| DEAL NAME | MSM 2006-3AR |
| Closing Date | 2/28/2006 |
| |
| Initial Collateral Characteristics | |
| Principal Balance ($) | 800,218,694 |
| |
| Sellers (Over 10%) | Morgan Stanley Mortgage Capital Inc.(66.15%) |
| |
| Servicers (Over 10%) | GMAC Mortgage Corporation(76.40%) |
| |
| Number of Loans | 1,948 |
| Avg Loan Balance ($) | 410,790 |
| |
| Fixed/Floating | |
| % FRM | 16.05 |
| % ARM | 83.95 |
| % Short Arm | 6.02 |
| % 3/1 or 3/6 | 8.19 |
| % 5/1 or 5/6 | 43.09 |
| % 7/1 or 7/6 | 26.6 |
| % 10/1 or 10/6 | 0 |
| |
| % IO | 81.84 |
| Wtd Avg IO Term (months) | 108 |
| |
| Wtd Avg Current Mortgage Rate (%) | 6.333 |
| < 4.00% | 0.02 |
| 4.0000% - 4.9999% | 3.92 |
| 5.0000% - 5.9999% | 25.01 |
| 6.0000% - 6.9999% | 56.01 |
| 7.0000% - 7.9999% | 14.36 |
| 8.0000% - 8.9999% | 0.69 |
| 9.0000% - 9.9999% | 0 |
| 10.0000% - 10.9999% | 0 |
| 11.000% + | 0 |
| |
| Non-Zero Wtd Avg Margin (%) | 2.383 |
| Non-Zero Wtd Avg Initial Cap (%) | 5.2 |
| Non-Zero Wtd Avg Periodic Cap (%) | 1.813 |
| |
| Lien Composition | |
| % 1st Lien | 100 |
| % 2nd Lien | 0 |
| |
| Non-Zero Wtd Avg FICO | 713 |
| % FICO below 660 (inc. N/A) | 15.17 |
| % FICO below 620 (inc. N/A) | 1.85 |
| |
| Wtd Avg Orig LTV | 72.83 |
| % LTV > 80 | 3.05 |
| % LTV > 90 | 1.43 |
| % LTV > 95 | 1.15 |
| |
| Documentation Level | |
| % Full/Alt Documentation | 25.89 |
| % Stated Documentation | 3.67 |
| % Limited Documentation | 45.8 |
| % No Documentation | 11.75 |
| % No Ratio Documentation | 10.05 |
| % Lite Documentation | 2.84 |
| |
| % Owner Occupied | 82.41 |
| % Investor | 12.18 |
| % Second Home | 5.41 |
| |
| Loan Purpose | |
| % Cashout Refinance | 34.33 |
| % Purchase | 50.69 |
| % Rate Term Refinance | 14.98 |
| |
| State Concentration (Over 5%) | CA(47.33%),FL(8.94%),NY(6.77%) |
| |
| % Prepay Penalty | 28.16 |
| |
| Wtd Avg Std Orig Term (months) | 360 |
| Wtd Avg Std Rem Term (months) | 356 |
| Wtd Average Loan Age (months) | 4 |
