Bayview Financial Revolving Asset Trust $500MM 2005-E Rated by Fitch.

NEW YORK -- Bayview Financial Revolving Asset Trust 2005-E asset backed notes are rated by Fitch Ratings as follows:

-- $368,500,000 class A1, class A2A, and class A2B (senior notes) 'AAA';

-- $67,850,000 class M-1 'AA';

--$30,650,000 class M-2 'A';

-- $18,000,000 class M-3 'A-';

-- $10,000,000 class B-1 'BBB+';

-- $5,000,000 class B-2 'BBB'.

The 'AAA' rating on the senior notes reflects the 27.30% credit enhancement provided by the 13.57% class M-1, the 6.13% class M-2, the 3.60% class M-3, the 2.00% class B-1, and the 1.00% B-2, as well as 1.00% of overcollateralization (OC). In addition, the ratings reflect the integrity of the transaction's legal structure, as well as the master servicing capabilities of Wells Fargo Bank N.A., rated 'RMS1' by Fitch. Wachovia Bank, National Association will act as indenture trustee.

The initial mortgage pool consists of first lien fixed-rate and adjustable-rate residential and commercial mortgage loans with an aggregate principal balance of $101,164,863. As of the initial cut-off date, Nov. 1, 2005, the average principal balance of the mortgage loans is approximately $124,281. Approximately 36.66% of the initial mortgage loans are fixed-rate, and 63.34% are adjustable-rate loans. As of the initial cut-off date, the weighted average loan rate is approximately 7.576%. Most of the loans are seasoned with a weighted average seasoning of 30 months. The weighted average original loan-to-value (OLTV) ratio is 76.36%, and the weighted average current loan-to-value (CLTV) ratio is 72.70%. The properties are primarily located in California (21.44%), Florida (12.87%), and New York (8.86%). Residential properties make up approximately 72.87% of the initial pool and consist primarily of single family (48.18%) and two- to four-family (4.50%) residences. Commercial properties make up approximately 27.11% of the initial pool and include multifamily (9.34%), mixed-use (6.32%), and retail (2.72%).

Bayview Financial Revolving Asset Trust 2005-E (the trust) is a revolving trust that allows for the addition or removal of collateral for four years following the closing date (the revolving period). Principal will not be distributed to noteholders during the revolving period unless certain triggers are tripped. At the end of the revolving period, all amounts accrued will be distributed concurrently, pro rata, to the noteholders until the principal balance of the notes is reduced to zero. Interest will be distributed sequentially to the notes on a monthly basis beginning Dec. 28, 2005.

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, see the press release dated May 1, 2003, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at www.fitchratings.com. Approximately 18.61% of the initial mortgage loans were originated by Interbay Funding LLC (Interbay), the seller, or another of Bayview's affiliates. The remainder of the initial mortgage loans was acquired by the seller from various unaffiliated sellers.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.