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): October 19, 1999
Block Mortgage Finance, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-65215 43-1758633
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
4435 Main Street, Suite 500, Kansas City, Missouri 64111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 932-4960
------------------
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 99 Additional Computational Materials Relating to Block Mortgage
Finance Asset Backed Certificates, Series 1999-2.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BLOCK MORTGAGE FINANCE, INC., as
Registrant
Date: October 21, 1999 By: /s/ Bret G. Wilson
____________________________
Bret G. Wilson, President
Block Mortgage Finance
Asset Backed Certificates, Series 1999-2
$158,233,000 (Approximate)
Subject to Revision
October 22, 1999 - Computational Materials
The analysis in this report is based on information provided by the Seller.
Chase Securities Inc. ("CSI") makes no representations as to the accuracy or
completeness of the information contained herein. The information contained
herein is qualified in its entirety by the information in the Prospectus and
Prospectus Supplement for this transaction. The information contained herein is
preliminary as of the date hereof, supersedes any previous information delivered
to you by CSI and will be superseded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and CSI is under no
obligation to keep you advised of such changes. These materials are not intended
as an offer or solicitation with respect to the purchase or sale of any
security. Any investment decision with respect to the securities should be made
by you based upon the information contained in the final Prospectus Supplement
and Prospectus relating to the securities. You should consult your own counsel,
accountant, and other advisors as to the legal, tax, business, financial and
related aspects of a purchase of these securities.
The attached information contains certain tables and other statistical analyses
(the "Computational Materials") which have been prepared in reliance upon
information furnished by the Seller. They may not be provided to any third party
other than the addressee's legal, tax, financial and/or accounting advisors for
the purposes of evaluating said material. Numerous assumptions were used in
preparing the Computational Materials which may or may not be reflected therein.
As such, no assurance can be given as to the Computational Materials' accuracy,
appropriateness or completeness in any particular context; nor as to whether the
Computational Materials and/or the assumptions upon which they are based reflect
present market conditions or future market performance. These Computational
Materials should not be construed as either projections or predictions or as
legal, tax, financial or accounting advice. Any weighted average lives, yields
and principal payment periods shown in the Computational Materials are based on
prepayment assumptions, and changes in such prepayment assumptions may
dramatically affect such weighted average lives, yields and principal payment
periods. In addition, it is possible that prepayments on the underlying assets
will occur at rates slower or faster than the rates shown in the attached
Computational Materials. Furthermore, unless otherwise provided, the
Computational Materials assume no losses on the underlying assets and no
interest shortfalls. The specific characteristics of the securities may differ
from those shown in the Computational Materials due to differences between the
actual underlying assets and the hypothetical underlying assets used in
preparing the Computational Materials. The principal amount and designation of
any security described in the Computational Materials are subject to change
prior to issuance. Neither CSI nor any of its affiliates makes any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities.
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY CSI AND NOT BY THE ISSUER OF THE
SECURITIES OR ANY OF ITS AFFILIATES. CSI IS ACTING AS UNDERWRITER AND NOT ACTING
AS AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION.
[OBJECT OMITTED] 1
<PAGE>
[OBJECT OMITTED]
October 22, 1999
TERM SHEET
$158,233,000 (Approximate)
Asset Backed Certificates, Series 1999-2
Block Mortgage Finance, Inc.
Depositor
Block Financial Corporation
Master Servicer
Companion Mortgage Corporation
Seller
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Class Size (1) Tranche Type Expected Average Life Average Life Payment Payment Price
Class ($) Ratings to Call (2) to Maturity Window to Window to Talk
(Moody's/S&P) (years) (years) Call (2) Maturity
- ------------------------------------------------------------------------------------------------------------------------------------
Group I Certificates
____________________
A-1 25,500,000 Fixed Sequential Aaa / AAA 0.97 0.97 11/99-9/01 11-99-9/01
A-2 19,000,000 Fixed Sequential Aaa / AAA 3.18 3.18 9/01-10/04 9/01-10/04
A-3 12,586,000 Fixed Sequential Aaa / AAA 7.47 9.13 10/04-6/08 10/04-11/16
A-4 6,343,000 Fixed NAS Aaa / AAA 6.65 6.84 11/02-6/08 11/02-4/14
Group II Certificates
_____________________
A-5 39,500,000 Fixed Sequential Aaa / AAA 0.74 0.74 11/99-5/01 11/99-5/01
A-6 55,304,000 Floater Sequential Aaa / AAA 4.42 4.76 5/01-6/08 5/01-6/17
- ------------------------------------------------------------------------------------------------------------------------------------
Total 158,233,000 -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The actual initial certificate balances of the certificates may vary
from these amounts by as much as plus or minus 5%.
(2) Run to 10% call.
Collateral: Group I Certificates are backed by an approximately $65.2
million pool of fixed rate, first or second lien mortgage
loans.
Group II Certificates are backed by an approximately $98.1
million pool of adjustable rate, first lien mortgage loans.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR CHASE SECURITIES INC. SALES REPRESENTATIVE
IMMEDIATELY.
