<PAGE>
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) June 24, 1997
-------------
UCFC Funding Corporation(R)
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Louisiana 333-7939 72-1328674
- ------------------------------ ------------ --------------
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) ID Number)
4041 Essen Lane, Baton Rouge, Louisiana 70809
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (504) 924-6007
--------------
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Filing of Computational Materials.*
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
UCFC Funding Corporation(R) (the "Depositor") is filing a prospectus and
prospectus supplement with the Securities and Exchange Commission relating to
its Manufactured Housing Contract Pass-Through Certificates, Series 1997-2.
In connection with the offering of the Manufactured Housing Contract
Pass-Through Certificates, Series 1997-2, Prudential Securities Incorporated
prepared certain materials (the "Computational Materials") which were
distributed by Prudential Securities Incorporated and Credit Suisse First Boston
Corporation (the "Underwriters") to their potential investors. Although the
Depositor provided the Underwriters with certain information regarding the
characteristics of the Manufactured Housing Contracts in the related portfolio,
it did not participate in the preparation of the Computational Materials. The
Computational Materials are attached hereto as Exhibit 99.1.
- -----------------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated March 25, 1997, and Prospectus
Supplement dated June 23, 1997, of UCFC Funding Corporation(R), relating to its
Manufactured Housing Contract Pass-Through Certificates, Series 1997-2.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Stroock & Stroock & Lavan LLP with
respect to certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in
Exhibit 8.1).
99.1 Computational Materials.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UCFC ACCEPTANCE CORPORATION(R)
By: /s/ H.C. McCall, III
-----------------------------
Name: H. C. McCall, III
Title: President
Dated: June 24, 1997
<PAGE>
EXHIBIT INDEX
Exhibit Page
- ------- ----
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to
certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in
Exhibit 8.1).
99.1 Computational Materials.
<PAGE>
Exhibit 8.1
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
June 24, 1997
UCFC Funding Corporation(R)
4041 Essen Lane
Baton Rouge, Louisiana 70809
RE: UCFC Funding Corporation(R)
Registration Statement on Form S-3
(File No. 333-7939)
----------------------------------
Ladies and Gentlemen:
We have acted as special counsel for UCFC Funding Corporation(R), a Louisianna
Corporation ("the Company"), in connection with the issuance of $75,000,000
aggregate principal amount of UCFC MH Trust 1997-2 of Manufactured Housing
Contract Pass-Through Certificates, Series 1997-2 (the "Certificates"). A
Registration Statement on Form S-3 relating to the Certificates (No. 333-7939)
(the "Registration Statement") has been filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "Securities Act").
As set forth in the Prospectus dated March 25, 1997 and the Prospectus
Supplement dated June 23, 1997, the Certificates will be issued by a trust
established by the Company pursuant to the provisions of a Pooling and Servicing
Agreement dated as of June 1, 1997 (the "Pooling and Servicing Agreement") among
the Company, as Depositor, United Companies Lending Corproation, as the
Servicer, United Companies Financial Corporation, as the Guarantor, and Bankers
Trust Company of California, N.A., as the Trustee.
We have examined a form of the Pooling and Servicing Agreement, a form of the
Certificates, and a form of the Prospectus and Prospectus Supplement referred to
above. We also have examined such other documents, papers, statutes and
authorities as we have deemed necessary to form the basis for the opinions
hereinafter expressed. In our examination of such material, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals and the conformity to original documents of copies of documents
submitted to us.
On the basis of the foregoing, we are of the opinion that the information in the
Prospectus Supplement under the caption "Federal Income Tax Considerations," and
in the Prospectus under the caption "Federal Income Tax Considerations," to the
extent that it constitutes matters of law or legal conclusions, is correct in
all material respects.
This opinion is based on current provisions of the Internal Revenue Code of
1986, as amended,
<PAGE>
Securities and Exchange Commission
June 24, 1997
Page 2
the Treasury regulations promulgated thereunder, and judicial and administrative
interpretations thereof.
Except as provided below, this opinion is solely for the benefit of the
addressee hereof and may not be relied upon in any manner by any other person or
entity.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the references to us in the Prospectus Supplement,
and to the filing of this opinion as an exhibit to an application made by or on
behalf of the Company or any dealer in connection with the registration of the
Certificates under the securities or blue sky laws of any state or jurisdiction.
In giving such permission, we do not admit hereby that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act or the General Rules and Regulations of the Securities and Exchange
Commission thereunder.
Very truly yours,
/s/ Stroock & Stroock & Lavan LLP
STROOCK & STROOCK & LAVAN LLP
<PAGE>
Preliminary
Marketing Memorandum for:
$75,000,000
UCFC Funding Corporation
(Depositor)
Manufactured Housing Contract Pass-Through Certificates,
Series 1997-2
The information included herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the transaction, and not by or as agent
for UCFC Funding Corporation or any of its affiliates (collectively, the
"Depositor"). The Depositor has not prepared, reviewed or participated in the
preparation hereof, is not responsible for the accuracy hereof and has not
authorized the dissemination hereof. The analysis in this report is accurate to
the best of PSI's knowledge and is based on information provided by the
Depositor. PSI makes no representations as to the accuracy of such information
provided by the Depositor. All opinions and conclusions 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 herein, 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 opinions
expressed 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. 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>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1997-2
Title of Certificates: Manufactured Housing Contract Pass-Through Certificates,
Series 1997-2
Offered Certificates: The Class A-1, Class A-2, Class A-3 and
Class A-4 Certificates (collectively, the "Senior
Certificates"), the Class M and the Class B-1
Certificates.
Depositor: UCFC Funding Corporation, a Louisiana corporation.
Servicer: United Companies Lending Corporation, a Louisiana
corporation, an indirect, wholly-owned subsidiary of
United Companies Financial Corporation.
Trustee: Bankers Trust Company of California, N.A.
