- --------------------------------------------------------------------------------
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) February 25, 1997
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
1997-1 Mortgage Loan Pass- Through Certificates, Series 1997-1, 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.I
(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 1997-1
By: /s/ Dan J. Cheever
-------------------------------------
Name: Dan J. Cheever
Title: Chief Financial Officer
and Secretary
Dated: March 4, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational
Materials (as defined
in Item 5 above).
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1997-1
Mortgage Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
ACCESS 1997-1 [$273,599,000]
---------------------------------------------
$[ 63,500,000] Class A-1 Variable-Rate Certificates - 1M LIBOR [8.5]bp
$[ 30,200,000] Class A-2 Fixed-Rate Certificates - [6.600]%
$[ 21,300,000] Class A-3 Fixed-Rate Certificates - [6.925]%
$[ 19,733,000] Class A-4 Fixed-Rate Certificates - [7.275]%
$[138,866,000] Class A-5 Variable-Rate Certificates - 1M LIBOR + [20]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 PSI 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 1997-1
Mortgage Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
- --------------------------------------------------------------------------------
GROUP I
CLASS A GROUP I CERTIFICATES
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4
Variable-Rate Fixed-Rate Fixed-Rate Fixed-Rate
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Approximate
Face Amount: $[63,500,000] $[30,200,000] $[21,300,000] $[19,733,000]
Avg Life: [1.05]yrs [3.05]yrs [5.21]yrs [9.57]yrs
Avg Life
to Call: [1.05]yrs [3.05]yrs [5.21]yrs [7.84]yrs
Coupon: 1M L +[]bps* [.%] [.%] [.%] or [.%]+0.50%
after Auction Call Date
Price: [100-00] [] [] []
Yield (CBE): Variable [.] [.] [.]
Spread: [] [] [] []
Pricing Spd: [24]% HEP [24]% HEP [24]% HEP [24]% HEP
Settlement: [2/28/97] [2/28/97] [2/28/97] [2/28/97]
1st Payment
(years): [0.05] [2.22] [4.13] [6.63]
Exp. Mat: [05/18/99] [04/18/01] [10/18/03] [06/18/12]
Exp. Mat
to Call: [05/18/99] [04/18/01] [10/18/03] [04/18/05]
Final Mat: [12/18/11] [06/18/13] [03/18/22] [3/18/27]
Day Count: Actual/360 30/360 30/360 30/360
Pymt Delay: 0 days 16 days 16 days 16 days
Dated Date: [2/28/97] 2/02/97 2/02/97 2/02/97
Pymt Terms: Monthly Monthly Monthly Monthly
1st Pymt Date: 3/18/97 3/18/97 3/18/97 3/18/97
</TABLE>
*Pass-Through Rate is the lesser of:
1) One Month LIBOR + []bps
2) The Available Funds Cap
Available Funds Cap: A rate equal to the weighted average gross
coupon rate less [0.7475%] 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
is not exercised (within 90 days), the coupon
on the Class A-4 Fixed-Rate Certificates
shall be [.%] + 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 1997-1
Mortgage Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
- --------------------------------------------------------------------------------
GROUP II
CLASS A GROUP II CERTIFICATES
Class A-5
Variable-Rate
-------------
Approximate Face Amount: [$138,870,000]
Average Life to Mat: [3.40] years
Average Life to Call: [3.13] years
Pass-Through Rate: The lesser of:
1) One Month LIBOR + [] bps
2) The Available Funds Cap
Price: [100-00]
Yield: Variable
Pricing Speed: [25%] HEP
Settlement: [2/28/97]
1st Payment
(years): [0.05]
Exp Maturity: [01/18/15]
Exp Maturity to Call: [04/18/05]
Final Maturity: [3/18/27]
Day Count: actual/360
Payment Delay: 0 days.
Dated Date: [2/28/97]
Payment Terms: Monthly.
1st Payment Date: [3/18/97]
Available Funds Cap: A rate equal to the weighted average gross
coupon rate minus the [0.7475%] for servicing
fees, trustee fees and certificate insurer
premiums and [0.50]% for insurance cushion
beginning in month 13 for the Group II
adjustable-rate mortgage loans for such
Payment Date.
Shortfall Reimbursement: If on any Payment Date the Class A-5
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-5
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 1997-1
Mortgage Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
Title of Securities: Access Financial Mortgage Loan Trust 1997-1, Mortgage
Loan Pass-Through Certificates, Series 1997-1
Group I: Class A-1, A-2, A-3, and A-4 (the
"Group I Certificates").
Group II: Class A-5 (the "Group II Certificates").
Company/
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 $[134,733,000.00]
Group II $[138,870,000.00]
Pricing Date: [February [], 1997]
Settlement Date: [February [28], 1997]
Payment Date: The 18th day of each month (or, if such date is not a
business day, the next succeeding business day)
commencing March 18, 1997.
Record Date: -Class A-2, A-3, and A-4 - The first day of the
calendar month of the related Payment Date.
-Class A-1 and A-5 - The day preceding the related
Payment Date.
Interest Accrual: -Class A-2, A-3, and A-4 - 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, based on a 30/360 day count.
-Class A-1 and A-5 - The previous month's Payment Date
to the day preceding the related Payment Date, based on
an actual/360 day count.
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.
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 1997-1
Mortgage Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Overcollateralization
- Cross-collateralization
- 100% wrap from FSA guaranteeing timely interest
and ultimate principal.
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 Company 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.
Auction Call: If the Company 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 Company does not exercise the 10% Cleanup Call
and the Auction Call is not exercised, the coupon rate
on the Class A-4 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 PSI's 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>
BOND A1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.3750
CURRENT BALANCE: $63,500,000.00 DATED DATE: 02/28/97
CURRENT COUPON: TBD FIRST PAYMENT: 03/18/97
FACTOR: 1.0000000000 TOTAL CLASSES: 5
ORIGINAL BALANCE: $63,500,000.00 YIELD TABLE DATE: 02/28/97
PRICING SPEED
24.0% GP I
25.0% GP II 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 32.422 24.582 27.259 29.006 34.914 37.363
99-24+ 30.893 23.544 26.053 27.691 33.229 35.524
99-25 29.365 22.506 24.848 26.376 31.545 33.687
99-25+ 27.837 21.468 23.643 25.062 29.860 31.849
99-26 26.309 20.431 22.438 23.748 28.177 30.012
99-26+ 24.781 19.394 21.233 22.434 26.493 28.176
99-27 23.254 18.357 20.029 21.120 24.810 26.339
99-27+ 21.727 17.320 18.825 19.807 23.127 24.504
99-28 20.200 16.284 17.621 18.494 21.445 22.668
99-28+ 18.674 15.247 16.417 17.181 19.763 20.833
99-29 17.148 14.211 15.214 15.869 18.082 18.999
99-29+ 15.623 13.175 14.011 14.556 16.400 17.165
99-30 14.097 12.140 12.808 13.245 14.720 15.331
99-30+ 12.573 11.105 11.606 11.933 13.039 13.498
99-31 11.048 10.069 10.404 10.622 11.359 11.665
99-31+ 9.524 9.035 9.202 9.311 9.679 9.832
100-00 8.000 8.000 8.000 8.000 8.000 8.000
100-00+ 6.476 6.966 6.799 6.690 6.321 6.168
100-01 4.953 5.931 5.598 5.380 4.642 4.337
100-01+ 3.430 4.898 4.397 4.070 2.964 2.506
100-02 1.908 3.864 3.196 2.760 1.286 0.675
First Payment 0.050 0.050 0.050 0.050 0.050 0.050
Average Life 1.051 1.582 1.349 1.231 0.950 0.867
Last Payment 2.217 3.467 2.883 2.633 1.967 1.800
Mod.Dur. @ 100-00 0.986 1.454 1.251 1.147 0.895 0.820
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>
BOND A2 PRICE-YIELD TABLE
PREPAYMENT SPEED
CURRENT BALANCE: $30,200,000.00 DATED DATE: 02/02/97
COUPON: TBD FIRST PAYMENT: 03/18/97
FACTOR: 1.0000000000 TOTAL CLASSES: 5
ORIGINAL BALANCE: $30,200,000.00 YIELD TABLE DATE: 02/28/97
<TABLE>
<CAPTION>
PRICING SPEED
24.0% GP I
25.0% GP II 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.663 6.664 6.664 6.664 6.663 6.663
99-24+ 6.658 6.660 6.659 6.659 6.657 6.656
99-25 6.652 6.656 6.655 6.654 6.650 6.648
99-25+ 6.646 6.653 6.650 6.649 6.644 6.641
99-26 6.640 6.649 6.646 6.644 6.637 6.634
99-26+ 6.634 6.645 6.641 6.639 6.631 6.627
99-27 6.628 6.641 6.637 6.634 6.624 6.620
99-27+ 6.623 6.637 6.632 6.629 6.618 6.612
99-28 6.617 6.633 6.628 6.624 6.611 6.605
99-28+ 6.611 6.629 6.623 6.619 6.605 6.598
99-29 6.605 6.625 6.619 6.614 6.598 6.591
99-29+ 6.599 6.621 6.614 6.609 6.592 6.584
99-30 6.594 6.618 6.610 6.604 6.585 6.576
99-30+ 6.588 6.614 6.605 6.599 6.579 6.569
99-31 6.582 6.610 6.601 6.595 6.572 6.562
99-31+ 6.576 6.606 6.596 6.590 6.566 6.555
100-00 6.570 6.602 6.592 6.585 6.559 6.547
100-00+ 6.564 6.598 6.587 6.580 6.553 6.540
100-01 6.559 6.594 6.583 6.575 6.546 6.533
100-01+ 6.553 6.590 6.578 6.570 6.540 6.526
100-02 6.547 6.586 6.574 6.565 6.533 6.519
100-02+ 6.541 6.583 6.569 6.560 6.527 6.512
100-03 6.535 6.579 6.565 6.555 6.520 6.504
100-03+ 6.530 6.575 6.560 6.550 6.514 6.497
100-04 6.524 6.571 6.556 6.545 6.507 6.490
100-04+ 6.518 6.567 6.551 6.540 6.501 6.483
100-05 6.512 6.563 6.547 6.535 6.494 6.476
100-05+ 6.506 6.559 6.542 6.530 6.488 6.468
100-06 6.500 6.555 6.538 6.525 6.481 6.461
100-06+ 6.495 6.552 6.533 6.520 6.475 6.454
100-07 6.489 6.548 6.529 6.516 6.468 6.447
100-07+ 6.483 6.544 6.524 6.511 6.462 6.440
First Payment 2.217 3.467 2.883 2.633 1.967 1.800
Average Life 3.053 4.844 4.069 3.667 2.702 2.414
Last Payment 4.133 6.467 5.467 4.967 3.633 3.217
Mod.Dur. @ 100-00 2.673 4.004 3.447 3.148 2.393 2.159
</TABLE>
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>
BOND A3 PRICE-YIELD TABLE
PREPAYMENT SPEED
CURRENT BALANCE: $21,300,000.00 DATED DATE: 02/02/97
COUPON: TBD FIRST PAYMENT: 03/18/97
FACTOR: 1.0000000000 TOTAL CLASSES: 5
ORIGINAL BALANCE: $21,300,000.00 YIELD TABLE DATE: 02/28/97
<TABLE>
<CAPTION>
PRICING SPEED
24.0% GP I
25.0% GP II 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-21 7.018 7.012 7.014 7.015 7.020 7.022
99-21+ 7.014 7.010 7.011 7.012 7.016 7.017
99-22 7.010 7.007 7.008 7.009 7.011 7.013
99-22+ 7.007 7.005 7.005 7.006 7.007 7.008
99-23 7.003 7.002 7.002 7.003 7.003 7.004
99-23+ 6.999 6.999 6.999 6.999 6.999 6.999
99-24 6.996 6.997 6.996 6.996 6.995 6.995
99-24+ 6.992 6.994 6.994 6.993 6.991 6.990
99-25 6.988 6.992 6.991 6.990 6.987 6.986
99-25+ 6.984 6.989 6.988 6.987 6.983 6.981
99-26 6.981 6.987 6.985 6.983 6.979 6.976
99-26+ 6.977 6.984 6.982 6.980 6.975 6.972
99-27 6.973 6.981 6.979 6.977 6.970 6.967
99-27+ 6.970 6.979 6.976 6.974 6.966 6.963
99-28 6.966 6.976 6.973 6.971 6.962 6.958
99-28+ 6.962 6.974 6.970 6.968 6.958 6.954
99-29 6.959 6.971 6.967 6.964 6.954 6.949
99-29+ 6.955 6.969 6.964 6.961 6.950 6.945
99-30 6.951 6.966 6.961 6.958 6.946 6.940
99-30+ 6.948 6.963 6.958 6.955 6.942 6.936
99-31 6.944 6.961 6.955 6.952 6.938 6.931
99-31+ 6.940 6.958 6.953 6.949 6.934 6.927
100-00 6.937 6.956 6.950 6.945 6.930 6.922
100-00+ 6.933 6.953 6.947 6.942 6.926 6.918
100-01 6.929 6.951 6.944 6.939 6.921 6.913
100-01+ 6.925 6.948 6.941 6.936 6.917 6.909
100-02 6.922 6.946 6.938 6.933 6.913 6.904
100-02+ 6.918 6.943 6.935 6.930 6.909 6.900
100-03 6.914 6.940 6.932 6.926 6.905 6.895
100-03+ 6.911 6.938 6.929 6.923 6.901 6.891
100-04 6.907 6.935 6.926 6.920 6.897 6.886
100-04+ 6.903 6.933 6.923 6.917 6.893 6.882
First Payment 4.133 6.467 5.467 4.967 3.633 3.217
Average Life 5.207 8.243 6.939 6.260 4.604 4.110
Last Payment 6.633 10.383 8.800 7.967 5.883 5.217
Mod.Dur. @ 99-29 4.221 6.061 5.318 4.904 3.807 3.455
</TABLE>
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>
BOND A4 PRICE-YIELD TABLE
********* TO CALL *********
PREPAYMENT SPEED
CURRENT BALANCE: $19,733,000.00 DATED DATE: 02/02/97
COUPON: TBD FIRST PAYMENT: 03/18/97
FACTOR: 1.0000000000 TOTAL CLASSES: 5
ORIGINAL BALANCE: $19,733,000.00 YIELD TABLE DATE: 02/28/97
<TABLE>
<CAPTION>
PRICING SPEED
24.0% GP I
25.0% GP II 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.329 7.331 7.330 7.330 7.329 7.328
99-24+ 7.327 7.329 7.328 7.328 7.326 7.325
99-25 7.324 7.327 7.326 7.325 7.323 7.322
99-25+ 7.321 7.325 7.324 7.323 7.320 7.319
99-26 7.318 7.323 7.322 7.321 7.317 7.315
99-26+ 7.316 7.321 7.319 7.318 7.314 7.312
99-27 7.313 7.319 7.317 7.316 7.311 7.309
99-27+ 7.310 7.317 7.315 7.314 7.308 7.306
99-28 7.308 7.315 7.313 7.311 7.305 7.303
99-28+ 7.305 7.313 7.311 7.309 7.302 7.299
99-29 7.302 7.311 7.308 7.307 7.300 7.296
99-29+ 7.300 7.309 7.306 7.304 7.297 7.293
99-30 7.297 7.307 7.304 7.302 7.294 7.290
99-30+ 7.294 7.305 7.302 7.300 7.291 7.287
99-31 7.291 7.303 7.300 7.297 7.288 7.283
99-31+ 7.289 7.301 7.298 7.295 7.285 7.280
100-00 7.286 7.299 7.295 7.293 7.282 7.277
100-00+ 7.283 7.298 7.293 7.290 7.279 7.274
100-01 7.281 7.296 7.291 7.288 7.276 7.271
100-01+ 7.278 7.294 7.289 7.286 7.273 7.267
100-02 7.275 7.292 7.287 7.283 7.270 7.264
100-02+ 7.273 7.290 7.285 7.281 7.267 7.261
100-03 7.270 7.288 7.282 7.279 7.265 7.258
100-03+ 7.267 7.286 7.280 7.276 7.262 7.255
100-04 7.265 7.284 7.278 7.274 7.259 7.251
100-04+ 7.262 7.282 7.276 7.272 7.256 7.248
100-05 7.259 7.280 7.274 7.269 7.253 7.245
100-05+ 7.257 7.278 7.272 7.267 7.250 7.242
100-06 7.254 7.276 7.269 7.265 7.247 7.239
100-06+ 7.251 7.274 7.267 7.262 7.244 7.236
100-07 7.248 7.272 7.265 7.260 7.241 7.232
100-07+ 7.246 7.270 7.263 7.258 7.238 7.229
First Payment 6.633 10.383 8.800 7.967 5.883 5.217
Average Life 7.835 12.567 10.614 9.586 7.044 6.265
Last Payment 8.133 13.217 11.133 10.050 7.383 6.550
Mod.Dur. @ 100-00 5.779 7.976 7.159 6.679 5.331 4.866
</TABLE>
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>
BOND A5 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.3750
********* TO CALL *********
CURRENT BALANCE: $138,870,000.00 DATED DATE: 02/28/97
CURRENT COUPON: TBD FIRST PAYMENT: 03/18/97
FACTOR: 1.0000000000 TOTAL CLASSES: 5
ORIGINAL BALANCE: $138,870,000.00 YIELD TABLE DATE: 02/28/97
<TABLE>
<CAPTION>
PRICING SPEED
24.0% GP I
25.0% GP II 15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 29.055 26.015 26.918 27.528 29.711 30.685
99-24+ 28.488 25.639 26.485 27.057 29.103 30.016
99-25 27.921 25.262 26.052 26.585 28.495 29.347
99-25+ 27.354 24.885 25.619 26.114 27.887 28.678
99-26 26.788 24.509 25.186 25.643 27.279 28.010
99-26+ 26.221 24.133 24.753 25.172 26.672 27.341
99-27 25.655 23.756 24.320 24.701 26.064 26.673
99-27+ 25.089 23.380 23.888 24.230 25.457 26.005
99-28 24.523 23.004 23.455 23.760 24.850 25.337
99-28+ 23.957 22.628 23.023 23.289 24.243 24.669
99-29 23.391 22.253 22.591 22.819 23.637 24.002
99-29+ 22.825 21.877 22.159 22.349 23.030 23.334
99-30 22.260 21.501 21.727 21.879 22.424 22.667
99-30+ 21.695 21.126 21.295 21.409 21.818 22.000
99-31 21.130 20.750 20.863 20.939 21.212 21.333
99-31+ 20.565 20.375 20.431 20.470 20.606 20.667
100-00 20.000 20.000 20.000 20.000 20.000 20.000
100-00+ 19.435 19.625 19.569 19.531 19.394 19.334
100-01 18.871 19.250 19.137 19.061 18.789 18.667
100-01+ 18.307 18.875 18.706 18.592 18.184 18.001
100-02 17.742 18.500 18.275 18.123 17.579 17.336
100-02+ 17.178 18.126 17.844 17.654 16.974 16.670
100-03 16.614 17.751 17.414 17.185 16.369 16.005
100-03+ 16.051 17.377 16.983 16.717 15.764 15.339
100-04 15.487 17.002 16.552 16.248 15.160 14.674
100-04+ 14.924 16.628 16.122 15.780 14.556 14.009
100-05 14.360 16.254 15.692 15.312 13.952 13.344
100-05+ 13.797 15.880 15.261 14.844 13.348 12.680
100-06 13.234 15.506 14.831 14.376 12.744 12.015
100-06+ 12.672 15.132 14.401 13.908 12.140 11.351
100-07 12.109 14.759 13.972 13.440 11.537 10.687
100-07+ 11.546 14.385 13.542 12.972 10.933 10.023
First Payment 0.050 0.050 0.050 0.050 0.050 0.050
Average Life 3.133 5.136 4.316 3.896 2.888 2.589
Last Payment 8.133 13.217 11.133 10.050 7.383 6.550
Mod.Dur. @ 100-00 2.662 4.008 3.485 3.203 2.482 2.256
</TABLE>
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>
AVAILABLE FUNDS CAP ON A5
30/360 DAY COUNT BASIS
AVAILABLE FUNDS CAP = CURRENT GROSS WAC ON GROUP II COLLATERAL - 48.75BP
(SERVICE FEE) - 26BP (SURETY + TRUSTEE)- 50BP
(SURETY CUSHION STARTING ON MTH 13)
DATE COUPON
- -------------
03/97 9.353
04/97 9.353
05/97 9.424
06/97 9.619
07/97 9.865
08/97 10.076
09/97 10.076
10/97 10.076
11/97 10.130
12/97 10.323
01/98 10.570
02/98 10.784
03/98 10.284
04/98 10.284
05/98 10.284
06/98 10.314
07/98 10.386
08/98 10.437
09/98 10.437
10/98 10.437
11/98 10.437
12/98 10.437
01/99 10.743
02/99 10.743
03/99 10.744
04/99 10.744
05/99 10.744
06/99 10.744
07/99 10.744
08/99 10.744
09/99 10.744
10/99 10.744
11/99 10.744
12/99 10.744
01/00 10.755 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>
- --------------------------------------------------------------------------------
- ACCESS 71
- FIX ( GP I)
- $134,737,711.47
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,190
Aggregate Unpaid Principal Balance: $134,737,711.47
Aggregate Original Principal Balance: $135,078,780.22
Weighted Average Gross Coupon: 11.586%
Gross Coupon Range: 7.000% - 19.500%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $61,524.07
Average Original Principal Balance: $61,679.81
Maximum Unpaid Principal Balance: $420,000.00
Minimum Unpaid Principal Balance: $9,848.77
Maximum Original Principal Balance: $420,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 242.201
Stated Rem Term Range: 5.000 - 360.000
Weighted Avg. Amortized Rem. Term: 321.857
Amortized Rem Term Range: 60.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 2.271
Age Range: 0.000 - 102.000
Weighted Average Original Term: 244.472
Original Term Range: 60.000 - 362.000
Weighted Average Original LTV: 74.730
Original LTV Range: 7.000% - 90.000%
Weighted Average Combined LTV: 76.406
Combined LTV Range: 10.000% - 90.000%
- --------------------------------------------------------------------------------
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
AL 214 11,179,155.30 8.30
AR 5 695,916.72 0.52
AZ 5 262,447.66 0.19
CA 29 3,123,076.47 2.32
CO 13 804,519.31 0.60
CT 5 236,533.27 0.18
DC 5 634,588.28 0.47
DE 6 432,058.51 0.32
FL 213 13,420,480.85 9.96
GA 169 12,805,126.50 9.50
IA 10 516,663.78 0.38
ID 4 231,450.00 0.17
IL 68 5,352,691.04 3.97
IN 78 3,177,813.80 2.36
KS 6 243,943.47 0.18
KY 17 928,546.69 0.69
LA 64 3,034,614.08 2.25
MA 6 528,371.14 0.39
MD 53 5,325,301.44 3.95
ME 1 72,250.00 0.05
MI 245 13,682,462.82 10.15
MN 103 6,431,089.64 4.77
MO 29 1,803,679.63 1.34
MS 47 1,744,829.81 1.29
MT 1 109,800.00 0.08
NC 132 7,716,982.22 5.73
ND 1 31,500.00 0.02
NE 5 272,943.86 0.20
NJ 43 3,905,387.77 2.90
NM 7 391,005.91 0.29
NV 12 1,591,153.06 1.18
NY 22 2,359,034.76 1.75
OH 130 7,024,237.44 5.21
OK 5 191,563.45 0.14
OR 13 679,378.34 0.50
PA 27 1,781,928.69 1.32
RI 4 150,162.17 0.11
SC 156 7,222,004.71 5.36
TN 42 3,054,692.00 2.27
TX 95 5,839,452.39 4.33
UT 23 1,444,931.62 1.07
VA 15 1,070,248.87 0.79
WA 4 159,100.95 0.12
WI 50 2,768,622.06 2.05
WV 4 207,993.73 0.15
WY 4 97,977.26 0.07
- --------------------------------------------------------------------------
Total............... 2190 $134,737,711.47 100.00%
==========================================================================
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
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
5.000 <Comb LTV<= 10.000 1 19,000.00 0.01
10.000 <Comb LTV<= 15.000 3 56,336.00 0.04
15.000 <Comb LTV<= 20.000 3 92,000.00 0.07
20.000 <Comb LTV<= 25.000 8 129,836.04 0.10
25.000 <Comb LTV<= 30.000 13 311,495.18 0.23
30.000 <Comb LTV<= 35.000 20 444,060.30 0.33
35.000 <Comb LTV<= 40.000 24 709,762.98 0.53
40.000 <Comb LTV<= 45.000 44 1,556,954.92 1.16
45.000 <Comb LTV<= 50.000 61 2,245,175.88 1.67
50.000 <Comb LTV<= 55.000 54 2,264,016.76 1.68
55.000 <Comb LTV<= 60.000 90 3,883,474.46 2.88
60.000 <Comb LTV<= 65.000 150 7,204,280.71 5.35
65.000 <Comb LTV<= 70.000 252 12,419,804.27 9.22
70.000 <Comb LTV<= 75.000 382 23,726,485.57 17.61
75.000 <Comb LTV<= 80.000 597 39,849,066.22 29.58
80.000 <Comb LTV<= 85.000 290 22,440,875.05 16.66
85.000 <Comb LTV<= 90.000 198 17,385,087.13 12.90
- --------------------------------------------------------------------------
Total.................... 2190 $134,737,711.47 100.00%
==========================================================================
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% 4 292,166.68 0.22
7.00% < Gross Coupon <= 7.50% 3 272,214.20 0.20
7.50% < Gross Coupon <= 7.75% 1 38,603.87 0.03
7.75% < Gross Coupon <= 8.00% 11 466,151.71 0.35
8.00% < Gross Coupon <= 8.25% 3 447,108.81 0.33
8.25% < Gross Coupon <= 8.50% 2 149,664.16 0.11
8.50% < Gross Coupon <= 8.75% 1 56,000.00 0.04
8.75% < Gross Coupon <= 9.00% 15 867,919.48 0.64
9.00% < Gross Coupon <= 9.25% 15 1,275,112.98 0.95
9.25% < Gross Coupon <= 9.50% 40 3,064,969.91 2.27
9.50% < Gross Coupon <= 9.75% 29 1,854,487.07 1.38
9.75% < Gross Coupon <=10.00% 106 7,792,001.95 5.78
10.00% < Gross Coupon <= 10.25% 41 3,372,288.26 2.50
10.25% < Gross Coupon <= 10.50% 142 9,633,689.91 7.15
10.50% < Gross Coupon <= 10.75% 101 6,911,412.16 5.13
10.75% < Gross Coupon <= 11.00% 212 13,838,601.57 10.27
11.00% < Gross Coupon <= 11.25% 107 6,588,031.80 4.89
11.25% < Gross Coupon <= 11.50% 167 11,522,288.83 8.55
11.50% < Gross Coupon <= 11.75% 111 7,411,393.84 5.50
11.75% < Gross Coupon <= 12.00% 247 14,865,698.78 11.03
12.00% < Gross Coupon <= 12.25% 107 6,785,639.33 5.04
12.25% < Gross Coupon <= 12.50% 150 9,200,758.85 6.83
12.50% < Gross Coupon <= 12.75% 88 4,966,263.42 3.69
12.75% < Gross Coupon <= 13.00% 144 7,736,327.62 5.74
13.00% < Gross Coupon <= 13.25% 52 2,490,497.41 1.85
13.25% < Gross Coupon <= 13.50% 67 3,440,155.06 2.55
13.50% < Gross Coupon <= 13.75% 40 1,993,727.39 1.48
13.75% < Gross Coupon <= 14.00% 67 2,918,625.21 2.17
14.00% < Gross Coupon <= 14.25% 16 870,932.48 0.65
14.25% < Gross Coupon <= 14.50% 30 1,238,120.35 0.92
14.50% < Gross Coupon <= 14.75% 14 450,108.83 0.33
14.75% < Gross Coupon <= 15.00% 15 666,302.30 0.49
15.00% < Gross Coupon <= 15.25% 5 210,050.00 0.16
15.25% < Gross Coupon <= 15.50% 6 139,536.87 0.10
15.50% < Gross Coupon <= 15.75% 3 92,100.00 0.07
15.75% < Gross Coupon <= 16.00% 11 363,047.99 0.27
16.25% < Gross Coupon <= 16.50% 1 33,978.53 0.03
16.50% < Gross Coupon <= 16.75% 2 72,315.00 0.05
16.75% < Gross Coupon <= 17.00% 2 40,438.22 0.03
17.00% < Gross Coupon <= 17.25% 1 32,800.00 0.02
17.25% < Gross Coupon <= 17.50% 3 75,750.00 0.06
17.50% < Gross Coupon <= 18.00% 3 75,158.45 0.06
18.00% < Gross Coupon <= 19.50 5 125,272.19 0.09
- ----------------------------------------------------------------------------
Total.......... 2190 $134,737,711.47 100.00%
============================================================================
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>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 50,000 1120 37,501,196.03 27.83
50,000 < Balance <= 100,000 782 54,276,511.92 40.28
100,000 < Balance <= 150,000 203 24,322,399.27 18.05
150,000 < Balance <= 200,000 49 8,362,668.97 6.21
200,000 < Balance <= 250,000 12 2,698,735.19 2.00
250,000 < Balance <= 300,000 14 3,939,719.93 2.92
300,000 < Balance <= 350,000 5 1,628,298.65 1.21
350,000 < Balance <= 400,000 2 761,044.21 0.56
400,000 < Balance <= 450,000 3 1,247,137.30 0.93
- --------------------------------------------------------------------------
Total.................... 2190 $134,737,711.47 100.00%
==========================================================================
LIEN STATUS AND OCCUPANCY STATUS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1st Lien Owner Occ 1872 120,964,768.51 89.78
1st Lien Non Owner Occ 176 8,521,555.63 6.32
1st Lien Second 11 566,099.35 0.42
2nd Lien Owner Occ 128 4,516,489.98 3.35
2nd Lien Non Owner Occ 1 94,898.00 0.07
2nd Lien Second 2 73,900.00 0.05
- --------------------------------------------------------------------------
Total............... 2190 $134,737,711.47 100.00%
==========================================================================
AGE OF LOAN
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 611 37,027,992.00 27.48%
0 < Age <= 12 1,532 95,208,567.80 70.66%
12 < Age <= 24 19 980,869.28 0.73%
24 < Age <= 36 7 375,711.47 0.28%
36 < Age <= 48 7 440,244.30 0.33%
48 < Age <= 60 4 202,928.28 0.15%
60 < Age <= 72 4 225,384.10 0.17%
72 < Age <= 84 4 84,095.21 0.06%
84 < Age <= 96 1 79,203.30 0.06%
96 < Age <= 108 1 112,715.73 0.08%
- -------------------------------------------------------------------
Total............ 2,190 134,737,711.47 100.00%
===================================================================
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 CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Class Loans Balance Balance
3/4 24 2,273,467.93 1.69
CDO 41 2,375,897.16 1.76
