CDMC Mortgage P-T Ctfs Series 2003-1 Rated By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 28, 2003

Cendant Mortgage Capital LLC (CDMC) $274.6 million mortgage pass-through certificates, series 2003-1 classes A-1 through A-10, P, X, and R certificates (senior certificates) are rated 'AAA' by Fitch Ratings. In addition, Fitch rates the $12.4 million class B-1 certificates 'AA', $1.4 million class B-2 certificates 'A', $1.2 class B-3 certificates 'BBB', $550,299 class B-4 certificates 'BB' and $412,724 class B-5 certificates 'B'.

The 'AAA' rating on the senior certificates reflects the 6% subordination provided by the 4.50% class B-1, the 0.50% class B-2, the 0.45% class B-3, the 0.20% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.20% privately offered class B-6 (which is not rated by Fitch). Classes B-1, B-2, B-3, B-4, and B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination.

Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures and the servicing capabilities of Cendant Mortgage Corporation, which is rated 'RPS1-' by Fitch.

The mortgage pool consists of 615 one- to four-family conventional, fixed rate mortgage loans secured by first liens on residential mortgage properties. As of the cut-off date (Feb. 1, 2003), the mortgage pool has an aggregate principal balance of approximately $275,149,326, a weighted average original loan-to-value ratio (OLTV) of 70.00%, a weighted average coupon (WAC) of 6.165%, a weighted average remaining term (WAM) of 351 months and an average balance of $447,397. The loans are primarily located in California (25.81%), New Jersey (14.37%) and New York (9.52%).

All of the mortgage loans were either originated or acquired in accordance with the underwriting guidelines established by Cendant Mortgage Corporation. Any mortgage loan with an OLTV in excess of 80% is required to have a primary mortgage insurance policy. Approximately 2.64% of the mortgage loans are pledged asset loans. These loans referred to as 'Additional Collateral Loans', are secured by a security interest, normally in securities owned by the borrower, which generally does not exceed 30% of the loan amount. Ambac Assurance Corporation provides a limited purpose surety bond, which guarantees that the Trust receives certain shortfalls and proceeds realized from the liquidation of the additional collateral, up to 30% of the original principal amount of that Additional Collateral Loan.

Citibank N.A. will act as the Trustee of the trust. For federal income tax purposes, an election will be made to treat the trust fund as a real estate mortgage investment conduit (REMIC).