Contract
EXHIBIT 99.2
The depositor purchased mortgage loans from IndyMac Bank, F.S.B. (“IndyMac Bank “ or the “seller”) pursuant to a mortgage loan purchase agreement, dated June 14, 2005, between the depositor and the seller. Pursuant to a pooling and servicing agreement, dated as of June 1, 2005, among IndyMac Bank, as seller and master servicer, the depositor and the trustee, the depositor assigned such mortgage loans to the trustee for the benefit of holders of the certificates (the “Closing Date Mortgage Loans”). Pursuant to the subsequent transfer instrument, the trust acquired subsequent mortgage loans to be included in the mortgage pool subject to the conditions set forth in the prospectus supplement. The Closing Date Mortgage Loans and subsequent mortgage loans included in the trust are referred to as the “mortgage loans”. The Closing Date Mortgage Loans had an aggregate principal balance as of June 1, 2005 (the “cut-off date”) of approximately $249,999,084. Each mortgage loan will be secured by a parcel of land that is considered “residential” in nature and is “improved,” i.e., the site is legally accessible by street and sewer, electricity and water have either been brought to the site or are available in the street, but a dwelling does not exist on the lot.
The Mortgage Loans consist of 1,390 adjustable-rate and 163 fixed-rate mortgage loans having an aggregate principal balance as of the cut-off date of approximately $228,384,910 and $21,614,174, respectively, after application of scheduled payments due on or before the cut-off date whether or not received and application of all unscheduled payments of principal received prior to the cut-off date, and subject to a permitted variance of plus or minus 5%. Approximately 79.68% of the mortgage loans that are adjustable-rate mortgage loans will adjust monthly after their initial adjustment date based on a One-Year MTA index. Approximately 10.66% of the mortgage loans that are adjustable-rate mortgage loans will adjust every six months after their initial adjustment date based on a six-month LIBOR index. Approximately 1.01% of the mortgage loans that are adjustable-rate mortgage loans will adjust annually after their initial adjustment date based on a One-Year Treasury index.
MORTGAGE LOANS1 | ||||||
Range of Current Mortgage Loan Principal Balance ($) |
|
Number of Mortgage Loans |
|
Aggregate |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
0.01 - 25,000.00 |
|
55 |
|
$ 1,099,987.34 |
|
0.44% |
25,000.01 - 50,000.00 |
|
206 |
|
7,822,766.67 |
|
3.13 |
50,000.01 - 75,000.00 |
|
215 |
|
13,323,845.21 |
|
5.33 |
75,000.01 - 100,000.00 |
|
178 |
|
15,618,516.20 |
|
6.25 |
100,000.01 - 200,000.00 |
|
467 |
|
67,771,083.31 |
|
27.11 |
200,000.01 - 300,000.00 |
|
277 |
|
70,125,616.59 |
|
28.05 |
300,000.01 - 400,000.00 |
|
61 |
|
21,288,542.70 |
|
8.52 |
400,000.01 - 500,000.00 |
|
59 |
|
27,181,487.97 |
|
10.87 |
500,000.01 - 600,000.00 |
|
11 |
|
6,168,986.59 |
|
2.47 |
600,000.01 - 700,000.00 |
|
9 |
|
5,846,464.44 |
|
2.34 |
700,000.01 - 800,000.00 |
|
5 |
|
3,754,874.30 |
|
1.50 |
800,000.01 - 900,000.00 |
|
3 |
|
2,479,231.91 |
|
0.99 |
900,000.01 - 1,000,000.00 |
|
4 |
|
3,866,933.61 |
|
1.55 |
1,000,000.01 - 1,200,000.00 |
|
2 |
|
2,226,250.00 |
|
0.89 |
1,400,000.01 - 1,500,000.00 |
|
1 |
|
1,424,497.27 |
|
0.57 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
________________________
1 |
The values in all tables in this Xxxxx XX are calculated as of June 1, 2005. |
As of June 1, 2005 the average current principal balance of the Mortgage Loans was approximately $160,978.
MORTGAGE RATE
(STATISTICAL CALCULATION MORTGAGE LOANS)
Current Gross Mortgage Rate (%) |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
3.000 - 3.999 |
|
16 |
|
$ 2,015,912.19 |
|
0.81% |
4.000 - 4.999 |
|
54 |
|
11,130,583.53 |
|
4.45 |
5.000 - 5.999 |
|
491 |
|
91,013,980.18 |
|
36.41 |
6.000 - 6.999 |
|
336 |
|
46,301,885.41 |
|
18.52 |
7.000 - 7.999 |
|
499 |
|
78,077,144.80 |
|
31.23 |
8.000 - 8.999 |
|
135 |
|
19,156,662.80 |
|
7.66 |
9.000 - 9.999 |
|
15 |
|
1,662,122.26 |
|
0.66 |
10.000 - 10.999 |
|
7 |
|
640,792.94 |
|
0.26 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the lowest mortgage rate of the Mortgage Loans was 3.000%, the greatest mortgage rate of the Mortgage Loans was 10.750% and the weighted average mortgage rate of the Mortgage Loans was approximately 6.604%.