[OBJECT OMITTED]
2
<PAGE>
Chase Securities, Inc. Balances as of: 10/01/1999
Asset Backed Securities Portfolio Analysis Run Date: 10/21/1999
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Summary Report
Aggregate Outstanding Principal Balance $65,223,213.34
Aggregate Original Principal Balance $65,574,201.05
Number of Mortgage Loans 1,074
Conforming Loan Outstanding Principal Balance $61,377,165.45
Minimum Maximum Average
------- ------- -------
Original Principal Balance 10,433.75 395,400.00 61,056.05 (2)
Outstanding Principal Balance 10,222.41 391,957.34 60,729.25 (2)
Minimum Maximum Weighted Average
------- ------- ----------------
Original Term (mos) 102 360 231.019 (1)
Stated Remaining Term (mos) 70 359 225.083 (1)
Expected Remaining Term (mos) 0 0 0.000 (1)
Loan Age (mos) 1 33 5.921 (1)
Current Interest Rate 7.000% 14.990% 10.714% (1)
Original Loan-To-Value 12.96% 99.98% 79.46% (1)
Earliest Latest
-------- ------
Origination Dates 01/1997 09/1999
Maturity Dates 08/2005 09/2029
Notes:
(1) -- Weighted by Outstanding Principal Balance.
(2) -- Sum of Principal Balance divided by total number of loans.
<PAGE>
Current Mortgage Rates
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Mortgage Rates Mortgage Loans Balance Outstanding Loan Group
7.000% to 7.499% 1 58,637.40 0.09
7.500% to 7.999% 5 908,608.00 1.39
8.000% to 8.499% 18 2,268,139.54 3.48
8.500% to 8.999% 41 4,048,947.81 6.21
9.000% to 9.499% 37 2,442,247.93 3.74
9.500% to 9.999% 106 7,748,938.68 11.88
10.000% to 10.499% 137 8,095,230.44 12.41
10.500% to 10.999% 229 14,119,736.11 21.65
11.000% to 11.499% 132 8,058,396.75 12.36
11.500% to 11.999% 164 8,265,836.85 12.67
12.000% to 12.499% 83 3,720,244.63 5.70
12.500% to 12.999% 74 3,289,468.66 5.04
13.000% to 13.499% 32 1,511,760.60 2.32
13.500% to 13.999% 13 601,829.54 0.92
14.500% to 14.999% 2 85,190.40 0.13
Grand Total 1,074 $65,223,213.34 100.00%
Mortgage Rate Range is from: 7.000% to 14.990%
Weighted Average is: 10.714%
<PAGE>
Current Mortgage Loan Principal Balances
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Range of Current Mortgage Number of Aggregate Principal Percent of
Loan Principal Balances Mortgage Loans Balance Outstanding Loan Group
Up to $25,000 125 2,540,848.13 3.90
$ 25,001 to $ 50,000 446 16,777,152.35 25.72
$ 50,001 to $ 75,000 254 15,602,330.47 23.92
$ 75,001 to $ 100,000 108 9,486,944.54 14.55
$ 100,001 to $ 125,000 65 7,247,843.95 11.11
$ 125,001 to $ 150,000 39 5,262,426.54 8.07
$ 150,001 to $ 175,000 10 1,613,848.98 2.47
$ 175,001 to $ 200,000 8 1,507,023.55 2.31
$ 200,001 to $ 225,000 4 863,071.44 1.32
$ 225,001 to $ 250,000 3 719,626.90 1.10
$ 250,001 to $ 275,000 6 1,565,521.21 2.40
$ 275,001 to $ 300,000 2 596,700.45 0.91
$ 300,001 to $ 325,000 1 306,691.81 0.47
$ 350,001 to $ 375,000 1 360,859.17 0.55
$ 375,001 to $ 400,000 2 772,323.85 1.18
Grand Total 1,074 $65,223,213.34 100.00%
Current Mortgage Loan Principal Balance Range is $10,222.41 to $391,957.34
from:
Average is: $60,729.25
<PAGE>
Junior Lien Ratios
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Range of Junior Lien Ratios Mortgage Loans Balance Outstanding Loan Group
5.01% to 10.00% 6 131,582.42 2.43
10.01% to 15.00% 18 466,808.94 8.61
15.01% to 20.00% 48 1,475,630.34 27.22
20.01% to 25.00% 22 637,769.44 11.76
25.01% to 30.00% 26 871,956.44 16.08
30.01% to 35.00% 8 340,243.55 6.28
35.01% to 40.00% 14 704,703.70 13.00
40.01% to 45.00% 9 377,361.26 6.96
45.01% to 50.00% 2 138,837.98 2.56
50.01% to 55.00% 3 162,717.33 3.00
55.01% to 60.00% 1 43,828.98 0.81
60.01% to 65.00% 1 23,161.33 0.43
90.01% to 95.00% 1 47,308.15 0.87
Grand Total 159 $5,421,909.86 100.00%
Junior Lien Ratio Range is 5.74% to 92.72%
from:
Weighted Average is: 27.29%
<PAGE>
Lien Position Summary
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Lien Position Mortgage Loans Balance Outstanding Loan Group
1 915 59,801,303.48 91.69
2 159 5,421,909.86 8.31
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Loan Purpose
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Loan Purpose Mortgage Loans Balance Outstanding Loan Group
Purchase 301 18,145,448.26 27.82
Refinance 773 47,077,765.08 72.18
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Loan Type Summary