Lead Manager: Prudential Securities Incorporated
Co-Manager: Credit Suisse First Boston
<TABLE>
<CAPTION>
Class Class Class Class Class Class | *Class
A1 A2 A3 A4 M B1 | B2
|
<S> <C> <C> <C> <C> <C> <C> <C>
Amount(000): 14,400 15,900 10,000 17,450 7,125 6,000 | 4,125
|
**Coupon: 6.390 6.615 6.770 7.190 7.380 7.370 | n/a
|
Approx. Price: 100-0 100-0 99-31 100-0 100-0 100-0 | n/a
|
Yield: 6.221 6.610 6.812 7.260 7.451 7.432 | n/a
|
Spread: 45/1yr 43/3yr 50/5yr 83/10yr 102/10yr 100 | n/a
|
Avg Life: [1.05 3.05 5.23 11.80 10.45 7.46] | n/a
|
Avg Life: [1.05 3.05 5.23 11.09 9.90 7.46] | n/a
To Call |
|
1st Pmt: [07/15/97 06/15/99 09/15/01 03/15/04 07/15/02 07/15/02] | n/a
|
Exp Mat: [06/15/99 09/15/01 03/15/04 09/15/18 09/15/18 01/15/08] | n/a
|
To 10% Call: [06/15/99 09/15/01 03/15/04 02/15/12 02/15/12 01/15/08] | n/a
|
Final Mat: [09/15/04 09/15/09 08/15/14 10/15/28 10/15/28 12/15/17] | n/a
|
Pymt Delay: 14 Days 14 Days 14 Days 14 Days 14 Days 14 Days | n/a
|
Dated Date: 06/1/97 06/1/97 06/1/97 06/1/97 06/1/97 06/1/97 | n/a
|
Int. Pymt: Monthly Monthly Monthly Monthly Monthly Monthly | n/a
|
1st Pymt Date: 07/15/97 07/15/97 07/15/97 07/15/97 07/15/97 07/15/97 | n/a
|
Rating: Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- Baa2/BBB | Ba1/BBB
(Moody's/Fitch)
</TABLE>
* NOTE: THE CLASS B-2 CERTIFICATES ARE NOT BEING OFFERED **
** PAYMENT OF INTEREST EACH MONTH ON ALL CLASSES OF CERTIFICATES IS SUBJECT TO
A MAXIMUM RATE EQUAL TO THE WEIGHTED AVERAGE OF THE NET CONTRACT RATES
(DEFINED BELOW) RELATING TO SUCH REMITTANCE DATE.
Pricing Date: June 17, 1997
Closing Date: Settlement with Investors will be on or about
June 26, 1997.
Cut-Off Date: The opening of business on June 1, 1997.
Prepayment Speed: 175% MHP
Net Contract Rate: The Net Contract Rate of a Contract equals the rate of
interest then borne by such Contract minus 0.515% per
annum (the "Expense Fee Rate")
Remittance Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in July, 1997.
Interest Accrual: The "Interest Accrual Period" for each Class of
Certificates will be the calendar month preceding the
month of such Remittance Date. Interest will be
calculated on the basis of a 360-day year consisting of
twelve 30-day months.
Originators: The Contracts were, and any Subsequent Contracts will
have been, originated or purchased by United Companies
Funding, Inc. ("UCFI"), United Companies or UNICOR
Mortgage, Inc. ("UNICOR," and collectively with UCFI and
United Companies, the "Originators") Each Originator is
a Louisiana corporation and an affiliate of the
Depositor.
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.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1997-2
Credit Enhancement: SUBORDINATION: Expected subordination levels as a %
of the total Certificates:
Class A1-A4: Aaa/AAA 23.00%
Class M: Aa3/AA- 13.50%
Class B-1: Baa2/BBB 5.50%
EXCESS SERVICING: The Class R Certificate (not offered)
represents excess servicing on the Contracts and is the
first loss piece. The Class R Certificate is
subordinated to the Regular Certificates on a monthly
basis.
Expected Collateral
Delivery at Closing: Approximately $56,332,525
Pre-Funding Account: On the Closing Date, the Trustee will establish and
thereafter maintain with itself a trust account (the
"Pre-Funding Account"). On the Closing date,
approximately $18,667,475 in cash (the "Pre-Funded
Amount") will be deposited in the Pre-Funding Account
any may be used only to (i) acquire additional
manufactured housing installment sales contracts and
manufactured housing installment loan agreements
(collectively, the "Subsequent Contracts") and (ii)
make accelerated payments of principal on the Senior
Certificates. During the period (the "Pre-Funding
Period") from the Closing Date to the earliest to occur
of (i) the Funding Termination Date (defined below),
(ii) an Event of Default under the Agreement and (iii)
September 15, 1997, amounts on deposit in the
Pre-Funding Account may be withdrawn from time to time
to acquire Subsequent Contracts in accordance with the
Agreement. The "Funding Termination Date" will be the
date on which the Pre Funded amount has been reduced to
less than $100,000. Any Pre-Funded amount remaining in
the Pre-Funding Account at the end of the Pre-Funding
Period will be distributed on the Remittance Date at or
immediately following the end of such Pre- Funding
Period to the Classes of Senior Certificates then
entitled to distributions of principal.
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.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1997-2
Priority of
Distrbutions: On each Remittance Date, the Trustee will distribute
out of the Certificate Account, the following amounts
in the following order of priority, in each case, to
the extent of the remaining Amount Available:
(i) to the Trustee, the Trustee Fee;
(ii) concurrently, to each Class of Senior
Certificates, the related Class Interest
Distribution Amount, any shortfall being
allocated on a pro rata basis in
accordance with the respective Class
Interest Disbribution Amount for each
such Class;
(iii) sequentially to the Class A-1, Class A-2,
Class A-3 and Class A-4 Certificates, in
that order, an amount up to the Senior
Principal Disbribution Amount, until the
respective Class Certificate Balances are
reduced to zero;
(iv) to the Class M Certificates, the Class
Interest Distribution Amount;
(v) to the Class M Certificates, an amount
up to the Class M Principal Distribution
Amount, until the Class M Certificate
Balance is reduced to zero;
(vi) to the Class B-1 Certificates, the Class
Interest Distribution Amount;
(vii) to the Class B-1 Certificates, an amount
up to the Class B Percentage of the
Formula Principal Distribution Amount,
until the Class B-1 Certificate Balance
is reduced to zero;
(viii) to the Class B-2 Certificates, the
Class Interest Distribution Amount;
(ix) to the Class B-2 Certificates, an amount
up to the Class B-2 Principal
Distribution Amount, until the Class B-2
Certificate Balance is reduced to zero;
(x) to the Guarantor of the Class B-2
Certificates, any unreimbursed Guarantee
Payments with respect to the Class B-2
Certificates; and
(xi) to the Class R Certificates, any
remaining Amount Available.
