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) December 28, 2000
Saxon Asset Securities Company
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(Exact name of registrant as specified in charter)
Virginia 34-0-20552 54-1810895
---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
---------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 967-7400
================================================================================
(Former name or former address, if changed since last report.)
<PAGE>
Item 1. Changes in Control of Registrant. Not Applicable.
Item 2. Acquisition or Disposition of Assets. Not Applicable.
Item 3. Bankruptcy or Receivership. Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant. Not Applicable.
Item 5. Other Events.
On December 28, 2000, the Registrant acquired a pool of mortgage loans
(the "Subsequent Mortgage Loans") from funds on hand in the pre-funding account
pursuant to the Trust Agreement dated as of December 1, 2000, among the
Registrant, Saxon Mortgage, Inc., as Master Servicer, and Bankers Trust Company,
as Trustee (the "Trust Agreement"). The Subsequent Mortgage Loans were acquired
by the Registrant from Saxon Mortgage, Inc. ("SMI"), an affiliate of the
Registrant which originated or acquired the Subsequent Mortgage Loans from
various mortgage banking institutions. The Subsequent Mortgage Loans are secured
by liens on single family residential properties, including investment
properties (which may be condominiums, one family residences, one to four family
residences or homes in planned unit developments). The Subsequent Mortgage Loans
will be serviced by Meritech Mortgage Services, Inc., an affiliate of the
Registrant.
The description of the Subsequent Mortgage Loans sold to the Trustee as
of December 28, 2000, pursuant to the Trust Agreement begins on the following
page. The amounts contained in the following tables have been rounded to the
nearest dollar amount and percentage, as applicable.
2
<PAGE>
GROUP I MORTGAGE LOANS
Aggregate Scheduled Principal Balance $158,651,225.66
Average Scheduled Principal Balance $82,803.35
Range of Scheduled Principal
Balances $9,998.01 to $650,000.00
Range of Mortgage Interest Rates 6.475% to 16.280%
Weighted Average Mortgage Interest Rate 11.311%
Weighted Average Original Loan-to-Value Ratio 73.85%
Weighted Average Combined Current
Loan-to-Value Ratio 76.61%
Weighted Average Remaining Scheduled Term
to Maturity 227 Months
Range of Remaining Scheduled Terms to
Maturity 118 to 360 Months
Weighted Average Remaining
Amortization Term 342 Months
Range of Remaining Amortization Terms 118 to 360 Months
Second Liens 4.67%
Balloon Mortgage Loans 63.93%
Mortgaged Premises
Single-family detached dwellings 84.78%
Single-family attached dwellings 0.81%
Planned unit developments 4.35%
Condominiums 3.30%
2-4 Family 3.59%
Townhouse 0.40%
Manufactured Home 2.76%
Weighted Average Servicing Fee Rate 0.51%
Master Servicing Fee Rate 0.05%
GROUP II MORTGAGE LOANS
Aggregate Scheduled Principal Balance $235,954,800.89
Average Scheduled Principal Balance $125,374.50
