| DEAL NAME | MSM 2004-8AR |
| Closing Date | 9/30/2004 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 566,680,162 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(64.38%),National City Mortgage Co.(18.75%) |
| |
| Servicers (Over 10%) | Option One Mortgage Corporation(65.34%),National City Mortgage Co.(18.75%) |
| |
| Number of Loans | 1,993 |
| Avg Loan Balance ($) | 284,335 |
| |
| Fixed/Floating | |
| % FRM | 0 |
| % ARM | 100 |
| % Short Arm | 22.82 |
| % 3/1 or 3/6 | 22.52 |
| % 5/1 or 5/6 | 54.66 |
| % 7/1 or 7/6 | 0 |
| % 10/1 or 10/6 | 0 |
| |
| % IO | 75.49 |
| Wtd Avg IO Term (months) | 88 |
| |
| Wtd Avg Current Mortgage Rate (%) | 5.299 |
| < 4.00% | 11.75 |
| 4.0000% - 4.9999% | 15.79 |
| 5.0000% - 5.9999% | 52.02 |
| 6.0000% - 6.9999% | 19.23 |
| 7.0000% - 7.9999% | 1.22 |
| 8.0000% - 8.9999% | 0 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.277 |
| Non-Zero Wtd Avg Initial Cap (%) | 13.137 |
| Non-Zero Wtd Avg Periodic Cap (%) | 10.704 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 719 |
| % FICO below 660 (inc. N/A) | 6.85 |
| % FICO below 620 (inc. N/A) | 0.3 |
| |
| Wtd Avg Orig LTV | 75.08 |
| % LTV > 80 | 8.83 |
| % LTV > 90 | 4.04 |
| % LTV > 95 | 0.04 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 43.6 |
| % Stated Documentation | 3.82 |
| % Limited Documentation | 33.1 |
| % No Documentation | 13.23 |
| % No Ratio Documentation | 3.81 |
| % Lite Documentation | 0.16 |
| |
| % Owner Occupied | 84.67 |
| % Investor | 11.24 |
| % Second Home | 4.1 |
| |
| Loan Purpose | |
| % Cashout Refinance | 21.83 |
| % Purchase | 62.43 |
| % Rate Term Refinance | 15.74 |
| |
| State Concentration (Over 5%) | CA(39.95%),FL(9.00%),AZ(7.78%) |
| |
| % Prepay Penalty | 36.02 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 358 |
| Wtd Average Loan Age (months) | 2 |