DUP 73 4,427,768.46 3.29
DWH 58 2,304,956.41 1.71
MOD 9 435,334.37 0.32
PUD 2 394,464.19 0.29
ROW 22 1,283,120.97 0.95
SFR 1933 119,527,879.60 88.71
TWN 28 1,714,822.38 1.27
- -----------------------------------------------------------------
Total.......... 2190 $134,737,711.47 100.00%
=================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
1 < Rem Term <= 12 1 64,739.27 0.05%
48 < Rem Term <= 60 8 280,658.46 0.21%
60 < Rem Term <= 72 2 165,696.23 0.12%
72 < Rem Term <= 84 5 291,642.29 0.22%
84 < Rem Term <= 96 3 106,434.80 0.08%
96 < Rem Term <= 108 9 217,573.27 0.16%
108 < Rem Term <= 120 57 1,613,049.68 1.20%
120 < Rem Term <= 132 2 70,897.79 0.05%
132 < Rem Term <= 144 3 109,511.93 0.08%
144 < Rem Term <= 156 3 121,104.50 0.09%
156 < Rem Term <= 168 7 287,157.79 0.21%
168 < Rem Term <= 180 1,261 75,508,173.94 56.04%
180 < Rem Term <= 192 1 25,056.87 0.02%
192 < Rem Term <= 204 3 250,164.54 0.19%
204 < Rem Term <= 216 1 26,523.31 0.02%
216 < Rem Term <= 228 4 144,017.88 0.11%
228 < Rem Term <= 240 193 9,341,213.42 6.93%
252 < Rem Term <= 264 1 112,715.73 0.08%
264 < Rem Term <= 276 2 116,966.70 0.09%
276 < Rem Term <= 288 1 14,236.68 0.01%
288 < Rem Term <= 300 4 217,925.13 0.16%
300 < Rem Term <= 312 1 58,320.01 0.04%
312 < Rem Term <= 324 2 102,929.32 0.08%
324 < Rem Term <= 336 2 177,147.63 0.13%
336 < Rem Term <= 348 5 507,943.26 0.38%
348 < Rem Term <= 360 609 44,805,911.04 33.25%
- -------------------------------------------------------------------
Total............ 2,190 134,737,711.47 100.00%
===================================================================
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>
- --------------------------------------------------------------------------------
- ACCESS 71
- ARM (GP II)
- $141,704,325.95
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,458
Aggregate Unpaid Principal Balance: $141,704,325.95
Aggregate Original Principal Balance: $141,790,841.71
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.100%
Gross Coupon Range: 7.350% - 14.990%
- --------------------------------------------------------------------------------
Weighted Average Margin (Gross): 6.451%
Gross Margin Range: 3.625% - 9.825%
Weighted Average Life Cap (Gross): 16.829%
Gross Life Cap Range: 13.500% - 21.990%
Weighted Average Life Floor (Gross): 9.470%
Gross Life Floor Range: 3.250% - 14.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $97,190.90
Average Original Principal Balance: $97,250.23
Maximum Unpaid Principal Balance: $405,479.12
Minimum Unpaid Principal Balance: $15,000.00
Maximum Original Principal Balance: $406,250.00
Minimum Original Principal Balance: $15,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 356.419
Stated Rem Term Range: 172.000 - 360.000
Weighted Avg. Amortized Rem. Term: 357.083
Amortized Rem Term Range: 171.725 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 1.197
Age Range: 0.000 - 20.000
Weighted Average Original Term: 357.616
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 78.153
Original LTV Range: 15.000% - 90.000%
Weighted Average Periodic Interest Cap: 1.044%
Periodic Interest Cap Range: 1.000% - 3.000%
Weighted Average Months to Interest Roll: 9.593
Months to Interest Roll Range: 1 - 35
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 2 247,800.00 0.17
AL 21 1,776,236.53 1.25
AR 1 49,453.63 0.03
AZ 18 2,099,284.05 1.48
CA 89 12,466,771.00 8.80
CO 32 3,049,531.65 2.15
CT 13 1,378,466.93 0.97
DC 8 909,380.45 0.64
DE 4 452,950.00 0.32
FL 51 4,822,010.43 3.40
GA 15 1,384,886.70 0.98
HI 1 135,000.00 0.10
IA 17 1,185,379.38 0.84
ID 11 771,625.54 0.54
IL 107 10,436,653.27 7.37
IN 8 430,212.11 0.30
KS 12 1,069,753.49 0.75
KY 2 129,097.81 0.09
LA 1 73,673.93 0.05
MA 24 3,203,852.91 2.26
MD 45 6,204,247.37 4.38
ME 3 314,431.71 0.22
MI 221 17,438,767.38 12.31
MN 171 14,630,278.33 10.32
MO 27 2,062,339.87 1.46
MT 2 144,000.00 0.10
NC 18 1,661,682.03 1.17
NE 6 339,030.65 0.24
NH 7 560,000.38 0.40
NJ 40 4,783,894.77 3.38
NM 11 980,683.54 0.69
NV 6 718,133.77 0.51
NY 12 1,968,099.30 1.39
OH 47 3,307,260.13 2.33
OK 6 556,090.27 0.39
OR 34 3,052,102.25 2.15
PA 44 4,549,972.66 3.21
RI 19 2,204,455.42 1.56
SC 4 401,570.35 0.28
SD 2 133,584.47 0.09
TN 5 567,421.90 0.40
TX 71 8,024,477.05 5.66
UT 37 3,589,668.92 2.53
VA 29 4,303,717.43 3.04
VT 1 74,935.44 0.05
WA 24 3,120,932.73 2.20
WI 120 9,371,435.81 6.61
WV 2 151,874.09 0.11
WY 7 417,218.12 0.29
- --------------------------------------------------------------------------
Total............... 1458 $141,704,325.95 100.00%
==========================================================================
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-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
10.000 <Comb LTV<= 15.000 1 50,000.00 0.04
25.000 <Comb LTV<= 30.000 3 284,732.33 0.20
30.000 <Comb LTV<= 35.000 8 562,588.44 0.40
35.000 <Comb LTV<= 40.000 4 450,468.23 0.32
40.000 <Comb LTV<= 45.000 10 474,619.94 0.33
45.000 <Comb LTV<= 50.000 14 853,996.19 0.60
50.000 <Comb LTV<= 55.000 22 1,479,318.34 1.04
55.000 <Comb LTV<= 60.000 29 1,720,540.64 1.21
60.000 <Comb LTV<= 65.000 83 6,511,950.63 4.60
65.000 <Comb LTV<= 70.000 165 14,682,820.36 10.36
70.000 <Comb LTV<= 75.000 231 20,877,187.30 14.73
75.000 <Comb LTV<= 80.000 515 49,213,433.66 34.73
80.000 <Comb LTV<= 85.000 196 23,310,319.36 16.45
85.000 <Comb LTV<= 90.000 177 21,232,350.53 14.98
- --------------------------------------------------------------------------
Total.................... 1458 $141,704,325.95 100.00%
==========================================================================
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
7.00% < Gross Coupon <= 7.50% 3 213,499.33 0.15
7.50% < Gross Coupon <= 8.00% 26 3,243,259.74 2.29
8.00% < Gross Coupon <= 8.50% 66 6,990,840.07 4.93
8.50% < Gross Coupon <= 9.00% 144 15,275,669.92 10.78
9.00% < Gross Coupon <= 9.50% 192 20,387,544.73 14.39
9.50% < Gross Coupon <= 10.00% 294 30,314,611.72 21.39
10.00% < Gross Coupon <= 10.50% 179 17,703,309.74 12.49
10.50% < Gross Coupon <= 11.00% 231 21,154,322.47 14.93
11.00% < Gross Coupon <= 11.50% 128 11,728,429.43 8.28
11.50% < Gross Coupon <= 12.00% 99 8,067,885.34 5.69
12.00% < Gross Coupon <= 12.50% 46 3,518,865.87 2.48
12.50% < Gross Coupon <= 13.00% 28 1,843,145.74 1.30
13.00% < Gross Coupon <= 13.50% 9 432,628.89 0.31
13.50% < Gross Coupon <= 14.00% 6 360,286.57 0.25
14.00% < Gross Coupon <= 14.50% 4 196,207.56 0.14
14.50% < Gross Coupon <= 15.00% 3 273,818.83 0.19
- ----------------------------------------------------------------------------
Total.......... 1458 $141,704,325.95 100.00%
============================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 50,000 252 9,790,280.55 6.91
50,000 < Balance <= 100,000 661 48,477,961.72 34.21
100,000 < Balance <= 150,000 334 40,250,237.42 28.40
150,000 < Balance <= 200,000 124 21,313,368.46 15.04
200,000 < Balance <= 250,000 51 11,307,374.18 7.98
250,000 < Balance <= 300,000 24 6,449,536.98 4.55
300,000 < Balance <= 350,000 9 2,993,187.52 2.11
350,000 < Balance <= 400,000 2 716,900.00 0.51
400,000 < Balance <= 450,000 1 405,479.12 0.29
- --------------------------------------------------------------------------
Total.................... 1458 $141,704,325.95 100.00%
==========================================================================
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>
LIEN STATUS AND OCCUPANCY STATUS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1st Lien Owner Occ 1357 134,539,723.50 94.94
1st Lien Non Owner 96 6,776,746.74 4.78
1st Lien Second 5 387,855.71 0.27
- --------------------------------------------------------------------------
Total............... 1458 $141,704,325.95 100.00%
==========================================================================
AGE OF LOAN
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 499 46,925,081.00 33.11%
0 < Age <= 6 952 94,149,105.32 66.44%
6 < Age <= 12 6 539,593.16 0.38%
18 < Age <= 24 1 90,546.47 0.06%
- -------------------------------------------------------------------
Total............ 1,458 141,704,325.95 100.00%
===================================================================
MORTGAGE PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Class Loans Balance Balance
3/4 17 2,251,400.63 1.59
CDO 39 3,288,177.31 2.32
DUP 46 3,373,583.35 2.38
DWH 7 397,206.28 0.28
MOD 9 646,209.74 0.46
ROW 22 1,353,856.11 0.96
SFR 1291 128,168,006.76 90.45
TWN 27 2,225,885.77 1.57
- -----------------------------------------------------------------
Total.......... 1458 $141,704,325.95 100.00%
=================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
168 < Rem Term <= 180 23 1,772,642.24 1.25%
228 < Rem Term <= 240 2 155,767.11 0.11%
336 < Rem Term <= 348 1 90,546.47 0.06%
348 < Rem Term <= 360 1,432 139,685,370.13 98.58%
- -------------------------------------------------------------------
Total............ 1,458 141,704,325.95 100.00%
===================================================================
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
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate Number of
Principal Principal Mortgage Percent of
Gross Margin Balance Balance Loans Loan Count
<S> <C> <C> <C> <C>
3.50% < Margin <= 3.75% 1,676,636.31 1.18 19 1.30
3.75% < Margin <= 4.00% 142,874.26 .10 1 .07
4.00% < Margin <= 4.25% 491,489.63 .35 3 .21
4.25% < Margin <= 4.50% 736,139.14 .52 7 .48
