- --------------------------------------------------------------------------------
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) November 18, 1996
Access Financial Lending Corp.
(Exact name of registrant as specified in its charter)
Delaware 333-07837 41-1768416
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
400 Highway 169 South
Suite 400 55426
St. Louis Park, Minnesota (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (612) 542-6500
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of Access Financial Mortgage Loan Trust
1996-4 Mortgage Loan PassThrough Certificates, Series 1996-4, described in a
Prospectus Supplement dated as of November 18, 1996, certain "Computational
Materials" within the meanings of the May 20, 1994 Kidder, Peabody No-Action
Letter and the February 17, 1995 Public Securities Association No-Action Letter
were furnished to certain prospective investors (the "Related Computational
Materials").
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ACCESS FINANCIAL LENDING CORP.
------------------------------------
Registrant and on behalf of Access
Financial Mortgage Loan Trust 1996-4
By:
Name: Leslie Zejdlik Foster
Title: President
Dated: November , 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational
Materials (as defined
in Item 5 above).
Exhibit 99.1
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
ACCESS 1996-4
---------------------------------------------
$[32,500,000] Class A-1 Variable-Rate Certificates - 1M LIBOR + 11bp
$[10,700,000] Class A-2 Fixed-Rate Certificates - 6.250%
$[17,700,000] Class A-3 Fixed-Rate Certificates - 6.450%
$[18,500,000] Class A-4 Fixed-Rate Certificates - 6.775%
$[15,017,000] Class A-5 Fixed-Rate Certificates - 7.150%
$[96,308,000] Class A-6 Variable-Rate Certificates - 1M LIBOR + 28.5 bp
$[49,052,000] Class A-7 Variable-Rate Certificates - 1M LIBOR + 27.5 bp
The information herein has been provided solely by PSI based on information with
respect to the mortgage loans provided by the Access Financial Lending Corp. and
its affiliates ("ACCESS"). Neither ACCESS nor any of its affiliates makes any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary and will be superseded by the prospectus
supplement and by any other information subsequently filed with the Securities
and Exchange Commission ("SEC"). All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
- --------------------------------------------------------------------------------
GROUP I
CLASS A GROUP I CERTIFICATES
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5
Variable-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Approximate
Face Amount: $[32,500,000] $[10,700,000] $[17,700,000] $[18,500,000] $[15,017,000]
Avg Life: [0.9]yrs [2.0]yrs [3.0]yrs [5.0]yrs [9.6]yrs
Avg Life
to Call: [0.9]yrs [2.0]yrs [3.0]yrs [5.0]yrs [7.9]yrs
Coupon: 1M L +[]bps* 6.25 6.45 6.775 7.15 or [7.15]+ 0.50%
after Auction Call Date
Price: [100-00] 99-31 99-30+ 100-00 100-00
Yield (CBE): N/A 6.20 6.45 6.80 7.20
Spread: 11 54 67 85 110
Pricing Spd: [24]% HEP [24]% HEP [24]% HEP [24]% HEP [24]% HEP
Settlement: [11/21/96] [11/21/96] [11/21/96] [11/21/96] [11/21/96]
Exp Mat: [07/18/98] [03/18/99] [09/18/00] [06/18/03] [10/18/11]
Exp. Mat
to Call: [07/18/98] [03/18/99] [09/18/00] [06/18/03] [02/18/05]
Final Mat: [10/18/11] [10/18/11] [10/18/11] [03/18/20] [11/18/26]
Day Count: Actual/360 30/360 30/360 30/360 30/360
Pymt Delay: 0 days 16 days 16 days 16 days 16 days
Dated Date: [11//96] 11/02/96 11/02/96 11/02/96 11/02/96
Pymt Terms: Monthly Monthly Monthly Monthly Monthly
1st Pymt Date: 12/18/96 12/18/96 12/18/96 12/18/96 12/18/96
</TABLE>
*Pass-Through Rate is the lesser of:
1) One Month LIBOR + [11]bps
2) The Available Funds Cap
Available Funds Cap: A rate equal to the weighted average gross coupon rate
less [62.75bp] for servicing fees, trustee fees and
certificate insurer premiums for the Group I fixed-rate
mortgage loans for such Payment Date.
Coupon Step-Up: If the 10% Clean-Up Call or the Auction Call (within 90
days) is not exercised, the coupon on the Class A-5
Fixed-Rate Certificates shall be [7.15%] + 0.50% per
annum.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
- --------------------------------------------------------------------------------
GROUP II
CLASS A GROUP II CERTIFICATES
Class A-6
Variable-Rate
-------------
Approximate Face Amount: [$96,308,000]
Average Life to Mat: [3.5] years
Average Life to Call: [3.25] years
Pass-Through Rate: The lesser of:
1) One Month LIBOR + [28.5] bps
2) The Available Funds Cap
Price: [100-00]
Yield: Variable
Pricing Speed: [25%] HEP
Settlement: [11/21/96]
Exp Maturity: [10/18/14]
Exp Maturity to Call: [02/18/05]
Final Maturity: [11/18/26]
Day Count: actual/360
Payment Delay: 0 days.
Dated Date: [11/21/96]
Payment Terms: Monthly.
1st Payment Date: 12/18/96
Available Funds Cap: A rate equal to the weighted average gross coupon rate
minus the [1.1275%] for servicing fees, trustee fees and
certificate insurer premiums and insurance cushion for
the Group II variable-rate mortgage loans for such
Payment Date.
Shortfall
Reimbursement: If on any Payment Date the Class A-6 Certificate
interest distribution amount is less than the
Pass-Through Rate, the amount of such shortfall and the
aggregate of such shortfalls from previous payment dates
together with accrued interest at the Pass-Through Rate
will be carried forward to the next Payment Date until
paid. No interest carryforward will be paid once the
Class A-6 Certificate principal balance has been reduced
to zero. The shortfall reimbursement feature will NOT be
insured by the FSA guarantee.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
- --------------------------------------------------------------------------------
GROUP III
CLASS A GROUP III CERTIFICATES
Class A-7
Variable-Rate
-------------
Approximate Face Amount: [$49,052,000]
Average Life to Mat: [3.5] years
Average Life to Call: [3.24] years
Pass-Through Rate: The lesser of:
1) One Month LIBOR + [27.5] bps
2) The Available Funds Cap
Price: [100-00]
Yield: Variable
Pricing Speed: [25%] HEP
Settlement: [11/21/96]
Exp Maturity: [10/18/14]
Exp Maturity to Call: [02/18/05]
Final Maturity: [11/18/26]
Day Count: actual/360
Payment Delay: 0 days.
Dated Date: [11/21/96]
Payment Terms: Monthly.
1st Payment Date: 12/18/96
Available Funds Cap: A rate equal to the weighted average gross coupon rate
minus the [1.1275%] for servicing fees, trustee fees and
certificate insurer premiums and insurance cushion for
the Group III variable-rate mortgage loans for such
Payment Date.
Shortfall
Reimbursement: If on any Payment Date the Class A-7 Certificate
interest distribution amount is less than the
Pass-Through Rate, the amount of such shortfall and the
aggregate of such shortfalls from previous payment dates
together with accrued interest at the Pass-Through Rate
will be carried forward to the next Payment Date until
paid. No interest carryforward will be paid once the
Class A-7 Certificate principal balance has been reduced
to zero. The shortfall reimbursement feature will NOT be
insured by the FSA guarantee.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
Title of Securities: Access Financial Mortgage Loan Trust 1996-4,
Mortgage Loan Pass-Through Certificates, Series 1996-4
Group I: Class A-1, A-2, A-3, A-4 and A-5 (the
"Group I Certificates").
Group II: Class A-6 (the "Group II Certificates").
Group III: Class A-7 (the "Group III Certificates").
Seller/
Master Servicer: Access Financial Lending Corp. ("Access").
Transferor: Access Financial Receivables Corp.
Sub-Servicer: LSI Financial Group.
Master Servicer Fee: 45 bps per annum (if Access is not the Master Servicer,
then 50 bps per annum).****
Trustee: The Chase Manhattan Bank, N.A.
Aggregate
Certificate Balance: Group I $[94,417,000.00]
Group II $[96,308,000.00]
Group III $[49,052,000.00]
Group II
and Group III: Although the Group II and Group III Mortgage Loans both
have adjustable-rate Mortgage Loans, the Group III
Mortgage Loans are of a higher credit quality than the
Group II Mortgage Loans. The credit quality of a
Mortgage Loan is determined by Access by analyzing
certain factors. Please refer to the Prospectus
Supplement, "Mortgage Loan Pool - The Mortgage Loan
Program -- Underwriting Standards."
Pricing Date: [November 14, 1996]
Settlement Date: [November 21, 1996]
Payment Date: The 18th day of each month (or, if such date is not a
business day, the next succeeding business day)
commencing December 18, 1996.
Record Date: -Class A-2, A-3, A-4 and A-5 - The first day of the
calendar month of the related Payment Date.
-Class A-1, A-6 and A-7 - The day preceding the related
Payment Date.
Interest Accrual: -Class A-2, A-3, A-4 and A-5 - The second day of the
calendar month preceding the related Payment Date to the
first day of the calendar month of the related Payment
Date.
-Class A-1, A-6 and A-7 - The previous month's Payment
Date to the day preceding the related Payment Date.