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Loan Type Mortgage Loans Balance Outstanding Loan Group
Balloon - 15 Yrs. 466 33,998,913.34 52.13
Fixed Rate - 10 Yr. 18 462,085.43 0.71
Fixed Rate - 15 Yrs. 288 10,595,878.89 16.25
Fixed Rate - 20 Yrs. 47 2,284,889.06 3.50
Fixed rate - 30 Yrs. 255 17,881,446.62 27.42
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Loan-to-Value Ratios
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Range of Loan-to-Value Ratios Mortgage Loans Balance Outstanding Loan Group
50.00% or Less 40 1,781,971.82 2.73
50.01% to 55.00% 11 490,081.20 0.75
55.01% to 60.00% 21 819,177.04 1.26
60.01% to 65.00% 31 1,618,363.88 2.48
65.01% to 70.00% 77 5,232,774.08 8.02
70.01% to 75.00% 147 8,287,886.32 12.71
75.01% to 80.00% 309 18,796,792.58 28.82
80.01% to 85.00% 187 12,435,955.46 19.07
85.01% to 90.00% 227 14,840,504.89 22.75
90.01% to 95.00% 4 273,830.27 0.42
95.01% to 100.00% 20 645,875.80 0.99
Grand Total 1,074 $65,223,213.34 100.00%
Loan-to-Value Range is from: 12.96% to 99.98%
Weighted Average is: 79.46%
<PAGE>
Occupancy Types
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Occupancy Mortgage Loans Balance Outstanding Loan Group
Non Owner occupied 176 7,602,328.38 11.66
Owner occupied 898 57,620,884.96 88.34
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Year of Origination
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Year of Origination Mortgage Loans Balance Outstanding Loan Group
1997 6 199,487.64 0.31
1998 264 14,830,404.80 22.74
1999 804 50,193,320.90 76.96
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Prepayment Penalty Term
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Prepayment Penalty Term (years) Mortgage Loans Balance Outstanding Loan Group
None 247 14,572,080.59 22.34
6 Months 4 166,466.84 0.26
1 Year 11 858,423.34 1.32
2 Year 20 1,816,117.57 2.78
3 Year 773 47,064,168.41 72.16
5 Year 19 745,956.59 1.14
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Type of Mortgaged Properties
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Property Type Mortgage Loans Balance Outstanding Loan Group
Condominium 8 337,464.61 0.52
Investment 1 32,135.61 0.05
Manufactured 10 620,243.70 0.95
2-4 Family 64 3,627,799.81 5.56
Single Family 991 60,605,569.61 92.92
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Remaining Months to Stated Maturity
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
Remaining Term Mortgage Loans Balance Outstanding Loan Group
61 to 72 1 22,337.53 0.03
97 to 108 2 42,354.97 0.06
109 to 120 15 397,392.93 0.61
145 to 156 2 52,067.49 0.08
157 to 168 53 3,288,584.35 5.04
169 to 180 699 41,254,140.39 63.25
205 to 216 1 32,135.61 0.05
217 to 228 10 439,052.19 0.67
229 to 240 36 1,813,701.26 2.78
337 to 348 15 1,121,167.46 1.72
349 to 360 240 16,760,279.16 25.70
Grand Total 1,074 $65,223,213.34 100.00%
Remaining Term Range is from: 70 to 359
Weighted Average is: 225.083
<PAGE>
State Distributions
Block Financial Corp - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
States Mortgage Loans Balance Outstanding Loan Group
Florida 110 8,380,820.73 12.85
Michigan 124 6,790,858.66 10.41
Ohio 92 6,078,722.90 9.32
Colorado 59 4,826,290.66 7.40
Illinois 69 4,682,086.47 7.18
Indiana 82 3,996,676.80 6.13
Georgia 56 3,885,896.02 5.96
Virginia 56 3,726,861.93 5.71
Kentucky 67 3,606,085.99 5.53
Louisiana 68 2,905,930.94 4.46
Missouri 51 2,868,854.26 4.40
Tennessee 29 2,304,701.67 3.53
North Carolina 32 1,973,216.05 3.03
Mississippi 34 1,329,391.38 2.04
Pennsylvania 18 1,188,429.72 1.82
Maryland 24 1,150,155.26 1.76
South Carolina 17 1,011,454.42 1.55
Utah 18 835,101.69 1.28
Arizona 15 733,844.94 1.13
California 6 358,496.76 0.55
Wisconsin 10 327,735.90 0.50
Kansas 6 288,064.51 0.44
District of Columbia 3 285,991.24 0.44
New Jersey 2 265,279.77 0.41
Iowa 5 259,877.10 0.40
Washington 3 240,795.48 0.37
Connecticut 4 220,066.29 0.34
Arkansas 4 160,344.39 0.25
Texas 3 149,327.88 0.23
Nevada 2 116,900.29 0.18
Idaho 1 95,265.37 0.15
Alabama 2 86,281.58 0.13
West Virginia 1 66,239.97 0.10
Oklahoma 1 27,166.32 0.04
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
State Distributions