Distributions of principal of the Class M and Class B-1
Certificates will not commence until at least the
Remittance Date in July 2002 unless the aggregate Class
Certificate Balance of the Senior Certificates is
reduced to zero prior thereto. After such Remittance
Date, distributions of principal of the Class M and/or
Class B-1 Certificates will only be made if certain
performance tests are satisfied, unless the aggregate
Class Certificate Balance of the Senior Certificates,
and, in the case of the Class B-1 Certificates, the
Class Certificate Balance of the Class M Certificates
is reduced to zero.
<TABLE>
<S> <C>
-----------------------------------------------------------------------------------------
| | | | |
| A1 | A2 | A3 | A-4 |
|---------------------|----------------------|--------------------|---------------------|
| | |
| | M |
| 5 year lockout |___________________________________________________________|
| | | |
| | B-1 | B-2 |
|---------------------------|-----------------------------|-----------------------------|
</TABLE>
Performance Test: The Average 60-Day Delinquency Ratio is less than
or equal to 5%; the Average 30-Day Delinquency Ratio is
less than or equal to 7%; the Current Realized Loss
Ratio is less than or equal to 2.75%; and the
Cumulative Realized Losses are less than or equal to
the applicable percentage of the Aggregate Cut-off Date
Pool Principal Balance set forth below:
Remittance Date During Percentage
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~
July 1, 2002 - June 30, 2003 7%
July 1, 2003 - June 30, 2004 8%
July 1, 2004 and thereafter 9%
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.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1997-2
Optional Termination: The Servicer has the option to purchase from the Trust
all remaining Contracts and all other property in the
Trust on any Remittance Date when the Pool Principal
Balance is less than 10% of the Aggregate Cut-off Date
Pool Principal Balance.
Auction Sale: If the Servicer does not exercise its optional
termination right within ninety days after the Servicer
Optional Termination Date, the Trustee will solicit
bids for the purchase of all Contracts remaining in the
Trust. In the event that satisfactory bids are received
as described in the Pooling and Servicing Agreement,
the net sale proceeds will be distributed to
Certificateholders in the same order of priority as
collections received in respect of the Contracts. If
satisfactory bids are not received, the Trustee will
not sell the Contracts and will not solicit any further
bids or otherwise negotiate any further sale of the
Contracts.
ERISA Considerations: Class A-1 through A-4: (Please contact PSI's trading
desk for further information)
The Class M and B-1 Certificates will NOT be ERISA
eligible.
SMMEA Considerations: Upon termination of the Pre-Funding Period, the
Senior Certificates and the Class M Certificates
will constitute "mortgage related securities" for
purposes of the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA") so long as
they are rated in one of the two highest rating
categories by at least one nationally recognized
statistical rating organization and, as such , will be
"legal investments" for certain types of institutional
investors to the extent provided in SMMEA.
The Class B-1 Certificates will NOT constitute
"mortgage related securities" for purposes of SMMEA.
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.
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.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $14,400,000.00 DATED DATE: 06/01/97
COUPON: TBD ucfcmh72 FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $14,400,000.00 BOND A1 PRICE-YIELD TABLE YIELD TABLE DATE: 06/26/97
PREPAYMENT SPEED
PRICING SPEED
175.0% 100.00% 125.00% 200.00% 225.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
99-24 6.605 6.606 6.606 6.605 6.604 6.604
99-24+ 6.589 6.595 6.593 6.587 6.585 6.583
99-25 6.573 6.584 6.580 6.570 6.566 6.563
99-25+ 6.557 6.573 6.567 6.552 6.547 6.542
99-26 6.541 6.561 6.554 6.535 6.528 6.522
99-26+ 6.525 6.550 6.542 6.517 6.509 6.501
99-27 6.509 6.539 6.529 6.500 6.490 6.480
99-27+ 6.493 6.527 6.516 6.482 6.471 6.460
99-28 6.477 6.516 6.503 6.464 6.452 6.439
99-28+ 6.461 6.505 6.490 6.447 6.433 6.419
99-29 6.445 6.494 6.477 6.429 6.414 6.398
99-29+ 6.429 6.482 6.464 6.412 6.395 6.377
99-30 6.413 6.471 6.451 6.394 6.376 6.357
99-30+ 6.397 6.460 6.439 6.377 6.356 6.336
99-31 6.381 6.449 6.426 6.359 6.337 6.316
99-31+ 6.365 6.437 6.413 6.342 6.318 6.295
100-00 6.349 6.426 6.400 6.324 6.299 6.275
100-00+ 6.333 6.415 6.387 6.307 6.280 6.254
100-01 6.317 6.404 6.374 6.289 6.261 6.233
100-01+ 6.302 6.392 6.362 6.272 6.242 6.213
100-02 6.286 6.381 6.349 6.254 6.223 6.192
100-02+ 6.270 6.370 6.336 6.237 6.204 6.172
