8-K 1 d218912.txt CWABS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 31, 2004 CWABS, Inc. (as company under a Pooling and Servicing Agreement, dated as of March 1, 2004, providing for, inter alia, the issuance of Asset-Backed Certificates, Series 2004-BC1) CWABS, INC. -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 333-109272 95-4596514 ---------------------------- ---------- ----------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 4500 Park Granada CALABASAS, CALIFORNIA 91302 --------------------- ------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code, is (818) 225-3237 ================================================================================ ITEM 5. OTHER EVENTS. DESCRIPTION OF THE MORTGAGE POOL* CWABS, Inc. (the "Company") entered into a Pooling and Servicing Agreement dated as of March 1, 2004 (the "Pooling and Servicing Agreement"), by and among the Company, as depositor, Countrywide Home Loans, Inc., as seller, Countrywide Home Loans Servicing LP, as master servicer, and The Bank of New York, as trustee, providing for the issuance of the Company's Asset-Backed Certificates, Series 2004-BC1. ---------------------------- * Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus dated October 28, 2003 and the Prospectus Supplement dated March 25, 2004 of CWABS, Inc., relating to its Asset-Backed Certificates, Series 2004-BC1. 2 MORTGAGE LOAN STATISTICS For purposes of this Form 8-K, "Tables" shall mean computer generated tables and/or charts describing the characteristics of the Mortgage Loans as of the Cut-off Date. All percentages in the Tables were calculated based on the principal balance of the Mortgage Loans as of the Cut-off Date. The sum of the columns may not equal the respective totals due to rounding. ANNEX A THE MORTGAGE POOL The following information sets forth in tabular format certain information, as of theCut-off Date, about the Mortgage Loans included in the Mortgage Pool. Other than with respect to rates of interest, percentages are approximate and are stated by theCut-off Date Pool Principal Balance. The sum of the columns below may not equal the total indicated due to rounding.

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o The average Principal Balance of the Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately $164,818. A-2

* The weighted average Mortgage Rate of the Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 7.124% per annum.

* The weighted average remaining term to maturity of the Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 349 months. A-3

* The weighted average Loan-to-Value Ratio at origination of the Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 78.45%. A-4

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(1) The Credit Bureau Risk Scores referenced in this table with respect to substantially all of the Mortgage Loans in the Mortgage Pool were obtained by the respective originators from one or more credit reporting agencies, and were determined at the time of origination. * The weighted average Credit Bureau Risk Score of the Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 635.

* The weighted average Gross Margin for the Adjustable Rate Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 6.334%. A-7

* The weighted average number of months to next adjustment date for the Adjustable Rate Mortgage Loans in the Mortgage Pool as of the Cut-off Date is 23 months. A-8

* The weighted average Maximum Mortgage Rate for the Adjustable Rate Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 13.475%. A-9

* The weighted average Initial Periodic Rate Cap for the Adjustable Rate Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 2.649%.

* The weighted average Subsequent Periodic Rate Cap for the Adjustable Rate Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 1.115%. A-10

* The weighted average Minimum Mortgage Rate for the Adjustable Rate Mortgage Loans in the Mortgage Pool as of the Cut-off Date was approximately 7.116%.

(1) Based on representations by the Mortgagors at the time of origination of the Mortgage Loans in the Mortgage Pool. A-11

(1) Although the Mortgage Loans in the Mortgage Pool were originated by various originators under differing underwriting guidelines, the Mortgage Loans in the Mortgage Pool loosely correspond to the Countrywide Home Loans credit grades shown in this table. SEE "--UNDERWRITING STANDARDS" IN THIS PROSPECTUS SUPPLEMENT.

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A-13 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. ---------------------------------------------------------------------------- (a) Not applicable. (b) Not applicable. A-14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized. CWABS, INC. By: /s/ Ruben Avilez ------------------------------- Name: Ruben Avilez Title: Vice President Dated: April 15, 2004 A-15

CWABS INC ASSET BACKED CERTIFICATES SERIES 2004 BC1 8-K