| DEAL NAME | MSM 2004-5AR |
| Closing Date | 6/30/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 1,010,334,902 |
| |
| Sellers (Over 10%) | Greenpoint Mortgage Funding, Inc.(32.79%),Morgan Stanley Credit Corporation(18.64%),National City Mortgage Co.(16.42%),Morgan Stanley Mortgage Capital Inc.(15.36%) |
| |
| Servicers (Over 10%) | Greenpoint Mortgage Funding, Inc.(32.79%),Morgan Stanley Credit Corporation(18.64%),National City Mortgage Co.(16.42%),Option One Mortgage Corporation(14.82%) |
| |
| Number of Loans | 3,317 |
| Avg Loan Balance ($) | 304,593 |
| |
| Fixed/Floating | |
| % FRM | 0 |
| % ARM | 100 |
| % Short Arm | 15.42 |
| % 3/1 or 3/6 | 12.85 |
| % 5/1 or 5/6 | 56.47 |
| % 7/1 or 7/6 | 15.26 |
| % 10/1 or 10/6 | 0 |
| |
| % IO | 77.09 |
| Wtd Avg IO Term (months) | 65 |
| |
| Wtd Avg Current Mortgage Rate (%) | 4.78 |
| < 4.00% | 12.81 |
| 4.0000% - 4.9999% | 47.33 |
| 5.0000% - 5.9999% | 35.11 |
| 6.0000% - 6.9999% | 4.75 |
| 7.0000% - 7.9999% | 0 |
| 8.0000% - 8.9999% | 0 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.234 |
| Non-Zero Wtd Avg Initial Cap (%) | 4.94 |
| Non-Zero Wtd Avg Periodic Cap (%) | 2.069 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 725 |
| % FICO below 660 (inc. N/A) | 5.86 |
| % FICO below 620 (inc. N/A) | 0.79 |
| |
| Wtd Avg Orig LTV | 72.67 |
| % LTV > 80 | 4.9 |
| % LTV > 90 | 2.75 |
| % LTV > 95 | 1.7 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 44.71 |
| % Stated Documentation | 4.98 |
| % Limited Documentation | 14.32 |
| % No Documentation | 3.38 |
| % No Ratio Documentation | 9.6 |
| % Lite Documentation | 7.9 |
| |
| % Owner Occupied | 91.43 |
| % Investor | 3.73 |
| % Second Home | 4.85 |
| |
| Loan Purpose | |
| % Cashout Refinance | 22.46 |
| % Purchase | 45.4 |
| % Rate Term Refinance | 32.06 |
| |
| State Concentration (Over 5%) | CA(45.07%),FL(5.45%) |
| |
| % Prepay Penalty | 7.22 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 357 |
| Wtd Average Loan Age (months) | 3 |
