================================================================================
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)
September 13, 1996
First Alliance Mortgage Loan Trust 1996-3
(Exact name of registrant as specified in its charter)
APPLICATION
New York 33-99604-02 PENDING
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o The Bank of New York 10286
101 Barclay Street, 12E (Zip Code)
New York, New York
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (212) 815-2312
No Change
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
23.1 Consent Letter of Independent Accountants provided by
Coopers & Lybrand L.L.P., dated September 13, 1996
concerning the inclusion of financial statement audits in
the Registrant's Prospectus Supplement to its Prospectus
dated September 10, 1996.
99.1 Computational Materials provided by Prudential Securities
Incorporated in connection with sales efforts related to the
Registrant's securities.
<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.
By: FIRST ALLIANCE MORTGAGE COMPANY, as
Company
By: /s/Brian Chisick
-------------------------
Name: Brian Chisick
Title: President
Dated: September 17, 1996
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the inclusion of this Prospectus Supplement to Prospectus dated
September 10, 1996 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 "Report of
Experts."
/s/ Coopers & Lybrand L.L.P.
----------------------------
Coopers & Lybrand L.L.P.
September 13, 1996
New York, New York
First Alliance Mortgage Loan Trust 1996-3
-----------------------------------------
[33,500,000] [7.625%] Class A-1 Fixed Rate Certificates
[36,500,000] [5.80% ] Class A-2 Floating Rate Certificates
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust
1996-3 transaction, and not by or as agent for First Alliance Mortgage Company
(the "Sponsor") or any of its affiliates. The analysis in this report is
accurate to the best of PSI's knowledge and is based on information provided by
the Sponsor. PSI makes no representations as to the accuracy of such information
provided to it by the Sponsor. 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 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 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>
First Alliance Mortgage Loan Trust 1996-3
Title of Securities: First Alliance Mortgage Loan Trust 1996-3,
Class A-1 Fixed Rate Group Certificates and Class A-2
Variable Rate Group Certificates (collectively, the
"Certificates").
Certificate
Description: Class A-1 Class A-2
--------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home Equity
Mortgage Loans Mortgage Loans
Prepayment
Assumption: [23% HEP] [25% HEP]
Approximate Size: [33,500,000] [36,500,000]
Average Life (in yrs): [3.83] [3.68]
Average Life to Call: [3.52] [3.44]
Coupon: [7.625%] The lesser of:
1) One Month LIBOR + [32]bps
2) The Available Funds Cap
After the Clean-Up After the Clean-up Call (for
Call, the Coupon will floating rate group),
be increased by [75] bps the lesser of:
1) One Month LIBOR + [64]bps
2) The Available Funds Cap
Yield:
Life Rate Cap:
Collateral
Adjustment Frequency: N/A Every 6 months (Both Interest
Rate & Payment)
Payment Delay: 19 NONE
Interest Payment Basis: 30/360 Actual/360
Expected Maturity
without Call: [09/20/15] [07/20/14]
Expected Maturity with
10% Call: [03/20/05] [03/20/05]
Stated Maturity: [12/20/27] [12/20/27]
---------------------------------------------------------
Pricing Date: [September 10, 1996]
Settlement Date: [September 17, 1996]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day, beginning
on October 21, 1996.
Interest Accrual The interest accrual period for the Class A-1
Period: Certificates is the calendar month prior to the month
in which a distribution occurs.
Interest will accrue on the Class A-2 Certificates from
Payment Date to Payment Date. For the first Payment Date,
interest will accrue from the Closing Date to the first
Payment 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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-3
Clean-up Call: The Servicer has the option to excercise a call when
the balance of the aggregate mortgage loan balance equals
10% or less of the original aggregate collateral balance
and the original aggregate amount of the prefunding
accounts. The call will be excercised at par [plus accrued
interest].
Coupon Step-Up: If the Servicer does not exercise its option to call the
Class A-1 Certificates at the Cleanup Call, the coupon on
the Class A-1 Certificates shall be raised to [ 75 ]bps
If the Servicer does not exercise its option to call the
Class A-2 Certificates at the Cleanup Call, the coupon on
the Class A-2 Certificates shall be raised to LIBOR + [64
] bps subject to the Monthly Available Funds Cap and the
Fixed Rate Cap.]
Available Funds Cap: The Available Funds Cap is the weighted average of the
Mortgage Rates on the Mortgage Loans in the Variable Rate
Group, less the sum of (a) the Variable Rate Group
Servicing Fee (50 bps), (b) beginning on the Second
Payment Date from the Closing Date, the premiums due to
the Certificate Insurer with respect to the Certificate
Insurance Policy relating to the Class A-2 Certificates,
(c) the fees due to the Trustee relating to the Class A-2
Certificates, and (d) beginning on the [seventh] Payment
Date from the Closing Date, [0.50%], expressed as a
percentage of the Mortgage loans in the Variable Rate
Group, calculated as of the first day of the related
Remittance Period.
