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Fitch Rates $463.5MM RFMSI Mtge P-T Ctfs Series 2005-S1

Business Wire, Feb 25, 2005

NEW YORK -- Fitch rates Residential Funding Mortgage Securities I, Inc.'s (RFMSI) mortgage pass-through certificates, series 2005-S1, as follows:

--$452,819,190 classes I-A-1 through I-A-6, II-A-1 through II-A-3, I-A-P, I-A-V, II-A-P, II-A-V, R-I, R-II, and R-III certificates (senior certificates) 'AAA';

-- $4,027,400 class I-M-1 'AA';

-- $1,423,356 class II-M-2 'AA';

-- $1,428,800 class I-M-1 'A';

-- $406,600 class II-M-2 'A';

-- $779,300 class I-M-3 'BBB';

-- $305,000 class II-M-3 'BBB'.

--In addition, the following privately offered subordinate certificates are rated by Fitch as follows:

-- $519,600 class I-B-1 'BB';

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-- $203,300 class II-B-1 'BB';

-- $389,600 class I-B-2 'B';

-- $203,300 class II-B-2 'B';

--$389,741 class I-B-3 and $203,401 class II-B-3 are not rated by Fitch.

The mortgage pool consists of two groups of mortgage loans referred to as the group I and the group II loans. Loan group I consists of mortgage loans with terms to maturity of generally not more than 30 years and will be supported by the I-M-1, I-M-2, I-M-3, I-B-1, I-B-2, and I-B-3 certificates. Loan group II consists of mortgage loans with terms to maturity of generally not more than 15 years and will be supported by the II-M-1, II-M-2, II-M-3, II-B-1, II-B-2, and II-B-3 certificates.

The 'AAA' rating on the group I senior certificates reflects the 2.90% subordination provided by the 1.55% class I-M-1, the 0.55% class I-M-2, the 0.30% class I-M-3, the 0.20% privately offered class I-B-1, the 0.15% privately offered class I-B-2, and the 0.15% privately offered class I-B-3. The 'AAA' rating on the group II senior certificates reflects the 1.35% subordination provided by the 0.70% class II-M-1, the 0.20% class II-M-2, the 0.15% class II-M-3, the 0.10% privately offered class II-B-1, the 0.10% privately offered class II-B-2, and the 0.10% privately offered class II-B-3. 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) master servicing capabilities (rated 'RMS1' by Fitch).

As of the cut-off date, Feb. 1, 2005, the mortgage pool consists of 1,034 conventional, fully amortizing, fixed-rate mortgage loans secured by first liens on one- to four-family residential properties with an aggregate principal balance of approximately $463,098,587. The group I mortgage pool consists of 603 mortgage loans with an aggregate principal balance of $259,777,920. The mortgage pool has a weighted average original loan-to-value ratio of 68.24%. The weighted-average FICO score of the loans in the pool is 745, and approximately 74.88% and 2.70% 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 19.80% of the pool, equity refinance loans account for 21.00%, and second homes account for 3.00%. The average loan balance of the loans in the pool is approximately $430,809. The three states that represent the largest portion of the loans in the pool are California (49.85%), Virginia (9.08%), and New York (4.90%).

The group II mortgage pool consists of 431 mortgage loans with an aggregate principal balance of approximately $203,320,667. The mortgage pool has a weighted average original loan-to-value ratio of 60.94%. The weighted-average FICO score of the loans in the pool is 751, and approximately 77.70% and 2.09% 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 18.39% of the pool, equity refinance loans account for 24.96%, and second homes account for 5.15%. The average loan balance of the loans in the pool is approximately $471,742. The three states that represent the largest portion of the loans in the pool are California (30.59%), Texas (5.94%), and Illinois (5.84%).

None of the mortgage loans were subject to the Home Ownership and Equity Protection Act of 1994. Furthermore, none of the mortgage loans in the pool are mortgage loans that are referred to as 'high cost' or 'covered' loans or any other similar designation under applicable state or local law in effect at the time of origination of such loan if the law imposes greater restrictions or additional legal liability for residential mortgage loans with high interest rates, points, and/or fees. For additional information on Fitch's rating criteria regarding predatory lending legislation, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the Fitch Ratings web site at www.fitchratings.com.

All of the group I mortgage loans were purchased by the depositor through its affiliate, Residential Funding, from unaffiliated sellers except in the case of 29.6% of the mortgage loans, which were purchased by the depositor through its affiliate, Residential Funding, from HomeComings Financial Network, Inc., a wholly owned subsidiary of the master servicer. Approximately 12.5% and 10.3% of the mortgage loans were purchased from Loancity.com and Wachovia Mortgage Corp., respectively, each an unaffiliated seller. Except as described in the preceding sentence, no unaffiliated seller sold more than approximately 5.6% of the mortgage loans to Residential Funding. Approximately 78.8% and 10.3% of the mortgage loans are being subserviced by HomeComings Financial Network, Inc. (rated 'RPS1' by Fitch) and Wachovia Bank, National Association, respectively.

Business Services Industry

Fitch Rates $463.5MM RFMSI Mtge P-T Ctfs Series 2005-S1

Business Wire, Feb 25, 2005

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