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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): January 15, 1997
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF DECEMBER 1, 1996, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED FIXED RATE AND FLOATING RATE CERTIFICATES, SERIES 1996-8)
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-14225 13-3439681
-------- --------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
Seven World Trade Center
New York, New York 10048
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 783-5659
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<PAGE>
Item 5. OTHER EVENTS
Description of the Mortgage Pool
On December 19, 1996 (the "Closing Date"), a single series of
certificates, entitled Salomon Brothers Mortgage Securities VII, Inc.,
Asset-Backed Fixed Rate and Floating Rate Certificates, Series 1996-8 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of December 1, 1996 (the "Agreement"), among Salomon Brothers Mortgage
Securities VII, Inc. as depositor (the "Depositor"), Option One Mortgage
Corporation ("Option One") as master servicer (in such capacity, the "Master
Servicer") and Bankers Trust Company as trustee (the "Trustee"). The
Certificates evidence in the aggregate the entire beneficial ownership interest
in a trust fund (the "Trust Fund"), consisting primarily of a segregated pool
(the "Mortgage Pool") of conventional, one- to four- family, first and second
lien fixed-rate, and first lien adjustable-rate mortgage loans having original
terms to maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool
consists of two separate sub-pools, designated as "Sub-Pool 1," which consists
of fixed-rate Mortgage Loans, and "Sub-Pool 2," which consists of
adjustable-rate Mortgage Loans. Pursuant to the Agreement, additional Mortgage
Loans were intended to be purchased by the Trust Fund indirectly from Option One
(in such capacity, the "Mortgage Loan Seller") and deposited in Sub-Pool 1 and
Sub-Pool 2 on or before January 15, 1997 using funds on deposit in two
pre-funding accounts (the "Sub-Pool 1 Pre-Funding Account" and the "Sub-Pool 2
Pre-Funding Account," respectively). As of the Closing Date, the Trust Fund
primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans
having an aggregate principal balance of approximately $212,692 as of
December 1, 1996, and (ii) the Sub-Pool 1 Pre-Funding Account, which contained
approximately $10,010,814, and the Sub-Pool 2 Pre-Funding Account, which
contained approximately $52,307,993.
On December 31, 1996, following the closing of the initial issuance of
the Certificates, the Trustee purchased from the Depositor with funds on deposit
in the Pre-Funding Accounts certain mortgage loans (such mortgage loans,
"Subsequent Mortgage Loans") with aggregate principal balances equal to
approximately $8,542,056 and approximately $52,307,847 for deposit in Sub-Pool 1
and Sub-Pool 2, respectively, which Subsequent Mortgage Loans were conveyed to
the Trustee pursuant to a Subsequent Transfer Instrument, dated December 31,
1996, between the Depositor and the Trustee.
On January 14, 1997, the Trustee purchased from the Depositor with
funds on deposit in the Sub-Pool 1 Pre-Funding Account certain Subsequent
Mortgage Loans with an aggregate principal balance equal to approximately
$1,450,564 for deposit in Sub-Pool 1, which Subsequent Mortgage Loans were
conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated
January 14, 1997, between the Depositor and the Trustee.
The tables attached as an exhibit hereto describe certain
characteristics of the Mortgage Pool and each Sub-Pool as of January 15, 1997,
the end of the "Funding Period" (as defined in the Agreement).
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<PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
----------- -----------
99 Characteristics of the Mortgage Pool and Sub-Pool 1 and
Sub-Pool 2 as of January 15, 1997, relating to Salomon
Brothers Mortgage Securities VII, Inc., Asset-Backed Fixed
Rate and Floating Rate Certificates, Series 1996-8
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: January 15, 1997
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
By: /s/ Vincent J. Varca
--------------------------
Name: Vincent J. Varca
Title: Assistant Vice President
<PAGE>
INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- -------------
99 Characteristics of the Mortgage Pool and Sub- 6
Pool 1 and Sub-Pool 2 as of January 15, 1997,
relating to Salomon Brothers Mortgage
Securities VII, Inc., Asset-Backed Fixed Rate
and Floating Rate Certificates, Series 1996-8
THE MORTGAGE POOL
GENERAL
The Mortgage Pool consists of conventional, one- to four-family, first
and second lien fixed-rate, and first lien adjustable-rate Mortgage Loans
secured by residential real properties (the "Mortgaged Properties"), and having
original terms to maturity up to 30 years. The Mortgage Pool consists of two
separate sub-pools ("Sub-Pool 1" and "Sub-Pool 2," respectively). Sub-Pool 1
consists of approximately 659 fixed-rate Mortgage Loans having an aggregate
principal balance as of January 15, 1997 (the "Cut-off Date") of approximately
$39,993,336, and Sub-Pool 2 consists of 2,356 adjustable-rate Mortgage Loans
having an aggregate principal balance as of the Cut-off Date of approximately
$234,999,542.