Form of Certificates: Book-entry only through the same-day funds facilities of
DTC, Euroclear and CEDEL.
Denominations: Minimum denominations of $1,000 and integral multiples
of $1,000 in excess thereof.
Prepayment
Assumption: For the Group I Certificates, [24]% HEP ([2.4]% CPR in
month 1 with monthly incremental increases of [2.4]% CPR
until the speed reaches [24]% CPR in month 10 based on
loan seasoning.)
For the Group II Certificates, [25]% HEP.
For the Group III Certificates, [25]% HEP.
Flow of Funds: GROUP I, GROUP II and Group III MONTHLY CASH FLOWS
1) to the Master Servicer, the Master Servicer Fee;
2) to the Master Servicer, any unreimbursed
advanced on a mortgage loan;
3) to the Trustee, the Trustee Fee;
4) to the Certificate Insurer, the Premium;
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
Flow of Funds (cont'd): GROUP I MONTHLY CASH FLOWS
5) accrued monthly interest to the Class A Group I
Certificates, including any interest carryforward;
6) monthly principal to the Class A Group I
Certificates sequentially, including any principal
carryforward;
7) to Class A-6 and A-7 interest, if needed;
8) to the Surety Provider, any unreimbursed draws;
9) to Group I O/C up to its target amount as described
below;
10) to Group II and Group III O/C, if needed;
11) to the Class B Certificateholders;
12) to the Residual Certificateholder.
GROUP II MONTHLY CASH FLOWS
5) accrued monthly interest to the Class A Group II
Certificates, including any interest carryforward;
6) monthly principal to the Class A Group II
Certificates, including any principal carryforward;
7) to Class A Group III Certificate interest, if
needed;
8) to Class A Group I Certificates interest, if needed;
9) to the Surety Provider, any unreimbursed draws;
10) to Group II O/C up to its target amount as described
below;
11) to Group I O/C and to Group III O/C, if needed;
12) to the Class B Certificateholders;
13) to the Residual Certificateholder.
GROUP III MONTHLY CASH FLOWS
5) accrued monthly interest to the Class A Group III
Certificates, including any interest carryforward;
6) monthly principal to the Class A Group III
Certificates, including any principal carryforward;
7) to Class A Group II Certificate interest, if needed;
8) to Class A Group I Certificates interest, if needed;
9) to the Surety Provider, any unreimbursed draws;
10) to Group III O/C up to its target amount as
described below;
11) to Group I O/C and to Group II O/C, if needed;
12) to the Class B Certificateholders;
13) to the Residual Certificateholder.
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE REFER TO
THE PROSPECTUS SUPPLEMENT SECTION TITLED "DESCRIPTION OF THE
CERTIFICATES - FLOW OF FUNDS AND DISTRIBUTIONS ON THE CLASS A
CERTIFICATES"
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Over-collateralization
- Cross-collateralization
- 100% wrap from FSA guaranteeing timely interest
and ultimate principal.
Overcollateralization
Levels (Approx.): Initial Deposit: Group I Certificates -- [0.0%] I.B.
Group II Certificates -- [0.0%] I.B.
Group III Certificates - [0.0%] I.B.
30 month O/C Target:Group I Certificates -- [.%] I.B.
Group II Certificates -- [.%] I.B.
Group III Certificates - [.%] I.B.
O/C Floor: [0.50%] I.B.
These O/C percentages are subject to step downs
beginning in month 30 if certain tests are met.
Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard &
Poor's ("S&P") and Moody's Investors Service
("Moody's"), respectively.
Certificate Ratings: The Class A Certificates will be rated AAA by S&P and
Aaa by Moody's.
10% Clean-up Call: The Seller has the option to excercise a call at par
plus accrued interest when the outstanding Pool Balance
equals 10% or less of the original Pool Balance.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4
Mortgage Loan Pass-Through Certificates, Series 1996-4
Class A Certificates
Auction Call: If the Seller does not exercise the 10% Clean-up Call,
the Trustee will hold an Auction Call and solicit bids
to purchase the mortgage loans when the outstanding Pool
Balance has declined to 10% of the original Pool
Balance. This call will be exercised at no less than par
plus accrued interest.
Coupon Step-up: If the Seller does not exercise the 10% Cleanup Call and
the Auction Call is not exercised within 90 days of the
10% Cleanup Call Date, the coupon rate on the Class A-5
Fixed Rate Certificates shall be [.%] + [0.50]% per
annum.
ERISA Consideration: The Class A Certificates will be ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such Certificates.
SMMEA Considerations: The Class A Certificates will not be SMMEA eligible.
Taxation: REMIC.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
Further Information: Call the ABS trading desk at (212) 778-2741, Sean Arnold
(212) 778-4921, Sean Low (212) 778-2581, Lina Hsu (212)
778-1451 or Januar Laude at (212) 778-7176 with any
questions.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $32,500,000.00 DATED DATE: 11/21/96
CURRENT COUPON: 5.485% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $32,500,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/21/96
ASSUMED CONSTANT LIBOR-1M 5.3750
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 39.401 31.307 34.171 35.983 41.787 44.025
99-24+ 37.623 30.035 32.721 34.419 39.860 41.958
99-25 35.845 28.764 31.270 32.856 37.933 39.891
99-25+ 34.068 27.494 29.820 31.292 36.007 37.825
99-26 32.292 26.223 28.371 29.729 34.081 35.758
99-26+ 30.515 24.953 26.922 28.167 32.155 33.693
99-27 28.739 23.683 25.473 26.605 30.230 31.628
99-27+ 26.964 22.414 24.024 25.043 28.305 29.563
99-28 25.188 21.144 22.576 23.481 26.381 27.499
99-28+ 23.413 19.875 21.128 21.920 24.457 25.435
99-29 21.639 18.607 19.680 20.359 22.533 23.371
99-29+ 19.865 17.338 18.232 18.798 20.610 21.308
99-30 18.091 16.070 16.785 17.238 18.687 19.246
99-30+ 16.318 14.802 15.338 15.678 16.765 17.184
99-31 14.545 13.534 13.892 14.118 14.843 15.122
99-31+ 12.772 12.267 12.446 12.559 12.921 13.061
100-00 11.000 11.000 11.000 11.000 11.000 11.000
100-00+ 9.228 9.733 9.554 9.441 9.079 8.940
100-01 7.457 8.467 8.109 7.883 7.159 6.880
100-01+ 5.686 7.200 6.664 6.325 5.239 4.820
100-02 3.915 5.934 5.220 4.768 3.319 2.761
100-02+ 2.144 4.669 3.775 3.210 1.400 0.702
100-03 0.375 3.403 2.331 1.653 -0.518 -1.356
100-03+ -1.395 2.138 0.888 0.097 -2.437 -3.414
100-04 -3.164 0.873 -0.556 -1.460 -4.355 -5.471
100-04+ -4.933 -0.391 -1.999 -3.016 -6.272 -7.528
100-05 -6.702 -1.656 -3.441 -4.571 -8.189 -9.585
100-05+ -8.470 -2.920 -4.884 -6.127 -10.106 -11.641
100-06 -10.238 -4.184 -6.326 -7.682 -12.022 -13.696
100-06+ -12.005 -5.447 -7.768 -9.236 -13.938 -15.751
100-07 -13.772 -6.710 -9.209 -10.790 -15.854 -17.806
100-07+ -15.538 -7.973 -10.651 -12.344 -17.769 -19.861
First Payment 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 0.901 1.278 1.113 1.029 0.829 0.771
Last Payment 1.658 2.575 2.158 1.992 1.492 1.408
Mod.Dur. @ 100-00 0.852 1.190 1.043 0.968 0.786 0.732
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A1 AV FUND FLT CLASS
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $10,700,000.00 DATED DATE: 11/02/96
COUPON: 6.250% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $10,700,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96
PREPAYMENT SPEED
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-23 6.334 6.333 6.333 6.334 6.334 6.334
99-23+ 6.325 6.327 6.327 6.326 6.325 6.324
99-24 6.317 6.322 6.320 6.319 6.315 6.313