Servicer: First Alliance Mortgage Company, a California corporation.
Servicing Fee: 50 basis points per annum for the fixed rate group, and
50 basis points per annum for the variable rate group.
Trustee: Bank of New York
Pre-Funding Account:On the Closing Date, approximately [$10 million]
will be deposited in a pre-funding account for the
purchase of additional floating-rate mortgage loans and
[$8 million] will be deposited in a pre-funding account
for the purchase of additional fixed-rate mortgage loans.
From the Closing Date until [September 30,1996] the Trust
intends to purchase mortgage loans up to the entire
pre-funding amounts. The additional mortgage loans,
purchased with funds deposited in the prefunding account,
will be subject to certain individual and aggregate group
characteristics that will be more fully described in the
Prospectus Supplement.
Funds remaining in the fixed-rate pre-funding account will
be distributed to the Class A-1 Certificateholders as a
prepayment on the October 1996 Payment Date.
Funds remaining in the floating-rate pre-funding account
will be distributed to the Class A-2 Certificateholders as
a prepayment on the October 1996 Payment Date.
Certificate Ratings: The Certificates will be rated AAA by Standard & Poor's
and Aaa by Moody's Investor Service.
Certificate Insurer: MBIA Insurance Corporation ("MBIA").
MBIA's claims-paying ability is rated AAA/Aaa by Standard
and Poor's and Moody's.
Certificate
Insurance: Timely payments of interest and the ultimate payment of
principal on the Certificates will be 100% guaranteed by
MBIA.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Flow of Funds: CERTIFICATE CLASS A-1
1) Servicing Fee;
2) MBIA fee;
3) [Trustee fee];
4) Accrued monthly interest to Class A-1
5) Class A-1 monthly principal;
6) Excess cashflow to cover shortfalls of Variable-Rate
group.
7) Remaining excess cashflow to build
over-collateralization ("O/C"), for this collateral
group (by accelerating the Certificate Class currently
receiving principal);
8) Remaining excess cashflow to build O/C in the Variable
Rate Mortgage Group;
9) Repayment of any unreimbursed Servicer advances;
10) Any excess cashflow is released to the Residual-holder.
CERTIFICATE CLASS A-2
1) Servicing Fee;
2) MBIA fee;
3) [Trustee fee];
4) Accrued monthly interest to Class A-2, subject to the
Available Funds Cap and Fixed Rate Cap;
5) Class A-2 monthly principal;
6) Excess cashflow to cover shortfalls to fixed rate
group;
7) Remaining excess cashflow to build O/C for this Class
of Certificates;
8) Remaining excess cashflow to cover shortfalls or build
O/C in the Fixed Rate Mortgage Group;
9) Repayment of any unreimbursed Servicer advances;
10) Any excess cashflow is released to the Residual-holder.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-3
Credit Enhancement: A combination of:
- Overcollateralization.
- Cross-collateralization of excess spread
- 100% wrap from MBIA guarantee of timely interest
and ultimate principal.
Loss Allocation: Losses are allocated as follows:
Class A-1
----------------------
1) Current monthly excess cashflow from the fixed-rate
group
2) Current monthly excess cashflow from the floating-
rate group
3) Overcollateralization (only for fixed-rate group)
4) MBIA
5) Class A-1 Certificates
Class A-2
---------
1) Current monthly excess cashflow from the floating-
rate group
2) Current monthly excess cashflow from the fixed-rate
group
3) Overcollateralization (only for floating-rate group)
4) MBIA
5) Class A-2 Certificates
Over-
Collateralization: On each payment date, certain excess cash flows with
respect to each mortgage loan group will be applied as an
accelerated payment of principal on the related Class A
Certificates, to the limited extent outlined below. This
has the effect of accelerating the amortization of the
Class A Certificates relative to the amortization of the
loans in the related mortgage loan group and results in
the build up of overcollateralization ("O/C").
Excess cashflow will be directed to build the O/C amount
until the pool reaches its required O/C target. Upon this
event the acceleration features will cease, unless they
are once again necessary to maintain the required O/C
level.
CERTIFICATE CLASS A-1
Initial O/C: [none] O/C Target: [2.75 %]
CERTIFICATE CLASS A-2
Initial O/C: [none] O/C Target: [2.25 %]
Cross-
Collateralization: Excess spread from each of the two collateral pools will
be available to credit enhance and accelerate the
Certificates supported by the other pool.
ERISA
Considerations: [The Certificates will not be ERISA eligible during the
Prefunding Period.] At the end of the Prefunding Period,
the Certificates may be ERISA eligible. Investors should
consult with their counsel with respect to the
consequences under ERISA and the Code of the Plan's
acquisition and ownership of such certificates.