Range of Scheduled Principal
Balances $17,593.66 to $982,840.79
Mortgage Interest Rates
Loan Type:
2/28 LIBOR 51.66%
3/27 LIBOR 48.19%
Weighted Average Gross Margin:
2/28 LIBOR 6.076%
3/27 LIBOR 6.149%
Current Weighted Average Mortgage
Interest Rate 10.770%
Range of Current Mortgage Interest
Rate 8.000% to 14.900%
Weighted Average Maximum Lifetime
Mortgage Interest Rate 17.345%
Range of Maximum Lifetime
Mortgage Interest Rates 13.000% to 21.874%
Weighted Average Lifetime Minimum
Mortgage Interest Rate 10.691%
Range of Minimum Lifetime
Mortgage Interest Rates 0.990% to 14.900%
Weighted Average Original Loan-to-Value Ratio 78.09%
Weighted Average Remaining Scheduled Term
to Maturity 359 Months
Range of Remaining Scheduled Terms to
Maturity 345 to 360 Months
Weighted Average Remaining
Amortization Term 358 Months
Range of Remaining Amortization Terms 166 to 360 Months
Second Lien Mortgage Loans 0.00%
Mortgaged Premises
Single-family detached dwelling 78.00%
Single-family attached dwelling 1.35%
Planned unit developments 8.83%
Deminimus PUD 0.85%
Condominiums 4.74%
2-4 Family 5.05%
Townhouse 0.35%
Manufactured Home 0.83%
Weighted Average Servicing Fee Rate 0.50%
Master Servicing Fee Rate 0.05%
3
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
1) Current Scheduled Principal Balance
No. Of Scheduled No. Of Scheduled
Current Scheduled Fixed Mortgage Principal ARM Mortgage Principal
Principal Balance ($) Loans (%) Balance (%) Loans (%) Balance (%)
--------------------- -------------- ----------- ------------ -----------
9,998.01 - 25,000.00 6.37 1.63 .90 .16
25,000.01 - 50,000.00 27.97 13.10 11.21 3.53
50,000.01 - 75,000.00 26.67 20.05 18.17 9.06
75,000.01 - 100,000.00 14.09 14.75 17.06 11.97
100,000.01 - 125,000.00 9.03 12.19 15.14 13.63
125,000.01 - 150,000.00 5.64 9.37 9.99 10.91
150,000.01 - 175,000.00 3.13 6.11 7.60 9.82
175,000.01 - 200,000.00 1.93 4.40 5.47 8.14
200,000.01 - 225,000.00 1.10 2.83 4.73 8.02
225,000.01 - 250,000.00 .94 2.71 2.71 5.12
250,000.01 - 275,000.00 .78 2.47 1.65 3.43
275,000.01 - 300,000.00 .52 1.81 1.97 4.53
300,000.01 - 325,000.00 .57 2.19 .58 1.45
325,000.01 - 350,000.00 .21 .85 .53 1.42
350,000.01 - 375,000.00 .16 .68 .43 1.24
375,000.01 - 400,000.00 .26 1.22 .37 1.16
400,000.01 - 425,000.00 .21 1.05 .05 .17
425,000.01 - 450,000.00 .10 .54 .32 1.13
450,000.01 - 475,000.00 .05 .30 .27 .98
475,000.01 - 500,000.00 .05 .31 .16 .63
500,000.01 - 525,000.00 .05 .32 .05 .22
525,000.01 - 550,000.00 .00 .00 .11 .46
550,000.01 - 575,000.00 .05 .35 .11 .48
575,000.01 - 600,000.00 .05 .37 .05 .25
600,000.01 - 625,000.00 .00 .00 .11 .52
625,000.01 - 650,000.00 .05 .41 .11 .54
675,000.01 - 700,000.00 .00 .00 .05 .29
800,000.01 - 825,000.00 .00 .00 .05 .34
975,000.01 - 982,840.79 .00 .00 .05 .42
TOTAL 100.00 100.00 100.00 100.00
The average scheduled principal balance is (a) $103,898.37 for the mortgage
loans, (b) $82,803.35 for group I and (c) $125,374.50 for group II. The minimum
and maximum scheduled principal balances of the mortgage loans are $9,998.01 and
$982,840.79, respectively.
