| DEAL NAME | MSM 2004-11AR |
| Closing Date | 12/29/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,166,333,621 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(81.04%),Greenpoint Mortgage Funding, Inc.(14.06%) |
| |
| Servicers (Over 10%) | Option One Mortgage Corporation(81.30%),Greenpoint Mortgage Funding, Inc.(14.06%) |
| |
| Number of Loans | 4,066 |
| Avg Loan Balance ($) | 286,850 |
| |
| Fixed/Floating | |
| % FRM | 0 |
| % ARM | 100 |
| % Short Arm | 34.67 |
| % 3/1 or 3/6 | 18.13 |
| % 5/1 or 5/6 | 43.15 |
| % 7/1 or 7/6 | 2.13 |
| % 10/1 or 10/6 | 1.93 |
| |
| % IO | 90.5 |
| Wtd Avg IO Term (months) | 92 |
| |
| Wtd Avg Current Mortgage Rate (%) | 5.342 |
| < 4.00% | 5.32 |
| 4.0000% - 4.9999% | 24.72 |
| 5.0000% - 5.9999% | 48.32 |
| 6.0000% - 6.9999% | 20.43 |
| 7.0000% - 7.9999% | 1.2 |
| 8.0000% - 8.9999% | 0.01 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.338 |
| Non-Zero Wtd Avg Initial Cap (%) | 4.582 |
| Non-Zero Wtd Avg Periodic Cap (%) | 2.016 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 711 |
| % FICO below 660 (inc. N/A) | 9.8 |
| % FICO below 620 (inc. N/A) | 0.95 |
| |
| Wtd Avg Orig LTV | 75.49 |
| % LTV > 80 | 7.14 |
| % LTV > 90 | 2.68 |
| % LTV > 95 | 1.12 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 30.78 |
| % Limited Documentation | 51.13 |
| % No Documentation | 11.63 |
| % No Ratio Documentation | 5.95 |
| % Lite Documentation | 0.51 |
| |
| % Owner Occupied | 83.11 |
| % Investor | 12.25 |
| % Second Home | 4.63 |
| |
| Loan Purpose | |
| % Cashout Refinance | 26.54 |
| % Purchase | 62.24 |
| % Rate Term Refinance | 11.23 |
| |
| State Concentration (Over 5%) | CA(47.24%),FL(6.65%),AZ(5.52%) |
| |
| % Prepay Penalty | 30.17 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 357 |
| Wtd Average Loan Age (months) | 3 |