4.50% < Margin <= 4.75% 1,966,540.10 1.39 17 1.17
4.75% < Margin <= 5.00% 2,577,901.17 1.82 26 1.78
5.00% < Margin <= 5.25% 8,602,880.89 6.07 77 5.28
5.25% < Margin <= 5.50% 6,229,455.98 4.40 58 3.98
5.50% < Margin <= 5.75% 12,013,689.27 8.48 113 7.75
5.75% < Margin <= 6.00% 15,708,594.21 11.09 146 10.01
6.00% < Margin <= 6.25% 13,742,755.86 9.70 131 8.98
6.25% < Margin <= 6.50% 17,093,670.95 12.06 149 10.22
6.50% < Margin <= 6.75% 10,881,145.34 7.68 114 7.82
6.75% < Margin <= 7.00% 11,366,362.43 8.02 127 8.71
7.00% < Margin <= 7.25% 11,991,519.64 8.46 137 9.40
7.25% < Margin <= 7.50% 6,556,804.56 4.63 78 5.35
7.50% < Margin <= 7.75% 6,605,596.44 4.66 76 5.21
7.75% < Margin <= 8.00% 4,674,987.07 3.30 58 3.98
8.00% < Margin <= 8.25% 4,320,482.13 3.05 54 3.70
8.25% < Margin <= 8.50% 1,154,878.90 .81 16 1.10
8.50% < Margin <= 8.75% 1,039,389.83 .73 14 .96
8.75% < Margin <= 9.00% 807,423.09 .57 12 .82
9.00% < Margin <= 9.25% 661,076.31 .47 13 .89
9.25% < Margin <= 9.50% 342,500.00 .24 5 .34
9.50% < Margin <= 9.75% 256,089.06 .18 6 .41
9.75% < Margin <= 10.00% 63,443.38 .04 1 .07
- -------------------------------------------------------------------------------------
Total.................... 141,704,325.95 100.00 1,458 100.00
=====================================================================================
</TABLE>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.000 < LIFE CAP <= 13.50 1 98,000.00 0.07
13.500 < LIFE CAP <= 14.00 4 533,071.92 0.38
14.000 < LIFE CAP <= 14.50 19 1,907,127.38 1.35
14.500 < LIFE CAP <= 15.00 52 5,328,341.66 3.76
15.000 < LIFE CAP <= 15.50 105 10,605,150.22 7.48
15.500 < LIFE CAP <= 16.00 196 20,457,476.37 14.44
16.000 < LIFE CAP <= 16.50 190 20,625,699.11 14.56
16.500 < LIFE CAP <= 17.00 286 28,727,386.05 20.27
17.000 < LIFE CAP <= 17.50 176 16,309,278.82 11.51
17.500 < LIFE CAP <= 18.00 191 17,439,675.16 12.31
18.000 < LIFE CAP <= 18.50 88 8,221,138.29 5.80
18.500 < LIFE CAP <= 19.00 78 6,558,615.75 4.63
19.000 < LIFE CAP <= 19.50 31 2,249,602.44 1.59
19.500 < LIFE CAP <= 20.00 23 1,550,893.81 1.09
20.000 < LIFE CAP <= 20.50 9 499,643.57 0.35
20.500 < LIFE CAP <= 21.00 5 220,720.06 0.16
21.000 < LIFE CAP <= 21.50 2 113,686.51 0.08
21.500 < LIFE CAP <= 22.00 2 258,818.83 0.18
- --------------------------------------------------------------------------
Total................. 1458 $141,704,325.95 100.00%
==========================================================================
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
03/01/97 23 $2,431,167.84 01.72
04/01/97 58 $6,531,812.54 04.61
05/01/97 286 $27,615,834.02 19.49
06/01/97 345 $33,088,499.10 23.35
07/01/97 208 $20,708,905.88 14.61
08/01/97 87 $7,907,617.55 05.58
01/01/98 1 $54,400.00 00.04
02/01/98 1 $124,500.00 00.09
06/01/98 2 $285,996.08 00.20
07/01/98 2 $336,530.45 00.24
08/01/98 2 $307,998.96 00.22
09/01/98 2 $184,448.65 00.13
10/01/98 9 $922,102.66 00.65
11/01/98 64 $6,347,165.86 04.48
12/01/98 144 $14,932,984.44 10.54
01/01/99 146 $13,233,489.64 09.34
02/01/99 64 $5,601,761.00 03.95
11/01/99 4 $244,698.21 00.17
12/01/99 7 $523,500.00 00.37
01/01/00 3 $320,913.07 00.23
- --------------------------------------------------------------------------
Total........ 1458 $141,704,325.95 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
3.000 < Life Floor <= 3.500 16 1,452,736.31 1.03
3.500 < Life Floor <= 4.000 2 161,600.00 0.11
4.000 < Life Floor <= 4.500 1 108,654.23 0.08
4.500 < Life Floor <= 5.000 5 780,820.86 0.55
5.000 < Life Floor <= 5.500 11 1,200,958.01 0.85
5.500 < Life Floor <= 6.000 30 3,206,912.16 2.26
6.000 < Life Floor <= 6.500 44 5,157,040.95 3.64
6.500 < Life Floor <= 7.000 53 5,036,111.40 3.55
7.000 < Life Floor <= 7.500 42 3,096,140.79 2.18
7.500 < Life Floor <= 8.000 53 5,505,909.29 3.89
8.000 < Life Floor <= 8.500 95 8,883,771.10 6.27
8.500 < Life Floor <= 9.000 129 13,380,814.74 9.44
9.000 < Life Floor <= 9.500 147 15,207,371.40 10.73
9.500 < Life Floor <= 10.000 218 22,923,398.72 16.18
10.000 < Life Floor <= 10.500 152 15,540,452.50 10.97
10.500 < Life Floor <= 11.000 184 17,106,435.24 12.07
11.000 < Life Floor <= 11.500 104 9,549,393.80 6.74
11.500 < Life Floor <= 12.000 86 7,245,763.92 5.11
12.000 < Life Floor <= 12.500 40 3,225,842.00 2.28
12.500 < Life Floor <= 13.000 25 1,697,240.47 1.20
13.000 < Life Floor <= 13.500 8 406,645.10 0.29
13.500 < Life Floor <= 14.000 6 360,286.57 0.25
14.000 < Life Floor <= 14.500 4 196,207.56 0.14
14.500 < Life Floor <= 15.000 3 273,818.83 0.19
- --------------------------------------------------------------------------
Total................. 1458 $141,704,325.95 100.00%
==========================================================================
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.