4
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
2) Current Mortgage Interest Rates
No. Of Scheduled No. Of Scheduled
Current Mortgage Fixed Mortgage Principal ARM Mortgage Principal
Interest Rate (%) Loans (%) Balance (%) Loans (%) Balance (%)
----------------- -------------- ----------- ------------ -----------
6.475 - 7.500 .10 .12 .00 .00
7.501 - 7.750 .10 .15 .00 .00
7.751 - 8.000 .37 .61 .05 .15
8.001 - 8.250 .10 .27 .16 .20
8.251 - 8.500 .47 .76 .16 .17
8.501 - 8.750 .84 .76 .32 .41
8.751 - 9.000 1.62 2.64 1.91 2.69
9.001 - 9.250 1.46 1.78 2.39 2.86
9.251 - 9.500 3.18 4.75 4.04 4.80
9.501 - 9.750 3.34 4.50 4.62 5.96
9.751 - 10.000 5.22 6.56 9.72 12.79
10.001 - 10.250 2.92 3.32 6.32 6.62
10.251 - 10.500 5.27 5.37 8.55 8.87
10.501 - 10.750 6.16 7.53 8.82 9.55
10.751 - 11.000 8.19 9.30 10.84 11.10
11.001 - 11.250 3.97 3.82 6.06 5.88
11.251 - 11.500 6.63 7.15 7.23 6.51
11.501 - 11.750 5.95 5.69 6.11 5.23
11.751 - 12.000 7.15 5.81 5.95 4.67
12.001 - 12.250 3.76 3.13 2.87 2.38
12.251 - 12.500 5.32 4.55 3.45 2.47
12.501 - 12.750 5.17 4.68 2.50 1.67
12.751 - 13.000 5.01 3.91 3.29 2.02
13.001 - 13.250 2.71 1.74 1.49 .93
13.251 - 13.500 3.55 2.92 .64 .33
13.501 - 13.750 2.71 1.97 .64 .38
13.751 - 14.000 2.30 1.69 .96 .86
14.001 - 14.250 1.83 1.17 .37 .22
14.251 - 14.500 1.51 1.03 .32 .15
14.501 - 14.750 1.25 .76 .05 .03
14.751 - 15.000 1.25 .90 .16 .11
15.001 - 15.250 .21 .14 .00 .00
15.251 - 15.500 .16 .12 .00 .00
15.751 - 16.000 .05 .04 .00 .00
16.001 - 16.280 .16 .33 .00 .00
TOTAL 100.00 100.00 100.00 100.00
The weighted average current mortgage interest rate is (a) 10.987% per annum for
the mortgage loans, (b) 11.311% per annum for group I and (c) 10.770% per annum
for group II.
5
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
3) Current Combined Loan-to-Value Ratio on Group I (1)
No. Of Scheduled
Current Combined Mortgage Principal
Loan-to-Value Ratio (%) Loans (%) Balance (%)
----------------------- --------- -----------
10.36 - 20.00 .37 .20
20.01 - 25.00 .68 .69
25.01 - 30.00 .73 .34
30.01 - 35.00 1.04 .57
35.01 - 40.00 1.25 .65
40.01 - 45.00 1.57 1.10
45.01 - 50.00 3.08 2.29
50.01 - 55.00 2.66 2.07
55.01 - 60.00 4.33 3.50
60.01 - 65.00 6.52 5.88
65.01 - 70.00 9.13 8.82
70.01 - 75.00 10.13 10.39
75.01 - 80.00 23.90 27.01
80.01 - 85.00 14.77 15.00
85.01 - 90.00 15.92 19.08
90.01 - 95.00 1.41 1.21
95.01 - 100.00 2.51 1.20
TOTAL 100.00 100.00
(1) The current combined loan-to-value ratio of a mortgage loan (including a
second mortgage loan) is equal to the ratio (expressed as a percentage) of the
current scheduled principal balance of the mortgage loan plus any current senior
lien balances and the fair market value of the mortgage premises at the time of
origination. The fair market value is the lower of (i) the purchase price and
(ii) the appraised value in the case of purchases and is the appraised value in
all other cases. The weighted average combined current loan-to-value ratio is
76.61% for group I.
6
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
4) Original Loan-to-Value Ratio on Group II (1)
No. Of Scheduled
Original ARM Mortgage Principal
Loan-to-Value Ratio (%) Loans (%) Balance (%)
----------------------- ------------ -----------
15.84 - 20.00 .27 .12
20.01 - 25.00 .16 .08
25.01 - 30.00 .48 .20
30.01 - 35.00 .27 .11
35.01 - 40.00 .43 .27
40.01 - 45.00 .69 .50
45.01 - 50.00 .96 1.12
50.01 - 55.00 1.22 .75
55.01 - 60.00 2.87 2.77
60.01 - 65.00 5.53 5.58
65.01 - 70.00 9.94 9.01
70.01 - 75.00 13.23 13.49
75.01 - 80.00 31.72 30.99
80.01 - 85.00 17.00 17.01
85.01 - 90.00 14.88 17.68
90.01 - 95.00 .37 .32
TOTAL 100.00 100.00
(1) The weighted average original loan-to-value ratio is 78.09% for group II.