SMMEA: The Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
Taxation: REMIC.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-3
Preliminary Pool Information:
(As of Cut-off Date)
Fixed Rate 6M LIBOR
--------- ---------
Loans 332 326
Balance 26,220,736.51 26,563,028.69
WAC(gross) 10.514 8.973
WAC(net) 10.014 8.473
WAM 339.9 337.5
CA Conc. 52.21% 30.80%
WA Orig. LTV 58.64% 59.55%
WA CLTV 59.24% 59.55%
% 1st Lien 98.46% 100.00%
% 2nd Lien 1.54% 0.00%
% 3rd Lien 0.00% 0.00%
Owner Occ. 97.16% 96.24%
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified in
its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may not
be consumated unless the purchaser has received the
Prospectus.
Further Information: For further information, call the desk at (212) 778-2741,
Randy White at (212) 778-7461or Mimi Cheng at (212)
778-7474.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<S> <C> <C>
Financial Strategies Group 09/10/96 01:50:15 pm Prudential Securities Incorporated
IMPACT CMO/ABS Analytics - Digest Information
Deal ID/CUSIP FAMT63 Deal Date 09/10/96
Series 1996-3 Delivery Date 09/17/96
Underwriter PSI Dated Date / /
Issuer FIRST ALLIANCE MORTGAGE LOAN TRUST Credit Support 100% MBIA WRAP
Collateral 100%WL (Real) Deal Type HEL
N/GWAC (Orig) /(9.209/9.709) Pricing Speed HEP 23/ 25
WAM (Orig) (28.220) Rating AAA/Aaa
Size 70,000,000 Coupon Range
Trustee Modeled Y
View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
A1 N/A 12/27 33,500 3.5 102 99-30 7.626 SEQ
A2 *12/27 36,500 3.4 N/A 100-00 5.952 FLT CUR LIBOR-1M+32, F 0,more than
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies Group 09/10/96 02:52:07 pm Prudential Securities
Incorporated
IMPACT CMO/ABS Analytics - Price / Yield Tables
Deal ID/CUSIP FAMT63 Coupon N/A
Class A1 SEQ Accr 0.33889 1st Pmt 10/20/96
Collateral 100%WL (Real) Factor on / /
M/WAC (Orig) (9,209/9.709) LIBOR-1M 5.4800
WAM (Orig) (28,220) Mat 12/20/27 Settle 09/17/96
CenterPrice 99-30 Inc 0.5 Table Yield Roll@
****** TO 10% CLEAN UP CALL ******
FIXED HEP(%) HEP 17 HEP 19 HEP 21 HEP 23 HEP 25 HEP 27 HEP 29
ARM HEP (%) HEP 25 HEP 25 HEP 25 HEP 25 HEP 25 HEP 25 HEP 25
- - ----------- ------ ------ ------ ------ ------ ------ ------
99-26+ 7.680 7.675 7.670 7.665 7.660 7.655 7.650
99-27 7.676 7.670 7.665 7.659 7.654 7.649 7.644
99-27+ 7.671 7.665 7.659 7.654 7.648 7.643 7.637
99-28 7.666 7.660 7.654 7.648 7.642 7.636 7.631
99-28+ 7.662 7.655 7.649 7.643 7.636 7.630 7.624
99-29 7.657 7.651 7.644 7.637 7.631 7.624 7.617
99-29+ 7.653 7.646 7.639 7.632 7.625 7.618 7.611
99-30 7.648 7.641 7.633 7.626 7.619 7.612 7.604
99-30+ 7.644 7.636 7.628 7.620 7.613 7.605 7.598
99-31 7.639 7.631 7.623 7.615 7.607 7.599 7.591
99-31+ 7.635 7.626 7.618 7.609 7.601 7.593 7.585
100-00 7.630 7.621 7.613 7.604 7.595 7.587 7.578
100-00+ 7.626 7.616 7.607 7.598 7.589 7.581 7.572
100-01 7.621 7.612 7.602 7.593 7.583 7.574 7.565
100-01+ 7.617 7.607 7.597 7.587 7.578 7.568 7.558
Avg. Life 4.520 4.121 3.795 3.518 3.280 3.076 2.891
Mod. Dur. 3.437 3.194 2.987 2.806 2.647 2.507 2.379
1st Pmt. 0.092 0.092 0.092 0.092 0.092 0.092 0.092
Last Pmt. 10/20/06 02/20/06 08/20/05 03/20/05 11/20/04 08/20/04 05/20/04