99-24+ 6.308 6.316 6.313 6.312 6.306 6.303
99-25 6.300 6.310 6.307 6.304 6.296 6.293
99-25+ 6.291 6.304 6.300 6.297 6.287 6.282
99-26 6.283 6.299 6.293 6.290 6.277 6.272
99-26+ 6.274 6.293 6.286 6.282 6.268 6.262
99-27 6.265 6.287 6.280 6.275 6.258 6.251
99-27+ 6.257 6.281 6.273 6.268 6.249 6.241
99-28 6.248 6.276 6.266 6.260 6.240 6.231
99-28+ 6.240 6.270 6.260 6.253 6.230 6.220
99-29 6.231 6.264 6.253 6.246 6.221 6.210
99-29+ 6.223 6.258 6.246 6.238 6.211 6.200
99-30 6.214 6.253 6.240 6.231 6.202 6.190
99-30+ 6.206 6.247 6.233 6.224 6.192 6.179
99-31 6.197 6.241 6.226 6.216 6.183 6.169
99-31+ 6.189 6.235 6.220 6.209 6.174 6.159
100-00 6.180 6.230 6.213 6.202 6.164 6.148
100-00+ 6.172 6.224 6.206 6.195 6.155 6.138
100-01 6.163 6.218 6.200 6.187 6.145 6.128
100-01+ 6.155 6.212 6.193 6.180 6.136 6.117
100-02 6.146 6.207 6.186 6.173 6.127 6.107
100-02+ 6.138 6.201 6.179 6.165 6.117 6.097
100-03 6.129 6.195 6.173 6.158 6.108 6.086
100-03+ 6.121 6.189 6.166 6.151 6.098 6.076
100-04 6.112 6.184 6.159 6.143 6.089 6.066
100-04+ 6.104 6.178 6.153 6.136 6.080 6.056
100-05 6.095 6.172 6.146 6.129 6.070 6.045
100-05+ 6.087 6.166 6.139 6.122 6.061 6.035
100-06 6.078 6.161 6.133 6.114 6.051 6.025
100-06+ 6.070 6.155 6.126 6.107 6.042 6.014
First Payment 1.658 2.575 2.158 1.992 1.492 1.408
Average Life 2.002 3.065 2.598 2.361 1.799 1.635
Last Payment 2.325 3.575 3.075 2.742 2.075 1.908
Mod.Dur. @ 99-31 1.828 2.709 2.330 2.133 1.654 1.511
Accrued Interest 0.330 0.330 0.330 0.330 0.330 0.330
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A2 SEQ CLASS
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $17,700,000.00 DATED DATE: 11/02/96
COUPON: 6.450% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $17,700,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96
PREPAYMENT SPEED
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-23 6.535 6.536 6.536 6.536 6.535 6.535
99-23+ 6.529 6.532 6.531 6.530 6.528 6.528
99-24 6.523 6.528 6.526 6.525 6.522 6.520
99-24+ 6.517 6.524 6.522 6.520 6.515 6.513
99-25 6.512 6.520 6.517 6.515 6.509 6.506
99-25+ 6.506 6.516 6.513 6.510 6.502 6.499
99-26 6.500 6.512 6.508 6.505 6.496 6.491
99-26+ 6.494 6.508 6.503 6.500 6.489 6.484
99-27 6.488 6.504 6.499 6.495 6.483 6.477
99-27+ 6.482 6.500 6.494 6.490 6.476 6.470
99-28 6.476 6.496 6.490 6.485 6.469 6.463
99-28+ 6.470 6.492 6.485 6.480 6.463 6.455
99-29 6.464 6.488 6.480 6.475 6.456 6.448
99-29+ 6.459 6.484 6.476 6.470 6.450 6.441
99-30 6.453 6.480 6.471 6.465 6.443 6.434
99-30+ 6.447 6.476 6.467 6.460 6.437 6.426
99-31 6.441 6.472 6.462 6.455 6.430 6.419
99-31+ 6.435 6.468 6.457 6.450 6.424 6.412
100-00 6.429 6.464 6.453 6.445 6.417 6.405
100-00+ 6.423 6.460 6.448 6.440 6.411 6.398
100-01 6.417 6.456 6.444 6.435 6.404 6.390
100-01+ 6.411 6.452 6.439 6.430 6.398 6.383
100-02 6.406 6.449 6.434 6.425 6.391 6.376
100-02+ 6.400 6.445 6.430 6.420 6.384 6.369
100-03 6.394 6.441 6.425 6.415 6.378 6.362
100-03+ 6.388 6.437 6.421 6.410 6.371 6.355
100-04 6.382 6.433 6.416 6.405 6.365 6.347
100-04+ 6.376 6.429 6.411 6.400 6.358 6.340
100-05 6.370 6.425 6.407 6.395 6.352 6.333
100-05+ 6.364 6.421 6.402 6.390 6.345 6.326
100-06 6.359 6.417 6.398 6.385 6.339 6.319
100-06+ 6.353 6.413 6.393 6.380 6.332 6.311
First Payment 2.325 3.575 3.075 2.742 2.075 1.908
Average Life 3.002 4.698 3.958 3.580 2.674 2.407
Last Payment 3.825 5.992 4.992 4.575 3.408 2.992
Mod.Dur. @ 99-31 2.646 3.926 3.385 3.098 2.382 2.162
Accrued Interest 0.340 0.340 0.340 0.340 0.340 0.340
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A3 SEQ CLASS
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $18,500,000.00 DATED DATE: 11/02/96
COUPON: 6.775% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $18,500,000.00 BOND A4 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96
PREPAYMENT SPEED
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 6.859 6.863 6.861 6.861 6.858 6.856
99-24+ 6.855 6.860 6.858 6.857 6.853 6.852
99-25 6.851 6.857 6.855 6.854 6.849 6.847
99-25+ 6.847 6.855 6.852 6.851 6.845 6.842
99-26 6.844 6.852 6.849 6.847 6.841 6.838
99-26+ 6.840 6.849 6.846 6.844 6.836 6.833
99-27 6.836 6.847 6.843 6.841 6.832 6.828
99-27+ 6.832 6.844 6.840 6.838 6.828 6.824
99-28 6.828 6.842 6.837 6.834 6.824 6.819
99-28+ 6.825 6.839 6.834 6.831 6.820 6.814
99-29 6.821 6.836 6.831 6.828 6.815 6.810
99-29+ 6.817 6.834 6.828 6.825 6.811 6.805
99-30 6.813 6.831 6.825 6.821 6.807 6.801
99-30+ 6.809 6.828 6.822 6.818 6.803 6.796
99-31 6.806 6.826 6.819 6.815 6.799 6.791
99-31+ 6.802 6.823 6.816 6.812 6.794 6.787
100-00 6.798 6.820 6.813 6.808 6.790 6.782
100-00+ 6.794 6.818 6.810 6.805 6.786 6.778
100-01 6.790 6.815 6.807 6.802 6.782 6.773
100-01+ 6.787 6.813 6.804 6.798 6.778 6.768
100-02 6.783 6.810 6.801 6.795 6.773 6.764
100-02+ 6.779 6.807 6.798 6.792 6.769 6.759
100-03 6.775 6.805 6.795 6.789 6.765 6.754
100-03+ 6.772 6.802 6.792 6.785 6.761 6.750
100-04 6.768 6.799 6.789 6.782 6.757 6.745
100-04+ 6.764 6.797 6.786 6.779 6.752 6.741
100-05 6.760 6.794 6.783 6.776 6.748 6.736
100-05+ 6.756 6.791 6.780 6.772 6.744 6.731
100-06 6.753 6.789 6.777 6.769 6.740 6.727
100-06+ 6.749 6.786 6.774 6.766 6.736 6.722
100-07 6.745 6.784 6.771 6.763 6.731 6.718
100-07+ 6.741 6.781 6.768 6.759 6.727 6.713
First Payment 3.825 5.992 4.992 4.575 3.408 2.992
Average Life 5.005 7.900 6.653 6.005 4.436 3.975
Last Payment 6.575 10.325 8.742 7.908 5.825 5.242
Mod.Dur. @ 100-00 4.103 5.907 5.173 4.767 3.705 3.371
Accrued Interest 0.358 0.358 0.358 0.358 0.358 0.358
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A4 SEQ CLASS
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $15,017,000.00 DATED DATE: 11/02/96
COUPON: 7.150% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $15,017,000.00 BOND A5 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96
PREPAYMENT SPEED
</TABLE>
<TABLE>
<CAPTION>
************* TO CALL *****************
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.246 7.249 7.248 7.247 7.245 7.244
99-24+ 7.243 7.247 7.246 7.245 7.242 7.240
99-25 7.240 7.245 7.244 7.243 7.239 7.237
99-25+ 7.238 7.243 7.242 7.240 7.236 7.234
99-26 7.235 7.241 7.239 7.238 7.233 7.231
99-26+ 7.232 7.239 7.237 7.236 7.230 7.228
99-27 7.230 7.237 7.235 7.233 7.227 7.225
99-27+ 7.227 7.235 7.233 7.231 7.224 7.221
99-28 7.224 7.233 7.231 7.229 7.222 7.218
99-28+ 7.222 7.232 7.229 7.227 7.219 7.215
99-29 7.219 7.230 7.226 7.224 7.216 7.212
99-29+ 7.216 7.228 7.224 7.222 7.213 7.209
99-30 7.214 7.226 7.222 7.220 7.210 7.206
99-30+ 7.211 7.224 7.220 7.217 7.207 7.202
99-31 7.208 7.222 7.218 7.215 7.204 7.199
99-31+ 7.206 7.220 7.216 7.213 7.201 7.196
100-00 7.203 7.218 7.214 7.210 7.198 7.193
100-00+ 7.200 7.216 7.211 7.208 7.196 7.190
100-01 7.198 7.214 7.209 7.206 7.193 7.187
100-01+ 7.195 7.212 7.207 7.203 7.190 7.183
100-02 7.192 7.210 7.205 7.201 7.187 7.180
100-02+ 7.190 7.208 7.203 7.199 7.184 7.177
100-03 7.187 7.206 7.201 7.197 7.181 7.174
100-03+ 7.184 7.204 7.198 7.194 7.178 7.171
100-04 7.182 7.203 7.196 7.192 7.175 7.168
100-04+ 7.179 7.201 7.194 7.190 7.173 7.165
100-05 7.176 7.199 7.192 7.187 7.170 7.161
100-05+ 7.174 7.197 7.190 7.185 7.167 7.158
100-06 7.171 7.195 7.188 7.183 7.164 7.155
100-06+ 7.168 7.193 7.186 7.181 7.161 7.152
100-07 7.166 7.191 7.183 7.178 7.158 7.149
100-07+ 7.163 7.189 7.181 7.176 7.155 7.146
First Payment 6.575 10.325 8.742 7.908 5.825 5.242
Average Life 7.895 12.663 10.707 9.681 7.105 6.329
Last Payment 8.242 13.408 11.325 10.242 7.492 6.658
Mod.Dur. @ 100-00 5.839 8.061 7.239 6.760 5.390 4.926
Accrued Interest 0.377 0.377 0.377 0.377 0.377 0.377
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A5 SEQ CLASS
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $96,308,000.00 DATED DATE: 11/21/96
CURRENT COUPON: 5.660% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $96,308,000.00 BOND A6 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/21/96
ASSUMED CONSTANT LIBOR-1M 5.3750
************* TO CALL *****************
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 37.273 34.355 35.221 35.803 37.899 38.823
99-24+ 36.723 33.988 34.800 35.345 37.310 38.177
99-25 36.174 33.622 34.379 34.888 36.722 37.531
99-25+ 35.625 33.255 33.958 34.431 36.133 36.885
99-26 35.076 32.889 33.538 33.974 35.545 36.239
99-26+ 34.527 32.523 33.117 33.517 34.957 35.593
99-27 33.979 32.156 32.697 33.061 34.370 34.947
99-27+ 33.430 31.790 32.277 32.604 33.782 34.302
99-28 32.882 31.424 31.857 32.147 33.194 33.656
99-28+ 32.334 31.058 31.437 31.691 32.607 33.011
99-29 31.785 30.693 31.017 31.235 32.020 32.366
99-29+ 31.238 30.327 30.597 30.779 31.433 31.722
99-30 30.690 29.961 30.177 30.323 30.846 31.077
99-30+ 30.142 29.596 29.758 29.867 30.259 30.432
99-31 29.595 29.230 29.338 29.411 29.673 29.788
99-31+ 29.047 28.865 28.919 28.955 29.086 29.144
100-00 28.500 28.500 28.500 28.500 28.500 28.500
100-00+ 27.953 28.135 28.081 28.045 27.914 27.856
100-01 27.406 27.770 27.662 27.589 27.328 27.213
100-01+ 26.859 27.405 27.243 27.134 26.742 26.569
100-02 26.313 27.040 26.824 26.679 26.156 25.926
100-02+ 25.766 26.676 26.406 26.224 25.571 25.283
100-03 25.220 26.311 25.987 25.770 24.986 24.640
100-03+ 24.674 25.946 25.569 25.315 24.400 23.997
100-04 24.127 25.582 25.151 24.860 23.815 23.354
100-04+ 23.582 25.218 24.733 24.406 23.231 22.712
100-05 23.036 24.854 24.314 23.952 22.646 22.069
100-05+ 22.490 24.490 23.897 23.498 22.061 21.427
100-06 21.945 24.126 23.479 23.044 21.477 20.785
100-06+ 21.399 23.762 23.061 22.590 20.893 20.143
100-07 20.854 23.398 22.643 22.136 20.308 19.502
100-07+ 20.309 23.034 22.226 21.682 19.724 18.860
First Payment 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 3.252 5.317 4.474 4.043 3.000 2.694
Last Payment 8.242 13.408 11.325 10.242 7.492 6.658
Mod.Dur. @ 100-00 2.751 4.121 3.591 3.304 2.568 2.338
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A6 AV FUNDS FLT CLASS
<PAGE>
AVAILABLE FUNDS CAP ON A6
30/360 DAY COUNT BASIS
AVAILABLE FUNDS CAP = CURRENT GROSS WAC ON GROUP II COLLATERAL
- 48.75BP (SERVICE FEE + TRUSTEE) - 14BP (SURETY)
- 50BP (SURETY CUSHION)
12/96 9.01
01/97 9.02
02/97 9.06
03/97 9.26
04/97 9.54
05/97 9.80
06/97 9.91
07/97 9.92
08/97 9.95
09/97 10.15
10/97 10.43
11/97 10.67
12/97 10.80
01/98 10.80
02/98 10.80
03/98 10.83
04/98 10.88
05/98 10.91
06/98 10.94
07/98 10.94
08/98 10.94
09/98 10.96
10/98 10.97
11/98 11.02
12/98 11.02
01/99 11.02
02/99 11.02
03/99 11.05
04/99 11.05
05/99 11.05
06/99 11.05
07/99 11.05
08/99 11.05
09/99 11.05
10/99 11.05
11/99 11.05 AND THEREAFTER
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
<TABLE>
<S> <C> <C>
FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED
- ------------------------- ---------------------------------
CURRENT BALANCE: $49,052,000.00 DATED DATE: 11/21/96
CURRENT COUPON: 5.650% afmlt64 FIRST PAYMENT: 12/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $49,052,000.00 BOND A7 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/21/96
ASSUMED CONSTANT LIBOR-1M 5.3750
************* TO CALL *****************
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
24% GP I
25% GP II
25% GP III 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 36.305 33.375 34.243 34.828 36.935 37.865
99-24+ 35.754 33.007 33.821 34.369 36.344 37.216
99-25 35.203 32.639 33.399 33.910 35.753 36.567
99-25+ 34.652 32.271 32.977 33.452 35.163 35.919
99-26 34.101 31.904 32.555 32.993 34.572 35.270
99-26+ 33.550 31.536 32.133 32.535 33.982 34.622
99-27 32.999 31.169 31.711 32.076 33.392 33.973
99-27+ 32.448 30.801 31.289 31.618 32.802 33.325
99-28 31.898 30.434 30.868 31.160 32.212 32.677
99-28+ 31.348 30.067 30.447 30.702 31.623 32.030
99-29 30.798 29.700 30.025 30.244 31.033 31.382
99-29+ 30.248 29.333 29.604 29.787 30.444 30.735
99-30 29.698 28.966 29.183 29.329 29.855 30.087
99-30+ 29.148 28.600 28.762 28.872 29.266 29.440
99-31 28.599 28.233 28.341 28.414 28.677 28.793
99-31+ 28.049 27.866 27.921 27.957 28.089 28.147
100-00 27.500 27.500 27.500 27.500 27.500 27.500
100-00+ 26.951 27.134 27.080 27.043 26.912 26.854
100-01 26.402 26.767 26.659 26.586 26.323 26.207
100-01+ 25.853 26.401 26.239 26.130 25.735 25.561
100-02 25.304 26.035 25.819 25.673 25.148 24.915
100-02+ 24.756 25.669 25.399 25.217 24.560 24.270
100-03 24.208 25.304 24.979 24.760 23.972 23.624
100-03+ 23.659 24.938 24.559 24.304 23.385 22.979
100-04 23.111 24.572 24.139 23.848 22.798 22.333
100-04+ 22.563 24.207 23.720 23.392 22.210 21.688
100-05 22.016 23.841 23.300 22.936 21.623 21.043
100-05+ 21.468 23.476 22.881 22.480 21.037 20.399
100-06 20.920 23.111 22.462 22.025 20.450 19.754
100-06+ 20.373 22.746 22.043 21.569 19.863 19.110
100-07 19.826 22.381 21.624 21.114 19.277 18.465
100-07+ 19.279 22.016 21.205 20.659 18.691 17.821
First Payment 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 3.238 5.295 4.456 4.026 2.988 2.682
Last Payment 8.242 13.408 11.325 10.242 7.492 6.658
Mod.Dur. @ 100-00 2.741 4.107 3.579 3.293 2.558 2.329
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
BOND A7 AV FUNDS FLT CLASS
<PAGE>
AVAILABLE FUNDS CAP ON A7
30/360 DAY COUNT BASIS
AVAILABLE FUNDS CAP = GROUP III COLLATERAL CURRENT GROSS WAC
- 48.75BP (SERVICE FEE + TRUSTEE) - 14BP (SURETY)
- 50BP (FSA CUSHION)
12/96 8.54
01/97 8.54
02/97 8.54
03/97 8.54
04/97 8.83
05/97 9.25
06/97 9.25
07/97 9.25
08/97 9.25
09/97 9.25
10/97 9.53
11/97 9.92
12/97 10.34
01/98 10.34
02/98 10.34
03/98 10.34
04/98 10.59
05/98 10.67
06/98 10.67
07/98 10.67
08/98 10.67
09/98 10.67
10/98 10.67
11/98 10.67
12/98 10.67
01/99 10.67
02/99 10.67
03/99 10.67
04/99 10.67
05/99 10.67
06/99 10.67
07/99 10.67
08/99 10.67
09/99 10.67
10/99 10.67
11/99 10.67 AND THEREAFTER
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- FIX ( GROUP I)
- Cut Off Date of Tape is 11/02
- HELs
- $94,417,203.99
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,531
Aggregate Unpaid Principal Balance: $94,417,203.99
Aggregate Original Principal Balance: $94,560,777.65
Weighted Average Net Coupon: 11.384%
Net Coupon Range: 7.512% - 16.012%
Weighted Average Gross Coupon: 11.872%
Gross Coupon Range: 8.000% - 16.500%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $61,670.28
Average Original Principal Balance: $61,764.06
Maximum Unpaid Principal Balance: $307,500.00
Minimum Unpaid Principal Balance: $9,778.50
Maximum Original Principal Balance: $307,500.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 232.945
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.310
Age Range: 0.000 - 13.000
Weighted Average Original Term: 234.255
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 72.802
Original LTV Range: 7.000% - 90.000%
Weighted Average Current LTV: 72.730
Current LTV Range: 7.000% - 90.000%
Weighted Average Combined LTV: 75.277
Combined LTV Range: 18.000% - 91.000%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AK 1 40,298.76 0.04
AL 57 2,968,055.73 3.14
AR 1 105,400.00 0.11
AZ 6 442,020.10 0.47
CA 45 3,700,861.15 3.92
CO 12 695,591.98 0.74
CT 12 1,254,202.93 1.33
DC 7 521,870.75 0.55
DE 3 258,675.82 0.27
FL 166 9,471,193.74 10.03
GA 63 3,844,530.91 4.07
IA 14 718,438.68 0.76
ID 6 264,857.25 0.28
IL 76 4,975,733.21 5.27
IN 50 2,466,867.66 2.61
KS 4 148,790.47 0.16
KY 14 910,080.84 0.96
LA 1 47,565.21 0.05
MA 15 1,224,241.15 1.30
MD 30 3,123,521.59 3.31
MI 178 9,433,556.19 9.99
MN 99 6,060,429.81 6.42
MO 18 828,577.72 0.88
MS 6 285,515.00 0.30
MT 1 38,993.91 0.04
NC 98 5,406,915.27 5.73
NE 2 178,777.70 0.19
NH 3 125,234.20 0.13
NJ 30 2,627,002.36 2.78
NM 4 170,313.00 0.18
NV 3 154,993.25 0.16
NY 17 1,395,294.78 1.48
OH 104 6,010,010.96 6.37
OK 2 80,175.00 0.08
OR 14 988,176.52 1.05
PA 19 1,079,538.25 1.14
RI 10 418,553.79 0.44
SC 75 3,781,714.55 4.01
SD 2 32,285.19 0.03
TN 39 2,934,987.44 3.11
TX 107 8,260,122.46 8.75
UT 57 2,687,917.02 2.85
VA 18 1,567,490.37 1.66
WA 13 927,720.23 0.98
WI 25 1,499,033.09 1.59
WV 2 127,728.00 0.14
WY 2 133,350.00 0.14
- --------------------------------------------------------------------------------
Total............... 1531 $ 94,417,203.99 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
- --------------------------------------------------------------------------------
Aggregate Percent of
Combined Unpaid Aggregate
Loan-To-Value Number of Principal Principal
Ratio Loans Balance Balance
15.000 < CLTV <= 20.000 2 30,275.86 0.03
20.000 < CLTV <= 25.000 10 380,273.23 0.40
25.000 < CLTV <= 30.000 5 139,396.78 0.15
30.000 < CLTV <= 35.000 20 970,251.03 1.03
35.000 < CLTV <= 40.000 19 570,476.42 0.60
40.000 < CLTV <= 45.000 32 1,365,714.14 1.45
45.000 < CLTV <= 50.000 34 1,152,081.57 1.22
50.000 < CLTV <= 55.000 39 2,245,993.06 2.38
55.000 < CLTV <= 60.000 69 3,261,167.83 3.45
60.000 < CLTV <= 65.000 121 5,839,348.34 6.18
65.000 < CLTV <= 70.000 177 8,968,281.54 9.50
70.000 < CLTV <= 75.000 274 16,254,920.86 17.22
75.000 < CLTV <= 80.000 438 28,223,971.17 29.89
80.000 < CLTV <= 85.000 189 15,448,401.85 16.36
85.000 < CLTV <= 90.000 101 9,514,150.31 10.08
90.000 < CLTV <= 95.000 1 52,500.00 0.06
- --------------------------------------------------------------------------------
Total.................... 1,531 94,417,203.99 100.00%
================================================================================
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.50% < Gross Coupon <= 8.00% 1 73,819.30 0.08
8.50% < Gross Coupon <= 9.00% 6 394,019.10 0.42
9.00% < Gross Coupon <= 9.50% 15 1,139,116.76 1.21
9.50% < Gross Coupon <= 10.00% 75 5,074,806.44 5.37
10.00% < Gross Coupon <= 10.50% 120 7,947,397.70 8.42
10.50% < Gross Coupon <= 11.00% 189 12,423,627.43 13.16
11.00% < Gross Coupon <= 11.50% 171 11,012,945.33 11.66
11.50% < Gross Coupon <= 12.00% 266 17,194,510.69 18.21
12.00% < Gross Coupon <= 12.50% 193 11,433,903.09 12.11
12.50% < Gross Coupon <= 13.00% 230 13,343,521.28 14.13
13.00% < Gross Coupon <= 13.50% 106 6,545,850.66 6.93
13.50% < Gross Coupon <= 14.00% 81 4,415,056.91 4.68
14.00% < Gross Coupon <= 14.50% 32 1,419,544.00 1.50
14.50% < Gross Coupon <= 15.00% 32 1,283,495.38 1.36
15.00% < Gross Coupon <= 15.50% 9 324,614.10 0.34
15.50% < Gross Coupon <= 16.00% 1 40,838.92 0.04
16.00% < Gross Coupon <= 16.50% 4 350,136.90 0.37
- ----------------------------------------------------------------------------
Total.......... 1531 $ 94,417,203.99 100.00%
============================================================================
Distribution of Outstanding Loan Balances as of the Cut-Off Date
- --------------------------------------------------------------------------------
Aggregate Unpaid % of Aggr
Loan Balance Unpaid Loan
Range of Number of As of the Balance as of
Loan Balances Loans Cut-Off Date the Cut-Off Date
0 < Balance <= 50,000 769 26,560,948.65 28.13
50,000 < Balance <= 100,000 554 38,455,660.05 40.73
100,000 < Balance <= 150,000 151 18,070,434.91 19.14
150,000 < Balance <= 200,000 35 5,888,227.20 6.24
200,000 < Balance <= 250,000 14 3,260,595.02 3.45
250,000 < Balance <= 300,000 7 1,873,838.16 1.98
300,000 < Balance <= 350,000 1 307,500.00 0.33
- --------------------------------------------------------------------------------
Total.................... 1531 94,417,203.99 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
AGE IN MONTHS
- --------------------------------------------------------------------------------
Aggregate Percent of
Unpaid Aggregate
Number of Percent of Principal Principal
Age Loans Loan Count Balance Balance
0 < Age <= 6 1,519 99.22 93,752,307.02 99.30
6 < Age <= 12 11 .72 621,003.49 .66
12 < Age <= 18 1 .07 43,893.48 .05
- --------------------------------------------------------------------------------
Total.................... 1,531 100.00% 94,417,203.99 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 < Rem Term <= 60 2 20,054.36 0.02%
72 < Rem Term <= 84 3 145,196.92 0.15%
108 < Rem Term <= 120 18 525,975.15 0.56%
144 < Rem Term <= 156 1 47,565.21 0.05%
156 < Rem Term <= 168 1 43,893.48 0.05%
168 < Rem Term <= 180 1,037 61,750,814.71 65.40%
228 < Rem Term <= 240 96 4,728,270.81 5.01%
348 < Rem Term <= 360 373 27,155,433.35 28.76%
- --------------------------------------------------------------------------------
Total............ 1,531 94,417,203.99 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
1 Owner Occ. 1255 82,656,212.91 87.54
1 Second Home 5 224,086.75 0.24
1 Non Owner Occ. 128 6,388,304.39 6.77
2 Owner Occ. 136 4,904,804.64 5.19
2 Non Owner Occ. 7 243,795.30 0.26
- --------------------------------------------------------------------------------
Total.................. 1531 $ 94,417,203.99 100.00%
================================================================================
LOAN PROPERTY
- --------------------------------------------------------------------------------
Total
# Current %
Loan Feature Loan Balance Pool
3/4 Units 16 $1,216,213.73 1.29
CDO 29 $1,393,199.08 1.48
DUP 53 $3,695,167.20 3.91
DWH 30 $1,315,152.16 1.39
MOD 13 $701,514.66 .74
ROW 22 $1,231,823.00 1.30
SFR 1,346 $83,689,199.77 88.64
TWN 22 $1,174,934.39 1.24
- --------------------------------------------------------------------------------
Total..... 1,531 $94,417,203.99 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- ARMs (GROUP II)
- Cut Off Date of Tape is 11/2/96
- LIBOR
- $96,308,229.50
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 949
Aggregate Unpaid Principal Balance: $96,308,229.50
Aggregate Original Principal Balance: $96,399,587.69
- --------------------------------------------------------------------------------
Weighted Average Coupon (Net): 9.646%
Net Coupon Range: 7.138% - 14.163%
Weighted Average Coupon (Gross): 10.133%
Gross Coupon Range: 7.625% - 14.650%
- --------------------------------------------------------------------------------
Weighted Average Margin (Net): 6.144%
Net Margin Range: 2.888% - 9.638%
Weighted Average Life Cap (Net): 16.364%
Net Life Cap Range: 13.138% - 21.163%
Weighted Average Life Floor (Net): 9.265%
Net Life Floor Range: 4.738% - 14.163%
Weighted Average Margin (Gross): 6.632%
Gross Margin Range: 3.375% - 10.125%
Weighted Average Life Cap (Gross): 16.851%
Gross Life Cap Range: 13.625% - 21.650%
Weighted Average Life Floor (Gross): 9.752%
Gross Life Floor Range: 5.225% - 14.650%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $101,483.91
Average Original Principal Balance: $101,580.18
Maximum Unpaid Principal Balance: $427,000.00