Block Financial Corp 1999-2 - Fixed Rate Loan Group
Number of Aggregate Principal Percent of
States Mortgage Loans Balance Outstanding Loan Group
Alabama 2 86,281.58 0.13
Arizona 15 733,844.94 1.13
Arkansas 4 160,344.39 0.25
California 6 358,496.76 0.55
Colorado 59 4,826,290.66 7.40
Connecticut 4 220,066.29 0.34
District of Columbia 3 285,991.24 0.44
Florida 110 8,380,820.73 12.85
Georgia 56 3,885,896.02 5.96
<PAGE>
Idaho 1 95,265.37 0.15
Illinois 69 4,682,086.47 7.18
Indiana 82 3,996,676.80 6.13
Iowa 5 259,877.10 0.40
Kansas 6 288,064.51 0.44
Kentucky 67 3,606,085.99 5.53
Louisiana 68 2,905,930.94 4.46
Maryland 24 1,150,155.26 1.76
Michigan 124 6,790,858.66 10.41
Mississippi 34 1,329,391.38 2.04
Missouri 51 2,868,854.26 4.40
Nevada 2 116,900.29 0.18
New Jersey 2 265,279.77 0.41
North Carolina 32 1,973,216.05 3.03
Ohio 92 6,078,722.90 9.32
Oklahoma 1 27,166.32 0.04
Pennsylvania 18 1,188,429.72 1.82
South Carolina 17 1,011,454.42 1.55
Tennessee 29 2,304,701.67 3.53
Texas 3 149,327.88 0.23
Utah 18 835,101.69 1.28
Virginia 56 3,726,861.93 5.71
Washington 3 240,795.48 0.37
West Virginia 1 66,239.97 0.10
Wisconsin 10 327,735.90 0.50
Grand Total 1,074 $65,223,213.34 100.00%
<PAGE>
Chase Securities, Inc. Balances as of: 10/01/1999
Asset Backed Securities Portfolio Analysis Run Date: 10/21/1999
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Summary Report
Aggregate Outstanding Principal Balance $98,090,257.39
Aggregate Original Principal Balance $98,389,973.34
Number of Mortgage Loans 920
Conforming Loan Outstanding Principal Balance $85,317,527.11
Minimum Maximum Average
_______ _______ _______
Original Principal Balance 24,375.00 511,000.00 106,945.62 (2)
Outstanding Principal Balance 24,353.81 509,644.05 106,619.84 (2)
Minimum Maximum Weighted Average
_______ _______ ________________
Original Term (mos) 180 360 357.876 (1)
Stated Remaining Term (mos) 143 360 351.558 (1)
Expected Remaining Term (mos) 0 0 0.000 (1)
Loan Age (mos) 0 33 6.300 (1)
Current Interest Rate 6.800% 13.230% 10.140% (1)
Initial Interest Rate Cap 1.000% 3.000% 2.914% (1)
Periodic Rate Cap 1.000% 2.000% 1.024% (1)
Gross Margin 2.750% 9.750% 7.629% (1)
Maximum Mortgage Rate 12.800% 20.230% 16.131% (1)
Minimum Mortgage Rate 6.800% 13.230% 10.123% (1)
Months To Roll 2 35 18.298 (1)
Original Loan-To-Value 34.66% 102.27% 82.30% (1)
Earliest Latest
________ ______
Origination Dates 01/1997 09/1999
Maturity Dates 09/2011 10/2029
Notes:
(1) -- Weighted by Outstanding Principal Balance.
(2) -- Sum of Principal Balance divided by total number of loans.
<PAGE>
Current Mortgage Rates
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Mortgage Rates Mortgage Loans Balance Outstanding Loan Group
6.500% to 6.999% 1 108,434.44 0.11
7.000% to 7.499% 2 330,892.98 0.34
7.500% to 7.999% 12 1,479,237.99 1.51
8.000% to 8.499% 27 2,874,302.01 2.93
8.500% to 8.999% 63 7,956,426.63 8.11
9.000% to 9.499% 80 9,594,314.04 9.78
9.500% to 9.999% 219 22,690,600.70 23.13
10.000% to 10.499% 177 19,563,680.15 19.94
10.500% to 10.999% 159 15,808,266.23 16.12
11.000% to 11.499% 96 9,822,037.68 10.01
11.500% to 11.999% 54 5,362,604.34 5.47
12.000% to 12.499% 20 1,824,477.79 1.86
12.500% to 12.999% 9 637,461.54 0.65
13.000% to 13.499% 1 37,520.87 0.04
Grand Total 920 $98,090,257.39 100.00%
Mortgage Rate Range is from: 6.800% to 13.230%
Weighted Average is: 10.140%
<PAGE>
Current Mortgage Loan Principal Balances
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Range of Current Mortgage Number of Aggregate Principal Percent of
Loan Principal Balances Mortgage Loans Balance Outstanding Loan Group
Up to $25,000 1 24,353.81 0.02
$ 25,001 to $ 50,000 70 3,077,468.16 3.14
$ 50,001 to $ 75,000 262 16,529,005.21 16.85
$ 75,001 to $ 100,000 198 17,150,112.53 17.48
$ 100,001 to $ 125,000 143 16,019,732.32 16.33
$ 125,001 to $ 150,000 108 14,673,875.26 14.96
$ 150,001 to $ 175,000 35 5,620,735.81 5.73
$ 175,001 to $ 200,000 34 6,392,035.88 6.52
$ 200,001 to $ 225,000 19 3,978,919.23 4.06
$ 225,001 to $ 250,000 17 4,051,634.41 4.13
$ 250,001 to $ 275,000 11 2,860,745.86 2.92
$ 275,001 to $ 300,000 6 1,713,314.52 1.75
$ 300,001 to $ 325,000 5 1,552,365.09 1.58
$ 325,001 to $ 350,000 2 689,500.59 0.70
