| DEAL NAME | MSAC 2004-NC1 |
| Closing Date | 1/29/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,454,867,505 |
| |
| Sellers | NC(100.00%) |
| Servicers | HQ(100.00%) |
| |
| Number of Loans | 8361 |
| Avg Loan Balance ($) | 174,006 |
| |
| Fixed/Floating | |
| % FRM | 28.79 |
| % ARM | 71.21 |
| |
| %IO | 0.82 |
| Wtd Avg IO Term (months) | 120 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.155 |
| Non-Zero Wtd Avg Margin (%) | 5.794 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.516 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.515 |
| |
| Lien Composition | |
| % 1st Lien | 98.93 |
| % 2nd Lien | 1.07 |
| |
| Non-Zero Wtd Avg FICO | 616 |
| % FICO below 600 (inc. N/A) | 40.22 |
| % FICO below 550 (inc. N/A) | 16.11 |
| |
| Wtd Avg Comb Orig LTV | 79.40 |
| % CLTV > 80 | 44.85 |
| % CLTV > 90 | 8.21 |
| % CLTV > 95 | 4.43 |
| |
| % Silent Seconds | 7.12 |
| CLTV incl. all simul. liens (%) | 81.15 |
| |
| Documentation Level | |
| % Full Documentation | 57.69 |
| % Stated Documentation | 38.04 |
| % Limited Documentation | 4.27 |
| |
| % Owner Occupied | 94.69 |
| |
| Loan Purpose | |
| % Cashout Refinance | 68.61 |
| % Purchase | 25.66 |
| % Rate Term Refinance | 5.73 |
| |
| State Concentration (Over 5%) | CA(42.97%),FL(5.57%),NY(5.29%),IL(5.26%) |
| |
| % Prepay Penalty | 79.74 |
| |
| Wtd Avg Std Orig Term (months) | 352 |
| Wtd Avg Std Rem Term (months) | 349 |
| Wtd Average Loan Age (months) | 3 |
