Common use of Pool Characteristics Clause in Contracts

Pool Characteristics. With respect to the aggregate unpaid principal balance of all of the Mortgage Loans as of the Closing Date, (a) the Mortgage Loans have original terms of up to [ ] years and are secured by real property and improved as follows (i) at least [ ]% are attached or detached singe family dwellings, (ii) about [ ]% shall be a condominium project and (iii) approximately [ ]% shall be two-to-four family residences, (b) with respect to each ARM Mortgage Loan the Index shall be as set forth on the Mortgage Loan Schedule, (c) with respect to the aggregate unpaid principal balance of the Mortgage Loans being delivered, (i) at least [ ]% shall be purchase money mortgage loans, (ii) [ ]% shall be cash-out refinance mortgage loans, and (iii) [ ]% were rate and term refinance loans, (d) the Mortgaged Properties are located as follows (i) approximately [ ]% will be in [ ], (ii) about [ ]% will be in [ ], (iii) approximately [ ]% will be in [ ] and (ix) no more than [ ]% of the Mortgaged Properties will be located in any other state. With respect to the aggregate unpaid principal balance of the Mortgage Loans, at the time of origination, (a) at least [ ]% of the Mortgaged Properties were owner-occupied primary residences, (b) not more than [ ]% were investment properties and (c) no more than [ ]% were second home properties. With respect to the aggregate unpaid principal balance of the Mortgage Loans, (a) [ ]% will have no ratio documentation, (b) [ ]% will have stated documentation, (c) [ ]% will have documentation which is lacking income verification documentation, (d) [ ]% will have documentation lacking income and asset verification, (e) [ ]% will have full documentation, (f) [ ]% will have no documentation and (g) [ ]% will have documentation which is lacking asset verification documentation. At origination, the weighted average loan-to-value ratio with respect to the Mortgage Loans being delivered, on the Closing Date, is not greater than [ ]%. With respect to the aggregate unpaid principal balance of the Mortgage Loans being delivered, the weighted average FICO score is at least [ ] and no Mortgagor shall have a FICO score less than [ ]. The Mortgage Loans have the approximate characteristics as set forth in the Purchase Price and Terms Agreement.