$ 350,001 to $ 375,000 3 1,065,147.17 1.09
$ 375,001 to $ 400,000 1 383,578.05 0.39
$ 400,001 to $ 425,000 2 832,816.83 0.85
$ 450,001 to $ 475,000 1 469,799.88 0.48
$ 475,001 to $ 500,000 1 495,472.73 0.51
$ 500,001 to $ 525,000 1 509,644.05 0.52
Grand Total 920 $98,090,257.39 100.00%
Current Mortgage Loan Principal Balance Range is $24,353.81 to $509,644.05
from:
Average is: $106,619.84
<PAGE>
Gross Margin
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Gross Margin Mortgage Loans Balance Outstanding Loan Group
2.500% to 2.999% 1 116,643.59 0.12
4.500% to 4.999% 5 862,924.35 0.88
5.000% to 5.499% 4 482,258.33 0.49
5.500% to 5.999% 11 813,643.75 0.83
6.000% to 6.499% 39 3,887,325.32 3.96
6.500% to 6.999% 86 8,936,043.33 9.11
7.000% to 7.499% 148 14,996,014.36 15.29
7.500% to 7.999% 290 31,132,008.44 31.74
8.000% to 8.499% 192 21,237,700.64 21.65
8.500% to 8.999% 98 10,135,704.14 10.33
9.000% to 9.499% 26 3,151,389.84 3.21
9.500% to 9.999% 20 2,338,601.30 2.38
Grand Total 920 $98,090,257.39 100.00%
Gross Margin Range is 2.750% to 9.750%
from:
Weighted Average is: 7.629%
<PAGE>
Lien Position Summary
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Lien Position Mortgage Loans Balance Outstanding Loan Group
1 920 98,090,257.39 100.00
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Loan Purpose
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Loan Purpose Mortgage Loans Balance Outstanding Loan Group
Purchase 373 39,883,695.18 40.66
Refinance 547 58,206,562.21 59.34
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Loan Type Summary
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Loan Type Mortgage Loans Balance Outstanding Loan Group
1 Mo LIBOR - Adjust 12 Mos. 1 140,872.09 0.14
1 Mo LIBOR - Adjust 24/12 Mos. 1 109,962.86 0.11
1 Mo LIBOR - Adjust 6 Mos. 1 114,940.72 0.12
1 Yr Treasury - Adjust 12 Mos. 8 819,462.14 0.84
1 Yr Treasury - Adjust 36/06 Mos. 1 133,115.70 0.14
1 Yr Treasury - Adjust 36/12 Mos. 1 339,759.72 0.35
3 Yr Treasury - Adjust 36 Mos. 1 118,631.84 0.12
6 Mo LIBOR - Adjust 12 Mos. 4 721,571.01 0.74
6 Mo LIBOR - Adjust 24/06 Mos. 860 90,622,330.37 92.39
6 Mo LIBOR - Adjust 36/06 Mos. 40 4,822,857.63 4.92
6 Mo LIBOR - Adjust 6 Mos. 2 146,753.31 0.15
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Loan-to-Value Ratios
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Range of Loan-to-Value Ratios Mortgage Loans Balance Outstanding Loan Group
50.00% or Less 9 570,331.29 0.58
50.01% to 55.00% 2 253,159.42 0.26
55.01% to 60.00% 10 847,514.18 0.86
60.01% to 65.00% 11 1,086,069.17 1.11
65.01% to 70.00% 36 2,918,891.85 2.98
70.01% to 75.00% 110 10,745,767.03 10.95
75.01% to 80.00% 271 28,938,283.26 29.50
80.01% to 85.00% 192 21,379,738.67 21.80
85.01% to 90.00% 275 30,889,653.33 31.49
90.01% to 95.00% 3 302,334.25 0.31
100.01% to . % 1 158,514.94 0.16
Grand Total 920 $98,090,257.39 100.00%
Loan-to-Value Range is from: 34.66% to 102.27%
Weighted Average is: 82.30%
<PAGE>
Next Adjustment Date
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Next Adjustment Date Mortgage Loans Balance Outstanding Loan Group
Dec 1999 1 39,543.15 0.04
Jan 2000 3 150,380.56 0.15
Feb 2000 3 165,498.09 0.17
Mar 2000 5 348,219.43 0.35
Apr 2000 3 302,021.58 0.31
May 2000 5 476,910.25 0.49
Jun 2000 11 1,126,080.21 1.15
Jul 2000 4 909,207.39 0.93
Aug 2000 4 228,018.50 0.23
Sep 2000 9 842,958.15 0.86
Oct 2000 21 1,868,329.39 1.90
Nov 2000 34 3,412,997.48 3.48
Dec 2000 46 4,488,513.03 4.58
Jan 2001 51 5,171,939.74 5.27
Feb 2001 83 8,229,758.49 8.39
Mar 2001 113 12,228,439.18 12.47
Apr 2001 97 11,911,848.31 12.14
May 2001 66 7,047,157.04 7.18
Jun 2001 89 8,722,549.75 8.89
Jul 2001 70 7,776,497.91 7.93
Aug 2001 123 13,055,872.65 13.31
Sep 2001 51 6,118,581.87 6.24
Oct 2001 8 1,155,072.01 1.18
Nov 2001 4 384,299.52 0.39
Dec 2001 2 181,330.22 0.18
Feb 2002 1 46,376.76 0.05
Mar 2002 3 281,384.69 0.29
Apr 2002 3 490,978.41 0.50
May 2002 1 186,612.04 0.19
Jun 2002 1 80,843.75 0.08
Aug 2002 4 534,278.68 0.54
Sep 2002 1 127,759.16 0.13
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Occupancy Types
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Occupancy Mortgage Loans Balance Outstanding Loan Group