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies Group 09/10/96 02:52:25 pm Prudential Securities
Incorporated
IMPACT CMO/ABS Analytics - Price / DMrg Act/360
Deal ID/CUSIP FAMT63 Coupon + 32 Cap 99.0 Flr 0.00
Class A2 FLT CUR LIBOR-1M+32,
Flr 0,C less than Accr 0.00000 1st Pmt 10/20/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (9.209/9.709) LIBOR-1M 5.48000
WAM (Orig) (28.220) Mat 12/20/27 Settle 09/17/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
****** TO 10% CLEAN UP CALL *****
FIXED HEP(%) 23.00 23.00 23.00 23.00 23.00 23.00 23.00
ARM HEP(%) 19.00 21.00 23.00 25.00 27.00 29.00 31.00
PRICE
------- ------ ------ ------ ------ ------ ------ ------
99-28+ 35.001 35.220 35.433 35.650 35.863 36.074 36.287
99-29 34.572 34.760 34.943 35.128 35.311 35.491 35.674
99-29+ 34.143 34.300 34.452 34.606 34.759 34.909 35.061
99-30 33.714 33.840 33.961 34.085 34.207 34.327 34.449
99-30+ 33.286 33.379 33.471 33.563 33.655 33.745 33.836
99-31 32.857 32.920 32.980 33.042 33.103 33.163 33.224
99-31+ 32.428 32.460 32.490 32.521 32.551 32.582 32.612
100-00 32.000 32.000 32.000 32.000 32.000 32.000 32.000
100-00+ 31.572 31.540 31.510 31.479 31.449 31.419 31.388
100-01 31.143 31.081 31.020 30.958 30.898 30.837 30.777
100-01+ 30.715 30.622 30.530 30.438 30.347 30.256 30.165
100-02 30.287 30.162 30.041 29.917 29.796 29.675 29.554
100-02+ 29.859 29.703 29.551 29.397 29.245 29.095 28.943
100-03 29.432 29.244 29.062 28.877 28.694 28.514 28.332
100-03+ 29.004 28.785 28.573 28.357 28.144 27.934 27.721
Avg. Life 4.326 3.978 3.691 3.438 3.220 3.030 2.860
Mod. Dur. 3.511 3.272 3.069 2.888 2.728 2.587 2.459
1st Pmt. 0.092 0.092 0.092 0.092 0.092 0.092 0.092
Last Pmt. 08/20/06 01/20/06 08/20/05 03/20/05 11/20/04 08/20/04 05/20/04
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
PROJECTED AVAILABLE FUND SCHEDULE - FAMT63
September 6, 1996
ASSUMPTIONS: ( also refer to "Available funds Cap" )
===========
Static Libor Rates (as of 10pm 9/5)
Bond Coupon = One Month Libor + 32bps = 5.49219 % + 32 bps
Service Fee = 50 bps.
Ongoing Fee = 17.5 bps (2.5 bps Trustee, 15 bps Surety starting month 3)
Cushion = 50 bps. starting month 7
6 mo. LIBOR = 5.93359 %
Prepay. Speed = 25 % HEP
Net wac = gross coupon - service fee
PROJECTED
PAYMENT NET WAC AVAILABLE
DATE (%) MARGIN (BPS)
====================================================
09/96
10/96 8.47255 263.54
11/96 8.47248 263.53
12/96 8.47243 248.52
01/97 8.47238 248.51
02/97 8.47233 248.51
03/97 8.57333 258.61
04/97 8.86705 237.98
05/97 9.44148 295.42
06/97 9.47212 298.49
07/97 9.47206 298.48
08/97 9.47200 298.48
09/97 9.57222 308.50
10/97 9.86422 337.70
11/97 10.44090 395.37
12/97 10.47202 398.48
01/98 10.47202 398.48
02/98 10.47203 398.48
03/98 10.55585 406.86
04/98 10.82966 434.24
05/98 11.39763 491.04
06/98 11.42823 494.10
07/98 11.42823 494.10
08/98 11.42823 494.10
09/98 11.42824 494.10
10/98 11.42824 494.10
11/98 11.44165 495.44
12/98 11.44165 495.44
01/99 11.44165 495.44
02/99 11.44166 495.44
03/99 11.44166 495.44
04/99 11.44166 495.44
05/99 11.44166 495.44
06/99 11.44166 495.44
07/99 11.44167 495.44
08/99 11.44167 495.44
09/99 11.44167 495.44
10/99 11.44167 495.44
11/99 11.44167 495.44
12/99 11.44168 495.44
so on....
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-3
- - -----------------------------------------------------------------------------
- First Alliance
- $26,220,736.51
- Asset Backed Collateral
- Fix
- - ------------------------------------------------------------------------------
Product: First and Second Liens
Number of Contracts: 332
Aggregate Unpaid Principal Balance: $26,220,736.51
Aggregate Original Principal Balance: $26,272,737.02
Weighted Average Gross Coupon: 10.514%
Range: 8.490% - 16.500%
Weighted Average Maturity: 339.930
Range: 118.000 - 360.000
Weighted Average Age of Loans in Months: 0.821
Range: 0.000 - 62.000
Weighted Average Original Term: 340.751
Range: 120.000 - 360.000
Weighted Average CLTV: 59.242
Range: 14.820% - 80.000%
Weighted Average LTV: 59.642
Range: 6.620% - 80.000%
Maximum Current Principal Balance: $220,830.00
Minimum Current Principal Balance: $14,561.24
Average Unpaid Principal Balance: $78,978.12
Maximum Original Principal Balance: $220,830.00
Minimum Original Principal Balance: $16,100.00
Average Original Principal Balance: $79,134.75
- - ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
FIX LOANS
ORIGINAL 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
75.01 to 80.00 14 1,359,151.60 5.18
70.01 to 75.00 50 5,056,720.79 19.29
65.01 to 70.00 57 5,219,178.29 19.90
60.01 to 65.00 42 3,335,634.66 12.72
55.01 to 60.00 26 2,206,817.69 8.42
50.01 to 55.00 24 2,021,326.30 7.71
45.01 to 50.00 27 1,904,072.98 7.26
40.01 to 45.00 24 1,672,405.52 6.38
35.01 to 40.00 23 1,470,605.22 5.61
30.01 to 35.00 18 992,715.82 3.79
25.01 to 30.00 17 728,910.43 2.78
20.01 to 25.00 6 154,842.15 0.59
15.01 to 20.00 3 64,851.06 0.25
10.01 to 15.00 1 33,504.00 0.13
- - -------------------------------------------------------------------------
Total............ 332 $ 26,220,736.51 100.00%
=========================================================================
ORIGINAL 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
75.01 to 80.00 13 1,344,590.36 5.13
70.01 to 75.00 49 5,029,816.11 19.18
65.01 to 70.00 54 5,107,903.42 19.48
60.01 to 65.00 38 3,228,638.66 12.31
55.01 to 60.00 26 2,206,817.69 8.42
50.01 to 55.00 24 2,021,326.30 7.71
45.01 to 50.00 27 1,904,072.98 7.26
40.01 to 45.00 23 1,648,585.52 6.29
35.01 to 40.00 23 1,470,605.22 5.61
30.01 to 35.00 15 873,512.74 3.33
25.01 to 30.00 17 728,910.43 2.78
20.01 to 25.00 8 243,837.46 0.93
15.01 to 20.00 8 241,802.74 0.92
10.01 to 15.00 5 128,559.88 0.49
5.01 to 10.00 2 41,757.00 0.16
- - ------------------------------------------------------------------------
Total............ 332 $ 26,220,736.51 100.00%
========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
Fix Loans
GROSS MORTGAGE INTEREST RATE RANGE 6-Sep-1996
Page 1
<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= 8.50% 2 103,317.97 0.39
8.50% less than Gross Coupon less than= 9.00% 24 2,271,210.58 8.66
9.00% less than Gross Coupon less than= 9.50% 36 3,382,507.35 12.90
9.50% less than Gross Coupon less than= 10.00% 74 6,542,811.90 24.95
10.00% less than Gross Coupon less than= 10.50% 47 3,642,911.87 13.89
10.50% less than Gross Coupon less than= 11.00% 53 4,362,855.67 16.64
11.00% less than Gross Coupon less than= 11.50% 27 2,036,015.83 7.76
11.50% less than Gross Coupon less than= 12.00% 22 1,656,224.68 6.32
12.00% less than Gross Coupon less than= 12.50% 10 540,186.32 2.06
12.50% less than Gross Coupon less than= 13.00% 13 675,130.82 2.57
13.00% less than Gross Coupon less than= 13.50% 10 424,316.44 1.62
13.50% less than Gross Coupon less than= 14.00% 9 440,052.40 1.68
14.00% less than Gross Coupon less than= 14.50% 2 48,404.68 0.18
15.00% less than Gross Coupon less than= 15.50% 1 20,257.00 0.08
15.50% less than Gross Coupon less than= 16.00% 1 23,820.00 0.09
16.00% less than Gross Coupon less than= 16.50% 1 50,713.00 0.19
- - -----------------------------------------------------------------------------------------
Total.......... 332 $ 26,220,736.51 100.00%
=========================================================================================
</TABLE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES 6-Sep-1996
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 6 412,122.78 1.57
CA 156 13,691,150.96 52.21
CO 11 544,628.43 2.08
FL 30 2,281,478.94 8.70
GA 9 507,086.66 1.93
IL 32 2,294,959.75 8.75
NJ 2 105,411.00 0.40
OH 4 160,618.00 0.61
OR 21 1,523,693.31 5.81
PA 26 1,601,065.98 6.11
UT 12 1,063,442.14 4.06
WA 23 2,035,078.56 7.76
- - --------------------------------------------------------------------
Total........... 332 $ 26,220,736.51 100.00%
====================================================================
REMAINING MONTHS TO STATED MATURITY 6-Sep-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<C> <C> <C> <C>
108 less than Rem Term less than= 120 3 140,390.08 0.54%
