The refinancing waves seen over the last year have provided issuers with enough collateral to more efficiently pool their loans, pushing up FICO levels and lowering loan-to-value ratios in prime pools, analysts said. Alt-A pools have remained consistent.

In the most recent edition of Trends in Residential Mortgage Products, Standard & Poor's said that the average FICO scores for the first quarter of 2002 inched up slightly from previous quarters.

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