BAFC $410.5MM P-T Ctfs Series 2005-3 Rated by Fitch.

NEW YORK -- Banc of America Funding Corporation (BAFC) mortgage pass-through certificates, series 2005-3, are rated by Fitch Ratings as follows:

Group 1 certificates:

-- $246,637,610 classes 1-A-1 through 1-A-25, 30-IO, 30-PO, 1-A-R, 1-A-LR, 'AAA' ('senior certificates');

Group 2 certificates:

-- $163,863,900 classes 2-A-1 through 2-A-8, 'AAA' ('senior certificates);

Groups 1 & 2 certificates:

-- $50,100 class A-1/2, 'AAA' (senior certificate);

The class A-1/2 certificates are divided into two components for purposes of distributions: the class 1-A-1/2 component and the class 2-A-1/2 component. The components of the class A-1/2 certificates are not severable. Class 1-A-1/2 certificates receive cashflow from loans in group 1 and class 2-A-1/2 certificates receive cashflow from loans in group 2.

The transaction consists of two groups. Group one consists of fixed-rate, conventional, fully amortizing, one- to four-family, residential first mortgage loans, substantially all of which have original terms to stated maturity of approximately 20 to 30 years. Group two consists of all or a portion of three classes of previously issued senior mortgage-backed certificates, each of which represents a senior interest in a separate pool of mortgage loans.

The 'AAA' rating on the senior certificates of group 1 reflects the 3.45% subordination provided by the 1.85% class B-1, the 0.60% class B-2, the 0.30% class B-3, the 0.30% privately offered class B-4, the 0.25% privately offered class B-5, and the 0.15% privately offered class B-6. Classes B-1 through B-6 are not rated by Fitch.

Fitch believes the amount of credit enhancement will be sufficient to cover credit losses. The ratings also reflect the high quality of the underlying collateral purchased by Banc of America Funding Corporation, the integrity of the legal and financial structures, and the master servicing capabilities of Wells Fargo Bank, N.A. (rated 'RMS1' by Fitch).

The group 1 consists of one group of 448 fully amortizing, fixed interest rate, first lien mortgage loans, with original terms to maturity (WAM) of approximately 20 to 30 years. The aggregate unpaid principal balance of the pool is $255,477,040 as of May 1, 2005, (the cut-off date) and the average principal balance is $570,261. The weighted average original loan-to-value ratio (OLTV) of the loan pool is approximately 66.41%; approximately 3.52% of the loans have an OLTV greater than 80%. The weighted average coupon (WAC) of the mortgage loans is 5.856% and the weighted average FICO score is 737. Cash-out and rate/term refinance loans represent 23.09% and 38.22% of the loan pool, respectively. The states that represent the largest geographic concentration are California (49.69%), Virginia (8.42%) and New York (7.45%). All other states represent less than 5% of the outstanding balance of the pool.

The group 2 is a resecuritization of the BOAMS 2004-11, class 1-A-13 certificate (99% Percentage Interest), BOAMS 2005-1, class 1-A-22 certificate (63.66% Percentage Interest), and BOAMS 2005-2, class 1-A-7 certificate (100% Percentage Interest). All the classes of the underlying deals are rated 'AAA' by Fitch. As a resecuritization, this deal will receive all its cash-flow from the underlying certificates, which receives its cash-flow from the underlying mortgage loans.

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at www.fitchratings.com.

BAFC, a special purpose corporation, purchased the mortgage loans from Bank of America, N.A., JPMorgan Chase Bank, N.A., Residential Funding Corporation, Wells Fargo Bank, N.A., National City Mortgage Co., SunTrust Mortgage, Inc., and Washington Mutual Bank and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. Wells Fargo Bank, N.A. will serve as master servicer and as securities administrator. Wachovia Bank, N.A. will serve as trustee. For federal income tax purposes, an election will be made to treat the trust as two separate real estate mortgage investment conduits (REMIC).