| DEAL NAME | MSAC 2004-NC3 |
| Closing Date | 4/16/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,414,945,071 |
| |
| Sellers | NC(100.00%) |
| Servicers | CW(100.00%) |
| |
| Number of Loans | 8257 |
| Avg Loan Balance ($) | 171,363 |
| |
| Fixed/Floating | |
| % FRM | 26.43 |
| % ARM | 73.57 |
| |
| %IO | 2.08 |
| Wtd Avg IO Term (months) | 120 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.128 |
| Non-Zero Wtd Avg Margin (%) | 5.739 |
| Non-Zero Wtd Avg Initial Cap (%) | 1.541 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.541 |
| |
| Lien Composition | |
| % 1st Lien | 100.00 |
| % 2nd Lien | 0.00 |
| |
| Non-Zero Wtd Avg FICO | 615 |
| % FICO below 600 (inc. N/A) | 42.01 |
| % FICO below 550 (inc. N/A) | 13.97 |
| |
| Wtd Avg Comb Orig LTV | 80.25 |
| % CLTV > 80 | 45.79 |
| % CLTV > 90 | 11.98 |
| % CLTV > 95 | 5.18 |
| |
| % Silent Seconds | 11.15 |
| CLTV incl. all simul. liens (%) | 82.23 |
| |
| Documentation Level | |
| % Full Documentation | 57.30 |
| % Stated Documentation | 37.36 |
| % Limited Documentation | 5.35 |
| |
| % Owner Occupied | 93.55 |
| |
| Loan Purpose | |
| % Cashout Refinance | 67.80 |
| % Purchase | 26.83 |
| % Rate Term Refinance | 5.37 |
| |
| State Concentration (Over 5%) | CA(41.40%),FL(5.96%),NY(5.56%) |
| |
| % Prepay Penalty | 78.39 |
| |
| Wtd Avg Std Orig Term (months) | 353 |
| Wtd Avg Std Rem Term (months) | 349 |
| Wtd Average Loan Age (months) | 4 |