120 less than Rem Term less than= 132 1 27,078.87 0.10%
144 less than Rem Term less than= 156 1 14,561.24 0.06%
168 less than Rem Term less than= 180 41 2,247,429.87 8.57%
228 less than Rem Term less than= 240 7 540,497.28 2.06%
300 less than Rem Term less than= 312 1 135,527.59 0.52%
336 less than Rem Term less than= 348 1 53,229.60 0.20%
348 less than Rem Term less than= 360 277 23,062,021.98 87.95%
- - -----------------------------------------------------------------------------------
Total............ 332 26,220,736.51 100.00%
===================================================================================
</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
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance 1996-3
Fix Loans
CURRENT MORTGAGE LOAN AMOUNTS
<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>
10,000 less than Balance less than= 15,000 1 14,561.24 0.06
15,000 less than Balance less than= 20,000 2 38,051.06 0.15
20,000 less than Balance less than= 25,000 12 264,907.68 1.01
25,000 less than Balance less than= 30,000 8 226,832.85 0.87
30,000 less than Balance less than= 35,000 7 225,981.04 0.86
35,000 less than Balance less than= 40,000 6 226,631.11 0.86
40,000 less than Balance less than= 45,000 17 716,798.12 2.73
45,000 less than Balance less than= 50,000 10 472,871.87 1.80
50,000 less than Balance less than= 55,000 31 1,604,406.16 6.12
55,000 less than Balance less than= 60,000 13 753,375.29 2.87
60,000 less than Balance less than= 65,000 29 1,813,662.06 6.92
65,000 less than Balance less than= 70,000 23 1,562,185.04 5.96
70,000 less than Balance less than= 75,000 12 870,416.83 3.32
75,000 less than Balance less than= 80,000 12 934,549.85 3.56
80,000 less than Balance less than= 85,000 21 1,724,884.61 6.58
85,000 less than Balance less than= 90,000 19 1,661,199.82 6.34
90,000 less than Balance less than= 95,000 22 2,019,141.96 7.70
95,000 less than Balance less than= 100,000 9 881,301.82 3.36
100,000 less than Balance less than= 125,000 37 4,064,185.13 15.50
125,000 less than Balance less than= 150,000 31 4,267,485.29 16.28
150,000 less than Balance less than= 200,000 6 1,020,573.35 3.89
200,000 less than Balance less than= 250,000 4 856,734.33 3.27
- - --------------------------------------------------------------------------------------------
Total.................... 332 $26,220,736.51 100.00%
============================================================================================
</TABLE>
MORTGAGED PROPERTIES 6-Sep-1996
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 316 24,919,955.98 95.04
Planned Unit Dev 1 51,556.00 0.20
Condominiums 3 248,390.97 0.95
2-4 Family 12 1,000,833.56 3.82
- - --------------------------------------------------------------------------
Total............... 332 $ 26,220,736.51 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Occupancy Status Loans Balance Balance
1 323 25,475,324.75 97.16
2 9 745,411.76 2.84
- - -------------------------------------------------------------------------
Total.................. 332 $ 26,220,736.51 100.00%
=========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
JUNIOR LIEN RATIOS 6-Sep-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
JUNIOR Number of Unpaid Aggregate
LIEN Mortgage Principal Principal
Ratio Loans Balance Balance
<C> <C> <C> <C>
10.000 less than LIEN less than= 20.000 2 34,818.24 0.13
20.000 less than LIEN less than= 30.000 8 246,418.55 0.94
40.000 less than LIEN less than= 50.000 1 32,527.77 0.12
50.000 less than LIEN less than= 60.000 1 23,820.00 0.09
70.000 less than LIEN less than= 80.000 1 65,175.31 0.25
90.000 less than LIEN less than= 100.000 319 25,817,976.64 98.46
- - -----------------------------------------------------------------------------------
Total.................... 332 $ 26,220,736.51 100.00%
====================================================================================
</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
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
- - --------------------------------------------------------------------------------
- FAMT63
- Cut Off Date of Tape is 9/1/96
- ARM
- $26,563,028.69
- - --------------------------------------------------------------------------------
Number of Mortgage Loans: 326
Index: LIBOR-6M
Aggregate Unpaid Principal Balance: $ 26,563,028.69
Aggregate Original Principal Balance: $ 26,570,241.00
- - --------------------------------------------------------------------------------
Weighted Average Coupon (Net): 8.473%
Net Coupon Range: 6.750% - 12.990%
Weighted Average Coupon (Gross): 8.973%
Gross Coupon Range: 7.250% - 13.490%
- - --------------------------------------------------------------------------------
Weighted Average Margin (Net): 5.508%
Net Margin Range: 3.990% - 9.180%
Weighted Average Life Cap (Net): 15.471%
