Fitch Upgrades 4 & Affirms 47 Classes From 14 Impac Funding Corp. Issues.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 -- 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. has taken rating actions on the following Impac Funding Corp. mortgage 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 issues: Impac SAC Sac: see Sac and Fox. SAC - 1. An early system on the Datatron 200 series. [Listed in CACM 2(5):16 (May 1959)]. mortgage pass-through certificates, series 1998F-1 -- Class A affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 upgraded to 'AA' from 'BB'. Impac SAC mortgage pass-through certificates, series 2000-3 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AAA'; -- Class M-2 affirmed at 'BBB+'; -- Class M-3 remains at 'C'. Impac SAC mortgage pass-through certificates, series 2001-2 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA+'; -- Class M-2 affirmed at 'A+'; -- Class B affirmed at 'BBB'. Impac SAC mortgage pass-through certificates, series 2001-4 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA+'; -- Class M-2 affirmed at 'A+'; -- Class B affirmed at 'BB+'. Impac SAC mortgage pass-through certificates, series 2001-5 -- Class A affirmed at 'AAA'; -- Class M-1 upgraded to 'AAA' from 'AA+'; -- Class M-2 affirmed at 'A+'; -- Class B affirmed at 'BBB'. Impac SAC mortgage pass-through certificates, series 2001-6 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA+'; -- Class M-2 affirmed at 'A+'; -- Class B affirmed at 'B'. Impac SAC mortgage pass-through certificates, series 2001-7 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA+'; -- Class M-2 affirmed at 'A+'; -- Class B affirmed at 'BBB'. Impac SAC mortgage pass-through certificates, series 2001-8 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AAA'; -- Class M-2 upgraded to 'AA+' from 'AA'; -- Class M-3 upgraded to 'A' from 'BBB'. Impac SAC mortgage pass-through certificates, series 2002-1 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA+'; -- Class M-2 affirmed at 'A+'; -- Class B affirmed at 'BBB'. Impac CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. Trust series 2002-6F -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA'; -- Class M-2 affirmed at 'A'. Impac CMB Trust series 2002-8 -- Class A affirmed at 'AAA'; -- Class B affirmed at 'BBB'. Impac CMB Trust series 2002-9F -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA'; -- Class M-2 affirmed at 'A'; -- Class B affirmed at 'BBB'. Impac CMB Trust series 2003-2F -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA'; -- Class M-2 affirmed at 'A'; -- Class B affirmed at 'BBB'. Impac CMB Trust series 2003-5 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AAA'; -- Class M-2 affirmed at 'AA'; -- Class B affirmed at 'BBB'. The upgrades, affecting $10.85 million of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. As of the December 2005 distribution date, the credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing (CE) levels for the upgraded classes have grown at least 3.0 times (x) original CE levels since closing. The affirmations, affecting over $540.50 million of certificates, indicate stable collateral performance and moderate growth in CE. Credit enhancement for series SAC 1998F-1, SAC 2000-3 and SAC 2001-8 are provided by subordinated certificates. CE for all the other deals are provided by subordination, overcollateralization Overcollateralization The posting of more collateral than is needed to obtain financing. Notes: This is often done in order to get a better debt rating from a credit rating agency. See also: Collateral, Overcapitalization (OC) and excess interest cashflow. The pools are seasoned from a range of 32 to 91 months. The pool factors (current principal balance as a percentage of original) range from approximately 4% to 45% outstanding. The mortgage loans in the nine SAC transactions were originated under Impac Funding Corp.'s (Impac) Progressive Series programs or Progressive Express programs. The Progressive Series programs are intended to assess the borrower's ability and willingness to repay the mortgage loan obligation and to assess the adequacy of the mortgaged property as collateral for the mortgage loan. The Progressive Express program underwrites loans with a focus on the borrower's credit score, ability and willingness to repay the mortgage loan obligation, and assesses the adequacy of the mortgage property as collateral for the mortgage loan. The pools consist primarily of fixed-rate first-lien mortgages. Weighted-average (WAVG) credit scores at issuance ranged from 673 (2001-2) to 687 (2002-1). WAVG loan-to-values (LTV LTV See: Loan-to-value ratio ) ranged at issuance ranged from 78.60% (2001-8) to 82.9% (2001-2). Loans with LTVs greater than 80% typically have mortgage insurance. Average loan balances at issuance ranged from $79,959 (1998F-1) to $192,077 (2002-1). The mortgage loan performance of the SAC transactions has generally been consistent with expectations. The percentage of loans over 60 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. ranges from 9.54% to 14.9%. The cumulative loss as a percentage of the initial pool balance ranges from 0.24% to 1.64%. The mortgage loans in the five CMB transactions were originated or acquired by Impac Mortgage Holdings and subsequently sold to the parent company, Impac Mortgage Holdings, Inc., a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). The pools consist primarily of adjustable-rate mortgages Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or , unless the series name is denoted with an 'F' (fixed-rated). WAVG credit scores at issuance ranged from 682 (2002-6F) to 715 (2003-2F). WAVG LTVs ranged at issuance ranged from 68.85% (2003-2F) to 81.72% (2002-6F). Loans with LTVs greater than 80% typically have mortgage insurance. Average loan balances at issuance ranged from $184,975 (2002-6F) to $261,988 (2002-8). The mortgage loan performance of the CMB transactions has generally been consistent with expectations. The percentage of loans over 60 days delinquent ranges from 1.0% to 6.8%. The cumulative loss as a percentage of the initial pool balance ranges from 0% to 0.23%. The SAC transactions are failing their delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. trigger tests, which have prevented the subordinate bonds from receiving principal and is allowing CE to grow as a percentage of the outstanding balance. The CMB transactions pay pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. and generally do not have performance trigger tests. The loans are currently master serviced, by Impac Funding Corporation, which does not have a servicer rating by Fitch fitch: see polecat. . Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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