Printer Friendly

Fitch Rates BOAMSI $961.2MM Series 2004-4.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 3, 2004

Banc of America Mortgage Securities, Inc.'s (BOAMSI) mortgage pass-through certificates, series 2004-4, is rated by Fitch Ratings as follows:

Group 1 certificates:

-- $486,199,100 classes 1-A-1 through 1-A-12, 1-A-R, 1-A-MR,

1-A-LR and 1-30-IO group 1 senior certificates 'AAA'

-- $2,511,000 class 30-B-2 'A';

-- $1,506,000 class 30-B-3 'BBB';

-- $1,005,000 class 30-B-4 'BB'.

Groups 2 and 4 certificates:

-- $300,679,000 classes 2-A-1 through 2-A-6, 2-30-IO, 4-A-1, 4-A-2

and 4-15-IO group 2 and 4 senior certificates 'AAA'.

Groups 3 and 5 certificates:

-- $164,059,000 classes 3-A-1 through 3-A-4, 3-15-IO and 5-A-1

group 3 and 5 senior certificates 'AAA'.

and certificates of all four groups:

-- $5,253,974 class A-PO 'AAA'.

The 'AAA' ratings on the group 1 senior certificates reflect the 2.55% subordination provided by the 1.25% class 30-B-1, 0.50% class 30-B-2, 0.30% class 30-B-3, 0.20% privately offered class 30-B-4, 0.20% privately offered class 30-B-5 and 0.10% privately offered class 30-B-6.

The 'AAA' ratings on the groups 2 and 4 senior certificates reflect the 2.40% subordination provided by the 1.45% class X-B-1, 0.35% class X-B-2, 0.20% class X-B-3 certificates, the privately offered 0.20% class X-B-4, the privately offered 0.10% class X-B-5, and the privately offered 0.10% class X-B-6.

The 'AAA' ratings on the groups 3 and 5 senior certificates reflect the 1.10% subordination provided by the 0.50% class 15-B-1, 0.20% class 15-B-2, 0.15% class 15-B-3, 0.10% privately offered class 15-B-4, 0.10% privately offered class 15-B-5 and 0.05% privately offered class 15-B-6.

The ratings also reflect the quality of the underlying collateral, the primary servicing capabilities of Bank of America Mortgage, Inc. (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 five pools of mortgage loans, which respectively collateralize the groups 1, 2, 3, 4 and 5 certificates. Groups 2 and 4 are cross-collateralized with each other, while group 1 is not cross-collateralized. In addition, Groups 3 and 5 are cross-collateralized with each other.

The group 1 collateral consists of 974 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 original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 66.17%. The average balance of the mortgage loans is $515,556 and the weighted average coupon (WAC) of the loans is 5.770%. The weighted average FICO credit score for the group is 746. Second homes comprise 4.50% and there are no investor-occupied properties. Rate/Term and cashout refinances represent 57.03% and 14.15%, respectively, of the group 1 mortgage loans. The states that represent the largest geographic concentration of mortgaged properties are California (49.99%), Illinois (6.07%), Virginia (5.56%), and Florida (5.53%). All other states comprise fewer than 5% of properties in the group.

The group 2 collateral consists of 532 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 62.88%. The average balance of the mortgage loans is $515,157 and the WAC of the loans is 5.789%. The weighted average FICO credit score for the group is 747. Second homes comprise 1.55% and there are no investor-occupied properties. Rate/Term and cashout refinances represent 64.83% and 16.36%, respectively, of the group 2 mortgage loans. All of the mortgaged properties in group 2 are located in the state of California.

The group 3 collateral consists of 233 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to two-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 56.87%. The average balance of the mortgage loans is $533,016 and the WAC of the loans is 5.258%. The weighted average FICO credit score for the group is 739. Second homes comprise 7.10% and there are no investor-occupied properties. Rate/Term and cashout refinances represent 65.46% and 24.11%, respectively, of the group 3 mortgage loans. The states that represent the largest geographic concentration of mortgaged properties are California (49.97%), Florida (6.43%), and Virginia (5.16%). All other states comprise fewer than 5% of properties in the group.

The group 4 collateral consists of 64 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 53.22%. The average balance of the mortgage loans is $551,083 and the WAC of the loans is 5.234%. The weighted average FICO credit score for the group is 753. Second homes comprise 2.74% and there are no investor-occupied properties. Rate/Term and cashout refinances represent 75.48% and 14.89%, respectively, of the group 4 mortgage loans. All of the mortgage properties in group 4 are located in the state of California.

The group 5 collateral consists of 78 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 58.67%. The average balance of the mortgage loans is $545,897 and the WAC of the loans is 5.150%. The weighted average FICO credit score for the group is 752. Second homes comprise 3.93% and there are no investor-occupied properties. Rate/Term and cashout refinances represent 72.33% and 9.71%, respectively, of the group 5 mortgage loans. The states that represent the largest geographic concentration of mortgaged properties are California (49.97%), Florida (8.57%), Texas (7.77%), and Missouri (5.74%). All other states comprise fewer than 5% of properties in the group.

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, 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, elections will be made to treat the trust as three separate real estate mortgage investment conduits (REMICs). Wells Fargo Bank, National Association will act as trustee.
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 3, 2004
Words:1153
Previous Article:Housing Affordability Rises in First Quarter Says NAR.
Next Article:Cytokinetics Publication in Cancer Research Demonstrates Antitumor Activity of a Kinesin Spindle Protein - KSP - Inhibitor in a Preclinical Model.


Related Articles
Bank of America Mortgage $497M Ser 1999-8 Rated By Fitch IBCA.
Bank of America Mortgage P-T $223.4M Ser 1999-12 Rated.
Bank of America Mtge P-Ts $224.9M Ser 2000-2 Rtd By Fitch IBCA.
Bank Of America Mortgage P-T $225.1MM Ser 2000-4 Rated By Fitch.
Fitch Rts Bank of America Mortgage Securities, Inc., Ser 2000-A.
Fitch Rates Bank Of America Mortgage Securities Series 2002-I.
Fitch Rates Bank Of America Mortgage Securities P-T Ctfs Series 2002-J.
Fitch Rates CCN - Independence IV - LLC's $240MM CCN Program 'F1+'.
Banc of America Mortgage Securities $298.2MM Series 2003-7 Rated By Fitch.
Fitch Affirms CCN -- Independence IV -- LLC Collateralized Callable Note Program at 'F1+'.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters