<PAGE>
<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): February 24, 1997
CWABS, INC., (as depositor under the Pooling and
Servicing Agreement, to be dated as of February
27, 1997, providing for the issuance of the CWABS,
INC., Asset-Backed Certificates, Series 1997-1).
CWABS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-11095 95-4596514
- ------------------------------- ---------------- -----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
155 North Lake Avenue
Pasadena, California 91101
- ------------------------------------ --------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 584-2212
- --------------------------------------------------------------------------------
<PAGE>
<PAGE>
Item 5. Other Events.
Filing of Certain Materials
Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K (the "Form
8-K"), CWABS, Inc. (the "Company") is filing a prospectus and prospectus
supplement with the Securities and Exchange Commission (the "Commission")
relating to its Asset-Backed Certificates, Series 1997-1.
In connection with the offering of the Asset-Backed Certificates, Series
1997-1, Prudential Securities Incorporated ("Prudential") and Countrywide
Securities Corporation ("Countrywide Securities" and together with Prudential,
the "Underwriters"), as underwriters of the Certificates, have prepared certain
materials (the "Computational Materials") for distribution to its potential
investors. Although the Company provided the Underwriters with certain
information regarding the characteristics of the Mortgage Loans in the related
portfolio, the Company did not participate in the preparation of the
Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to the
Certificates, any of the following: yield; average life; duration; expected
maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Mortgage Loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature. The
Computational Materials of the Underwriters are filed as Exhibit 99.1.
- --------------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated February 21, 1997 and the
prospectus supplement dated February 21, 1997, of CWABS, Inc., relating to its
Asset-Backed Certificates, Series 1997-1.
2
<PAGE>
<PAGE>
Incorporation of Certain Documents by Reference
Pursuant to Rule 411 of Regulation C under the Securities Act of 1933 and
in reliance on MBIA Inc. SEC No-Action Letter, MBIA Insurance Corporation (the
"Company") will incorporate by reference the financial statements of MBIA Inc.
into the Company's registration statement (File No. 333-11095). The financial
statements will be referred to in the prospectus supplement relating to CWABS,
Inc. Asset-Backed Certificates, Series 1997-1. In connection with the
incorporation of such documents by reference, the Company is hereby filing the
consent of Coopers & Lybrand L.L.P. ("Coopers & Lybrand") to the use of their
name in such prospectus supplement. The consent of Coopers & Lybrand is attached
hereto as Exhibit 23.
3
<PAGE>
<PAGE>
Item 7. Financial Statements. Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23. Consent of Coopers & Lybrand L.L.P.
99.1 Computational Materials.
4
<PAGE>
<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 hereunto duly authorized.
CWMBS, INC.
By: /s/ David Walker
-------------------------------
David Walker
Vice President
Dated: February 21, 1997
<PAGE>
<PAGE>
Exhibit Index
Exhibit Page
------- ----
23. Consent of Coopers & Lybrand L.L.P.
99.1 Computational Materials.
6
<PAGE>
<PAGE>
EXHIBIT 23: CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Prospectus Supplement
of our report dated January 22, 1996 on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries as of December 31,
1995 and 1994, and for the three years ended December 31, 1995. We also consent
to the reference to our firm under the caption "Experts".
\s\ Coopers & Lybrand L.L.P.
-----------------------------------
COOPERS & LYBRAND L.L.P.
New York, New York
February 24, 1997
7
<PAGE>
<PAGE>
- Countrywide Home Loans, Inc.
Seller and Master Servicer
- CWABS Series 1997-1
[$ 173,000,000] Class A-1 Certificates 1M LIBOR + [ BP]
[$ 40,700,000] Class A-2 Certificates 1M LIBOR + [ BP]
[$ 35,000,000] Class A-3 Certificates [ %]
[$ 14,677,000] Class A-4 Certificates [ %]
[$ 15,623,000] Class A-5 Certificates [ %]
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Seller. PSI makes no representations as to
the accuracy of such information provided to it by the Seller. 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>
<PAGE>
CWABS Series 1997-1
Title of Securities: Asset-Backed Certificates, Series 1997-1, Classes A-1
through A-5 (collectively, the "Certificates").
Description of
Transaction: This approximately [$279,000,000] MBIA-wrapped
transaction is supported by two collateral pools.
Class A-1 are floating-rate certificates backed by
adjustable-rate home equity mortgage loans ("Loan Group
1"). The Class A-1 Certificates are subject to an
available funds cap and feature interest shortfall
reimbursement, in which any interest shortfall due to
movements in one-month LIBOR will be carried forward,
with accrued interest at the coupon rate, and paid from
excess cash flow in a later period.
Classes A-2, A-3, A-4 and A-5 are backed by fixed-rate
home equity mortgage loans ("Loan Group 2"). The Class
A-2 are floating-rate certificates, subject to a Net
Funds Cap as described below. Classes A-3 through A-5
are fixed-rate bonds.
- --------------------------------------------------------------------------------
CERTIFICATE CLASS A-1 (SUPPORTED BY ADJUSTABLE-RATE HOME EQUITY
MORTGAGE LOANS -- Loan Group 1)
- --------------------------------------------------------------------------------
Class A-1
---------
Approximate Size: [$173,000,000]
Prepayment Assumption: [25 HEP]
**Actual prepayments may vary**
Avg. Life to Maturity (app.) [ 3.60 years]
Avg. Life to Call (app.) [ 3.34 years]
Coupon: 1M LIBOR + [ BP]*
*(Class A-1 Certificates are subject to an
available funds cap, and not subject to a
hard cap. Also, if the Master Servicer
does not exercise its option to call at
the 10% Cleanup Call, then the coupon on
the Class A-1 Certificates will be
increased to 1M LIBOR + [ BP]. Class A-1
Certificates are entitled to interest
shortfall reimbursement.)
Coupon Day Count: Actual/360
Expected Maturity (to maturity): [01/25/15]
Expected Maturity (to call): [05/25/05]
Stated Maturity: [03/25/27]
Dated Date: [02/27/97]
- --------------------------------------------------------------------------------
CERTIFICATE CLASSES A-2, A-3, A-4 AND A-5 (SUPPORTED BY FIXED-RATE HOME
EQUITY MORTGAGE LOANS) -- Loan Group 2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A-2 Class A-3 Class A-4 Class A-5
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Approximate Size [$40,700,000] [$35,000,000] [$14,677,000] [$15,623,000]
Prepayment Assumption: [23 HEP] [23 HEP] [23 HEP] [23 HEP]
**Actual prepayments may vary**
Avg. Life to Maturity: (app.) [1.05 years] [3.05 years] [5.55 years] [9.62 years]
Avg. Life to Call: (app.) [1.05 years] [3.05 years] [5.55 years] [7.97 years]
Coupon 1M LIBOR + [ BP]* [ %] [ %] [ %]**
Coupon Day Count Actual/360 30/360 30/360 30/360
Expected Maturity (to maturity) [01/25/99 09/25/01 12/25/03 08/25/12]
Expected Maturity (to call) [01/25/99 09/25/01 12/25/03 05/25/05]
Stated Maturity [03/25/09 02/25/12 05/25/21 02/25/27]
Dated Date: [2/27/97] [2/1/97] [2/1/97] [2/1/97]
</TABLE>
* Net Funds Cap: The Class A-2 will be subject to a Net Funds Cap equal to the
weighted average net coupon rate (i.e., the weighted average
coupon less approximately [0.66%] for servicing fees, trustee
fees and certificate insurer premiums for the Loan Group 2
collateral for such Distribution Date.
** If the Master Servicer does not exercise its option to call at the 10%
Cleanup Call, then the coupon on the Class A-5 Certificates will be raised by
[50]bps.