7
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
5) Remaining Scheduled Term to Maturity
No. Of Scheduled No. Of Scheduled
Remaining Term Fixed Mortgage Principal ARM Mortgage Principal
(Months) Loans (%) Balance (%) Loans (%) Balance (%)
-------------- -------------- ----------- ------------ -----------
118 - 120 1.46 .55 .00 .00
133 - 144 .16 .07 .00 .00
169 - 180 71.92 71.38 .00 .00
229 - 240 2.51 1.78 .00 .00
289 - 300 .31 .33 .00 .00
337 - 348 .05 .22 .05 .03
349 - 360 23.59 25.67 99.95 99.97
TOTAL 100.00 100.00 100.00 100.00
The weighted average remaining schedule term to maturity is 227 months for group
I and 359 months for group II. Please note that the above calculation reflects
the number of remaining payments.
8
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
6) Remaining Amortization Term
Remaining No. Of Scheduled No. Of Scheduled
Amortization Fixed Mortgage Principal ARM Mortgage Principal
Term(Months) Loans (%) Balance (%) Loans (%) Balance (%)
------------ -------------- ----------- ------------ -----------
118 - 120 1.46 .55 .00 .00
133 - 144 .16 .07 .00 .00
157 - 168 .00 .00 .05 .01
169 - 180 12.00 7.45 .05 .04
193 - 204 .00 .00 .11 .04
217 - 228 .00 .00 .05 .02
229 - 240 2.51 1.78 .05 .05
253 - 264 .05 .09 .00 .00
277 - 288 .00 .00 .05 .05
289 - 300 .37 .36 .00 .00
301 - 312 .10 .10 .00 .00
313 - 324 .16 .12 .05 .10
325 - 336 .31 .38 .16 .09
337 - 348 .31 .26 .43 .31
349 - 360 82.57 88.84 98.99 99.28
TOTAL 100.00 100.00 100.00 100.00
The weighted average remaining amortization term is 342 months for group I and
358 months for group II. Please note that the above calculation reflects the
number of remaining payments.
9
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
7) Gross Margin on Group II
No. Of Scheduled
Mortgage Principal
Gross Margin (%) Loans (%) Balance (%)
---------------- --------- -----------
2.750 - 3.750 .21 .59
3.751 - 4.000 .21 .63
4.001 - 4.250 .74 1.27
4.251 - 4.500 1.91 2.46
4.501 - 4.750 2.50 3.23
4.751 - 5.000 4.30 5.67
5.001 - 5.250 6.75 6.74
5.251 - 5.500 7.60 7.51
5.501 - 5.750 8.13 8.56
5.751 - 6.000 10.15 10.48
6.001 - 6.250 10.10 9.18
6.251 - 6.500 11.80 12.51
6.501 - 6.750 9.67 9.27
6.751 - 7.000 8.82 8.78
7.001 - 7.250 5.31 4.74
7.251 - 7.500 3.93 3.07
7.501 - 7.750 1.97 1.69
7.751 - 8.000 2.50 1.56
8.001 - 8.250 1.28 .92
8.251 - 8.500 1.06 .55
8.501 - 8.750 .74 .40
8.751 - 9.000 .16 .13
9.001 - 9.250 .11 .05
9.751 - 10.000 .05 .02
TOTAL 100.00 100.00
The weighted average gross margin is 6.106% for group II.
