Fitch rates Residential Accredit Loans, Inc. (RALI) mortgage pass-through certificates, series 2004-QS15 as follows:

-- $202,481,708 classes A-1 through A-7, A-P, A-V, R-I, and R-II certificates (senior certificates) 'AAA';

-- $5,557,200 class M-1 'AA';

-- $1,923,300 class M-2 are rated 'A';

-- $1,068,500 class M-3 certificates 'BBB';

-- $1,068,500 privately offered class B-1 'BB';

-- $641,100 privately offered class B-2 'B';

-- $961,734 privately offered class B-3 certificates are not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 5.25% subordination provided by the 2.6% class M-1, the 0.9% class M-2, the 0.5% class M-3, the 0.5% privately offered class B-1, the 0.3% privately offered class B-2, and the 0.45% privately offered class 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) servicing capabilities (rated 'RMS1' by Fitch) as master servicer.

As of the cut-off date, Nov. 1, 2004, the mortgage pool consists of 1,328 conventional, fully amortizing, 30-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties with an aggregate principal balance of $213,702,042. The mortgage pool has a weighted average original loan-to-value ratio of 77.06%. The pool has a weighted average FICO score of 725, and approximately 53.19% and 5.71% 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 47.27% of the pool, equity refinance loans account for 29.16%, and second homes account for 2.69%. The average loan balance of the loans in the pool is $160,920. The three states that represent the largest portion of the loans in the pool are California (19.01%), Virginia (8.79%), and Texas (8.55%).

All of the mortgage loans were purchased by the depositor through its affiliate, RFC, from unaffiliated sellers, except in the case of 22% of the mortgage loans, which were purchased by the depositor through its affiliate, RFC, from HomeComings Financial Network, Inc., a wholly owned subsidiary of the master servicer. Approximately 41.6% of the mortgage loans were purchased from National City Mortgage Company. No other unaffiliated seller sold more than approximately 7.2% of the mortgage loans to Residential Funding. Approximately 51.7% of the mortgage loans are being subserviced by HomeComings Financial Network, Inc.

None of the mortgage loans were subject to the Home Ownership and Equity Protection Act of 1994. Furthermore, none of the mortgage loans are loans that, under applicable state or local law in effect at the time of origination of the loan are referred to as 'high-cost' or 'covered' loans or any other similar designation 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.

The mortgage loans were originated under GMAC-RFC's Expanded Criteria Mortgage Program (Alt-A program). Alt-A program loans are often marked by one or more of the following attributes: a non-owner-occupied property; the absence of income verification; or a loan-to-value ratio or debt service/income ratio that is higher than other guidelines permit. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for the presence of these attributes.

Deutsche Bank Trust Company Americas will serve as trustee. RALI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as two real estate mortgage investment conduits (REMICs).