Net Life Cap Range: 13.750% - 19.990%
Weighted Average Life Floor (Net): 8.473%
Net Life Floor Range: 6.750% - 12.990%
Weighted Average Margin (Gross): 6.008%
Gross Margin Range: 4.490% - 9.680%
Weighted Average Life Cap (Gross): 15.971%
Gross Life Cap Range: 14.250% - 20.490%
Weighted Average Life Floor (Gross): 8.973%
Gross Life Floor Range: 7.250% - 13.490%
- - --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $81,481.68
Average Original Principal Balance: $81,503.81
Maximum Unpaid Principal Balance: $224,125.00
Minimum Unpaid Principal Balance: $20,001.00
Maximum Original Principal Balance: $224,125.00
Minimum Original Principal Balance: $20,001.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 337.538
Stated Rem Term Range: 120.000 - 360.000
Weighted Avg. Amortized Rem. Term: 337.281
Amortized Rem Term Range: 120.000 - 361.466
Weighted Average Age (First Pay thru Last Pay): 0.309
Age Range: 2.000 - 6.000
Weighted Average Original Term: 337.617
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 59.548
Original LTV Range: 10.080% - 82.920%
Weighted Average Periodic Interest Cap: 1.000%
Periodic Interest Cap Range: 1.000% - 1.000%
Weighted Average Months to Interest Roll: 6.318
Months to Interest Roll Range: 2 - 8
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- - --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
80.01 to 85.00 1 103,541.42 0.39
75.01 to 80.00 17 1,699,087.12 6.40
70.01 to 75.00 44 4,247,480.48 15.99
65.01 to 70.00 55 5,626,284.62 21.18
60.01 to 65.00 34 3,008,716.68 11.33
55.01 to 60.00 36 3,151,296.52 11.86
50.01 to 55.00 23 1,757,602.92 6.62
45.01 to 50.00 31 2,305,388.95 8.68
40.01 to 45.00 22 1,429,562.82 5.38
35.01 to 40.00 21 1,397,602.23 5.26
30.01 to 35.00 16 691,113.16 2.60
25.01 to 30.00 12 680,866.45 2.56
20.01 to 25.00 6 236,334.74 0.89
15.01 to 20.00 6 146,164.58 0.55
10.01 to 15.00 2 81,986.00 0.31
- - --------------------------------------------------------------------------
Total............ 326 $ 26,563,028.69 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY 6-Sep-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<C> <C> <C> <C>
108 less than Rem Term less than or equal to 120 2 124,536.00 0.47%
168 less than Rem Term less than or equal to 180 44 2,995,264.60 11.28%
228 less than Rem Term less than or equal to 240 2 212,667.00 0.80%
348 less than Rem Term less than or equal to 360 278 23,230,561.09 87.45%
- - -------------------------------------------------------------------------------------------
Total........................................... 326 26,563,028.69 100.00%
===========================================================================================
</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
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
FAMT63 - ARMS
CURRENT MORTGAGE LOAN AMOUNTS
<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>
20,000 less than Balance less than or equal to 25,000 3 63,826.00 0.24
25,000 less than Balance less than or equal to 30,000 6 169,106.58 0.64
30,000 less than Balance less than or equal to 35,000 7 233,240.00 0.88
35,000 less than Balance less than or equal to 40,000 14 528,562.19 1.99
40,000 less than Balance less than or equal to 45,000 13 552,516.79 2.08
45,000 less than Balance less than or equal to 50,000 17 811,931.97 3.06
50,000 less than Balance less than or equal to 55,000 24 1,238,018.28 4.66
55,000 less than Balance less than or equal to 60,000 11 631,700.04 2.38
60,000 less than Balance less than or equal to 65,000 22 1,382,488.69 5.20
65,000 less than Balance less than or equal to 70,000 15 1,017,914.87 3.83
70,000 less than Balance less than or equal to 75,000 17 1,225,438.85 4.61
75,000 less than Balance less than or equal to 80,000 17 1,315,423.43 4.95
80,000 less than Balance less than or equal to 85,000 26 2,135,584.73 8.04
85,000 less than Balance less than or equal to 90,000 24 2,104,915.81 7.92
90,000 less than Balance less than or equal to 95,000 24 2,219,014.40 8.35
95,000 less than Balance less than or equal to 100,000 13 1,277,462.90 4.81
100,000 less than Balance less than or equal to 125,000 38 4,196,853.17 15.80
125,000 less than Balance less than or equal to 150,000 18 2,480,351.00 9.34
150,000 less than Balance less than or equal to 200,000 14 2,332,247.99 8.78
200,000 less than Balance less than or equal to 250,000 3 646,431.00 2.43
- - ------------------------------------------------------------------------------------------------------
Total.................................................... 326 $ 26,563,028.69 100.00%
======================================================================================================
</TABLE>
MORTGAGED PROPERTIES 6-Sep-1996
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 313 25,513,620.88 96.05