FICO SCORE
(STATISTICAL CALCULATION MORTGAGE LOANS)
FICO Score |
|
Number of |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
600- 619 |
|
2 |
|
$ 93,569.87 |
|
0.04% |
620- 639 |
|
35 |
|
3,172,513.80 |
|
1.27 |
640- 659 |
|
66 |
|
7,899,500.92 |
|
3.16 |
660- 679 |
|
110 |
|
14,738,182.21 |
|
5.90 |
680- 699 |
|
217 |
|
35,531,456.98 |
|
14.21 |
700- 719 |
|
300 |
|
45,762,186.64 |
|
18.30 |
720- 739 |
|
230 |
|
40,184,802.13 |
|
16.07 |
740- 759 |
|
228 |
|
40,297,592.88 |
|
16.12 |
760- 779 |
|
197 |
|
34,154,438.75 |
|
13.66 |
780- 799 |
|
126 |
|
20,303,264.52 |
|
8.12 |
800- 819 |
|
41 |
|
7,821,643.27 |
|
3.13 |
820- 829 |
|
1 |
|
39,932.14 |
|
0.02 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average FICO score of the Mortgage Loans was approximately 729.
ORIGINAL BALLOON TERM
(STATISTICAL CALCULATION MORTGAGE LOANS)
Original Balloon Term (months) |
|
Number of Mortgage Loans |
|
Aggregate Principal |
|
Percentage of Aggregate Principal Balance of |
24 |
|
163 |
|
$ 21,614,173.66 |
|
8.65% |
60 |
|
1,390 |
|
228,384,910.45 |
|
91.35 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average original balloon term of the Mortgage Loans was approximately 57 months.
REMAINING BALLOON TERM
(STATISTICAL CALCULATION MORTGAGE LOANS)
Range of Remaining Balloon Term (months) |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
1 - 12 |
|
8 |
|
$ 2,530,156.52 |
|
1.01% |
13 - 24 |
|
192 |
|
25,464,842.97 |
|
10.19 |
25 - 36 |
|
10 |
|
1,988,620.53 |
|
0.80 |
37 - 48 |
|
1 |
|
118,400.81 |
|
0.05 |
49 - 60 |
|
1,342 |
|
219,897,063.28 |
|
87.96 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average remaining balloon term of the Mortgage Loans was approximately 53 months.
ORIGINAL LOAN-TO-VALUE RATIOS
(STATISTICAL CALCULATION MORTGAGE LOANS)
Original |
|
Number of |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
0.01 - 40.00 |
|
13 |
|
$ 1,832,945.09 |
|
0.73% |
40.01 - 45.00 |
|
9 |
|
820,784.54 |
|
0.33 |
45.01 - 50.00 |
|
18 |
|
3,323,037.47 |
|
1.33 |
50.01 - 55.00 |
|
13 |
|
1,974,627.24 |
|
0.79 |
55.01 - 60.00 |
|
22 |
|
4,707,813.50 |
|
1.88 |
60.01 - 65.00 |
|
42 |
|
17,573,501.46 |
|
7.03 |
65.01 - 70.00 |
|
143 |
|
40,243,974.83 |
|
16.10 |
70.01 - 75.00 |
|
319 |
|
53,560,858.23 |
|
21.42 |
75.01 - 80.00 |
|
452 |
|
60,556,905.65 |
|
24.22 |
80.01 - 85.00 |
|
262 |
|
38,016,274.98 |
|
15.21 |
85.01 - 90.00 |
|
260 |
|
27,388,361.12 |
|
10.96 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average original loan-to-value ratio of the Mortgage Loans was approximately 76.30%.
