| DEAL NAME | MSM 2004-2AR |
| Closing Date | 2/27/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 454,371,249 |
| |
| Sellers (Over 10%) | Wells Fargo Bank, National Association(45.56%),Morgan Stanley Credit Corporation(42.55%),Greenpoint Mortgage Funding, Inc.(10.84%) |
| |
| Servicers (Over 10%) | Wells Fargo Bank, National Association(45.56%),Morgan Stanley Credit Corporation(42.52%),Greenpoint Mortgage Funding, Inc.(10.84%) |
| |
| Number of Loans | 975 |
| Avg Loan Balance ($) | 466,022 |
| |
| Fixed/Floating | |
| % FRM | 0 |
| % ARM | 100 |
| % Short Arm | 0 |
| % 3/1 or 3/6 | 10.03 |
| % 5/1 or 5/6 | 34.67 |
| % 7/1 or 7/6 | 6.76 |
| % 10/1 or 10/6 | 48.54 |
| |
| % IO | 52.37 |
| Wtd Avg IO Term (months) | 62 |
| |
| Wtd Avg Current Mortgage Rate (%) | 5.069 |
| < 4.00% | 0 |
| 4.0000% - 4.9999% | 39.53 |
| 5.0000% - 5.9999% | 57.51 |
| 6.0000% - 6.9999% | 2.83 |
| 7.0000% - 7.9999% | 0.13 |
| 8.0000% - 8.9999% | 0 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.375 |
| Non-Zero Wtd Avg Initial Cap (%) | 5.425 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.892 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 727 |
| % FICO below 660 (inc. N/A) | 9.94 |
| % FICO below 620 (inc. N/A) | 2.76 |
| |
| Wtd Avg Orig LTV | 67.28 |
| % LTV > 80 | 4.37 |
| % LTV > 90 | 3.23 |
| % LTV > 95 | 2.97 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 80.27 |
| % Stated Documentation | 17.54 |
| % No Documentation | 2.18 |
| |
| % Owner Occupied | 92.44 |
| % Investor | 1.52 |
| % Second Home | 6.04 |
| |
| Loan Purpose | |
| % Cashout Refinance | 22.23 |
| % Purchase | 35.83 |
| % Rate Term Refinance | 41.94 |
| |
| State Concentration (Over 5%) | CA(35.66%),NY(8.47%),FL(6.59%) |
| |
| % Prepay Penalty | 1.83 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 356 |
| Wtd Average Loan Age (months) | 4 |