Planned Unite Dev 1 90,070.00 0.34
Condominiums 4 251,563.37 0.95
2-4 Family 8 707,774.44 2.66
- - --------------------------------------------------------------------------------
Total............... 326 $ 26,563,028.69 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Occupancy Status Loans Balance Balance
1 311 25,562,962.62 96.24
2 15 1,000,066.07 3.76
- - --------------------------------------------------------------------------------
Total.................. 326 $ 26,563,028.69 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
FAMT63 - ARMS
GROSS MORTGAGE INTEREST RATE RANGE 6-Sep-1996
Page 1
<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>
7.00% less than Gross Coupon less than or equal to 7.50% 30 2,372,109.84 8.93
7.50% less than Gross Coupon less than or equal to 8.00% 55 4,821,659.24 18.15
8.00% less than Gross Coupon less than or equal to 8.50% 51 4,077,492.06 15.35
8.50% less than Gross Coupon less than or equal to 9.00% 57 5,035,192.16 18.96
9.00% less than Gross Coupon less than or equal to 9.50% 36 3,209,234.02 12.08
9.50% less than Gross Coupon less than or equal to 10.00% 39 3,225,293.16 12.14
10.00% less than Gross Coupon less than or equal to 10.50% 12 1,022,202.33 3.85
10.50% less than Gross Coupon less than or equal to 11.00% 9 616,714.00 2.32
11.00% less than Gross Coupon less than or equal to 11.50% 14 765,481.36 2.88
11.50% less than Gross Coupon less than or equal to 12.00% 12 793,292.94 2.99
12.00% less than Gross Coupon less than or equal to 12.50% 8 483,229.58 1.82
12.50% less than Gross Coupon less than or equal to 13.00% 2 91,277.00 0.34
13.00% less than Gross Coupon less than or equal to 13.50% 1 49,851.00 0.19
- - --------------------------------------------------------------------------------------------------------------
Total..................................................... 326 $ 26,563,028.69 100.00%
==============================================================================================================
</TABLE>
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
<C> <C> <C> <C>
14.00 less than Life Cap less than or equal to 14.50 31 2,412,643.53 9.08
14.50 less than Life Cap less than or equal to 15.00 55 4,821,659.24 18.15
15.00 less than Life Cap less than or equal to 15.50 50 4,036,958.37 15.20
15.50 less than Life Cap less than or equal to 16.00 57 5,035,192.16 18.96
16.00 less than Life Cap less than or equal to 16.50 36 3,209,234.02 12.08
16.50 less than Life Cap less than or equal to 17.00 39 3,225,293.16 12.14
17.00 less than Life Cap less than or equal to 17.50 12 1,022,202.33 3.85
17.50 less than Life Cap less than or equal to 18.00 9 616,714.00 2.32
18.00 less than Life Cap less than or equal to 18.50 14 765,481.36 2.88
18.50 less than Life Cap less than or equal to 19.00 12 793,292.94 2.99
19.00 less than Life Cap less than or equal to 19.50 8 483,229.58 1.82
19.50 less than Life Cap less than or equal to 20.00 2 91,277.00 0.34
20.00 less than Life Cap less than or equal to 20.50 1 49,851.00 0.19
- - -------------------------------------------------------------------------------------------------
Total............................................... 326 $ 26,563,028.69 100.00%
=================================================================================================
</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
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
FAMT63 - ARMS
DISTRIBUTION OF
MARGINS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
<S> <C> <C> <C>
4.0 less than Margin less than or equal to 5.0 85 6,791,699.14 25.57
5.0 less than Margin less than or equal to 6.0 107 8,825,989.65 33.23
6.0 less than Margin less than or equal to 7.0 82 7,515,165.39 28.29
7.0 less than Margin less than or equal to 8.0 32 2,145,288.31 8.08
8.0 less than Margin less than or equal to 9.0 19 1,235,035.20 4.65
9.0 less than Margin less than or equal to 10.0 1 49,851.00 0.19
- - ---------------------------------------------------------------------------------------------------
Total........................................... 326 $ 26,563,028.69 100.00%
===================================================================================================
</TABLE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES 6-Sep-1996
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 13 813,760.00 3.06
CA 89 8,180,432.62 30.80
CO 16 1,301,774.57 4.90
FL 16 1,013,583.36 3.82
GA 2 132,086.00 0.50
ID 3 208,027.27 0.78
IL 65 5,606,908.84 21.11
NJ 12 1,010,766.00 3.81
OH 20 1,175,481.54 4.43
OR 18 1,505,741.41 5.67
PA 27 1,744,493.16 6.57
UT 4 330,842.36 1.25
WA 41 3,539,131.56 13.32
- - --------------------------------------------------------------------------------
Total............... 326 $ 26,563,028.69 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
