Fitch Ratings Upgrades 12 & Affirms 20 from 5 Cendant Mortgage Corp Issues

Fitch Ratings has taken rating actions on the following Cendant Mortgage Corporation mortgage pass-through certificates:

Series 2001-6

-- Class 1-A affirmed at 'AAA';

-- Class 2-A affirmed at 'AAA';

-- Class 3-A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 upgraded to 'AA' from 'A';

-- Class B-4 upgraded to 'BBB+' from 'BB';

-- Class B-5 affirmed at 'B'.

Series 2002-3

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 upgraded to 'AAA' from 'AA';

-- Class B-3 upgraded to 'AA' from 'A';

-- Class B-4 upgraded to 'A' from 'BBB';

-- Class B-5 upgraded to 'BBB' from 'BB'.

Series 2002-4

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 upgraded to 'AAA' from 'AA';

-- Class B-3 upgraded to 'AA+' from 'A';

-- Class B-4 upgraded to 'AA' from 'BBB';

-- Class B-5 upgraded to 'A-' from 'BB'.

Series 2002-8

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AA';

-- Class B-3 affirmed at 'A';

-- Class B-4 affirmed at 'BBB';

-- Class B-5 affirmed at 'BB'.

Series 2003-1

-- Class A affirmed at 'AAA';

-- Class B-1 upgraded to 'AA+' from 'AA';

-- Class B-2 upgraded to 'A+' from 'A';

-- Class B-3 affirmed at 'BBB';

-- Class B-4 affirmed at 'BB';

-- Class B-5 affirmed at 'B'.

All of the mortgage loans in the aforementioned transactions were either originated or acquired in accordance with the underwriting guidelines established by Cendant Mortgage Corporation. The mortgage loans consist of 15- and/or 30-year fixed-rate mortgages secured by first liens, primarily on one- to four-family residential properties. Any mortgage loan with an original loan to value in excess of 80% is required to have a primary mortgage insurance policy.

The upgrades, affecting approximately $21.4 million of outstanding certificates, are taken as a result of low delinquencies and losses, as well as significantly increased credit enhancement (CE) levels. The affirmations, affecting approximately $271.2 million of outstanding certificates, are taken due to stable collateral performance and small to moderate growth in CE levels. As of the March 2005 distribution date, these transactions are seasoned from a range of 25 to 45 months, and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 5% to 53%.

In series 2001-6, the current CE levels for classes B-3 and B-4 have grown at least 15 times (x) original. Class B-3 currently benefits from 10.99% subordination (originally 0.65%), and class B-4 currently benefits from 5.44% subordination (originally 0.35%). The current pool factor for series 2001-6 is approximately 5%.

In series 2002-3, the current CE levels for classes B-2, B-3, B-4, and B-5 have grown at least 8x original. Class B-2 currently benefits from 7.32% subordination (originally 0.90%), class B-3 currently benefits from 4.47% subordination (originally 0.55%), class B-4 currently benefits from 2.85% subordination (originally 0.35%), and class B-5 currently benefits from 1.63% subordination (originally 0.20%). The current pool factor for series 2002-3 is approximately 12%.

In series 2002-4, the current CE levels for classes B-2, B-3, B-4, and B-5 have grown at least 6x original. Class B-2 currently benefits from 5.49% subordination (originally 0.90%), class B-3 currently benefits from 3.36% subordination (originally 0.55%), class B-4 currently benefits from 2.14% subordination (originally 0.35%), and class B-5 currently benefits from 1.22% subordination (originally 0.20%). The current pool factor for series 2002-4 is approximately 16%.

In series 2003-1, the current CE levels for classes B-1 and B-2 have grown at least 1.7x original. Class B-1 currently benefits from 2.66% subordination (originally 1.50%), and class B-2 currently benefits from 1.74% subordination (originally 1.00%). The current pool factor for series 2002-3 is approximately 53%.

Further collateral performance and credit enhancement statistics are available on the Fitch Ratings web site at www.fitchratings.com.