Fitch Rates RFMSI Mtge P-T Ctfs Series 2001-S28.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 28, 2001

Fitch rates Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $376.1 million mortgage pass-through certificates, series 2001-S28 classes A-1, A-P, A-V, and R certificates (senior certificates) `AAA'.

The `AAA' ratings on senior certificates reflect the 1.40% subordination provided by classes M-1, M-2, M-3, and the privately offered class B certificates. 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 reflect the quality of the mortgage collateral, strength of the legal and financial structures, and Residential Funding Corp.'s (RFC) servicing capabilities (rated `RMS1' by Fitch) as master servicer.

The mortgage pool consists of 932 conventional, fully amortizing, 15-year fixed-rate, mortgage loans secured by first liens on one- to four- family residential properties with an aggregate principal balance of $381,408,791 as of the cut-off date. The mortgage pool has a weighted average original loan-to-value ratio of 60.83%. Approximately 74.55% and 2.69% of the mortgage loans possess FICO Scores greater than or equal to 720 and less than 660, respectively. Loans originated under a reduced loan documentation program account for approximately 14.46% of the pool, cash-out refinance loans account for 20.55%, and second homes account for 3.66%. The average loan balance of the loans is $409,237. The three states that represent the largest portion of the loans are California (39.38%), Florida (6.97%), and Texas (4.41%).

All of the mortgage loans were purchased by the depositor through its affiliate, Residential Funding, from unaffiliated sellers except in the case of 19.8% of the mortgage loans, which were purchased by the depositor through its affiliate from HomeComings Financial Network, Inc., a wholly-owned subsidiary of the master servicer. 12.7% of the mortgage loans were purchased from and are being subserviced by First Nationwide Mortgage, an unaffiliated seller. Except as described in the preceding sentence, no unaffiliated seller sold more than 6.1% of the mortgage loans to Residential Funding. 64.4% of the mortgage loans are being or will be subserviced by HomeComings Financial Network, Inc.

RFMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as a real estate mortgage investment conduit (REMIC).