Minimum Unpaid Principal Balance: $9,997.95
Maximum Original Principal Balance: $427,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 357.729
Stated Rem Term Range: 119.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.005
Age Range: 0.000 - 11.000
Weighted Average Original Term: 358.734
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 78.407
Original LTV Range: 15.000% - 90.000%
Weighted Average Current LTV: 78.342
Current LTV Range: 15.000% - 90.000%
Weighted Average Periodic Interest Cap: 1.054%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Months to Interest Roll: 7.83
Months to Interest Roll Range: 1 - 59
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 12 1,158,595.60 1.20
AR 1 55,746.60 0.06
AZ 15 1,506,610.07 1.56
CA 50 8,514,689.02 8.84
CO 28 2,736,226.80 2.84
CT 19 2,662,816.04 2.76
DC 7 756,700.00 0.79
FL 27 2,831,673.65 2.94
GA 6 699,617.97 0.73
IA 12 945,079.90 0.98
ID 10 852,657.63 0.89
IL 43 4,596,640.64 4.77
IN 7 578,818.63 0.60
KS 8 576,763.05 0.60
KY 1 80,000.00 0.08
MA 27 3,903,145.25 4.05
MD 35 5,515,516.48 5.73
ME 1 81,500.00 0.08
MI 166 12,668,830.36 13.15
MN 73 5,727,927.62 5.95
MO 13 1,076,209.75 1.12
MS 1 76,766.03 0.08
MT 6 370,865.00 0.39
NC 5 435,100.00 0.45
NE 5 270,858.00 0.28
NH 7 671,748.42 0.70
NJ 29 3,601,456.45 3.74
NM 9 979,633.79 1.02
NV 9 1,459,424.11 1.52
NY 6 714,227.06 0.74
OH 27 2,352,629.87 2.44
OK 1 211,399.21 0.22
OR 17 1,833,937.31 1.90
PA 21 1,886,290.80 1.96
RI 15 1,669,238.01 1.73
SC 6 564,256.99 0.59
SD 5 266,920.00 0.28
TX 62 6,955,519.82 7.22
UT 25 2,650,148.62 2.75
VA 14 2,636,742.77 2.74
WA 38 4,137,881.05 4.30
WI 65 4,224,631.45 4.39
WV 10 477,973.70 0.50
WY 5 334,815.98 0.35
- --------------------------------------------------------------------------------
Total............... 949 $ 96,308,229.50 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
- --------------------------------------------------------------------------------
Aggregate Percent of
Combined Unpaid Aggregate
Loan-To-Value Number of Principal Principal
Ratio Loans Balance Balance
10.000 < CLTV <= 15.000 1 15,000.00 0.02
20.000 < CLTV <= 25.000 1 9,997.95 0.01
25.000 < CLTV <= 30.000 3 222,000.00 0.23
30.000 < CLTV <= 35.000 6 441,273.64 0.46
35.000 < CLTV <= 40.000 7 678,231.95 0.70
40.000 < CLTV <= 45.000 11 504,436.83 0.52
45.000 < CLTV <= 50.000 16 874,257.53 0.91
50.000 < CLTV <= 55.000 21 1,062,224.47 1.10
55.000 < CLTV <= 60.000 35 2,831,309.05 2.94
60.000 < CLTV <= 65.000 61 4,879,902.67 5.07
65.000 < CLTV <= 70.000 80 7,478,654.48 7.77
70.000 < CLTV <= 75.000 91 9,753,665.60 10.13
75.000 < CLTV <= 80.000 255 26,890,958.37 27.92
80.000 < CLTV <= 85.000 233 25,455,159.91 26.43
85.000 < CLTV <= 90.000 128 15,211,157.05 15.79
- --------------------------------------------------------------------------------
Total.................... 949 96,308,229.50 100.00%
================================================================================
Distribution of Outstanding Loan Balances as of the Cut-Off Date
- --------------------------------------------------------------------------------
Aggregate Unpaid % of Aggr
Loan Balance Unpaid Loan
Range of Number of As of the Balance as of
Loan Balances Loans Cut-Off Date the Cut-Off Date
0 < Balance <= 50,000 164 6,007,680.18 6.24
50,000 < Balance <= 100,000 432 32,374,406.73 33.62
100,000 < Balance <= 150,000 196 23,785,878.25 24.70
150,000 < Balance <= 200,000 73 12,541,923.50 13.02
200,000 < Balance <= 250,000 48 10,619,490.62 11.03
250,000 < Balance <= 300,000 20 5,547,782.05 5.76
300,000 < Balance <= 350,000 11 3,506,271.73 3.64
350,000 < Balance <= 400,000 4 1,497,796.44 1.56
400,000 < Balance <= 450,000 1 427,000.00 0.44
- --------------------------------------------------------------------------------
Total.................... 949 96,308,229.50 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
1 Owner Occ. 931 94,793,665.60 98.43
1 Second Home 1 213,449.89 0.22
1 Non Owner Occ. 17 1,301,114.01 1.35
- --------------------------------------------------------------------------------
Total.................. 949 $ 96,308,229.50 100.00%
================================================================================
AGE IN MONTHS
- --------------------------------------------------------------------------------
Aggregate Percent of
Unpaid Aggregate
Number of Principal Principal
Age Loans Balance Balance
0 < Age <= 6 947 95,935,019.65 99.61
6 < Age <= 12 2 373,209.85 .39
- --------------------------------------------------------------------------------
Total.................... 949 96,308,229.50 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
LOAN Property
- --------------------------------------------------------------------------------
Total
# Current %
Loan Feature Loan Balance Pool
3-4 Units 5 $480,616.69 .50
CDO 17 $1,352,690.51 1.40
DUP 17 $1,487,396.29 1.54
DWH 5 $289,509.05 .30
MOD 4 $306,912.85 .32
PUD 5 $1,075,865.83 1.12
ROW 16 $1,219,037.39 1.27
SFR 865 $88,785,766.30 92.19
TWN 15 $1,310,434.59 1.36
- --------------------------------------------------------------------------------
Total..... 949 $96,308,229.50 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 2 48,332.76 0.05%
168 < Rem Term <= 180 12 529,188.06 0.55%
228 < Rem Term <= 240 1 123,500.58 0.13%
348 < Rem Term <= 360 934 95,607,208.10 99.27%
- --------------------------------------------------------------------------------
Total............ 949 96,308,229.50 100.00%
================================================================================
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.50% < Gross Coupon <= 8.00% 14 2,092,903.34 2.17
8.00% < Gross Coupon <= 8.50% 29 4,334,770.01 4.50
8.50% < Gross Coupon <= 9.00% 107 13,264,788.69 13.77
9.00% < Gross Coupon <= 9.50% 108 13,068,354.72 13.57
9.50% < Gross Coupon <= 10.00% 161 17,314,499.47 17.98
10.00% < Gross Coupon <= 10.50% 149 14,071,617.75 14.61
10.50% < Gross Coupon <= 11.00% 134 12,460,137.58 12.94
11.00% < Gross Coupon <= 11.50% 95 7,227,586.59 7.50
11.50% < Gross Coupon <= 12.00% 80 7,207,346.58 7.48
12.00% < Gross Coupon <= 12.50% 34 2,684,469.69 2.79
12.50% < Gross Coupon <= 13.00% 27 1,425,129.41 1.48
13.00% < Gross Coupon <= 13.50% 7 803,825.67 0.83
13.50% < Gross Coupon <= 14.00% 1 30,550.00 0.03
14.00% < Gross Coupon <= 14.50% 2 150,000.00 0.16
14.50% < Gross Coupon <= 15.00% 1 172,250.00 0.18
- --------------------------------------------------------------------------------
Total.......... 949 $ 96,308,229.50 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.50 < Life Cap <= 14.00 4 942,915.83 0.98
14.00 < Life Cap <= 14.50 4 628,865.22 0.65
14.50 < Life Cap <= 15.00 27 3,510,599.01 3.65
15.00 < Life Cap <= 15.50 43 6,049,153.00 6.28
15.50 < Life Cap <= 16.00 131 14,916,456.42 15.49
16.00 < Life Cap <= 16.50 130 14,178,558.45 14.72
16.50 < Life Cap <= 17.00 173 18,126,401.44 18.82
17.00 < Life Cap <= 17.50 150 13,238,311.97 13.75
17.50 < Life Cap <= 18.00 124 11,028,021.92 11.45
18.00 < Life Cap <= 18.50 68 5,369,369.20 5.58
18.50 < Life Cap <= 19.00 58 4,809,203.36 4.99
19.00 < Life Cap <= 19.50 25 2,620,616.59 2.72
19.50 < Life Cap <= 20.00 7 461,757.09 0.48
20.00 < Life Cap <= 20.50 3 195,750.00 0.20
21.00 < Life Cap <= 21.50 1 60,000.00 0.06
21.50 < Life Cap <= 22.00 1 172,250.00 0.18
- --------------------------------------------------------------------------------
Total................. 949 $ 96,308,229.50 100.00%
