| DEAL NAME | MSM 2004-4 |
| Closing Date | 8/27/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 535,328,623 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(51.49%),Washington Mutual Mortgage Securities Corp.(11.64%) |
| |
| Servicers (Over 10%) | Option One Mortgage Corporation(47.65%),Washington Mutual Mortgage Securities Corp.(31.88%) |
| |
| Number of Loans | 1,892 |
| Avg Loan Balance ($) | 282,943 |
| |
| Fixed/Floating | |
| % FRM | 100 |
| % ARM | 0 |
| % Short Arm | 0 |
| % 3/1 or 3/6 | 0 |
| % 5/1 or 5/6 | 0 |
| % 7/1 or 7/6 | 0 |
| % 10/1 or 10/6 | 0 |
| |
| % IO | 8.03 |
| Wtd Avg IO Term (months) | 118 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.158 |
| < 4.00% | 0 |
| 4.0000% - 4.9999% | 2.21 |
| 5.0000% - 5.9999% | 44.08 |
| 6.0000% - 6.9999% | 43.6 |
| 7.0000% - 7.9999% | 9.27 |
| 8.0000% - 8.9999% | 0.75 |
| 9.0000% - 9.9999% | 0.1 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 0 |
| Non-Zero Wtd Avg Initial Cap (%) | 0 |
| Non-Zero Wtd Avg Periodic Cap (%) | 0 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 711 |
| % FICO below 660 (inc. N/A) | 15.59 |
| % FICO below 620 (inc. N/A) | 2.5 |
| |
| Wtd Avg Orig LTV | 69.18 |
| % LTV > 80 | 9.35 |
| % LTV > 90 | 2.06 |
| % LTV > 95 | 0.5 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 33.75 |
| % Stated Documentation | 14.83 |
| % Limited Documentation | 24.59 |
| % No Documentation | 9.66 |
| % No Ratio Documentation | 14.69 |
| % Lite Documentation | 1.95 |
| |
| % Owner Occupied | 74.86 |
| % Investor | 21.7 |
| % Second Home | 3.44 |
| |
| Loan Purpose | |
| % Cashout Refinance | 30.42 |
| % Purchase | 33.46 |
| % Rate Term Refinance | 36.12 |
| |
| State Concentration (Over 5%) | CA(43.61%),NY(8.60%) |
| |
| % Prepay Penalty | 10.66 |
| |
| Wtd Avg Std Orig Term (months) | 340 |
| Wtd Avg Std Rem Term (months) | 333 |
| Wtd Average Loan Age (months) | 6 |