Non Owner occupied 62 5,383,523.26 5.49
Owner occupied 858 92,706,734.13 94.51
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Year of Origination
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Year of Origination Mortgage Loans Balance Outstanding Loan Group
1997 5 416,150.54 0.42
1998 182 18,296,250.62 18.65
1999 733 79,377,856.23 80.92
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Prepayment Penalty Term
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Prepayment Penalty Term (years) Mortgage Loans Balance Outstanding Loan Group
None 254 28,788,062.47 29.35
6 Months 14 2,337,683.06 2.38
1 Year 21 2,900,951.54 2.96
2 Year 560 56,926,277.31 58.03
3 Year 68 6,784,467.19 6.92
5 Year 3 352,815.82 0.36
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Type of Mortgaged Properties
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Property Type Mortgage Loans Balance Outstanding Loan Group
Condominium 8 645,224.85 0.66
Manufactured 8 493,892.38 0.50
2-4 Family 38 3,908,857.79 3.98
Second Home 1 47,074.90 0.05
Single Family 865 92,995,207.47 94.81
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Remaining Months to Stated Maturity
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
Remaining Term Mortgage Loans Balance Outstanding Loan Group
133 to 144 1 114,940.72 0.12
145 to 156 2 154,164.46 0.16
157 to 168 4 322,243.86 0.33
169 to 180 7 566,286.47 0.58
325 to 336 3 261,986.08 0.27
337 to 348 74 7,728,105.71 7.88
349 to 360 829 88,942,530.09 90.67
Grand Total 920 $98,090,257.39 100.00%
Remaining Term Range is from: 143 to 360
Weighted Average is: 351.558
<PAGE>
State Distributions
Block Financial Corp - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
States Mortgage Loans Balance Outstanding Loan Group
Colorado 98 13,919,414.90 14.19
Florida 107 11,858,534.25 12.09
Michigan 111 10,831,412.18 11.04
Ohio 112 9,685,832.20 9.87
Georgia 63 7,317,786.21 7.46
Missouri 58 5,797,765.12 5.91
Kentucky 58 5,424,756.45 5.53
Indiana 60 5,086,256.71 5.19
Illinois 47 4,949,992.70 5.05
Virginia 27 3,388,980.48 3.45
Kansas 16 2,538,157.42 2.59
Tennessee 24 2,257,750.93 2.30
North Carolina 20 2,171,511.01 2.21
Utah 16 2,059,598.61 2.10
Arizona 16 1,863,107.38 1.90
Washington 9 1,144,655.98 1.17
Maryland 9 1,138,764.87 1.16
Louisiana 11 932,024.37 0.95
Wisconsin 10 894,510.31 0.91
South Carolina 10 860,924.92 0.88
Pennsylvania 8 677,336.65 0.69
California 2 598,358.26 0.61
Mississippi 7 566,120.22 0.58
Iowa 7 529,385.57 0.54
Connecticut 3 370,477.31 0.38
Nevada 2 348,026.38 0.35
District of Columbia 3 310,693.27 0.32
Idaho 2 249,982.58 0.25
Alabama 2 170,021.70 0.17
New Jersey 1 107,714.49 0.11
West Virginia 1 40,403.96 0.04
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
State Distributions
Block Financial Corp 1999-2 - Adjustable Rate Loan Group
Number of Aggregate Principal Percent of
States Mortgage Loans Balance Outstanding Loan Group
Alabama 2 170,021.70 0.17
Arizona 16 1,863,107.38 1.90
California 2 598,358.26 0.61
Colorado 98 13,919,414.90 14.19
Connecticut 3 370,477.31 0.38
District of Columbia 3 310,693.27 0.32
Florida 107 11,858,534.25 12.09
Georgia 63 7,317,786.21 7.46
Idaho 2 249,982.58 0.25
Illinois 47 4,949,992.70 5.05
Indiana 60 5,086,256.71 5.19
Iowa 7 529,385.57 0.54
Kansas 16 2,538,157.42 2.59
Kentucky 58 5,424,756.45 5.53
Louisiana 11 932,024.37 0.95
Maryland 9 1,138,764.87 1.16
Michigan 111 10,831,412.18 11.04
Mississippi 7 566,120.22 0.58
Missouri 58 5,797,765.12 5.91
Nevada 2 348,026.38 0.35
New Jersey 1 107,714.49 0.11
North Carolina 20 2,171,511.01 2.21
Ohio 112 9,685,832.20 9.87
Pennsylvania 8 677,336.65 0.69
South Carolina 10 860,924.92 0.88
Tennessee 24 2,257,750.93 2.30
Utah 16 2,059,598.61 2.10
Virginia 27 3,388,980.48 3.45
Washington 9 1,144,655.98 1.17
West Virginia 1 40,403.96 0.04
Wisconsin 10 894,510.31 0.91
Grand Total 920 $98,090,257.39 100.00%
<PAGE>
Block Mortgage Finance 1999-2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Scenario 6
---------- ---------- ---------- ---------- ---------- ----------
Fixed Rate Group (1) 0% 50% 100% 115% 150% 200%
Adjustable Rate Group (2) 0% 15% 25% 28% 35% 50%
- ----------------------------
(1) As a percentage of the
Prepayment Assumption.