10
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
8) Maximum Lifetime Mortgage Interest Rates on Group II
Maximum Lifetime No. Of Scheduled
Mortgage Interest ARM Mortgage Principal
Rates (%) Loans (%) Balance (%)
----------------- ------------ -----------
13.000 - 13.250 .05 .15
13.751 - 14.000 .05 .07
14.001 - 14.250 .05 .09
14.251 - 14.500 .11 .09
14.501 - 14.750 .21 .23
14.751 - 15.000 .85 1.33
15.001 - 15.250 1.06 1.36
15.251 - 15.500 2.02 2.37
15.501 - 15.750 2.28 2.71
15.751 - 16.000 5.90 6.84
16.001 - 16.250 4.57 4.73
16.251 - 16.500 6.06 6.59
16.501 - 16.750 6.11 6.85
16.751 - 17.000 9.72 11.62
17.001 - 17.250 5.79 5.69
17.251 - 17.500 7.65 7.38
17.501 - 17.750 7.55 8.04
17.751 - 18.000 9.03 8.97
18.001 - 18.250 5.15 4.93
18.251 - 18.500 5.74 5.09
18.501 - 18.750 4.20 3.48
18.751 - 19.000 4.57 3.18
19.001 - 19.250 2.13 1.76
19.251 - 19.500 2.39 1.65
19.501 - 19.750 2.07 1.47
19.751 - 20.000 1.91 1.23
20.001 - 20.250 1.06 .71
20.251 - 20.500 .27 .13
20.501 - 20.750 .37 .22
20.751 - 21.000 .64 .80
21.001 - 21.250 .11 .08
21.251 - 21.874 .32 .16
TOTAL 100.00 100.00
The weighted average maximum lifetime mortgage interest rate is 17.345% for
group II.
11
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
9) Minimum Lifetime Mortgage Interest Rates on Group II
Minimum Lifetime
Mortgage No. Of Scheduled
Interest Mortgage Principal
Rates (%) Loans (%) Balance (%)
---------------- --------- -----------
0.990 - 7.500 1.49 1.71
7.501 - 7.750 .21 .22
7.751 - 8.000 .32 .67
8.001 - 8.250 .53 .61
8.251 - 8.500 .21 .20
8.501 - 8.750 .43 .40
8.751 - 9.000 1.75 2.13
9.001 - 9.250 2.28 2.81
9.251 - 9.500 3.88 4.66
9.501 - 9.750 4.36 5.68
9.751 - 10.000 9.35 12.19
10.001 - 10.250 5.84 6.13
10.251 - 10.500 8.34 8.71
10.501 - 10.750 8.55 9.29
10.751 - 11.000 10.41 10.72
11.001 - 11.250 6.00 5.86
11.251 - 11.500 7.23 6.56
11.501 - 11.750 6.11 5.23
11.751 - 12.000 5.95 4.67
12.001 - 12.250 2.87 2.38
12.251 - 12.500 3.45 2.47
12.501 - 12.750 2.50 1.67
12.751 - 13.000 3.29 2.02
13.001 - 13.250 1.49 .93
13.251 - 13.500 .64 .33
13.501 - 13.750 .64 .38
13.751 - 14.000 .96 .86
14.001 - 14.250 .37 .22
14.251 - 14.500 .32 .15
14.501 - 14.750 .05 .03
14.751 - 14.900 .16 .11
TOTAL 100.00 100.00
The weighted average minimum lifetime mortgage interest rate is 10.691% for
group II. 99.31% of the group II mortgage loans have a minimum lifetime mortgage
interest rate greater than the applicable gross margin.
12
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
10) Next Interest Adjustment Dates on Group II
Interest No. Of Scheduled
Adjustment ARM Mortgage Principal
Date Loans (%) Balance (%)
---------- ------------ -----------
2001-Sep .05 .03
2002-Mar .11 .17
2002-May .11 .09
2002-Jun .11 .12
2002-Jul .37 .47
2002-Aug 1.75 1.87
2002-Sep 2.98 3.13
2002-Oct 10.04 10.99
2002-Nov 22.16 21.65
2002-Dec 12.17 11.16
2003-Jan 2.39 2.05
2003-Mar .05 .04
2003-Apr .05 .03
2003-May .05 .09
2003-Jul .32 .33
2003-Aug 1.17 1.12
2003-Sep 3.99 4.45
2003-Oct 9.99 10.61
2003-Nov 23.22 24.09
2003-Dec 7.86 6.50
2004-Jan 1.01 .87
2005-Apr .05 .15
TOTAL 100.00 100.00
The weighted average next interest adjustment date is May 2003 for group II.