================================================================================
GROSS MARGIN
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Gross Margin Loans Balance Balance
10.00% < Margin <= 10.25% 1 53,300.00 .06
3.25% < Margin <= 3.50% 1 68,348.33 .07
3.50% < Margin <= 3.75% 1 79,050.00 .08
4.00% < Margin <= 4.25% 1 77,350.00 .08
4.25% < Margin <= 4.50% 2 321,300.00 .33
4.50% < Margin <= 4.75% 4 914,806.57 .95
4.75% < Margin <= 5.00% 11 1,632,215.78 1.69
5.00% < Margin <= 5.25% 27 3,677,424.58 3.82
5.25% < Margin <= 5.50% 46 5,527,923.57 5.74
5.50% < Margin <= 5.75% 46 6,291,544.04 6.53
5.75% < Margin <= 6.00% 82 9,426,870.26 9.79
6.00% < Margin <= 6.25% 73 8,042,843.64 8.35
6.25% < Margin <= 6.50% 103 11,696,528.99 12.14
6.50% < Margin <= 6.75% 87 9,414,597.94 9.78
6.75% < Margin <= 7.00% 91 9,321,979.75 9.68
7.00% < Margin <= 7.25% 94 8,488,205.72 8.81
7.25% < Margin <= 7.50% 56 5,215,818.33 5.42
7.50% < Margin <= 7.75% 60 4,852,270.49 5.04
7.75% < Margin <= 8.00% 37 3,292,416.47 3.42
8.00% < Margin <= 8.25% 31 2,515,054.28 2.61
8.25% < Margin <= 8.50% 27 1,878,581.17 1.95
8.50% < Margin <= 8.75% 13 691,455.01 .72
8.75% < Margin <= 9.00% 20 991,921.80 1.03
9.00% < Margin <= 9.25% 14 958,260.73 .99
9.25% < Margin <= 9.50% 8 321,390.00 .33
9.50% < Margin <= 9.75% 5 316,396.14 .33
9.75% < Margin <= 10.00% 8 240,375.91 .25
- --------------------------------------------------------------------------------
Total.................... 949 96,308,229.50 100.00
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
09/01/01 2 $289,609.78 00.30
11/01/96 1 $46,667.74 00.05
12/01/96 10 $1,115,551.64 01.16
01/01/97 36 $3,722,708.78 03.87
02/01/97 165 $18,156,893.62 18.85
03/01/97 279 $25,032,999.55 25.99
04/01/97 240 $24,503,449.37 25.44
05/01/97 85 $9,427,285.40 09.79
07/01/98 2 $108,634.81 00.11
08/01/98 20 $2,233,188.24 02.32
09/01/98 22 $2,502,872.25 02.60
10/01/98 58 $6,182,061.20 06.42
11/01/98 28 $2,870,307.12 02.98
10/01/99 1 $116,000.00 00.12
- --------------------------------------------------------------------------------
Total....... . 949 $96,308,229.50 100.00%
================================================================================
DISTRIBUTION OF
MINIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
5.00 < Life Floor <= 5.50 3 266,350.00 0.28
5.50 < Life Floor <= 6.00 5 753,841.56 0.78
6.00 < Life Floor <= 6.50 15 1,646,470.45 1.71
6.50 < Life Floor <= 7.00 36 4,355,654.05 4.52
7.00 < Life Floor <= 7.50 19 1,406,145.29 1.46
7.50 < Life Floor <= 8.00 29 3,453,482.59 3.59
8.00 < Life Floor <= 8.50 36 4,741,791.62 4.92
8.50 < Life Floor <= 9.00 102 11,893,848.77 12.35
9.00 < Life Floor <= 9.50 104 12,258,913.51 12.73
9.50 < Life Floor <= 10.00 138 15,241,009.77 15.83
10.00 < Life Floor <= 10.50 134 12,596,836.01 13.08
10.50 < Life Floor <= 11.00 112 10,453,794.08 10.85
11.00 < Life Floor <= 11.50 81 6,145,560.70 6.38
11.50 < Life Floor <= 12.00 68 6,397,825.63 6.64
12.00 < Life Floor <= 12.50 31 2,474,545.37 2.57
12.50 < Life Floor <= 13.00 26 1,332,733.27 1.38
13.00 < Life Floor <= 13.50 6 536,626.83 0.56
13.50 < Life Floor <= 14.00 1 30,550.00 0.03
14.00 < Life Floor <= 14.50 2 150,000.00 0.16
14.50 < Life Floor <= 15.00 1 172,250.00 0.18
- --------------------------------------------------------------------------------
Total................. 949 $ 96,308,229.50 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- ARMs (GROUP III)
- Cut Off Date of Tape is 11/2/96
- 6mo LIBORs
- $49,052,176.60
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 573
Aggregate Unpaid Principal Balance: $49,052,176.60
Aggregate Original Principal Balance: $49,088,938.00
- --------------------------------------------------------------------------------
Weighted Average Coupon (Net): 9.183%
Net Coupon Range: 6.503% - 13.063%
Weighted Average Coupon (Gross): 9.670%
Gross Coupon Range: 6.990% - 13.550%
- --------------------------------------------------------------------------------
Weighted Average Margin (Net): 5.764%
Net Margin Range: 3.338% - 9.513%
Weighted Average Life Cap (Net): 15.924%
Net Life Cap Range: 12.888% - 20.063%
Weighted Average Life Floor (Net): 8.652%
Net Life Floor Range: 4.743% - 13.063%
Weighted Average Margin (Gross): 6.251%
Gross Margin Range: 3.825% - 10.000%
Weighted Average Life Cap (Gross): 16.411%
Gross Life Cap Range: 13.375% - 20.550%
Weighted Average Life Floor (Gross): 9.140%
Gross Life Floor Range: 5.230% - 13.550%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $85,605.89
Average Original Principal Balance: $85,670.05
Maximum Unpaid Principal Balance: $205,000.00
Minimum Unpaid Principal Balance: $11,991.15
Maximum Original Principal Balance: $205,000.00
Minimum Original Principal Balance: $12,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 355.970
Stated Rem Term Range: 119.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.021
Age Range: 0.000 - 4.000
Weighted Average Original Term: 356.991
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 72.608
Original LTV Range: 22.000% - 80.000%
Weighted Average Current LTV: 72.555
Current LTV Range: 22.000% - 80.000%
Weighted Average Periodic Interest Cap: 1.045%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Months to Interest Roll: 8.47
Months to Interest Roll Range: 2 - 36
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AK 1 90,713.64 0.18
AL 4 140,341.10 0.29
AZ 15 1,262,912.90 2.57
CA 24 3,032,016.40 6.18
CO 14 1,237,258.23 2.52
CT 19 2,018,506.88 4.12
DC 5 492,560.00 1.00
DE 2 130,513.23 0.27
FL 9 776,836.99 1.58
GA 8 773,802.62 1.58
IA 3 106,587.93 0.22
ID 5 391,754.79 0.80
IL 31 2,928,293.95 5.97
IN 2 48,377.38 0.10
KS 3 180,403.79 0.37
MA 31 3,777,779.32 7.70
MD 16 1,400,211.98 2.85
MI 87 5,844,673.62 11.92
MN 53 4,592,087.03 9.36
MO 3 347,718.58 0.71
MT 5 413,670.26 0.84
NC 1 198,000.00 0.40
ND 1 62,400.00 0.13
NE 1 25,537.47 0.05
NH 4 308,568.33 0.63
NJ 13 1,380,347.90 2.81
NM 3 392,311.57 0.80
NV 10 586,059.05 1.19
NY 3 546,750.00 1.11
OH 18 1,201,665.31 2.45
OR 22 2,091,213.40 4.26
PA 19 1,328,167.19 2.71
RI 11 878,799.92 1.79
SC 1 139,200.00 0.28
SD 5 172,821.60 0.35
TN 3 302,697.18 0.62
TX 31 2,751,597.27 5.61
UT 10 827,517.58 1.69
VA 7 622,054.71 1.27
WA 29 2,807,988.79 5.72
WI 35 2,128,584.84 4.34
WV 1 66,344.47 0.14
WY 5 246,529.40 0.50
- --------------------------------------------------------------------------------
Total............... 573 $ 49,052,176.60 100.00%
================================================================================
COMBINED LOAN-TO-VALUE RATIOS
- --------------------------------------------------------------------------------
Aggregate Percent of
Combined Unpaid Aggregate
Loan-To-Value Number of Principal Principal
Ratio Loans Balance Balance
20.000 < CLTV <= 25.000 3 106,428.63 0.22
25.000 < CLTV <= 30.000 4 274,991.15 0.56
35.000 < CLTV <= 40.000 5 299,579.92 0.61
40.000 < CLTV <= 45.000 14 880,079.38 1.79
45.000 < CLTV <= 50.000 16 955,852.99 1.95
50.000 < CLTV <= 55.000 15 879,161.30 1.79
55.000 < CLTV <= 60.000 25 2,210,879.12 4.51
60.000 < CLTV <= 65.000 53 4,209,623.19 8.58
65.000 < CLTV <= 70.000 75 6,608,271.31 13.47
70.000 < CLTV <= 75.000 108 9,223,430.82 18.80
75.000 < CLTV <= 80.000 255 23,403,878.79 47.71
- --------------------------------------------------------------------------------
Total.................... 573 49,052,176.60 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
Distribution of Outstanding Loan Balances as of the Cut-Off Date