(2) CPR.
Class A-1 (To Call)
-------------------
Average Life (years) 8.86 1.67 0.95 0.85 0.68 0.53
Begin Pay 11/99 11/99 11/99 11/99 11/99 11/99
End Pay 4/14 6/03 9/01 6/01 2/01 10/00
Class A-2 (To Call)
-------------------
Average Life (years) 14.51 6.61 3.12 2.68 2.01 1.51
Begin Pay 4/14 6/03 9/01 6/01 2/01 10/00
End Pay 5/15 1/11 9/04 12/03 8/02 11/01
Class A-3 (To Call)
-------------------
Average Life (years) 23.75 13.86 7.39 6.16 4.38 2.84
Begin Pay 5/15 1/11 9/04 12/03 8/02 11/01
End Pay 1/28 4/14 6/08 3/07 4/05 8/03
Class A-4 NAS (To Call)
-----------------------
Average Life (years) 11.91 8.13 6.65 6.23 5.11 3.81
Begin Pay 11/02 11/02 11/02 11/02 1/03 4/03
End Pay 4/14 4/14 6/08 3/07 4/05 8/03
Class A-5 (To Call)
-------------------
Average Life (years) 13.69 1.39 0.73 0.64 0.49 0.35
Begin Pay 11/99 11/99 11/99 11/99 11/99 11/99
End Pay 8/21 12/02 4/01 2/01 10/00 7/00
Class A-6 (To Call)
-------------------
Average Life (years) 25.98 8.64 4.39 3.73 2.68 1.74
Begin Pay 8/21 12/02 4/01 2/01 10/00 7/00
End Pay 1/28 4/14 6/08 3/07 4/05 8/03
</TABLE>
<PAGE>
Period Available Period Available
Funds Cap Funds Cap
------ --------- ------ ---------
1 11.497 53 14.801
2 11.437 54 14.801
3 11.378 55 14.801
4 11.320 56 14.801
5 11.263 57 14.801
6 11.211 58 14.801
7 10.403 59 14.801
8 10.371 60 14.801
9 10.339 61 14.801
10 10.515 62 14.801
11 10.482 63 14.801
12 10.482 64 14.801
13 10.452 65 14.801
14 10.422 66 14.802
15 10.395 67 14.802
16 10.384 68 14.802
17 10.358 69 14.802
18 10.336 70 14.802
19 10.330 71 14.802
20 13.454 72 14.802
21 13.502 73 14.802
22 13.551 74 14.802
23 13.601 75 14.802
24 13.657 76 14.802
25 13.711 77 14.802
26 14.498 78 14.802
27 14.558 79 14.802
28 14.621 80 14.802
29 14.686 81 14.802
30 14.752 82 14.802
31 14.874 83 14.802
32 14.945 84 14.802
33 15.047 85 14.802
34 15.124 86 14.802
35 15.204 87 14.802
36 15.286 88 14.802
37 15.371 89 14.802
38 14.997 90 14.802
39 14.800 91 14.802
40 14.800 92 14.802
41 14.800 93 14.802
42 14.800 94 14.802
43 14.800 95 14.802
44 14.800 96 14.802
45 14.801 97 14.802
46 14.801 98 14.802
47 14.801 99 14.802
48 14.801 100 14.802
49 14.801 101 14.802
50 14.801 102 14.802
51 14.801 103 14.802
52 14.801 104 14.802
<PAGE>
Period Available Funds Cap
1 9.708
2 9.745 Available funds Cap =
3 9.783 ARMs Net interest /
4 9.821 (A9 + A10 balance) *12
5 9.861 - 23.5 bps surety fee
6 9.905 - 50 bps after month 6
7 9.449
8 9.496
9 9.543
10 9.751
11 9.805
12 9.888
13 9.949
14 10.012
15 10.079
16 10.164
17 10.236
18 10.317
19 10.396
20 13.524
21 13.574
22 13.625
23 13.678
24 13.736
25 13.792
26 14.581
27 14.644
28 14.709
29 14.776
30 14.846
31 14.970
32 15.044
33 15.149
34 15.229
35 15.312
36 15.397
37 15.486
38 15.097
39 14.892
40 14.892
41 14.892
42 14.892
43 14.892
44 14.892
45 14.893
46 14.893
47 14.893
48 14.893
49 14.893
50 14.893
51 14.893
52 14.893
53 14.893
54 14.893
55 14.893
56 14.893
57 14.893
58 14.893
59 14.893
60 14.893
61 14.893
62 14.893
63 14.893
64 14.893
65 14.893
66 14.893
67 14.893
68 14.893
69 14.893
70 14.893
71 14.893
72 14.893
73 14.893
74 14.893
75 14.893
76 14.893
77 14.893
78 14.893
79 14.893
80 14.893
81 14.893
82 14.893
83 14.893
84 14.893
85 14.893
86 14.893
87 14.893
88 14.893
89 14.893
90 14.893
91 14.893
92 14.893
93 14.894
94 14.894
95 14.894
96 14.894
97 14.894
98 14.894
99 14.894
100 14.894
101 14.894
102 14.894
103 14.894
104 14.894
<PAGE>
Available Funds Cap for Floater
CPR 20 25 30 35 40
=============================================================
Month
1 11.497 11.497 11.497 11.497 11.497
2 11.458 11.437 11.415 11.391 11.366
3 11.419 11.378 11.335 11.289 11.240
4 11.380 11.320 11.256 11.189 11.118
5 11.342 11.263 11.180 11.094 11.002
6 11.308 11.211 11.110 11.004 10.894
7 10.492 10.403 10.310 10.214 10.114
8 10.473 10.371 10.265 10.156 10.044
9 10.454 10.339 10.221 10.100 9.976
10 10.653 10.515 10.375 10.232 10.086
11 10.632 10.482 10.329 10.175 10.019
12 10.647 10.482 10.317 10.150 10.010
13 10.629 10.452 10.276 10.099 10.098
14 10.611 10.422 10.235 10.103 10.190
15 10.594 10.395 10.198 10.189 10.290
16 10.596 10.384 10.194 10.294 10.412
17 10.579 10.358 10.275 10.389 10.526
18 10.567 10.336 10.365 10.495 10.653
19 10.552 10.330 10.455 10.603 10.784
20 13.766 13.454 13.639 13.855 14.121
21 13.661 13.502 13.748 14.051 14.357
22 13.557 13.551 13.819 14.160 14.605
23 13.456 13.601 13.893 14.267 14.761
24 13.407 13.657 13.973 14.383 14.931
25 13.443 13.711 14.053 14.501 15.108
26 14.196 14.498 14.887 15.402 16.108
27 14.235 14.558 14.979 15.541 16.321
28 14.275 14.621 15.074 15.687 16.550
29 14.317 14.686 15.174 15.841 16.795
30 14.359 14.752 15.278 16.005 17.059
31 14.453 14.874 15.441 16.234 17.405
32 14.498 14.945 15.555 16.418 17.713
33 14.571 15.047 15.703 16.644 18.079
34 14.618 15.124 15.828 16.851 18.441
35 14.666 15.204 15.958 17.072 18.834
36 14.715 15.286 16.096 17.307 19.263
37 14.766 15.371 16.239 17.557 19.732
38 14.791 14.997 15.752 16.924 18.894
39 14.800 14.800 15.288 16.324 18.101
40 14.800 14.800 14.828 15.735 17.331
41 14.800 14.800 14.800 15.166 16.594
42 14.800 14.800 14.800 14.800 15.887
43 14.800 14.800 14.800 14.800 15.210
44 14.800 14.800 14.800 14.800 14.800
45 14.801 14.801 14.801 14.801 14.801
46 14.801 14.801 14.801 14.801 14.801
47 14.801 14.801 14.801 14.801 14.801
48 14.801 14.801 14.801 14.801 14.801
49 14.801 14.801 14.801 14.801 14.801
50 14.801 14.801 14.801 14.801 14.801
51 14.801 14.801 14.801 14.801 14.801
52 14.801 14.801 14.801 14.801 14.801
53 14.801 14.801 14.801 14.801 14.801
54 14.801 14.801 14.801 14.801 14.801
55 14.801 14.801 14.801 14.801 14.801
56 14.801 14.801 14.801 14.801 14.801
57 14.801 14.801 14.801 14.801 14.801
58 14.801 14.801 14.801 14.801 14.801
59 14.801 14.801 14.801 14.801 14.801
60 14.801 14.801 14.801 14.801 14.801
61 14.801 14.801 14.801 14.801 14.801
62 14.801 14.801 14.801 14.801 14.801
63 14.801 14.801 14.801 14.801 14.801
64 14.801 14.801 14.801 14.801 14.801
65 14.801 14.801 14.801 14.801 14.801
66 14.802 14.802 14.802 14.802 14.802
67 14.802 14.802 14.802 14.802 14.802
68 14.802 14.802 14.802 14.802 14.802
69 14.802 14.802 14.802 14.802 14.802
70 14.802 14.802 14.802 14.802 14.802
71 14.802 14.802 14.802 14.802 14.802
72 14.802 14.802 14.802 14.802 14.802
73 14.802 14.802 14.802 14.802 14.802
74 14.802 14.802 14.802 14.802 14.802
75 14.802 14.802 14.802 14.802 14.802
76 14.802 14.802 14.802 14.802 14.802
77 14.802 14.802 14.802 14.802 14.802
78 14.802 14.802 14.802 14.802 14.802
79 14.802 14.802 14.802 14.802 14.802
80 14.802 14.802 14.802 14.802 14.802
81 14.802 14.802 14.802 14.802 14.815
82 14.802 14.802 14.802 14.802 14.939
83 14.802 14.802 14.802 14.802 -
84 14.802 14.802 14.802 14.802 -
85 14.802 14.802 14.802 14.802
86 14.802 14.802 14.802 14.802
87 14.802 14.802 14.802 14.802
88 14.802 14.802 14.802 -
89 14.802 14.802 14.802 -
90 14.802 14.802 14.802
91 14.802 14.802 14.802
92 14.802 14.802 14.802
93 14.802 14.802 14.802
94 14.802 14.802 14.802
95 14.802 14.802 -
96 14.802 14.802 -
97 14.802 14.802
98 14.802 14.802
99 14.802 14.802
100 14.802 14.802
101 14.802 14.802
102 14.802 14.802
103 14.802 14.802
104 14.802 14.802
105 14.802 -
106 14.802 -
107 14.802
108 14.802
109 14.802
110 14.802
111 14.802
112 14.802
113 14.802
114 14.802
115 14.802
116 14.802
117 14.802
118 14.802
119 14.802
120 -
121 -