13
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
11) Occupancy Type of Mortgaged Premises
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
Occupancy Type Loans (%) Balance (%) Loans (%) Balance (%)
-------------- -------------- ----------- ------------ -----------
Investor 6.37 4.48 6.32 3.97
Primary 93.01 95.10 93.30 95.74
Second Home .63 .42 .37 .28
TOTAL 100.00 100.00 100.00 100.00
(1) As represented by the borrowers on their mortgage loan applications.
14
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
12) Origination Program
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
Origination Program Loans (%) Balance (%) Loans (%) Balance (%)
------------------- -------------- ----------- ------------ -----------
Full 84.03 80.11 75.35 73.84
Limited 4.18 7.15 4.68 5.25
No Ratio 1.36 .86 .11 .11
Stated Income 10.44 11.88 19.87 20.80
TOTAL 100.00 100.00 100.00 100.00
(1) See "The Mortgage Loan Pool - Underwriting Standards" on page S-26.
15
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
13) Mortgage Loan Purpose
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
Loan Purpose Loans (%) Balance (%) Loans (%) Balance (%)
------------ -------------- ----------- ------------ -----------
Cash-out Refinance 69.89 66.74 53.67 53.61
Purchase 21.97 23.53 36.66 36.69
Refinance 8.14 9.73 9.67 9.70
TOTAL 100.00 100.00 100.00 100.00
16
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
14) Property Type of Mortgaged Premises
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
Property Type Loans (%) Balance (%) Loans (%) Balance (%)
------------- -------------- ----------- ------------ -----------
2-4 Family 3.65 3.59 5.79 5.05
Deminimus PUD .00 .00 .64 .85
High Rise Condominium .37 .50 .37 .25
Low Rise Condominium 3.03 2.80 4.94 4.49
Manufactured Housing 3.71 2.76 1.38 .83
Planned Unit Development 3.13 4.35 6.70 8.83
Single Family Attached 1.15 .81 1.12 1.35
Single Family Detached 84.66 84.78 78.75 78.00
Townhouse .31 .40 .32 .35
TOTAL 100.00 100.00 100.00 100.00
17
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
15) Loan Types in Group II
No. Of Scheduled
ARM Mortgage Principal
Loan Type Loans (%) Balance (%)
--------- ------------ -----------
2/28 6 Mo LIBOR ARM 52.18 51.66
3/37 6 Mo LIBOR ARM 47.77 48.19
5 Year ARM .05 .15
TOTAL 100.00 100.00
18
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
16) Geographic Distribution of Mortgaged Premises
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
State Loans (%) Balance (%) Loans (%) Balance (%)
----- -------------- ----------- ------------ -----------
Alaska .42 .52 .16 .19
Arizona 1.51 1.89 2.18 1.89
Arkansas 1.36 .75 .53 .32
California 8.61 12.98 23.54 33.60
Colorado 1.30 1.68 3.67 3.92
Connecticut 1.88 1.94 2.07 2.29
Delaware .63 .88 .11 .05
Florida 6.26 5.71 4.41 3.58
Georgia 6.11 5.58 2.71 3.24
Hawaii .31 .37 .69 .71
Idaho .52 .61 .43 .37
Illinois 5.43 5.04 7.44 6.55
Indiana 4.65 3.50 3.35 1.69
Iowa 1.25 1.05 1.17 .60
Kansas .94 .63 .96 .50
Kentucky 1.77 1.61 .85 .53
Louisiana 2.66 1.99 1.22 .91
Maine .21 .17 .11 .04
Maryland 1.10 1.10 .37 .44
Massachusetts .42 .62 1.54 2.35
Michigan 7.25 6.21 7.86 5.88
Minnesota 1.20 1.37 2.55 2.35
Mississippi 1.72 1.24 .21 .08
Missouri 2.14 1.60 2.34 1.37
Montana .16 .45 .05 .03
Nebraska .52 .40 .11 .08
