| DEAL NAME | MSAC 2004-OP1 |
| Closing Date | 12/2/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,548,294,930 |
| |
| Sellers | OO(100.00%) |
| Servicers | OO(100.00%) |
| |
| Number of Loans | 8879 |
| Avg Loan Balance ($) | 174,377 |
| |
| Fixed/Floating | |
| % FRM | 24.80 |
| % ARM | 75.20 |
| |
| %IO | 5.53 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.232 |
| Non-Zero Wtd Avg Margin (%) | 5.471 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.992 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.014 |
| |
| Lien Composition | |
| % 1st Lien | 99.33 |
| % 2nd Lien | 0.67 |
| |
| Non-Zero Wtd Avg FICO | 608 |
| % FICO below 600 (inc. N/A) | 44.36 |
| % FICO below 550 (inc. N/A) | 21.05 |
| |
| Wtd Avg Comb Orig LTV | 77.20 |
| % CLTV > 80 | 31.04 |
| % CLTV > 90 | 7.87 |
| % CLTV > 95 | 0.44 |
| |
| % Silent Seconds | 10.01 |
| CLTV incl. all simul. liens (%) | 79.10 |
| |
| Documentation Level | |
| % Full Documentation | 63.66 |
| % Stated Documentation | 35.96 |
| % Limited Documentation | 0.39 |
| |
| % Owner Occupied | 94.89 |
| |
| Loan Purpose | |
| % Cashout Refinance | 62.81 |
| % Purchase | 27.60 |
| % Rate Term Refinance | 9.59 |
| |
| State Concentration (Over 5%) | CA(23.54%),NY(13.09%),MA(9.08%),FL(6.79%) |
| |
| % Prepay Penalty | 73.84 |
| |
| Wtd Avg Std Orig Term (months) | 357 |
| Wtd Avg Std Rem Term (months) | 354 |
| Wtd Average Loan Age (months) | 3 |