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>
<PAGE>
CWABS 1997-1
Pricing Date: [February 14, 1997]
Settlement Date: [February 27, 1997]
Cleanup Call: The Master Servicer may repurchase the collateral and,
(All Certificate as a result, cause the Certificates to be called at par
Classes) plus accrued interest after the remaining balances of
the loans are less than 10% of Cutoff Date Pool
Principal Balance (which includes both Loan Group 1
and Loan Group 2).
Form of Certificates: Book entry form, same day funds (through DTC, CEDEL or
Euroclear).
Master Servicer: Countrywide Home Loans, Inc.
Servicing Fee: 50 basis points per annum.
Trustee: The Bank of New York.
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on March 25, 1997.
Payment Delay: Certificate Classes A-1 and A-2, no payment delay.
Certificate Classes A-3, A-4 and A-5, 24 days payment
delay.
Interest Accrual
Period: For Certificate Classes A-1 and A-2, interest will
accrue from the 25th date of the preceeding month until
the 24th day of the current month based on an
actual/360 day count. The Class A-1 and A-2
Certificates will accrue interest from the settlement
date [February 27, 1997]. Interest will accrue from the
1st day of the preceeding month until the 30th day of
the preceeding month for Certificate Classes A-3, A-4
and A-5.
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's, respectively. These ratings
will not address the interest shortfall reimbursement.
Certificate Insurer: Municipal Bond Investors Assurance Corporation
("MBIA"). MBIA's claims-paying ability is rated
AAA/Aaa by Standard and Poor's and Moody's.
Certificate Insurance: Timely interest and eventual principal payments on the
Certificates will be 100% guaranteed by MBIA. The
insurance policy does not include the interest
shortfall reimbursement for the Class A-1 Certificates.
ERISA
Considerations: All of the 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.
Taxation: REMIC.
Legal Investment: The Certificates will not be SMMEA eligible.
Credit Enhancement: 1) 100% wrap from MBIA guarantees timely payment of
interest and eventual principal (excluding interest
shortfall reimbursement).
2) Overcollateralization.
3) Cross-Collateralization.
4) Ongoing spread.
Overcollateralization: The overcollaterization provisions of the Trust are
intended to provide for limited acceleration of the
Certificates relative to the amortization of the
related collateral, generally in the early months of
the transaction. The accelerated amortization is
achieved by applying certain excess interest collected
on the collateral to the payment of principal on the
Certificates. This acceleration feature is intended to
create, with respect to each Collateral Pool, an amount
("Overcollateralization") resulting from, and equal to,
the excess of the aggregate principal balances of the
Collateral Pool over the principal balance of the
related Certificates. Once the required
Overcollateralization level is reached, the
acceleration feature will cease, unless necessary to
maintain the required level of Overcollateralization.
CERTIFICATE CLASS A-1 (supported by adjustable-rate
home equity mortgage loans): Excess spread will be used
to build the Overcollateralization Amount to an initial
target of [TBD]% of the original principal balance.
After 30 months, the Overcollateralization Amount
requirement will be changed to the lesser of [TBD]% of
original principal balance or [TBD]% of current
principal balance, subject to a floor of [TBD]% of
original principal balance.
CERTIFICATE CLASSES A-2, A-3, A-4 AND A-5 (supported by
fixed-rate home equity mortgage loans): Excess spread
will be used to build the Overcollateralization Amount
to an initial target of [TBD]% of the original
principal balance. After 30 months, the
Overcollateralization Amount requirement will be
changed to the lesser of [TBD]% of original principal
balance or [TBD]% of current principal balance, subject
to a floor of [TBD]% of original principal balance.
Cross-
Collateralization: Excess spread from each of the two collateral pools
will be available to credit-enhance all Certificates
supported by the other pool, pro rata, based on their
needs.
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>
<PAGE>
CWABS Series 1997-1
Cashflow Structure: A. Interest Payments are applied as follows:
CERTIFICATE CLASS A-1 (supported by adjustable-rate
home equity mortgage loans)
1) Repayment of any unreimbursed Servicer advances
with respect to defaulted loans;
2) Ongoing Trust Fees;
3) Accrued monthly interest, subject to the available
funds cap;
4) Paydown of Certificates to the required level of
Overcollateralization;
5) Payment requirement from another cross-
collateralized pool (if any);
6) Interest Carryover (if any);
7) Any excess cash flow reverts to the Seller.
CERTIFICATE CLASSES A-2, A-3, A-4 AND A-5 (supported by
fixed-rate home equity mortgage loans)
1) Repayment of any unreimbursed Servicer advances with
respect to defaulted loans;
2) Ongoing Trust Fees;
3) Accrued monthly interest;
4) Paydown of Certificates to the required level of
Overcollateralization;
5) Payment requirement from another cross-
collateralized pool (if any);
6) Any excess cash flow reverts to the Seller.
B. Principal payments are applied as follows:
CERTIFICATE CLASS A-1 (supported by adjustable-rate
home equity mortgage loans) 1) 100% to Class A-1 until
Class A-1 is retired.
CERTIFICATE CLASSES A-2, A-3. A-4 AND A-5 (supported by
fixed-rate home equity mortgage loans)
1) 100% to Class A-2 until Class A-2 is retired;
2) 100% to Class A-3 until Class A-3 is retired;
3) 100% to Class A-4 until Class A-4 is retired;
4) 100% to Class A-5 until Class A-5 is retired.
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>
<PAGE>
CWABS Series 1997-1
(I) Available Funds information on Certificate A-1 Floating Rate Tranche:
The Class A-1 Certificates are subject to an available funds cap:
Available Funds on A-1 = (Group 1 Collateral Interest - Servicing Fee -
Ongoing Trust Fees - MBIA cushion)/(Bond Balance of Classes A-1)
Servicing Fee is 50 bps
Ongoing Trust Fees are 16 bps
MBIA Cushion is 0 for months 0-12; 50bps thereafter
A-1
Available
Period Funds Cap (expressed in 30/360 basis)
- ---------------------------------------------
1 8.621%
2 8.621%
3 8.642%
4 8.887%
5 9.058%
6 9.327%
7 9.357%
8 9.389%
9 9.423%
10 9.638%
11 9.811%
12 10.069%
13 9.562%
14 9.569%
15 9.577%
16 9.585%
17 9.593%
18 9.601%
19 9.610%
20 9.619%
21 9.628%
22 9.975%
23 10.295%
24 10.586%
25 10.597%
26 10.608%
27 10.620%
28 10.810%
29 10.966%
30 11.098%
31 11.111%
32 11.125%
33 11.139%
34 11.150%
35 11.150%
36 - end 11.150%
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>
<PAGE>
Financial Strategies 02/11/97 07:36:10 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP CWABS71 Coupon * Cap Flr 0.00
Class A1 FLT CUR LIBOR-1M+TBA Accr 0.00000 1st Pmt 03/25/97
Collateral Factor on / /
N/GWAC (Orig) / LIBOR-1M 5.41016
WAM (Orig) Mat N/A Settle 02/27/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
*** TO 10% CALL ***
PRICING
GP 1 25 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
GP 2 23 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 30.150 26.847 27.839 28.504 29.864 30.883 31.909
99-23 29.615 26.486 27.426 28.055 29.343 30.309 31.281
99-23+ 29.079 26.125 27.012 27.607 28.823 29.735 30.653
99-24 28.544 25.764 26.599 27.158 28.303 29.161 30.025
99-24+ 28.009 25.403 26.186 26.710 27.783 28.587 29.397
99-25 27.474 25.042 25.772 26.262 27.263 28.014 28.770
99-25+ 26.939 24.681 25.359 25.814 26.744 27.440 28.142
99-26 26.405 24.321 24.946 25.366 26.224 26.867 27.515
99-26+ 25.870 23.960 24.534 24.918 25.705 26.294 26.888
99-27 25.336 23.599 24.121 24.470 25.185 25.721 26.261
99-27+ 24.802 23.239 23.708 24.023 24.666 25.148 25.634
99-28 24.268 22.879 23.296 23.575 24.147 24.576 25.007
99-28+ 23.734 22.519 22.884 23.128 23.628 24.003 24.381
99-29 23.200 22.159 22.471 22.681 23.110 23.431 23.755
99-29+ 22.666 21.799 22.059 22.234 22.591 22.859 23.128
99-30 22.133 21.439 21.647 21.787 22.073 22.287 22.502
99-30+ 21.599 21.079 21.235 21.340 21.554 21.715 21.877
99-31 21.066 20.719 20.823 20.893 21.036 21.143 21.251
99-31+ 20.533 20.360 20.412 20.447 20.518 20.571 20.625
100-00 20.000 20.000 20.000 20.000 20.000 20.000 20.000
100-00+ 19.467 19.641 19.589 19.554 19.482 19.429 19.375
100-01 18.934 19.281 19.177 19.107 18.965 18.858 18.750
100-01+ 18.402 18.922 18.766 18.661 18.447 18.286 18.125
100-02 17.870 18.563 18.355 18.215 17.930 17.716 17.500
100-02+ 17.337 18.204 17.944 17.769 17.412 17.145 16.876
100-03 16.805 17.845 17.533 17.323 16.895 16.574 16.251
100-03+ 16.273 17.486 17.122 16.878 16.378 16.004 15.627
100-04 15.741 17.127 16.711 16.432 15.861 15.434 15.003
100-04+ 15.209 16.769 16.300 15.987 15.345 14.863 14.379
100-05 14.678 16.410 15.890 15.541 14.828 14.293 13.755
100-05+ 14.146 16.052 15.480 15.096 14.312 13.723 13.131
100-06 13.615 15.693 15.069 14.651 13.795 13.154 12.508
100-06+ 13.084 15.335 14.659 14.206 13.279 12.584 11.884
100-07 12.553 14.977 14.249 13.761 12.763 12.015 11.261
100-07+ 12.022 14.619 13.839 13.316 12.247 11.445 10.638
100-08 11.491 14.261 13.429 12.872 11.731 10.876 10.015
100-08+ 10.961 13.903 13.019 12.427 11.216 10.307 9.393
100-09 10.430 13.545 12.610 11.983 10.700 9.738 8.770
100-09+ 9.900 13.187 12.200 11.539 10.185 9.170 8.148
Avg. Life 3.339 5.374 4.541 4.114 3.448 3.076 2.775
Mod. Dur. 2.827 4.189 3.660 3.374 2.909 2.637 2.410
Mac. Dur. 2.909 4.310 3.765 3.471 2.993 2.713 2.479
1st Pmt. 0.078 0.078 0.078 0.078 0.078 0.078 0.078
Last Pmt. 05/25/05 01/25/10 02/25/08 02/25/07 06/25/05 07/25/04 10/25/03
Exercise call option : Mandatory
Call option code : Earlier of
Fraction of coll. prin. : 0.1000
Yields are to Call
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>
<PAGE>
Financial Strategies 02/11/97 07:37:19 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP CWABS71 Coupon * Cap Flr 0.00
Class A2 FLT CUR LIBOR-1M+TBA Accr 0.00000 1st Pmt 03/25/97
Collateral Factor on / /
N/GWAC (Orig) / LIBOR-1M 5.41016
WAM (Orig) Mat N/A Settle 02/27/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
PRICING
GP 1 25 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
GP 2 23 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 38.091 31.393 34.075 35.743 38.845 40.975 42.958
99-23 36.557 30.212 32.753 34.333 37.271 39.289 41.167
99-23+ 35.024 29.032 31.431 32.923 35.698 37.603 39.377
99-24 33.490 27.852 30.109 31.514 34.125 35.918 37.587
99-24+ 31.957 26.671 28.788 30.104 32.552 34.233 35.798
99-25 30.425 25.492 27.467 28.695 30.980 32.548 34.009
99-25+ 28.892 24.312 26.146 27.287 29.408 30.864 32.220
99-26 27.360 23.133 24.825 25.878 27.836 29.180 30.432
99-26+ 25.829 21.954 23.505 24.470 26.264 27.497 28.644
99-27 24.297 20.775 22.185 23.062 24.693 25.814 26.856
99-27+ 22.766 19.596 20.865 21.655 23.123 24.131 25.069
99-28 21.235 18.418 19.546 20.248 21.552 22.448 23.282
99-28+ 19.705 17.240 18.227 18.841 19.982 20.766 21.496
99-29 18.175 16.062 16.908 17.434 18.412 19.084 19.710
99-29+ 16.645 14.884 15.589 16.028 16.843 17.403 17.924
99-30 15.115 13.707 14.271 14.621 15.274 15.721 16.138
99-30+ 13.586 12.530 12.953 13.216 13.705 14.041 14.353
99-31 12.057 11.353 11.635 11.810 12.136 12.360 12.568
99-31+ 10.528 10.176 10.317 10.405 10.568 10.680 10.784
100-00 9.000 9.000 9.000 9.000 9.000 9.000 9.000
100-00+ 7.472 7.824 7.683 7.595 7.432 7.321 7.216
100-01 5.944 6.648 6.366 6.191 5.865 5.641 5.433
100-01+ 4.417 5.472 5.050 4.787 4.298 3.963 3.650
100-02 2.890 4.297 3.734 3.383 2.732 2.284 1.867
100-02+ 1.363 3.122 2.418 1.980 1.165 0.606 0.085
100-03 -0.163 1.947 1.102 0.577 -0.401 -1.072 -1.697
100-03+ -1.689 0.772 -0.213 -0.826 -1.966 -2.749 -3.478
100-04 -3.215 -0.402 -1.528 -2.229 -3.532 -4.426 -5.259
100-04+ -4.741 -1.576 -2.843 -3.631 -5.097 -6.103 -7.040
100-05 -6.266 -2.750 -4.158 -5.033 -6.662 -7.780 -8.821
100-05+ -7.791 -3.924 -5.472 -6.435 -8.226 -9.456 -10.601
100-06 -9.315 -5.097 -6.786 -7.837 -9.790 -11.132 -12.381
100-06+ -10.840 -6.270 -8.099 -9.238 -11.354 -12.807 -14.160
100-07 -12.364 -7.443 -9.413 -10.639 -12.917 -14.482 -15.939
100-07+ -13.887 -8.616 -10.726 -12.039 -14.480 -16.157 -17.718
100-08 -15.411 -9.788 -12.039 -13.440 -16.043 -17.831 -19.496
100-08+ -16.934 -10.960 -13.352 -14.840 -17.606 -19.505 -21.274
100-09 -18.456 -12.132 -14.664 -16.239 -19.168 -21.179 -23.052
100-09+ -19.979 -13.304 -15.976 -17.639 -20.730 -22.853 -24.829
Avg. Life 1.050 1.381 1.226 1.146 1.023 0.952 0.895
Mod. Dur. 0.989 1.284 1.147 1.075 0.964 0.900 0.848
Mac. Dur. 1.017 1.320 1.179 1.106 0.991 0.926 0.872
1st Pmt. 0.078 0.078 0.078 0.078 0.078 0.078 0.078
Last Pmt. 1.911 2.744 2.328 2.161 1.828 1.661 1.578
Exercise call option : Mandatory
Call option code : Earlier of
Fraction of coll. prin. : 0.1000
Yields are to Call
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>
<PAGE>
Financial Strategies 02/11/97 07:38:58 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP CWABS71 Coupon 6.625
Class A3 CUR Accr 0.47847 1st Pmt 03/25/97
Collateral Factor on / /
N/GWAC (Orig) / LIBOR-1M 5.41016
WAM (Orig) Mat N/A Settle 02/27/97
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
PRICING
GP 1 25 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
GP 2 23 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22 6.669 6.682 6.677 6.674 6.667 6.662 6.657
99-22+ 6.663 6.678 6.672 6.668 6.661 6.655 6.650
99-23 6.657 6.674 6.667 6.663 6.655 6.649 6.642
99-23+ 6.651 6.669 6.663 6.658 6.649 6.642 6.635
99-24 6.645 6.665 6.658 6.653 6.643 6.635 6.628
99-24+ 6.639 6.661 6.653 6.647 6.637 6.629 6.620
99-25 6.634 6.657 6.648 6.642 6.631 6.622 6.613
99-25+ 6.628 6.652 6.643 6.637 6.625 6.615 6.606
99-26 6.622 6.648 6.638 6.632 6.619 6.609 6.599
99-26+ 6.616 6.644 6.634 6.627 6.613 6.602 6.591
99-27 6.610 6.640 6.629 6.621 6.606 6.595 6.584
99-27+ 6.604 6.636 6.624 6.616 6.600 6.589 6.577
99-28 6.599 6.631 6.619 6.611 6.594 6.582 6.570
99-28+ 6.593 6.627 6.614 6.606 6.588 6.575 6.562
99-29 6.587 6.623 6.609 6.600 6.582 6.569 6.555
99-29+ 6.581 6.619 6.605 6.595 6.576 6.562 6.548
99-30 6.575 6.614 6.600 6.590 6.570 6.555 6.541
99-30+ 6.569 6.610 6.595 6.585 6.564 6.549 6.533
99-31 6.564 6.606 6.590 6.579 6.558 6.542 6.526
99-31+ 6.558 6.602 6.585 6.574 6.552 6.536 6.519
100-00 6.552 6.597 6.580 6.569 6.546 6.529 6.512
100-00+ 6.546 6.593 6.576 6.564 6.540 6.522 6.504
100-01 6.540 6.589 6.571 6.559 6.534 6.516 6.497
100-01+ 6.534 6.585 6.566 6.553 6.528 6.509 6.490
100-02 6.529 6.581 6.561 6.548 6.522 6.502 6.483
100-02+ 6.523 6.576 6.556 6.543 6.516 6.496 6.475
100-03 6.517 6.572 6.552 6.538 6.510 6.489 6.468
100-03+ 6.511 6.568 6.547 6.533 6.504 6.482 6.461
100-04 6.505 6.564 6.542 6.527 6.498 6.476 6.454
100-04+ 6.499 6.560 6.537 6.522 6.492 6.469 6.446
100-05 6.494 6.555 6.532 6.517 6.486 6.463 6.439
100-05+ 6.488 6.551 6.528 6.512 6.480 6.456 6.432
100-06 6.482 6.547 6.523 6.506 6.474 6.449 6.425
100-06+ 6.476 6.543 6.518 6.501 6.468 6.443 6.417
100-07 6.470 6.539 6.513 6.496 6.462 6.436 6.410
100-07+ 6.465 6.534 6.508 6.491 6.456 6.430 6.403
100-08 6.459 6.530 6.503 6.486 6.450 6.423 6.396
100-08+ 6.453 6.526 6.499 6.480 6.444 6.416 6.389
100-09 6.447 6.522 6.494 6.475 6.438 6.410 6.381
Avg. Life 3.050 4.411 3.781 3.451 2.936 2.641 2.398
Mod. Dur. 2.668 3.686 3.227 2.978 2.579 2.343 2.145
Mac. Dur. 2.755 3.808 3.333 3.076 2.663 2.419 2.215
1st Pmt. 1.911 2.744 2.328 2.161 1.828 1.661 1.578
Last Pmt. 4.578 6.578 5.661 5.161 4.328 3.911 3.494
Exercise call option : Mandatory
Call option code : Earlier of
Fraction of coll. prin. : 0.1000
Yields are to Call
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>
<PAGE>
Financial Strategies 02/11/97 07:39:12 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP CWABS71 Coupon 6.975
Class A4 CUR Accr 0.50375 1st Pmt 03/25/97
Collateral Factor on / /
N/GWAC (Orig) / LIBOR-1M 5.41016
WAM (Orig) Mat N/A Settle 02/27/97
CenterPrice 99-30 Inc 0.5 Table Yield Roll@
PRICING
GP 1 25 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
GP 2 23 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-20+ 7.053 7.059 7.057 7.056 7.053 7.050 7.048
99-21 7.050 7.057 7.054 7.053 7.049 7.046 7.043
99-21+ 7.046 7.054 7.051 7.049 7.045 7.042 7.039
99-22 7.043 7.052 7.048 7.046 7.042 7.038 7.035
99-22+ 7.039 7.049 7.045 7.043 7.038 7.034 7.030
99-23 7.036 7.046 7.043 7.040 7.035 7.030 7.026
99-23+ 7.032 7.044 7.040 7.037 7.031 7.026 7.022
99-24 7.029 7.041 7.037 7.034 7.027 7.022 7.017
99-24+ 7.025 7.038 7.034 7.030 7.024 7.018 7.013
99-25 7.022 7.036 7.031 7.027 7.020 7.014 7.009
99-25+ 7.018 7.033 7.028 7.024 7.016 7.010 7.004
99-26 7.015 7.031 7.025 7.021 7.013 7.006 7.000
99-26+ 7.011 7.028 7.022 7.018 7.009 7.002 6.996
99-27 7.008 7.025 7.019 7.015 7.006 6.999 6.991
99-27+ 7.004 7.023 7.016 7.011 7.002 6.995 6.987
99-28 7.001 7.020 7.013 7.008 6.998 6.991 6.983
99-28+ 6.997 7.018 7.010 7.005 6.995 6.987 6.978
99-29 6.994 7.015 7.007 7.002 6.991 6.983 6.974
99-29+ 6.990 7.012 7.004 6.999 6.988 6.979 6.970
99-30 6.987 7.010 7.001 6.996 6.984 6.975 6.965
99-30+ 6.983 7.007 6.999 6.993 6.980 6.971 6.961
99-31 6.980 7.004 6.996 6.989 6.977 6.967 6.957
99-31+ 6.976 7.002 6.993 6.986 6.973 6.963 6.952
100-00 6.973 6.999 6.990 6.983 6.969 6.959 6.948
100-00+ 6.969 6.997 6.987 6.980 6.966 6.955 6.944
100-01 6.966 6.994 6.984 6.977 6.962 6.951 6.939
100-01+ 6.962 6.991 6.981 6.974 6.959 6.947 6.935
100-02 6.959 6.989 6.978 6.971 6.955 6.943 6.931
100-02+ 6.955 6.986 6.975 6.967 6.951 6.939 6.926
100-03 6.952 6.984 6.972 6.964 6.948 6.935 6.922
100-03+ 6.949 6.981 6.969 6.961 6.944 6.931 6.918
100-04 6.945 6.978 6.966 6.958 6.941 6.927 6.913
100-04+ 6.942 6.976 6.963 6.955 6.937 6.923 6.909
100-05 6.938 6.973 6.960 6.952 6.933 6.919 6.905
100-05+ 6.935 6.971 6.958 6.949 6.930 6.915 6.900
100-06 6.931 6.968 6.955 6.945 6.926 6.911 6.896
100-06+ 6.928 6.965 6.952 6.942 6.923 6.907 6.892
100-07 6.924 6.963 6.949 6.939 6.919 6.903 6.888
100-07+ 6.921 6.960 6.946 6.936 6.915 6.900 6.883
Avg. Life 5.550 8.046 6.917 6.305 5.333 4.764 4.296
Mod. Dur. 4.453 5.957 5.309 4.936 4.310 3.923 3.593
Mac. Dur. 4.609 6.166 5.495 5.109 4.460 4.060 3.718
1st Pmt. 4.578 6.578 5.661 5.161 4.328 3.911 3.494
Last Pmt. 6.828 9.744 8.411 7.744 6.494 5.828 5.244
Exercise call option : Mandatory
Call option code : Earlier of
Fraction of coll. prin. : 0.1000
Yields are to Call
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>
<PAGE>
Financial Strategies 02/11/97 07:39:24 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP CWABS71 Coupon 7.300
Class A5 CUR Accr 0.52722 1st Pmt 03/25/97
Collateral Factor on / /
N/GWAC (Orig) / LIBOR-1M 5.41016
WAM (Orig) Mat N/A Settle 02/27/97
CenterPrice 99-28+ Inc 0.5 Table Yield Roll@
*** TO 10% CALL ***
PRICING
GP 1 25 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
GP 2 23 HEP 15 HEP 18 HEP 20 HEP 24 HEP 27 HEP 30 HEP
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-19 7.398 7.401 7.400 7.400 7.398 7.397 7.396
99-19+ 7.395 7.399 7.398 7.397 7.395 7.394 7.392
99-20 7.393 7.397 7.396 7.395 7.393 7.391 7.389
99-20+ 7.390 7.395 7.394 7.393 7.390 7.388 7.386
99-21 7.387 7.393 7.392 7.390 7.387 7.385 7.383
99-21+ 7.385 7.391 7.389 7.388 7.385 7.382 7.380
99-22 7.382 7.389 7.387 7.385 7.382 7.379 7.376
99-22+ 7.379 7.387 7.385 7.383 7.379 7.376 7.373
99-23 7.377 7.385 7.383 7.381 7.377 7.373 7.370
99-23+ 7.374 7.383 7.380 7.378 7.374 7.370 7.367
99-24 7.371 7.381 7.378 7.376 7.371 7.368 7.364
99-24+ 7.369 7.379 7.376 7.374 7.369 7.365 7.361
99-25 7.366 7.377 7.374 7.371 7.366 7.362 7.357
99-25+ 7.363 7.375 7.372 7.369 7.363 7.359 7.354
99-26 7.361 7.373 7.369 7.367 7.360 7.356 7.351
99-26+ 7.358 7.371 7.367 7.364 7.358 7.353 7.348
99-27 7.355 7.369 7.365 7.362 7.355 7.350 7.345
99-27+ 7.353 7.367 7.363 7.359 7.352 7.347 7.341
99-28 7.350 7.365 7.360 7.357 7.350 7.344 7.338
99-28+ 7.347 7.363 7.358 7.355 7.347 7.341 7.335
99-29 7.345 7.361 7.356 7.352 7.344 7.338 7.332
99-29+ 7.342 7.359 7.354 7.350 7.342 7.335 7.329
99-30 7.340 7.357 7.352 7.348 7.339 7.332 7.326
99-30+ 7.337 7.355 7.349 7.345 7.336 7.330 7.322
99-31 7.334 7.353 7.347 7.343 7.334 7.327 7.319
99-31+ 7.332 7.351 7.345 7.341 7.331 7.324 7.316
100-00 7.329 7.349 7.343 7.338 7.328 7.321 7.313
100-00+ 7.326 7.347 7.340 7.336 7.326 7.318 7.310
100-01 7.324 7.345 7.338 7.333 7.323 7.315 7.307
100-01+ 7.321 7.343 7.336 7.331 7.320 7.312 7.303
100-02 7.318 7.341 7.334 7.329 7.318 7.309 7.300
100-02+ 7.316 7.339 7.332 7.326 7.315 7.306 7.297
100-03 7.313 7.337 7.329 7.324 7.312 7.303 7.294
100-03+ 7.310 7.335 7.327 7.322 7.310 7.300 7.291
100-04 7.308 7.333 7.325 7.319 7.307 7.297 7.288
100-04+ 7.305 7.331 7.323 7.317 7.304 7.295 7.284
100-05 7.302 7.329 7.321 7.315 7.302 7.292 7.281
100-05+ 7.300 7.327 7.318 7.312 7.299 7.289 7.278
100-06 7.297 7.325 7.316 7.310 7.296 7.286 7.275
Avg. Life 7.967 11.989 10.319 9.410 7.901 7.043 6.335
Mod. Dur. 5.847 7.725 7.011 6.584 5.808 5.327 4.907
Mac. Dur. 6.062 8.010 7.269 6.826 6.022 5.522 5.087
1st Pmt. 6.828 9.744 8.411 7.744 6.494 5.828 5.244
Last Pmt. 05/25/05 01/25/10 02/25/08 02/25/07 06/25/05 07/25/04 10/25/03
Exercise call option : Mandatory
Call option code : Earlier of
Fraction of coll. prin. : 0.1000
Yields are to Call
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>
<PAGE>
- --------------------------------------------------------------------------------
- COUNTRYWIDE 1997-1
- Cut Off Date of Tape is 1/31/97
- ARM COLLATERAL
- $142,024,553.24
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,438
Index: 6 Month LIBOR
Lien Status: First Lien Loans
Aggregate Unpaid Principal Balance: $142,024,553.24
Aggregate Original Principal Balance: $142,061,374.50
Weighted Average Coupon (Gross): 9.281%
Gross Coupon Range: 5.625% - 13.750%
Weighted Average Gross Margin (Gross): 6.131%
Gross Margin Range: 4.500% - 9.250%
Weighted Average Life Cap (Gross): 16.281%
Gross Life Cap Range: 12.625% - 20.750%
Weighted Average Life Floor (Gross): 9.281%
Gross Life Floor Range: 5.625% - 13.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $98,765.34
Average Original Principal Balance: $98,790.94
Maximum Unpaid Principal Balance: $635,000.00
Minimum Unpaid Principal Balance: $12,469.14
Maximum Original Principal Balance: $635,000.00
Minimum Original Principal Balance: $12,500.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 357.296
Stated Rem Term Range: 179.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 0.454
Age Range: 0.000 - 3.000
Weighted Average Original Term: 357.750
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 71.997
Original LTV Range: 15.243% - 90.000%
Weighted Average Periodic Interest Cap: 1.500%
Periodic Interest Cap Range: 1.500% - 1.500%
Weighted Average Months to Interest Roll: 14.644 *
Months to Interest Roll Range: 2 - 24
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
ZIP Code Max Concentration per zone: 0.65%
Percent of loans rolling every 6 months: 40.42%
Percent of loans rolling 2/28: 59.58%
The Earliest First Payment Date: 12/01/96
The Latest Maturity Date: 03/01/27
* Months to roll calculated from 3/1/97 thru the next int. roll date.
- --------------------------------------------------------------------------------
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>
<PAGE>
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
5.50% < Gross Coupon <= 6.00% 2 562,187.09 0.40
6.00% < Gross Coupon <= 6.50% 3 436,806.03 0.31
6.50% < Gross Coupon <= 7.00% 21 2,243,939.76 1.58
7.00% < Gross Coupon <= 7.50% 37 3,929,288.48 2.77
7.50% < Gross Coupon <= 7.75% 56 6,728,639.42 4.74
7.75% < Gross Coupon <= 8.00% 57 6,781,501.04 4.77
8.00% < Gross Coupon <= 8.25% 53 6,239,314.30 4.39
8.25% < Gross Coupon <= 8.50% 106 11,365,759.63 8.00
8.50% < Gross Coupon <= 8.75% 111 12,766,893.80 8.99
8.75% < Gross Coupon <= 9.00% 137 13,485,573.63 9.50
9.00% < Gross Coupon <= 9.25% 118 12,204,896.35 8.59
9.25% < Gross Coupon <= 9.50% 112 11,042,174.92 7.77
9.50% < Gross Coupon <= 9.75% 119 11,165,140.36 7.86
9.75% < Gross Coupon <= 10.00% 102 10,314,310.73 7.26
10.00% < Gross Coupon <= 10.25% 75 5,914,390.58 4.16
10.25% < Gross Coupon <= 10.50% 77 6,516,996.77 4.59
10.50% < Gross Coupon <= 10.75% 54 4,656,273.04 3.28
10.75% < Gross Coupon <= 11.00% 45 4,436,089.66 3.12
11.00% < Gross Coupon <= 11.25% 52 3,581,919.77 2.52
11.25% < Gross Coupon <= 11.50% 37 2,732,292.14 1.92
11.50% < Gross Coupon <= 11.75% 32 2,280,380.82 1.61
11.75% < Gross Coupon <= 12.00% 19 1,770,064.13 1.25
12.00% < Gross Coupon <= 12.25% 7 557,420.89 0.39
12.25% < Gross Coupon <= 12.50% 3 153,540.43 0.11
12.75% < Gross Coupon <= 13.00% 1 99,859.47 0.07
13.00% < Gross Coupon <= 13.25% 1 32,500.00 0.02
13.50% < Gross Coupon <= 13.75% 1 26,400.00 0.02
- ----------------------------------------------------------------------------
Total.......... 1438 $142,024,553.24 100.00%
============================================================================
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 24 1,775,336.32 1.25%
348 < Rem Term <= 360 1,414 140,249,216.92 98.75%
- -------------------------------------------------------------------
Total............ 1,438 142,024,553.24 100.00%
===================================================================
LOAN SUMMARY STRATIFIED BY
PAID THRU DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
01/01/97 925 89,603,413.72 63.09
02/01/97 508 51,822,746.38 36.49
03/01/97 5 598,393.14 0.42
- --------------------------------------------------------------------------
Total.................. 1438 $142,024,553.24 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
15.000 < LTV <= 20.000 4 122,959.61 0.09
20.000 < LTV <= 25.000 3 152,140.20 0.11
25.000 < LTV <= 30.000 12 545,959.73 0.38
30.000 < LTV <= 35.000 7 381,371.69 0.27
35.000 < LTV <= 40.000 13 1,251,389.35 0.88
40.000 < LTV <= 45.000 13 735,520.58 0.52
45.000 < LTV <= 50.000 29 2,083,945.81 1.47
50.000 < LTV <= 55.000 48 4,192,426.47 2.95
55.000 < LTV <= 60.000 79 6,521,577.49 4.59
60.000 < LTV <= 65.000 163 14,845,005.08 10.45
65.000 < LTV <= 70.000 269 23,602,454.19 16.62
70.000 < LTV <= 75.000 411 42,508,346.19 29.93
75.000 < LTV <= 80.000 259 29,967,766.92 21.10
80.000 < LTV <= 85.000 101 11,964,951.45 8.42
85.000 < LTV <= 90.000 27 3,148,738.48 2.22
- --------------------------------------------------------------------------
Total.................... 1438 $142,024,553.24 100.00%
==========================================================================
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
4.0 < Margin <= 4.5 8 656,753.89 0.46
4.5 < Margin <= 5.0 65 6,266,915.26 4.41
5.0 < Margin <= 5.5 288 31,655,277.73 22.29
5.5 < Margin <= 6.0 373 39,487,513.91 27.80
6.0 < Margin <= 6.5 290 30,296,515.87 21.33
6.5 < Margin <= 7.0 222 18,603,121.90 13.10
7.0 < Margin <= 7.5 110 7,972,063.61 5.61
7.5 < Margin <= 8.0 66 5,598,005.02 3.94
8.0 < Margin <= 8.5 12 1,019,336.58 0.72
8.5 < Margin <= 9.0 2 67,140.09 0.05
9.0 < Margin <= 9.5 2 401,909.38 0.28
- --------------------------------------------------------------------------
Total................. 1,438 $142,024,553.24 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
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
12.500 < LIFE CAP <= 13.000 2 562,187.09 0.40
13.000 < LIFE CAP <= 13.500 3 436,806.03 0.31
13.500 < LIFE CAP <= 14.000 21 2,243,939.76 1.58
14.000 < LIFE CAP <= 14.500 37 3,929,288.48 2.77
14.500 < LIFE CAP <= 15.000 113 13,510,140.46 9.51
15.000 < LIFE CAP <= 15.500 159 17,605,073.93 12.40
15.500 < LIFE CAP <= 16.000 248 26,252,467.43 18.48
16.000 < LIFE CAP <= 16.500 230 23,247,071.27 16.37
16.500 < LIFE CAP <= 17.000 221 21,479,451.09 15.12
17.000 < LIFE CAP <= 17.500 152 12,431,387.35 8.75
17.500 < LIFE CAP <= 18.000 99 9,092,362.70 6.40
18.000 < LIFE CAP <= 18.500 89 6,314,211.91 4.45
18.500 < LIFE CAP <= 19.000 51 4,050,444.95 2.85
19.000 < LIFE CAP <= 19.500 10 710,961.32 0.50
19.500 < LIFE CAP <= 20.000 1 99,859.47 0.07
20.000 < LIFE CAP <= 20.500 1 32,500.00 0.02
20.500 < LIFE CAP <= 21.000 1 26,400.00 0.02
- --------------------------------------------------------------------------
Total................. 1438 $142,024,553.24 100.00%
==========================================================================
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
5.500 < Life Floor <= 6.00 2 562,187.09 0.40
6.000 < Life Floor <= 6.50 3 436,806.03 0.31
6.500 < Life Floor <= 7.00 21 2,243,939.76 1.58
7.000 < Life Floor <= 7.50 37 3,929,288.48 2.77
7.500 < Life Floor <= 8.00 113 13,510,140.46 9.51
8.000 < Life Floor <= 8.50 159 17,605,073.93 12.40
8.500 < Life Floor <= 9.00 248 26,252,467.43 18.48
9.000 < Life Floor <= 9.50 230 23,247,071.27 16.37
9.500 < Life Floor <= 10.00 221 21,479,451.09 15.12
10.000 < Life Floor <= 10.50 152 12,431,387.35 8.75
10.500 < Life Floor <= 11.00 99 9,092,362.70 6.40
11.000 < Life Floor <= 11.50 89 6,314,211.91 4.45
11.500 < Life Floor <= 12.00 51 4,050,444.95 2.85
12.000 < Life Floor <= 12.50 10 710,961.32 0.50
12.500 < Life Floor <= 13.00 1 99,859.47 0.07
13.000 < Life Floor <= 13.50 1 32,500.00 0.02
13.500 < Life Floor <= 14.00 1 26,400.00 0.02
- --------------------------------------------------------------------------
Total................. 1438 $142,024,553.24 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
6M LIBOR ADJUSTING 2/28
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
11/01/98 57 $4,967,861.58 05.87
12/01/98 284 $26,199,927.29 30.96
01/01/99 310 $28,125,194.11 33.24
02/01/99 268 $25,084,860.50 29.64
03/01/99 1 $246,075.00 00.29
- --------------------------------------------------------------------------
Total........ 920 $84,623,918.48 100.00%
==========================================================================
6M LIBOR ADJUSTING 6M
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
05/01/97 26 $2,581,682.55 04.50
06/01/97 160 $18,466,133.62 32.17
07/01/97 131 $13,727,732.59 23.92
08/01/97 200 $22,563,486.00 39.31
09/01/97 1 $61,600.00 00.11
- --------------------------------------------------------------------------
Total........ 518 $57,400,634.76 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
10,000 < Balance <= 15,000 8 111,183.60 0.08
15,000 < Balance <= 20,000 10 181,287.03 0.13
20,000 < Balance <= 25,000 23 524,868.67 0.37
25,000 < Balance <= 30,000 46 1,279,632.07 0.90
30,000 < Balance <= 35,000 42 1,400,063.79 0.99
35,000 < Balance <= 40,000 49 1,849,930.65 1.30
40,000 < Balance <= 45,000 77 3,312,072.72 2.33
45,000 < Balance <= 50,000 62 2,989,627.97 2.11
50,000 < Balance <= 55,000 81 4,269,345.14 3.01
55,000 < Balance <= 60,000 73 4,224,118.44 2.97
60,000 < Balance <= 65,000 79 4,974,601.59 3.50
65,000 < Balance <= 70,000 63 4,280,742.57 3.01
70,000 < Balance <= 75,000 74 5,378,268.20 3.79
75,000 < Balance <= 80,000 53 4,141,758.01 2.92
80,000 < Balance <= 85,000 65 5,401,632.77 3.80
85,000 < Balance <= 90,000 51 4,486,379.09 3.16
90,000 < Balance <= 95,000 38 3,534,434.88 2.49
95,000 < Balance <= 100,000 54 5,281,928.31 3.72
100,000 < Balance <= 105,000 47 4,838,654.50 3.41
105,000 < Balance <= 110,000 34 3,656,704.18 2.57
110,000 < Balance <= 115,000 29 3,257,146.74 2.29
115,000 < Balance <= 120,000 39 4,603,904.06 3.24
120,000 < Balance <= 125,000 26 3,196,447.91 2.25
125,000 < Balance <= 130,000 22 2,811,508.96 1.98
130,000 < Balance <= 135,000 27 3,581,668.96 2.52
135,000 < Balance <= 140,000 17 2,360,959.14 1.66
140,000 < Balance <= 145,000 14 2,001,444.84 1.41
145,000 < Balance <= 150,000 14 2,078,287.27 1.46
150,000 < Balance <= 200,000 104 18,059,552.74 12.72
200,000 < Balance <= 250,000 50 11,373,121.04 8.01
250,000 < Balance <= 300,000 37 10,174,335.20 7.16
300,000 < Balance <= 350,000 12 3,947,587.12 2.78
350,000 < Balance <= 400,000 7 2,705,500.00 1.90
400,000 < Balance <= 450,000 2 846,579.22 0.60
450,000 < Balance <= 500,000 3 1,468,061.76 1.03
500,000 < Balance <= 550,000 2 1,056,000.00 0.74
550,000 < Balance <= 600,000 2 1,131,214.10 0.80
600,000 < Balance <= 650,000 2 1,254,000.00 0.88
- --------------------------------------------------------------------------
Total.................... 1438 $142,024,553.24 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 40 4,380,853.85 3.08
CA 144 22,937,417.06 16.15
CO 66 7,269,716.58 5.12
FL 70 5,655,409.05 3.98
HI 26 4,580,799.38 3.23
ID 83 6,684,951.91 4.71
IL 35 3,410,514.13 2.40
IN 36 2,981,549.80 2.10
LA 42 2,992,914.52 2.11
MI 112 10,085,262.68 7.10
MO 47 2,959,293.13 2.08
NM 38 3,728,332.58 2.63
NY 23 2,964,999.87 2.09
OH 90 6,672,252.24 4.70
PA 57 4,476,287.27 3.15
TN 41 4,389,757.94 3.09
TX 44 4,806,693.27 3.38
UT 50 6,456,795.37 4.55
WA 45 4,504,102.99 3.17
WI 59 4,549,142.70 3.20
Other 290 25,537,506.92 17.98
- --------------------------------------------------------------------------
Total............... 1438 $142,024,553.24 100.00%
==========================================================================
* OTHER INCLUDES 30 STATES WHICH HAVE A CONCENTRATION OF LESS THAN 2.0%.
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1191 115,865,770.07 81.58
Low-Rise Condo 53 5,287,610.32 3.72
Manufactured Housing 30 1,725,337.66 1.21
PUD 95 12,987,688.90 9.14
High-Rise Condo 3 501,802.96 0.35
2-4 Family 66 5,656,343.33 3.98
- --------------------------------------------------------------------------
Total............... 1438 $142,024,553.24 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 417 41,827,787.26 29.45
Refinance 1021 100,196,765.98 70.55
- --------------------------------------------------------------------------
Total.................. 1438 $142,024,553.24 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
DISTRIBUTION OF PREPAYMENT PENALTIES ON MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Prepay Mortgage Principal Principal
Penalty Loans Balance Balance
N 644 65,848,986.13 46.36
Y 794 76,175,567.11 53.64
- --------------------------------------------------------------------------
Total............... 1438 $142,024,553.24 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
- COUNTRYWIDE 1997-1
- Cut Off Date of Tape is 1/31/97
- FIXED RATE COLLATERAL
- $90,143,587.05
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,262
Lien Status: First and Second Lien Loans
Aggregate Unpaid Principal Balance: $90,143,587.05
Aggregate Original Principal Balance: $90,210,624.75
Weighted Average Gross Coupon: 10.434%
Gross Coupon Range: 7.875% - 14.250%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $39,851.28
Average Original Principal Balance: $39,880.91
Maximum Unpaid Principal Balance: $440,000.00
Minimum Unpaid Principal Balance: $9,977.75
Maximum Original Principal Balance: $440,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat/Bln. Date): 231.611
Stated Rem Term Range: 171.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 0.400
Age Range: 0.000 - 9.000
Weighted Average Original Term (PTD to Mat/Bln. Date): 232.011
Original Term Range: 180.000 - 360.000
Weighted Average Combined LTV: 80.118
Combined LTV Range: 12.500% - 100.003%
ZIP Code Max Concentration per Zone: 0.85%
The Earliest First Payment Date: 05/01/96
The Latest Maturity Date: 02/01/27
- --------------------------------------------------------------------------------
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>
<PAGE>
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
7.75% < Gross Coupon <= 8.00% 4 266,281.18 0.30
8.00% < Gross Coupon <= 8.25% 3 254,901.17 0.28
8.25% < Gross Coupon <= 8.50% 13 1,259,848.66 1.40
8.50% < Gross Coupon <= 8.75% 70 3,244,211.33 3.60
8.75% < Gross Coupon <= 9.00% 151 5,985,543.69 6.64
9.00% < Gross Coupon <= 9.25% 109 4,426,339.41 4.91
9.25% < Gross Coupon <= 9.50% 117 5,634,522.79 6.25
9.50% < Gross Coupon <= 9.75% 101 4,685,244.04 5.20
9.75% < Gross Coupon <= 10.00% 105 6,449,920.17 7.16
10.00% < Gross Coupon <= 10.25% 178 7,259,933.62 8.05
10.25% < Gross Coupon <= 10.50% 281 10,559,473.44 11.71
10.50% < Gross Coupon <= 10.75% 251 9,124,610.83 10.12
10.75% < Gross Coupon <= 11.00% 183 6,894,002.16 7.65
11.00% < Gross Coupon <= 11.25% 119 4,290,833.36 4.76
11.25% < Gross Coupon <= 11.50% 158 5,714,248.73 6.34
11.50% < Gross Coupon <= 11.75% 187 5,812,700.71 6.45
11.75% < Gross Coupon <= 12.00% 110 3,604,842.44 4.00
12.00% < Gross Coupon <= 12.25% 55 1,851,955.63 2.05
12.25% < Gross Coupon <= 12.50% 29 1,285,495.51 1.43
12.50% < Gross Coupon <= 12.75% 11 499,114.67 0.55
12.75% < Gross Coupon <= 13.00% 11 576,472.37 0.64
13.00% < Gross Coupon <= 13.25% 4 83,150.00 0.09
13.25% < Gross Coupon <= 13.50% 5 190,570.00 0.21
13.50% < Gross Coupon <= 13.75% 1 19,496.14 0.02
13.75% < Gross Coupon <= 14.00% 5 145,875.00 0.16
14.00% < Gross Coupon <= 14.25% 1 24,000.00 0.03
- ----------------------------------------------------------------------------
Total.......... 2262 $ 90,143,587.05 100.00%
============================================================================
REMAINING MONTHS TO STATED MATURITY
(Balloon Loans Shown to Balloon Date)
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
168 < Rem Term <= 180 1,916 64,096,578.89 71.10%
348 < Rem Term <= 360 346 26,047,008.16 28.90%
- -------------------------------------------------------------------
Total............ 2,262 90,143,587.05 100.00%
===================================================================
LOAN SUMMARY STRATIFIED BY
PAID THRU DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
01/01/97 1357 55,661,411.77 61.75
02/01/97 894 34,207,471.83 37.95
03/01/97 11 274,703.45 0.30
- --------------------------------------------------------------------------
Total.................. 2262 $ 90,143,587.05 100.00%
==========================================================================
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.
<PAGE>
<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
10.000 <Comb LTV<= 15.000 1 15,000.00 0.02
15.000 <Comb LTV<= 20.000 2 61,650.00 0.07
20.000 <Comb LTV<= 25.000 5 152,450.00 0.17
25.000 <Comb LTV<= 30.000 8 228,641.75 0.25
30.000 <Comb LTV<= 35.000 11 505,430.76 0.56
35.000 <Comb LTV<= 40.000 15 621,603.45 0.69
40.000 <Comb LTV<= 45.000 19 810,046.27 0.90
45.000 <Comb LTV<= 50.000 23 886,432.36 0.98
50.000 <Comb LTV<= 55.000 36 1,742,707.90 1.93
55.000 <Comb LTV<= 60.000 55 2,858,655.90 3.17
60.000 <Comb LTV<= 65.000 89 4,595,037.72 5.10
65.000 <Comb LTV<= 70.000 144 7,183,259.56 7.97
70.000 <Comb LTV<= 75.000 148 9,098,458.21 10.09
75.000 <Comb LTV<= 80.000 304 14,438,541.47 16.02
80.000 <Comb LTV<= 85.000 165 7,471,673.63 8.29
85.000 <Comb LTV<= 90.000 888 29,421,017.42 32.64
90.000 <Comb LTV<= 95.000 73 2,151,789.98 2.39
95.000 <Comb LTV<= 100.000 274 7,864,763.67 8.72
100.000 <Comb LTV<= 105.000 2 36,427.00 0.04
- --------------------------------------------------------------------------
Total.................... 2262 $ 90,143,587.05 100.00%
==========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 < Balance <= 10,000 8 79,977.75 0.09
10,000 < Balance <= 15,000 180 2,585,185.22 2.87
15,000 < Balance <= 20,000 310 5,702,660.53 6.33
20,000 < Balance <= 25,000 335 7,772,273.18 8.62
25,000 < Balance <= 30,000 288 8,100,677.81 8.99
30,000 < Balance <= 35,000 238 7,780,826.19 8.63
35,000 < Balance <= 40,000 210 7,986,334.62 8.86
40,000 < Balance <= 45,000 132 5,643,875.92 6.26
45,000 < Balance <= 50,000 142 6,882,947.24 7.64
50,000 < Balance <= 55,000 60 3,173,979.24 3.52
55,000 < Balance <= 60,000 62 3,619,098.50 4.01
60,000 < Balance <= 65,000 45 2,833,465.18 3.14
65,000 < Balance <= 70,000 31 2,113,869.34 2.35
70,000 < Balance <= 75,000 26 1,904,371.63 2.11
75,000 < Balance <= 80,000 28 2,182,696.95 2.42
80,000 < Balance <= 85,000 24 1,999,051.26 2.22
85,000 < Balance <= 90,000 19 1,679,451.61 1.86
90,000 < Balance <= 95,000 9 831,060.39 0.92
95,000 < Balance <= 100,000 27 2,672,064.14 2.96
100,000 < Balance <= 105,000 5 513,808.08 0.57
105,000 < Balance <= 110,000 6 646,302.00 0.72
110,000 < Balance <= 115,000 11 1,249,981.38 1.39
115,000 < Balance <= 120,000 7 827,347.69 0.92
120,000 < Balance <= 125,000 3 364,586.78 0.40
125,000 < Balance <= 130,000 5 644,487.13 0.71
130,000 < Balance <= 135,000 4 531,495.32 0.59
135,000 < Balance <= 140,000 6 828,765.39 0.92
140,000 < Balance <= 145,000 2 284,750.00 0.32
145,000 < Balance <= 150,000 4 596,879.32 0.66
150,000 < Balance <= 200,000 18 3,100,506.70 3.44
200,000 < Balance <= 250,000 4 886,167.42 0.98
250,000 < Balance <= 300,000 8 2,202,833.95 2.44
300,000 < Balance <= 350,000 2 670,000.00 0.74
350,000 < Balance <= 400,000 1 392,000.00 0.43
400,000 < Balance <= 450,000 2 859,809.19 0.95
- --------------------------------------------------------------------------
Total.................... 2262 $ 90,143,587.05 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
CA 771 32,528,590.81 36.09
CO 67 2,413,340.04 2.68
FL 93 4,300,046.15 4.77
HI 38 4,376,706.51 4.86
ID 60 2,408,140.19 2.67
LA 52 1,887,323.67 2.09
MI 54 1,823,349.06 2.02
OH 49 1,852,771.61 2.06
OR 66 2,488,205.62 2.76
PA 60 2,046,098.94 2.27
UT 113 4,109,896.24 4.56
WA 158 5,876,470.77 6.52
Other 681 24,032,647.44 26.66
- --------------------------------------------------------------------------
Total............... 2262 $ 90,143,587.05 100.00%
==========================================================================
* OTHER INCLUDES 38 STATES WHICH HAVE A CONCENTRATION OF LESS THAN 2.0%
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1970 77,797,525.78 86.30
Low-Rise Condo 71 2,728,063.35 3.03
Manufactured Housing 8 435,604.78 0.48
PUD 182 7,188,433.43 7.97
High-Rise Condo 1 147,000.00 0.16
2-4 Family 30 1,846,959.71 2.05
- --------------------------------------------------------------------------
Total............... 2262 $ 90,143,587.05 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 92 6,358,928.42 7.05
Refinance 2170 83,784,658.63 92.95
- --------------------------------------------------------------------------
Total.................. 2262 $ 90,143,587.05 100.00%
==========================================================================
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.
<PAGE>
<PAGE>
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 420 29,797,839.94 33.06
2 1842 60,345,747.11 66.94
- --------------------------------------------------------------------------
Total............... 2262 $ 90,143,587.05 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
BALLOON FEATURE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 1796 71,732,817.14 79.58
Partially Amortizing 466 18,410,769.91 20.42
- --------------------------------------------------------------------------
Total.................. 2262 $ 90,143,587.05 100.00%
==========================================================================
DISTRIBUTION OF PREPAYMENT PENALTIES ON MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Prepay Mortgage Principal Principal
Penalty Loans Balance Balance
N 1898 63,648,445.49 70.61
Y 364 26,495,141.56 29.39
- --------------------------------------------------------------------------
Total............... 2262 $ 90,143,587.05 100.00%
==========================================================================
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.