LOAN PURPOSE
(STATISTICAL CALCULATION MORTGAGE LOANS)
Loan Purpose |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
Purchase |
|
1,547 |
|
$ 249,034,207.44 |
|
99.61% |
Rate/Term Refinance |
|
3 |
|
561,805.02 |
|
0.22 |
Cashout Refinance |
|
3 |
|
403,071.65 |
|
0.16 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
STATE
(STATISTICAL CALCULATION MORTGAGE LOANS)
State |
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans | |
Arizona |
77 |
|
$ 11,491,238.54 |
|
4.60% | |
Arkansas |
1 |
|
39,239.12 |
|
0.02 | |
California |
554 |
|
115,023,350.60 |
|
46.01 | |
Colorado |
63 |
|
8,761,587.14 |
|
3.50 | |
Connecticut |
13 |
|
2,270,625.88 |
|
0.91 | |
Delaware |
2 |
|
446,553.70 |
|
0.18 | |
Florida |
261 |
|
31,287,762.79 |
|
12.52 | |
Georgia |
23 |
|
2,552,692.20 |
|
1.02 | |
Hawaii |
71 |
|
19,049,374.97 |
|
7.62 | |
Idaho |
31 |
|
2,610,416.15 |
|
1.04 | |
Illinois |
9 |
|
979,485.88 |
|
0.39 | |
Indiana |
10 |
|
554,740.71 |
|
0.22 | |
Iowa |
1 |
|
120,432.32 |
|
0.05 | |
Kansas |
1 |
|
33,543.15 |
|
0.01 | |
Kentucky |
3 |
|
554,356.56 |
|
0.22 | |
Louisiana |
2 |
|
122,978.80 |
|
0.05 | |
Maine |
9 |
|
1,322,436.79 |
|
0.53 | |
Maryland |
6 |
|
1,461,302.35 |
|
0.58 | |
Massachusetts |
10 |
|
1,395,363.20 |
|
0.56 | |
Michigan |
7 |
|
1,133,151.34 |
|
0.45 | |
Minnesota |
1 |
|
74,815.18 |
|
0.03 | |
Mississippi |
1 |
|
183,567.08 |
|
0.07 | |
Missouri |
4 |
|
362,630.08 |
|
0.15 | |
Montana |
13 |
|
1,389,297.76 |
|
0.56 | |
Nebraska |
1 |
|
37,676.73 |
|
0.02 | |
Nevada |
29 |
|
6,031,107.87 |
|
2.41 | |
New Hampshire |
1 |
|
105,750.00 |
|
0.04 | |
New Jersey |
13 |
|
2,495,796.12 |
|
1.00 | |
New Mexico |
18 |
|
1,389,120.38 |
|
0.56 | |
New York |
22 |
|
6,321,826.23 |
|
2.53 | |
North Carolina |
23 |
|
2,273,570.01 |
|
0.91 | |
North Dakota |
1 |
|
50,751.62 |
|
0.02 | |
Ohio |
13 |
|
894,072.64 |
|
0.36 | |
Oklahoma |
3 |
|
82,731.51 |
|
0.03 | |
Oregon |
40 |
|
4,954,158.35 |
|
1.98 | |
Pennsylvania |
13 |
|
813,946.93 |
|
0.33 | |
Rhode Island |
2 |
|
422,821.44 |
|
0.17 | |
South Carolina |
14 |
|
1,458,664.50 |
|
0.58 | |
South Dakota |
1 |
|
43,930.70 |
|
0.02 | |
Tennessee |
8 |
|
540,696.24 |
|
0.22 | |
Texas |
33 |
|
2,822,461.05 |
|
1.13 | |
Utah |
30 |
|
3,980,369.61 |
|
1.59 | |
Vermont |
3 |
|
93,390.05 |
|
0.04 | |
Virginia |
25 |
|
3,345,575.91 |
|
1.34 | |
Washington |
80 |
|
8,069,642.48 |
|
3.23 | |
West Virginia |
2 |
|
53,145.18 |
|
0.02 | |
Wisconsin |
2 |
|
90,503.90 |
|
0.04 | |
Wyoming |
3 |
|
406,432.37 |
|
0.16 | |
Total: |
1,553 |
|
$ 249,999,084.11 |
|
100.00% | |
REMAINING AMORTIZATION TERM TO MATURITY
(STATISTICAL CALCULATION MORTGAGE LOANS)
Remaining Amortization Term (months) |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
301- 312 |
|
8 |
|
$ 2,530,156.52 |
|
1.01% |
313- 324 |
|
29 |
|
3,850,669.31 |
|
1.54 |
325- 336 |
|
10 |
|
1,988,620.53 |
|
0.80 |
337- 348 |
|
1 |
|
118,400.81 |
|
0.05 |
349- 360 |
|
1,505 |
|
241,511,236.94 |
|
96.60 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average remaining amortization term of the Mortgage Loans was approximately 356 months.