100-03 6.254 6.359 6.323 6.220 6.185 6.151
100-03+ 6.238 6.347 6.310 6.202 6.166 6.131
100-04 6.222 6.336 6.297 6.185 6.147 6.110
100-04+ 6.206 6.325 6.285 6.167 6.128 6.090
100-05 6.190 6.314 6.272 6.150 6.109 6.069
100-05+ 6.174 6.303 6.259 6.132 6.091 6.049
100-06 6.158 6.291 6.246 6.115 6.072 6.028
100-06+ 6.142 6.280 6.233 6.097 6.053 6.008
100-07 6.126 6.269 6.221 6.080 6.034 5.988
100-07+ 6.111 6.258 6.208 6.063 6.015 5.967
First Payment 0.053 0.053 0.053 0.053 0.053 0.053
Average Life 1.049 1.517 1.317 0.953 0.873 0.806
Last Payment 1.969 2.886 2.469 1.803 1.636 1.553
Mod.Dur. @ 100-00 0.975 1.383 1.211 0.889 0.818 0.757
</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.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $15,900,000.00 DATED DATE: 06/01/97
COUPON: TBD ucfcmh72 FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $15,900,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 06/26/97
PREPAYMENT SPEED
PRICING SPEED
175.0% 100.00% 125.00% 200.00% 225.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
99-24 6.760 6.761 6.760 6.759 6.759 6.759
99-24+ 6.754 6.757 6.756 6.753 6.752 6.751
99-25 6.748 6.752 6.751 6.747 6.745 6.744
99-25+ 6.742 6.748 6.746 6.740 6.738 6.736
99-26 6.736 6.744 6.741 6.734 6.731 6.729
99-26+ 6.730 6.740 6.737 6.727 6.724 6.721
99-27 6.725 6.736 6.732 6.721 6.717 6.714
99-27+ 6.719 6.731 6.727 6.715 6.710 6.706
99-28 6.713 6.727 6.722 6.708 6.703 6.699
99-28+ 6.707 6.723 6.718 6.702 6.697 6.691
99-29 6.701 6.719 6.713 6.695 6.690 6.684
99-29+ 6.695 6.715 6.708 6.689 6.683 6.676
99-30 6.689 6.710 6.703 6.683 6.676 6.669
99-30+ 6.684 6.706 6.699 6.676 6.669 6.661
99-31 6.678 6.702 6.694 6.670 6.662 6.654
99-31+ 6.672 6.698 6.689 6.663 6.655 6.647
100-00 6.666 6.694 6.684 6.657 6.648 6.639
100-00+ 6.660 6.689 6.680 6.651 6.641 6.632
100-01 6.654 6.685 6.675 6.644 6.634 6.624
100-01+ 6.649 6.681 6.670 6.638 6.627 6.617
100-02 6.643 6.677 6.666 6.631 6.620 6.609
100-02+ 6.637 6.673 6.661 6.625 6.613 6.602
100-03 6.631 6.669 6.656 6.619 6.606 6.594
100-03+ 6.625 6.664 6.651 6.612 6.600 6.587
100-04 6.619 6.660 6.647 6.606 6.593 6.579
100-04+ 6.614 6.656 6.642 6.600 6.586 6.572
100-05 6.608 6.652 6.637 6.593 6.579 6.565
100-05+ 6.602 6.648 6.632 6.587 6.572 6.557
100-06 6.596 6.643 6.628 6.580 6.565 6.550
100-06+ 6.590 6.639 6.623 6.574 6.558 6.542
100-07 6.584 6.635 6.618 6.568 6.551 6.535
100-07+ 6.579 6.631 6.614 6.561 6.544 6.527
First Payment 1.969 2.886 2.469 1.803 1.636 1.553
Average Life 3.048 4.454 3.862 2.761 2.526 2.329
Last Payment 4.219 6.136 5.303 3.803 3.469 3.219
Mod.Dur. @ 100-00 2.662 3.714 3.283 2.435 2.245 2.084
</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.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $10,000,000.00 DATED DATE: 06/01/97
COUPON: TBD ucfcmh72 FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $10,000,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 06/26/97
PREPAYMENT SPEED
PRICING SPEED
175.0% 100.00% 125.00% 200.00% 225.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
99-24 6.965 6.966 6.966 6.964 6.964 6.964
99-24+ 6.961 6.963 6.963 6.960 6.960 6.959
99-25 6.958 6.961 6.960 6.956 6.955 6.954
99-25+ 6.954 6.958 6.957 6.952 6.951 6.949
99-26 6.950 6.955 6.954 6.948 6.946 6.944
99-26+ 6.947 6.953 6.951 6.944 6.942 6.940
99-27 6.943 6.950 6.948 6.940 6.937 6.935
99-27+ 6.939 6.947 6.945 6.936 6.933 6.930
99-28 6.936 6.945 6.942 6.932 6.928 6.925
99-28+ 6.932 6.942 6.939 6.928 6.924 6.921
99-29 6.928 6.939 6.936 6.924 6.920 6.916
99-29+ 6.925 6.937 6.933 6.919 6.915 6.911
99-30 6.921 6.934 6.930 6.915 6.911 6.906
99-30+ 6.917 6.931 6.927 6.911 6.906 6.901
99-31 6.914 6.928 6.924 6.907 6.902 6.897
99-31+ 6.910 6.926 6.921 6.903 6.897 6.892
100-00 6.906 6.923 6.918 6.899 6.893 6.887
100-00+ 6.903 6.920 6.915 6.895 6.888 6.882
100-01 6.899 6.918 6.912 6.891 6.884 6.877
100-01+ 6.895 6.915 6.909 6.887 6.879 6.873
100-02 6.892 6.912 6.906 6.883 6.875 6.868
100-02+ 6.888 6.910 6.903 6.879 6.871 6.863
100-03 6.884 6.907 6.900 6.875 6.866 6.858
100-03+ 6.881 6.904 6.897 6.870 6.862 6.854
100-04 6.877 6.902 6.894 6.866 6.857 6.849
100-04+ 6.873 6.899 6.891 6.862 6.853 6.844
100-05 6.870 6.896 6.889 6.858 6.848 6.839
100-05+ 6.866 6.894 6.886 6.854 6.844 6.834
100-06 6.862 6.891 6.883 6.850 6.840 6.830
100-06+ 6.859 6.888 6.880 6.846 6.835 6.825
100-07 6.855 6.886 6.877 6.842 6.831 6.820
100-07+ 6.851 6.883 6.874 6.838 6.826 6.815
First Payment 4.219 6.136 5.303 3.803 3.469 3.219
Average Life 5.230 7.762 6.800 4.594 4.158 3.821
Last Payment 6.719 9.886 8.636 5.719 4.886 4.469
Mod.Dur. @ 100-00 4.241 5.803 5.240 3.808 3.497 3.249
</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.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $17,450,000.00 DATED DATE: 06/01/97
COUPON: TBD ucfcmh72 FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $17,450,000.00 BOND A4 PRICE-YIELD TABLE YIELD TABLE DATE: 06/26/97
PREPAYMENT SPEED
******* TO CALL *********
PRICING SPEED
175.0% 100.00% 125.00% 200.00% 225.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
99-23 7.381 7.381 7.381 7.381 7.381 7.381
99-23+ 7.379 7.379 7.379 7.378 7.378 7.378
99-24 7.376 7.377 7.377 7.376 7.376 7.375
99-24+ 7.374 7.375 7.375 7.374 7.373 7.372
99-25 7.372 7.374 7.373 7.371 7.371 7.370
99-25+ 7.370 7.372 7.371 7.369 7.368 7.367
99-26 7.368 7.370 7.369 7.367 7.366 7.364
99-26+ 7.366 7.368 7.368 7.364 7.363 7.361
99-27 7.364 7.366 7.366 7.362 7.360 7.359
99-27+ 7.361 7.365 7.364 7.360 7.358 7.356
99-28 7.359 7.363 7.362 7.357 7.355 7.353
99-28+ 7.357 7.361 7.360 7.355 7.353 7.350
99-29 7.355 7.359 7.358 7.353 7.350 7.348
99-29+ 7.353 7.358 7.356 7.351 7.348 7.345
99-30 7.351 7.356 7.354 7.348 7.345 7.342
99-30+ 7.348 7.354 7.352 7.346 7.343 7.339
99-31 7.346 7.352 7.351 7.344 7.340 7.337
99-31+ 7.344 7.350 7.349 7.341 7.338 7.334
100-00 7.342 7.349 7.347 7.339 7.335 7.331
100-00+ 7.340 7.347 7.345 7.337 7.333 7.328
100-01 7.338 7.345 7.343 7.334 7.330 7.326
100-01+ 7.336 7.343 7.341 7.332 7.328 7.323
100-02 7.333 7.342 7.339 7.330 7.325 7.320
100-02+ 7.331 7.340 7.337 7.327 7.323 7.318
100-03 7.329 7.338 7.335 7.325 7.320 7.315
100-03+ 7.327 7.336 7.334 7.323 7.318 7.312
100-04 7.325 7.334 7.332 7.320 7.315 7.309
100-04+ 7.323 7.333 7.330 7.318 7.313 7.307
100-05 7.321 7.331 7.328 7.316 7.310 7.304
100-05+ 7.318 7.329 7.326 7.313 7.308 7.301
100-06 7.316 7.327 7.324 7.311 7.305 7.298
100-06+ 7.314 7.326 7.322 7.309 7.303 7.296
First Payment 6.719 9.886 8.636 5.719 4.886 4.469
Average Life 11.089 15.008 13.630 9.919 8.840 7.881
Last Payment 14.636 18.803 17.469 13.553 12.553 11.636
Mod.Dur. @ 99-31 7.240 8.722 8.242 6.705 6.172 5.670
</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.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $7,125,000.00 DATED DATE: 06/01/97
COUPON: TBD ucfcmh72 FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $7,125,000.00 BOND M PRICE-YIELD TABLE YIELD TABLE DATE: 06/26/97
PREPAYMENT SPEED
******* TO CALL *********
PRICING SPEED
175.0% 100.00% 125.00% 200.00% 225.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.612 7.613 7.612 7.612 7.611 7.611
99-24+ 7.609 7.611 7.610 7.609 7.609 7.609
99-25 7.607 7.609 7.608 7.607 7.606 7.606
99-25+ 7.605 7.607 7.606 7.604 7.604 7.603
99-26 7.602 7.605 7.604 7.602 7.601 7.601
99-26+ 7.600 7.603 7.602 7.599 7.599 7.598
99-27 7.598 7.601 7.600 7.597 7.596 7.596
99-27+ 7.595 7.599 7.597 7.594 7.594 7.593
99-28 7.593 7.597 7.595 7.592 7.591 7.590
99-28+ 7.590 7.595 7.593 7.590 7.589 7.588
99-29 7.588 7.593 7.591 7.587 7.586 7.585
99-29+ 7.586 7.591 7.589 7.585 7.584 7.583
99-30 7.583 7.588 7.587 7.582 7.581 7.580
99-30+ 7.581 7.586 7.585 7.580 7.579 7.578
99-31 7.579 7.584 7.582 7.577 7.576 7.575
99-31+ 7.576 7.582 7.580 7.575 7.574 7.572
100-00 7.574 7.580 7.578 7.572 7.571 7.570
100-00+ 7.571 7.578 7.576 7.570 7.569 7.567
100-01 7.569 7.576 7.574 7.568 7.566 7.565
100-01+ 7.567 7.574 7.572 7.565 7.564 7.562
100-02 7.564 7.572 7.570 7.563 7.561 7.559
100-02+ 7.562 7.570 7.567 7.560 7.559 7.557
100-03 7.560 7.568 7.565 7.558 7.556 7.554
100-03+ 7.557 7.566 7.563 7.555 7.554 7.552
100-04 7.555 7.564 7.561 7.553 7.551 7.549
100-04+ 7.553 7.562 7.559 7.551 7.549 7.547
100-05 7.550 7.560 7.557 7.548 7.546 7.544
100-05+ 7.548 7.558 7.555 7.546 7.544 7.541
100-06 7.545 7.556 7.552 7.543 7.541 7.539
100-06+ 7.543 7.554 7.550 7.541 7.539 7.536
100-07 7.541 7.552 7.548 7.538 7.536 7.534
100-07+ 7.538 7.550 7.546 7.536 7.534 7.531
First Payment 5.053 6.553 5.803 5.053 5.053 5.053
Average Life 9.902 12.808 11.636 9.423 8.992 8.602
Last Payment 14.636 18.803 17.469 13.553 12.553 11.636
Mod.Dur. @ 100-00 6.566 7.718 7.267 6.373 6.191 6.020
</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.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $6,000,000.00 DATED DATE: 06/01/97
COUPON: TBD ucfcmh72 FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 7
ORIGINAL BALANCE: $6,000,000.00 BOND B1 PRICE-YIELD TABLE YIELD TABLE DATE: 06/26/97
PREPAYMENT SPEED
******* TO CALL *********
PRICING SPEED
175.0% 100.00% 125.00% 200.00% 225.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.590 7.591 7.591 7.590 7.590 7.590
99-24+ 7.587 7.589 7.588 7.587 7.587 7.587
99-25 7.584 7.587 7.586 7.584 7.584 7.583
99-25+ 7.581 7.584 7.583 7.581 7.581 7.580
99-26 7.579 7.582 7.581 7.578 7.578 7.577
99-26+ 7.576 7.580 7.578 7.575 7.575 7.574
99-27 7.573 7.577 7.576 7.572 7.572 7.571
99-27+ 7.570 7.575 7.573 7.569 7.569 7.568
99-28 7.567 7.572 7.570 7.567 7.566 7.565
99-28+ 7.564 7.570 7.568 7.564 7.563 7.562
99-29 7.562 7.568 7.565 7.561 7.560 7.559
99-29+ 7.559 7.565 7.563 7.558 7.557 7.556
99-30 7.556 7.563 7.560 7.555 7.554 7.553
99-30+ 7.553 7.561 7.558 7.552 7.551 7.550
99-31 7.550 7.558 7.555 7.549 7.548 7.547
99-31+ 7.547 7.556 7.553 7.546 7.545 7.544
100-00 7.544 7.554 7.550 7.543 7.542 7.541
100-00+ 7.542 7.551 7.548 7.540 7.539 7.538
100-01 7.539 7.549 7.545 7.537 7.536 7.535
100-01+ 7.536 7.547 7.543 7.535 7.533 7.532
100-02 7.533 7.544 7.540 7.532 7.530 7.529
100-02+ 7.530 7.542 7.537 7.529 7.527 7.526
100-03 7.527 7.540 7.535 7.526 7.524 7.523
100-03+ 7.525 7.537 7.532 7.523 7.521 7.520
100-04 7.522 7.535 7.530 7.520 7.519 7.517
100-04+ 7.519 7.533 7.527 7.517 7.516 7.514
100-05 7.516 7.530 7.525 7.514 7.513 7.511
100-05+ 7.513 7.528 7.522 7.511 7.510 7.508
100-06 7.510 7.526 7.520 7.508 7.507 7.505
100-06+ 7.508 7.523 7.517 7.506 7.504 7.502
100-07 7.505 7.521 7.515 7.503 7.501 7.499
100-07+ 7.502 7.518 7.512 7.500 7.498 7.496
First Payment 5.053 6.553 5.803 5.053 5.053 5.053
Average Life 7.462 9.759 8.726 7.232 7.038 6.872
Last Payment 10.553 13.719 12.386 10.053 9.636 9.303
Mod.Dur. @ 100-00 5.472 6.618 6.124 5.352 5.248 5.158
</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.
<PAGE>
- --------------------------------------------------------------------------------
- UCFCMH 1997-2
- Cut Off Date of Tape is 05/31/97
- FIXED RATE MANUFACTURED HOUSING LOANS
- $56,332,524.77
- Collateral Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,787
Aggregate Unpaid Principal Balance: $56,332,524.77
Aggregate Original Principal Balance: $56,418,197.44
Weighted Average Gross Coupon: 11.135%
Gross Coupon Range: 8.250% - 17.100%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $31,523.52
Average Original Principal Balance: $31,571.46
Maximum Unpaid Principal Balance: $99,441.80
Minimum Unpaid Principal Balance: $4,873.04
Maximum Original Principal Balance: $99,491.80
Minimum Original Principal Balance: $5,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 248.679
Stated Rem Term Range: 36.000 - 360.000
Weighted Avg. Amortized Rem. Term: 248.674
Amortized Rem Term Range: 35.928 - 360.078
Weighted Average Age (First Pay thru Paid Thru Date): 0.888
Age Range: 0.000 - 112.000
Weighted Average Original Term: 249.567
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 82.040
Original LTV Range: 16.720% - 100.000%
Weighted Average Current LTV: 81.929
Current LTV Range: 16.720% - 100.000%
New Manufactured Homes 50.74%
Used Manufactured Homes 49.26%
Chattel Contracts 54.61%
Land-and-Home Contracts 45.39%
Primary Residence 99.78%
Other 0.22%
Purchase 58.80%
Refinance 41.20%
Single Wides 47.39%
Double Wides 51.07%
Triple Wides 1.24%
Unknown 0.30%
- --------------------------------------------------------------------------------
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.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 3 94,417.73 0.17
AR 21 607,740.76 1.08
AZ 12 353,470.55 0.63
CA 9 316,125.46 0.56
CO 17 540,707.78 0.96
DE 4 219,147.95 0.39
FL 189 6,185,457.53 10.98
GA 89 2,952,799.23 5.24
IA 14 330,079.52 0.59
ID 2 158,500.00 0.28
IL 3 63,261.31 0.11
IN 27 596,151.44 1.06
KY 20 554,577.64 0.98
LA 136 3,672,727.40 6.52
MD 3 76,549.48 0.14
ME 5 164,946.17 0.29
MI 46 1,224,751.03 2.17
MN 46 1,044,264.97 1.85
MO 5 132,385.59 0.24
MS 26 718,877.21 1.28
MT 1 76,572.69 0.14
NC 298 9,673,637.23 17.17
NE 1 11,752.36 0.02
NH 1 30,200.00 0.05
NM 39 1,590,452.62 2.82
NV 1 54,300.00 0.10
NY 10 313,752.22 0.56
OH 17 436,535.16 0.77
OK 31 878,064.94 1.56
OR 11 625,737.41 1.11
PA 49 1,150,258.47 2.04
SC 300 10,023,080.49 17.79
TN 60 2,310,625.41 4.10
TX 222 7,046,030.26 12.51
UT 4 130,345.93 0.23
VA 17 476,344.62 0.85
WA 7 358,359.47 0.64
WI 27 692,709.76 1.23
WV 14 446,826.98 0.79
- --------------------------------------------------------------------------
Total............... 1787 $ 56,332,524.77 100.00%
==========================================================================
DISTRIBUTION OF CONTRACT AMOUNTS AS OF THE CUT-OFF DATE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
0 [Less than] Balance [Less than or equal to] 5,000 6 29,691.43 .05
5,000 [Less than] Balance [Less than or equal to] 10,000 89 716,163.30 1.27
10,000 [Less than] Balance [Less than or equal to] 15,000 189 2,359,593.06 4.19
15,000 [Less than] Balance [Less than or equal to] 20,000 188 3,310,683.66 5.88
20,000 [Less than] Balance [Less than or equal to] 25,000 194 4,409,572.64 7.83
25,000 [Less than] Balance [Less than or equal to] 30,000 262 7,212,909.82 12.80
30,000 [Less than] Balance [Less than or equal to] 35,000 248 8,028,818.54 14.25
35,000 [Less than] Balance [Less than or equal to] 40,000 149 5,595,368.97 9.93
40,000 [Less than] Balance [Less than or equal to] 45,000 131 5,571,642.65 9.89
45,000 [Less than] Balance [Less than or equal to] 50,000 91 4,315,045.04 7.66
50,000 [Less than] Balance [Less than or equal to] 55,000 79 4,141,531.31 7.35
55,000 [Less than] Balance [Less than or equal to] 60,000 54 3,109,664.22 5.52
