Fitch Rates CMSI $1.407 Billion REMIC P-T Ctfs Ser 2004-5.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Citicorp Mortgage Securities, Inc.'s (CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ) REMIC pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2004-5 are rated by Fitch as follows: -- Class IA-1 through IA-31, IA-PO, IIA-1 through IIA-6, IIA-PO, IIIA-1, IVA-1 through IVA-3 and IVA-PO ($1.381 billion) 'AAA'; -- Class B-1 ($14.1 million) 'AA'; -- Class B-2 ($5.6 million) 'A'; -- Class B-3 ($3.5 million) 'BBB'; -- Class B-4 ($2.1 million) 'BB'. The 'AAA' rating on the senior certificates reflects the 2.05% subordination provided by the 1.00% class B-1, the 0.40% class B-2, the 0.25% class B-3, the 0.15% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.10% privately offered class B-6. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and CitiMortgage, Inc.'s servicing capabilities (rated 'RPS1' by Fitch) as primary servicer. The mortgage loans have been divided into four pools of mortgage loans. Pool I, with an unpaid aggregate principal balance of $834,132,353, consists of 1,631 recently originated, 20-30 year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (48.41%) and New York (12.43%). The weighted average current loan to value ratio (CLTV CLTV Combined Loan To Value CLTV Collective CLTV ChicagoLand Television CLTV Customer Life Time Value ) of the mortgage loans is 63.77%. Condo properties account for 4.74% of the total pool and co-ops account for 4.60%. Cash-out refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. loans represent 10.57% of the pool and there are no investor properties. The average balance of the mortgage loans in the pool is approximately $511,424. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of the loans is 5.796% and the weighted average remaining term is 357 months. Pool II, with an unpaid aggregate principal balance of $279,443,326, consists of 536 recently originated, 10-15 year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (48.86%). The weighted average current loan to value ratio (CLTV) of the mortgage loans is 51.70%. Condo properties account for 4.05% of the total pool and co-ops account for 2.87%. Cash-out refinance loans represent 17.22% of the pool and there are no investor properties. The average balance of the mortgage loans in the pool is approximately $521,349. The weighted average coupon of the loans is 5.005% and the weighted average remaining term is 177 months. Pool III, with an unpaid aggregate principal balance of $177,147,474, consists of 339 recently originated, 10-15 year fixed-rate relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. mortgage loans secured by one- to four-family residential properties located primarily in California (48.64%) and New York (12.10%). The weighted average current loan to value ratio (CLTV) of the mortgage loans is 56.21%. Condo properties account for 2.89% of the total pool and co-ops account for 4.14%. The average balance of the mortgage loans in the pool is approximately $522,559. The weighted average coupon of the loans is 5.425% and the weighted average remaining term is 178 months. Pool IV, with an unpaid aggregate principal balance of $119,523,739, consists of 238 recently originated, 30 year fixed-rate relocation mortgage loans secured by one- to four-family residential properties located primarily in California (26.61%). The weighted average current loan to value ratio (CLTV) of the mortgage loans is 72.75%. Condo properties account for 6.66% of the total pool and co-ops account for 1.29%. Cash-out refinance loans represent 21.94% of the pool and there are no investor properties. The average balance of the mortgage loans in the pool is approximately $502,201. The weighted average coupon of the loans is 5.487% and the weighted average remaining term is 357 months. 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 predatory pertaining to predator. predatory behavior the hunting of birds, mice and small reptiles by cats and the hunting and herding behavior of dogs, often facilitated in a pack. lending legislation, please see the press release issued May 1, 2003 entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. web site at 'www.fitchratings.com'. The mortgage loans were originated or acquired by CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. and in turn sold to CMSI. A special purpose corporation, CMSI, deposited the loans into the trust, which then issued the certificates. U.S. Bank National Association will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as one or more real estate mortgage investment conduits Real Estate Mortgage Investment Conduit (REMIC) A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. . |
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