| DEAL NAME | MSM 2005-1 |
| Closing Date | 2/28/2005 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 441,146,311 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(78.19%) |
| |
| Servicers (Over 10%) | Option One Mortgage Corporation(80.15%) |
| |
| Number of Loans | 1,028 |
| Avg Loan Balance ($) | 429,131 |
| |
| 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 | 30.1 |
| Wtd Avg IO Term (months) | 120 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.006 |
| < 4.00% | 0 |
| 4.0000% - 4.9999% | 0 |
| 5.0000% - 5.9999% | 52.64 |
| 6.0000% - 6.9999% | 45.56 |
| 7.0000% - 7.9999% | 1.52 |
| 8.0000% - 8.9999% | 0.28 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0.01 |
| |
| 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 | 732 |
| % FICO below 660 (inc. N/A) | 5 |
| % FICO below 620 (inc. N/A) | 0.55 |
| |
| Wtd Avg Orig LTV | 68.52 |
| % LTV > 80 | 3.18 |
| % LTV > 90 | 1.37 |
| % LTV > 95 | 0.78 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 57.51 |
| % Limited Documentation | 24.38 |
| % No Documentation | 11.36 |
| % No Ratio Documentation | 3.89 |
| % Lite Documentation | 2.87 |
| |
| % Owner Occupied | 91.18 |
| % Investor | 5.3 |
| % Second Home | 3.52 |
| |
| Loan Purpose | |
| % Cashout Refinance | 33.87 |
| % Purchase | 47.25 |
| % Rate Term Refinance | 18.88 |
| |
| State Concentration (Over 5%) | CA(46.05%),VA(6.99%),NY(5.20%) |
| |
| % Prepay Penalty | 35.28 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 356 |
| Wtd Average Loan Age (months) | 4 |