60,000 [Less than] Balance [Less than or equal to] 65,000 37 2,305,644.86 4.09
65,000 [Less than] Balance [Less than or equal to] 70,000 25 1,684,187.69 2.99
70,000 [Less than] Balance [Less than or equal to] 75,000 18 1,300,710.54 2.31
75,000 [Less than] Balance [Less than or equal to] 80,000 10 774,078.75 1.37
80,000 [Less than] Balance [Less than or equal to] 85,000 11 901,910.73 1.60
85,000 [Less than] Balance [Less than or equal to] 90,000 2 176,585.34 .31
90,000 [Less than] Balance [Less than or equal to] 95,000 1 94,004.99 .17
95,000 [Less than] Balance [Less than or equal to] 100,000 3 294,717.23 .52
- ---------------------------------------------------------------------------------------------------------
Total..... 1,787 $56,332,524.77 100.00%
==========================================================================================================
</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.
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
15.000 [Less than] LTV [Less than or equal to] 20.000 2 12,900.00 0.02
20.000 [Less than] LTV [Less than or equal to] 25.000 4 38,055.86 0.07
25.000 [Less than] LTV [Less than or equal to] 30.000 6 74,206.16 0.13
30.000 [Less than] LTV [Less than or equal to] 35.000 9 110,788.30 0.20
35.000 [Less than] LTV [Less than or equal to] 40.000 16 190,347.13 0.34
40.000 [Less than] LTV [Less than or equal to] 45.000 21 295,930.57 0.53
45.000 [Less than] LTV [Less than or equal to] 50.000 35 546,500.41 0.97
50.000 [Less than] LTV [Less than or equal to] 55.000 47 856,364.80 1.52
55.000 [Less than] LTV [Less than or equal to] 60.000 66 1,496,974.17 2.66
60.000 [Less than] LTV [Less than or equal to] 65.000 93 2,400,717.26 4.26
65.000 [Less than] LTV [Less than or equal to] 70.000 118 3,172,448.08 5.63
70.000 [Less than] LTV [Less than or equal to] 75.000 220 6,387,435.27 11.34
75.000 [Less than] LTV [Less than or equal to] 80.000 268 9,246,482.10 16.41
80.000 [Less than] LTV [Less than or equal to] 85.000 186 5,934,306.24 10.53
85.000 [Less than] LTV [Less than or equal to] 90.000 213 7,690,489.61 13.65
90.000 [Less than] LTV [Less than or equal to] 95.000 217 7,940,477.54 14.10
95.000 [Less than] LTV [Less than or equal to]100.000 266 9,938,101.27 17.64
- ------------------------------------------------------------------------------------------------------
Total.................... 1787 $ 56,332,524.77 100.00%
======================================================================================================
</TABLE>
CONTRACT RATES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
8.00% [Less than] Gross Coupon [Less than or equal to] 8.25% 32 1,983,319.87 3.52
8.25% [Less than] Gross Coupon [Less than or equal to] 8.50% 51 2,516,670.94 4.47
8.50% [Less than] Gross Coupon [Less than or equal to] 8.75% 13 624,860.48 1.11
8.75% [Less than] Gross Coupon [Less than or equal to] 9.00% 25 1,270,146.14 2.25
9.00% [Less than] Gross Coupon [Less than or equal to] 9.25% 27 1,596,184.34 2.83
9.25% [Less than] Gross Coupon [Less than or equal to] 9.50% 12 423,039.69 0.75
9.50% [Less than] Gross Coupon [Less than or equal to] 9.75% 38 1,380,554.60 2.45
9.75% [Less than] Gross Coupon [Less than or equal to] 10.00% 72 2,947,681.78 5.23
10.00% [Less than] Gross Coupon [Less than or equal to] 10.25% 102 4,132,809.65 7.34
10.25% [Less than] Gross Coupon [Less than or equal to] 10.50% 136 5,078,564.87 9.02
10.50% [Less than] Gross Coupon [Less than or equal to] 10.75% 153 4,606,053.80 8.18
10.75% [Less than] Gross Coupon [Less than or equal to] 11.00% 159 4,798,376.33 8.52
11.00% [Less than] Gross Coupon [Less than or equal to] 11.25% 75 2,149,405.25 3.82
11.25% [Less than] Gross Coupon [Less than or equal to] 11.50% 88 2,635,371.16 4.68
11.50% [Less than] Gross Coupon [Less than or equal to] 11.75% 101 2,406,979.96 4.27
11.75% [Less than] Gross Coupon [Less than or equal to] 12.00% 125 3,168,985.97 5.63
12.00% [Less than] Gross Coupon [Less than or equal to] 12.25% 119 2,582,280.92 4.58
12.25% [Less than] Gross Coupon [Less than or equal to] 12.50% 65 2,055,428.07 3.65
12.50% [Less than] Gross Coupon [Less than or equal to] 12.75% 131 2,481,061.62 4.40
12.75% [Less than] Gross Coupon [Less than or equal to] 13.00% 48 1,498,552.11 2.66
13.00% [Less than] Gross Coupon [Less than or equal to] 13.25% 53 1,573,171.53 2.79
13.25% [Less than] Gross Coupon [Less than or equal to] 13.50% 16 507,255.64 0.90
13.50% [Less than] Gross Coupon [Less than or equal to] 13.75% 35 1,246,568.76 2.21
13.75% [Less than] Gross Coupon [Less than or equal to] 14.00% 13 268,855.31 0.48
14.00% [Less than] Gross Coupon [Less than or equal to] 14.25% 1 30,400.00 0.05
14.25% [Less than] Gross Coupon [Less than or equal to] 14.50% 16 441,887.01 0.78
14.50% [Less than] Gross Coupon [Less than or equal to] 14.75% 13 309,653.47 0.55