Nevada .37 .45 1.38 1.46
New Hampshire .37 .51 .21 .20
New Jersey 2.35 3.34 1.17 1.32
New Mexico .57 .65 .48 .44
New York 1.77 2.98 .27 .51
North Carolina 2.77 2.51 1.06 .64
North Dakota .05 .03 .00 .00
Ohio 5.11 4.29 4.30 2.84
Oklahoma 2.30 1.53 1.06 .59
Oregon 1.30 1.90 1.54 1.60
Pennsylvania 4.28 3.80 2.98 2.38
Rhode Island .05 .08 .32 .64
South Carolina .63 .48 .64 .35
South Dakota .31 .26 .16 .09
Tennessee 3.29 2.25 1.33 1.07
Texas 6.32 5.81 4.25 3.74
Utah .52 .64 1.17 1.17
Virginia 3.29 3.00 1.54 1.72
Washington 2.51 4.16 3.08 3.76
Washington DC .16 .26 .00 .00
West Virginia .16 .09 .21 .10
Wisconsin 1.15 1.01 2.13 1.67
Wyoming .05 .05 .11 .14
TOTAL 100.00 100.00 100.00 100.00
19
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
17) Credit Score
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
Range of Credit Scores Loans (%) Balance (%) Loans (%) Balance (%)
---------------------- -------------- ----------- ------------ -----------
<= 400 3.24 2.37 1.17 .67
400 - 450 .16 .12 .05 .02
451 - 500 7.52 7.44 5.69 4.46
501 - 550 27.87 27.87 34.22 33.09
551 - 600 26.30 28.25 33.37 34.66
601 - 650 20.88 20.61 18.28 19.12
651 - 700 10.39 9.21 5.31 5.68
701 - 750 2.51 3.08 1.43 1.64
751 - 800 .99 .96 .48 .67
> 800 .16 .10 .00 .00
TOTAL 100.00 100.00 100.00 100.00
(1) Credit score is a tri-merged score. A tri-merged score is based on the
number of scores available from the three national repositories and determined
as follows: If three scores exist for a borrower then credit score will equal
the middle score. If two scores exist then the credit score will equal the lower
of the two scores. If only one score exists the credit score will equal that
score. The weighted average credit score is equal to approximately 577.
20
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
18) Prepayment Penalty Type
<TABLE>
<CAPTION>
No. Of Scheduled No. Of Scheduled
Fixed Mortgage Principal ARM Mortgage Principal
Prepayment Penalty Type Loans (%) Balance (%) Loans (%) Balance (%)
----------------------- -------------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
1 Year - 5% of prepayment amount .10 .23 .00 .00
1 Year - 6 months advance interest .99 1.51 1.49 2.30
1.5 Year - 6 months advance interest .00 .00 .05 .14
2 Year - 6 months advance interest 1.67 1.55 26.67 27.79
3 Year - 3 months advance interest .05 .30 .43 .73
3 Year - 6 months advance interest 16.28 18.52 39.80 40.32
3 Year - Saxon 3-2-1 Penalty .00 .00 .05 .05
4 Year - 6 months advance interest .21 .15 .32 .44
5 Year - 6 months advance interest 50.37 51.90 11.32 9.55
6 Month - 6 months advance interest .05 .02 .00 .00
No prepayment penalty 23.59 19.87 11.00 10.77
Miscellaneous prepayment penalties 6.68 5.94 8.87 7.91
TOTAL 100.00 100.00 100.00 100.00
</TABLE>
21
--------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
Item 6. Resignations of Registrant's Directors. Not Applicable.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Exhibits. Not Applicable.
Item 8. Change in Fiscal Year. Not Applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S. Not Applicable.
22
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SAXON ASSET SECURITIES COMPANY
By: /s/ BRADLEY D. ADAMS
--------------------------------
Bradley D. Adams, Vice President
January 11, 2001
23
