7.79 |
| |
| State Concentration (Over 5%) | CA(36.56%),FL(11.60%),NY(8.55%),TX(5.65%) |
| |
| % Prepay Penalty | 80.92 |
| |
| Wtd Avg Std Orig Term (months) | 353 |
| Wtd Avg Std Rem Term (months) | 349 |
| Wtd Average Loan Age (months) | 3 |
