| DEAL NAME | MSAC 2004-SD3 |
| Closing Date | 9/30/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 290,948,106 |
| |
| Sellers | BOA(46%),LBMC(17%),WF(8%),CW(6%),AA(5%) |
| Servicers | BOA(43.24%),WF(8.39%),WLS(48.37%) |
| |
| Number of Loans | 1985 |
| Avg Loan Balance ($) | 146,573 |
| |
| Fixed/Floating | |
| % FRM | 33.87 |
| % ARM | 66.13 |
| |
| %IO | 12.78 |
| Wtd Avg IO Term (months) | 60 |
| |
| Wtd Avg Current Mortgage Rate (%) | 7.148 |
| Non-Zero Wtd Avg Margin (%) | 4.466 |
| Non-Zero Wtd Avg Initial Cap (%) | 2.937 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.490 |
| |
| Lien Composition | |
| % 1st Lien | 98.15 |
| % 2nd Lien | 1.85 |
| |
| Non-Zero Wtd Avg FICO | 634 |
| % FICO below 600 (inc. N/A) | 37.03 |
| % FICO below 550 (inc. N/A) | 22.90 |
| |
| Wtd Avg Comb Orig LTV | 75.55 |
| % CLTV > 80 | 24.21 |
| % CLTV > 90 | 6.43 |
| % CLTV > 95 | 3.41 |
| |
| % Silent Seconds | 9.06 |
| CLTV incl. all simul. liens (%) | 77.17 |
| |
| Documentation Level | |
| % Full Documentation | 38.77 |
| % Stated Documentation | 28.41 |
| % Limited Documentation | 27.59 |
| % Lite Documentation | 5.24 |
| |
| % Owner Occupied | 87.71 |
| |
| Loan Purpose | |
| % Cashout Refinance | 33.05 |
| % Purchase | 38.64 |
| % Rate Term Refinance | 27.48 |
| |
| State Concentration (Over 5%) | CA(39.98%),FL(6.28%) |
| |
| % Prepay Penalty | 20.64 |
| |
| Wtd Avg Std Orig Term (months) | 342 |
| Wtd Avg Std Rem Term (months) | 314 |
| Wtd Average Loan Age (months) | 28 |