- --------------------------------------------------------------------------------
Aggregate Unpaid % of Aggr
Loan Balance Unpaid Loan
Range of Number of As of the Balance as of
Loan Balances Loans Cut-Off Date the Cut-Off Date
0 < Balance <= 50,000 142 5,276,332.31 10.76
50,000 < Balance <= 100,000 247 18,246,111.03 37.20
100,000 < Balance <= 150,000 124 15,026,244.92 30.63
150,000 < Balance <= 200,000 56 9,691,399.97 19.76
200,000 < Balance <= 250,000 4 812,088.37 1.66
- --------------------------------------------------------------------------------
Total.................... 573 49,052,176.60 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
1 Owner Occ. 512 44,326,581.29 90.37
1 Second Home 4 479,423.69 0.98
1 Non Owner Occ. 57 4,246,171.62 8.66
- --------------------------------------------------------------------------------
Total.................. 573 $ 49,052,176.60 100.00%
================================================================================
AGE IN MONTHS
- --------------------------------------------------------------------------------
Aggregate Percent of
Unpaid Aggregate
Number of Principal Principal
Age Loans Balance Balance
0 < Age <= 6 573 49,052,176.60 100.00
- --------------------------------------------------------------------------------
Total.................... 573 49,052,176.60 100.00%
================================================================================
LOAN PROPERTIES
- --------------------------------------------------------------------------------
Total
# Current %
Loan Feature Loan Balance Pool
3-4 Units 7 $819,853.88 1.67
CDO 24 $1,808,109.95 3.69
DUP 33 $2,532,269.03 5.16
DWH 9 $571,288.87 1.16
MOD 3 $143,532.51 .29
PUD 1 $119,747.94 .24
ROW 11 $753,549.81 1.54
SFR 465 $40,948,200.09 83.48
TWN 20 $1,355,624.52 2.76
- --------------------------------------------------------------------------------
Total..... 573 $49,052,176.60 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 2 55,537.47 0.11%
168 < Rem Term <= 180 10 492,510.94 1.00%
228 < Rem Term <= 240 4 380,293.36 0.78%
348 < Rem Term <= 360 557 48,123,834.83 98.11%
- --------------------------------------------------------------------------------
Total............ 573 49,052,176.60 100.00%
================================================================================
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% < Gross Coupon <= 7.00% 1 73,600.00 0.15
7.00% < Gross Coupon <= 7.50% 13 1,357,042.45 2.77
7.50% < Gross Coupon <= 8.00% 17 1,495,573.45 3.05
8.00% < Gross Coupon <= 8.50% 51 4,583,091.63 9.34
8.50% < Gross Coupon <= 9.00% 80 8,158,207.39 16.63
9.00% < Gross Coupon <= 9.50% 94 8,089,841.84 16.49
9.50% < Gross Coupon <= 10.00% 116 9,880,643.21 20.14
10.00% < Gross Coupon <= 10.50% 55 4,447,335.39 9.07
10.50% < Gross Coupon <= 11.00% 67 5,217,642.92 10.64
11.00% < Gross Coupon <= 11.50% 28 2,172,951.74 4.43
11.50% < Gross Coupon <= 12.00% 26 1,933,840.31 3.94
12.00% < Gross Coupon <= 12.50% 12 733,422.90 1.50
12.50% < Gross Coupon <= 13.00% 11 800,483.37 1.63
13.00% < Gross Coupon <= 13.50% 1 13,500.00 0.03
13.50% < Gross Coupon <= 14.00% 1 95,000.00 0.19
- --------------------------------------------------------------------------------
Total.......... 573 $ 49,052,176.60 100.00%
================================================================================
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.00 < Life Cap <= 13.50 3 317,821.00 0.65
13.50 < Life Cap <= 14.00 4 324,060.00 0.66
14.00 < Life Cap <= 14.50 20 2,147,166.75 4.38
14.50 < Life Cap <= 15.00 34 3,181,090.65 6.49
15.00 < Life Cap <= 15.50 65 5,409,543.00 11.03
15.50 < Life Cap <= 16.00 95 9,174,252.03 18.70
16.00 < Life Cap <= 16.50 81 6,851,496.53 13.97
16.50 < Life Cap <= 17.00 106 8,469,122.38 17.27
17.00 < Life Cap <= 17.50 54 4,247,393.49 8.66
17.50 < Life Cap <= 18.00 53 4,376,701.75 8.92
18.00 < Life Cap <= 18.50 26 2,065,490.18 4.21
18.50 < Life Cap <= 19.00 21 1,608,680.23 3.28
19.00 < Life Cap <= 19.50 5 358,275.00 0.73
19.50 < Life Cap <= 20.00 5 426,083.61 0.87
20.50 < Life Cap <= 21.00 1 95,000.00 0.19
- --------------------------------------------------------------------------------
Total................. 573 $ 49,052,176.60 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
GROSS MARGIN
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Gross Margin Loans Balance Balance
3.75% < Margin <= 4.00% 2 261,500.00 .53
4.00% < Margin <= 4.25% 2 134,000.00 .27
4.25% < Margin <= 4.50% 5 456,473.00 .93
4.50% < Margin <= 4.75% 8 804,422.65 1.64
4.75% < Margin <= 5.00% 18 1,703,557.06 3.47
5.00% < Margin <= 5.25% 35 3,037,404.72 6.19
5.25% < Margin <= 5.50% 45 4,398,553.20 8.97
5.50% < Margin <= 5.75% 39 3,733,806.29 7.61
5.75% < Margin <= 6.00% 61 5,547,671.55 11.31
6.00% < Margin <= 6.25% 83 7,291,193.04 14.86
6.25% < Margin <= 6.50% 60 5,371,094.90 10.95
6.50% < Margin <= 6.75% 56 4,970,228.96 10.13
6.75% < Margin <= 7.00% 51 3,991,819.20 8.14
7.00% < Margin <= 7.25% 28 2,115,232.82 4.31
7.25% < Margin <= 7.50% 20 1,790,887.65 3.65
7.50% < Margin <= 7.75% 17 831,577.92 1.70
7.75% < Margin <= 8.00% 11 832,882.12 1.70
8.00% < Margin <= 8.25% 8 364,360.77 .74
8.25% < Margin <= 8.50% 7 495,786.56 1.01
8.50% < Margin <= 8.75% 5 321,155.68 .65
8.75% < Margin <= 9.00% 3 286,921.96 .58
9.00% < Margin <= 9.25% 3 114,456.17 .23
9.25% < Margin <= 9.50% 1 45,000.00 .09
9.50% < Margin <= 9.75% 1 58,790.62 .12
9.75% < Margin <= 10.00% 4 93,399.76 .19
- -------------------------------------------------------------- ----------------
Total.................... 573 49,052,176.60 100.00
============================================================== ================
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Of
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
12/01/96 5 $562,939.19 01.15
01/01/97 29 $2,178,063.77 04.44
02/01/97 92 $8,943,905.38 18.23
03/01/97 146 $11,343,772.93 23.13
04/01/97 141 $11,147,948.09 22.73
05/01/97 63 $5,667,346.00 11.55
08/01/98 11 $1,025,360.88 02.09
09/01/98 20 $1,921,568.57 03.92
10/01/98 35 $3,132,070.75 06.39
11/01/98 27 $2,679,125.00 05.46
08/01/99 2 $180,576.04 00.37
09/01/99 1 $85,500.00 00.17
10/01/99 1 $184,000.00 00.38
- --------------------------------------------------------------------------------
Total....... . 573 $49,052,176.60 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
DISTRIBUTION OF
MINIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
5.00 < Life Floor <= 5.50 5 348,911.05 0.71
5.50 < Life Floor <= 6.00 10 856,692.98 1.75
6.00 < Life Floor <= 6.50 28 3,097,674.56 6.32
6.50 < Life Floor <= 7.00 23 2,603,142.20 5.31
7.00 < Life Floor <= 7.50 24 2,277,517.71 4.64
7.50 < Life Floor <= 8.00 22 1,778,307.12 3.63
8.00 < Life Floor <= 8.50 48 4,366,845.24 8.90
8.50 < Life Floor <= 9.00 62 6,024,562.08 12.28
9.00 < Life Floor <= 9.50 77 6,350,660.83 12.95
9.50 < Life Floor <= 10.00 103 8,369,326.21 17.06
10.00 < Life Floor <= 10.50 47 3,890,908.63 7.93
10.50 < Life Floor <= 11.00 53 3,938,345.89 8.03
11.00 < Life Floor <= 11.50 27 2,075,697.86 4.23
11.50 < Life Floor <= 12.00 21 1,549,975.42 3.16
12.00 < Life Floor <= 12.50 12 733,422.90 1.50
12.50 < Life Floor <= 13.00 10 695,185.92 1.42
13.50 < Life Floor <= 14.00 1 95,000.00 0.19
- --------------------------------------------------------------------------------
Total................. 573 $ 49,052,176.60 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