14.75% [Less than] Gross Coupon [Less than or equal to] 15.00% 9 198,700.03 0.35
15.00% [Less than] Gross Coupon [Less than or equal to] 15.25% 36 824,126.88 1.46
15.25% [Less than] Gross Coupon [Less than or equal to] 15.50% 5 142,954.66 0.25
15.50% [Less than] Gross Coupon [Less than or equal to] 15.75% 17 431,510.18 0.77
17.00% [Less than] Gross Coupon [Less than or equal to] 17.25% 1 21,113.75 0.04
- --------------------------------------------------------------------------------------------------------------
Total.......... 1787 $ 56,332,524.77 100.00%
==============================================================================================================
</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.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
24 [Less than] Rem Term [Less than or equal to] 36 1 4,873.04 0.01%
36 [Less than] Rem Term [Less than or equal to] 48 1 14,800.00 0.03%
48 [Less than] Rem Term [Less than or equal to] 60 56 543,794.45 0.97%
60 [Less than] Rem Term [Less than or equal to] 72 2 28,108.56 0.05%
72 [Less than] Rem Term [Less than or equal to] 84 77 967,375.72 1.72%
84 [Less than] Rem Term [Less than or equal to] 96 12 147,638.65 0.26%
96 [Less than] Rem Term [Less than or equal to] 108 2 46,408.44 0.08%
108 [Less than] Rem Term [Less than or equal to] 120 193 3,679,592.57 6.53%
120 [Less than] Rem Term [Less than or equal to] 132 2 47,075.46 0.08%
132 [Less than] Rem Term [Less than or equal to] 144 209 5,129,587.41 9.11%
144 [Less than] Rem Term [Less than or equal to] 156 1 12,930.80 0.02%
168 [Less than] Rem Term [Less than or equal to] 180 376 10,410,936.63 18.48%
204 [Less than] Rem Term [Less than or equal to] 216 2 74,364.59 0.13%
228 [Less than] Rem Term [Less than or equal to] 240 325 11,373,099.48 20.19%
240 [Less than] Rem Term [Less than or equal to] 252 1 39,327.44 0.07%
276 [Less than] Rem Term [Less than or equal to] 288 1 50,409.86 0.09%
288 [Less than] Rem Term [Less than or equal to] 300 221 7,891,929.98 14.01%
324 [Less than] Rem Term [Less than or equal to] 336 3 121,258.35 0.22%
336 [Less than] Rem Term [Less than or equal to] 348 2 118,510.71 0.21%
348 [Less than] Rem Term [Less than or equal to] 360 300 15,630,502.63 27.75%
- --------------------------------------------------------------------------------------------------
Total............ 1,787 56,332,524.77 100.00%
===================================================================================================
</TABLE>
ORIGINAL MONTHS TO MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
<S> <C> <C> <C>
36 [Less than] Orig. Term [Less than or equal to] 48 1 14,800.00 0.03%
48 [Less than] Orig. Term [Less than or equal to] 60 56 543,794.45 0.97%
60 [Less than] Orig. Term [Less than or equal to] 72 2 28,108.56 0.05%
72 [Less than] Orig. Term [Less than or equal to] 84 78 972,248.76 1.73%
84 [Less than] Orig. Term [Less than or equal to] 96 11 126,965.33 0.23%
108 [Less than] Orig. Term [Less than or equal to] 120 196 3,746,674.33 6.65%
132 [Less than] Orig. Term [Less than or equal to] 144 209 5,109,999.40 9.07%
168 [Less than] Orig. Term [Less than or equal to] 180 379 10,490,530.90 18.62%
204 [Less than] Orig. Term [Less than or equal to] 216 2 74,364.59 0.13%
228 [Less than] Orig. Term [Less than or equal to] 240 325 11,373,099.48 20.19%
288 [Less than] Orig. Term [Less than or equal to] 300 222 7,942,339.84 14.10%
348 [Less than] Orig. Term [Less than or equal to] 360 306 15,909,599.13 28.24%
- ---------------------------------------------------------------------------------------------------------
Total............ 1,787 56,332,524.77 100.00%
=========================================================================================================
</TABLE>
DISTRIBUTION OF CONTRACT AGES
<TABLE>
<CAPTION>
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
<S> <C> <C> <C>
Age = 0 1,047 33,587,114.15 59.62%
0 [Less than] Age [Less than or equal to] 6 714 21,951,976.47 38.97%
6 [Less than] Age [Less than or equal to] 12 11 286,967.35 0.51%
12 [Less than] Age [Less than or equal to] 24 6 240,740.38 0.43%
24 [Less than] Age [Less than or equal to] 36 5 154,862.47 0.27%
36 [Less than] Age [Less than or equal to] 48 2 49,872.42 0.09%
48 [Less than] Age [Less than or equal to] 60 1 21,664.09 0.04%
108 [Less than] Age [Less than or equal to] 120 1 39,327.44 0.07%
- --------------------------------------------------------------------------------------------------
Total............ 1,787 56,332,524.77 100.00%
==================================================================================================
</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.
<PAGE>
NOTE: Percentages may not add to 100.00% due to rounding.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT SUISSE / FIRST BOSTON
