Fitch Rates BoAMSI $650.9M Series 2003-8.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 23, 2003

Banc of America Mortgage Securities, Inc., (BoAMSI), series 2003-8, mortgage pass-through certificates, is rated by Fitch Ratings as follows:

Group 1 certificates:

-- $295,482,999 classes 1-A-1 through 1-A-13, and 1-A-WIO, 'AAA';

-- $100 class 1-A-R, 'AAA';

-- $4,608,000 class 1-B-1, 'AA';

-- $1,844,000 class 1-B-2, 'A';

-- $921,000 class 1-B-3, 'BBB';

-- $615,000 class 1-B-4, 'BB';

-- $461,000 class 1-B-5, 'B'.

Group 2 certificates:

-- $181,568,000 classes 2-A-1 through 2-A-6, and 2-A-WIO, 'AAA'.

Group 3 certificates:

-- $159,681,000 classes 3-A-1 through 3-A-10, and 3-A- WIO, 'AAA'.

and certificates of all three groups:

-- $5,787,943 class A-PO, 'AAA'.

The 'AAA' ratings on the group 1 senior certificates reflect the 2.90% subordination provided by the 1.50% class 1-B-1, 0.60% class 1-B-2, 0.30% class 1-B-3, 0.20% privately offered class 1-B-4, 0.15% privately offered class 1-B-5 and 0.15% privately offered class 1-B-6, which is not rated by Fitch.

The 'AAA' ratings on the group 2 senior certificates reflect the 1.10% subordination provided by the 0.50% class 2-B-1, 0.15% class 2-B-2, 0.20% class 2-B-3, 0.10% privately offered class 2-B-4, 0.05% privately offered class 2-B-5 and 0.10% privately offered class 2-B-6. Classes 2-B-1, 2-B-2, 2-B-3, and the privately offered classes 2-B-4, 2-B-5, and 2-B-6 are not rated by Fitch.

The 'AAA' ratings on the group 3 senior certificates reflect the 2.70% subordination provided by the 1.45% class 3-B-1, 0.50% class 3-B-2, 0.30% class 3-B-3, 0.15% privately offered class 3-B-4, 0.15% privately offered class 3-B-5 and 0.15% privately offered class 3-B-6. Classes 3-B-1, 3-B-2, 3-B-3, and the privately offered classes 3-B-4, 3-B-5, and 3-B-6 are not rated by Fitch.

The ratings also reflect the quality of the underlying collateral, the capabilities of Bank of America Mortgage, Inc. as servicer (rated 'RPS1' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

The transaction is secured by three pools of mortgage loans, which respectively collateralize the groups 1, 2 and 3 certificates. The three mortgage pools are not cross-collateralized. The class A-PO consists of three separate components that are not severable.

The group 1 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 240 to 360 months. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 67.61%. The average balance of the mortgage loans is $500,360 and the weighted average coupon of the loans is 5.984%. The weighted average FICO credit score for the group is 736. Second homes comprise 7.06% of the group 1 loans and there are no investor-occupied loans. Rate/Term and cashout refinances represent 50.91% and 14.97%, respectively, of the group 1 mortgage loans. The states that represent the largest portion of mortgage loans are California (49.99%), Virginia (7.61%), and Florida (5.87%). All other states comprise less than 5% of the group 1 loans.

The group 2 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, single family residential mortgage loans with original terms to stated maturity ranging from 120 to 180 months. The weighted average OLTV for the mortgage loans in the pool is approximately 56.83%. The average balance of the mortgage loans is $516,327 and the weighted average coupon of the loans is 5.338%. The weighted average FICO credit score for the group is 739. Second homes comprise 3.98% of the group 2 loans and there are no investor-occupied loans. Rate/Term and cashout refinances represent 72.97% and 19.90%, respectively, of the group 2 mortgage loans. The states of California (64.07%) and Florida (6.98%) represent the largest portion of mortgage loans. All other states comprise less than 5% of the group 2 loans.

The group 3 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to three-family residential mortgage loans with original terms to stated maturity ranging from 240 to 360 months. The weighted average OLTV for the mortgage loans in the pool is approximately 64.56%. The average balance of the mortgage loans is $512,047 and the weighted average coupon of the loans is 5.786%. The weighted average FICO credit score for the group is 739. Second homes and investor-occupied loans comprise 4.37% and 0.23%, respectively, of the group 3 loans. Rate/Term and cashout refinances represent 62.52% and 15.74%, respectively, of the group 3 mortgage loans. All of the mortgage loans in group 3 are from the state of California.

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'.

Banc of America Mortgage Securities, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust as a real estate mortgage investment conduit (REMIC). Wells Fargo Bank Minnesota, National Association will act as trustee.