INITIAL PERIODIC RATE CAP
(STATISTICAL CALCULATION MORTGAGE LOANS)
Initial Periodic Rate Cap (%) |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
Not Applicable (Fixed Rate) |
|
163 |
|
$ 21,614,173.66 |
|
8.65% |
1.000 |
|
190 |
|
26,644,356.20 |
|
10.66 |
2.000 |
|
8 |
|
2,530,156.52 |
|
1.01 |
5.000 |
|
1,190 |
|
198,994,653.52 |
|
79.60 |
6.000 |
|
2 |
|
215,744.21 |
|
0.09 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average initial periodic rate cap of the Mortgage Loans that are Adjustable Rate Mortgage Loans was approximately 4.501%.
SUBSEQUENT PERIODIC RATE CAP
(MORTGAGE LOANS)
Subsequent Periodic Rate Cap (%) |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of AggregatePrincipal Balance of Mortgage Loans |
Not Applicable (Fixed Rate) |
|
163 |
|
$ 21,614,173.66 |
|
8.65% |
1.000 |
|
1,382 |
|
225,854,753.93 |
|
90.34 |
2.000 |
|
8 |
|
2,530,156.52 |
|
1.01 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average subsequent periodic rate cap of the Mortgage Loans that are Adjustable Rate Mortgage Loans was approximately 1.011%.
MAXIMUM MORTGAGE RATE
(MORTGAGE LOANS)
Maximum Mortgage Rate (%) |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans | |
Not Applicable (Fixed Rate) |
|
163 |
|
$ 21,614,173.66 |
|
8.65% |
|
9.000 - 9.999 |
|
23 |
|
3,499,379.41 |
|
1.40 |
|
10.000 - 10.999 |
|
75 |
|
14,601,240.08 |
|
5.84 |
|
11.000 - 11.999 |
|
673 |
|
123,875,241.33 |
|
49.55 |
|
12.000 - 12.999 |
|
339 |
|
45,666,771.22 |
|
18.27 |
|
13.000 - 13.999 |
|
224 |
|
32,324,549.48 |
|
12.93 |
|
14.000 - 14.999 |
|
50 |
|
6,744,021.26 |
|
2.70 |
|
15.000 - 15.999 |
|
1 |
|
256,204.73 |
|
0.10 |
|
16.000 - 16.999 |
|
5 |
|
1,417,502.94 |
|
0.57 |
|
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
|
As of June 1, 2005, the weighted average maximum mortgage rate of the Mortgage Loans that are Adjustable Rate Mortgage Loans was approximately 12.247%.
MINIMUM MORTGAGE RATE
(STATISTICAL CALCULATION MORTGAGE LOANS)
Minimum Mortgage Rate (%) |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
Not Applicable (Fixed Rate) |
|
163 |
|
$ 21,614,173.66 |
|
8.65% |
2.000 – 2.999 |
|
1 |
|
57,760.93 |
|
0.02 |
3.000 - 3.999 |
|
1 |
|
94,760.04 |
|
0.04 |
4.000 - 4.999 |
|
905 |
|
152,521,177.11 |
|
61.01 |
5.000 - 5.999 |
|
481 |
|
74,663,574.53 |
|
29.87 |
6.000 - 6.999 |
|
2 |
|
1,047,637.84 |
|
0.42 |
Total: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average minimum mortgage rate of the Mortgage Loans that are Adjustable Rate Mortgage Loans was approximately 4.794%.
NEXT RATE ADJUSTMENT DATE
(STATISTICAL CALCULATION MORTGAGE LOANS)
Next Rate Adjustment Date |
|
Number of Mortgage Loans |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
Not Applicable (Fixed Rate) |
|
163 |
|
$ 21,614,173.66 |
|
8.65% |
June 2005 |
|
155 |
|
30,567,194.74 |
|
12.23 |
July 2005 |
|
572 |
|
91,589,077.07 |
|
36.64 |
August 2005 |
|
318 |
|
51,872,521.99 |
|
20.75 |
September 2005 |
|
246 |
|
39,828,896.78 |
|
15.93 |
October 2005 |
|
49 |
|
6,741,594.76 |
|
2.70 |
November 2005 |
|
27 |
|
4,043,515.79 |
|
1.62 |
December 2005 |
|
17 |
|
1,431,994.57 |
|
0.57 |
January 2006 |
|
4 |
|
1,453,665.90 |
|
0.58 |
April 2006 |
|
1 |
|
57,760.93 |
|
0.02 |
June 2006 |
|
1 |
|
798,687.92 |
|
0.32 |
TOTAL: |
|
1,553 |
|
$ 249,999,084.11 |
|
100.00% |
As of June 1, 2005, the weighted average number of months to the next adjustment date for the Mortgage Loans that are Adjustable Rate Mortgage Loans was approximately 2 months.