Each Mortgage Loan in Sub-Pool 1 (such Mortgage Loans, "Sub-Pool 1
Loans") is a fixed-rate mortgage loan. Each Mortgage Loan in Sub-Pool 2 (such
Mortgage Loans, "Sub-Pool 2 Loans") provides for semi-annual adjustment to the
mortgage rate thereon (in the case of certain of such Mortgage Loans, after an
initial period of three years from the origination thereof) based on six-month
London interbank offered rates for United States dollar deposits (the "Index")
and for corresponding adjustments to the monthly payment amount due thereon, in
each case subject to the limitations described under the heading "Sub-Pool 2"
herein.
The Mortgage Loans are secured by mortgages or deeds of trust or other
similar security instruments creating first liens or second liens, in the case
of the Mortgage Loans in Sub-Pool 1, or creating first liens, in the case of the
Mortgage Loans in Sub-Pool 2, on residential properties consisting of detached
or semi-detached, one- to four-family dwelling units, townhouses, individual
condominium units and individual units in planned unit developments.
All of the Mortgage Loans have scheduled monthly payments due on the
first day of the month (with respect to each Mortgage Loan, a "Due Date"),
except for certain of the second lien mortgage loans in Sub-Pool 1 Loans with
respect to which the Due Date is the fifteenth day of the month. Notwithstanding
the foregoing, with respect to each such second lien Mortgage Loan, the Due Date
will be deemed to have been the first day of the month in which each such
fifteenth day occurs for purposes of all calculations and determinations
hereunder, including but not limited to the determination of the principal
balances of such Mortgage Loans as of the Cutoff Date and the determination of
each Due Period for such Mortgage Loans. Each Mortgage Loan will contain a
customary "due-on-sale" clause or may be assumed by a creditworthy purchaser of
the related Mortgaged Property.
Approximately 53.52% of the Sub-Pool 1 Loans and approximately 42.15%
of the SubPool 2 Loans, each by aggregate principal balance of the Mortgage
Loans in such Sub-Pool as of the Cut-off Date, provide for payment by the
mortgagor of a prepayment charge in limited circumstances on certain
prepayments. Generally, each such Mortgage Loan provides for payment of a
prepayment charge on certain partial prepayments and all prepayments in full
made within one year, two years, three years or five years, as provided in the
related Mortgage Note, from the date of origination of such Mortgage Loan. The
amount of the prepayment charge is as provided in the related Mortgage Note but
is generally equal to six month's interest on any amounts prepaid in excess of
20% of the then outstanding principal balance of the related
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<PAGE>
Mortgage Loan in any 12 month period, as permitted by law. The Master Servicer
will be entitled to all prepayment charges received on the Mortgage Loans and
such amounts will not be available for distribution on the Certificates.
Approximately 0.84% of the Sub-Pool 1 Loans and approximately 0.75% of
the SubPool 2 Loans were thirty days or more but less than sixty days delinquent
in their monthly payments, in each case by aggregate principal balance of the
Mortgage Loans in such Sub-Pool as of the Cut-off Date.
Approximately 2.53% of the Sub-Pool 1 Loans and approximately 4.53% of
the SubPool 2 Loans, each by aggregate principal balance of the Mortgage Loans
in such Sub-Pool as of the Cut-off Date, had a Loan-to-Value Ratio at
origination in excess of 80% but will not be covered by a primary mortgage
insurance policy. The weighted average original Loan-to-Value Ratio of the
Sub-Pool 1 Loans was approximately 68.58%, and the weighted average original
Loan-to-Value Ratio of the Sub-Pool 2 Loans was approximately 72.03%. No
Mortgage Loan has a Loan-to-Value Ratio at origination exceeding 90.00%.
Approximately 21.18% of the Sub-Pool 1 Loans and approximately 16.86%
of the SubPool 2 Loans, each by aggregate principal balance of the Mortgage
Loans in such Sub-Pool as of the Cut-off Date, are secured by Mortgaged
Properties located in the State of California.
Approximately 16.34% of the Sub-Pool 1 Loans, by aggregate principal
balance of the Mortgage Loans in such Sub-Pool as of the Cut-off Date, are
secured by second liens on the related Mortgage Property. None of the Sub-Pool 2
Loans are secured by second liens on the related Mortgage Property.
Approximately 28.3% of the Sub-Pool 1 Loans, by aggregate principal
balance of the Mortgage Loans in such Sub-Pool as of the Cut-off Date, are
balloon payment mortgage loans (each, a "Balloon Mortgage Loan"). None of the
Sub-Pool 2 Loans are Balloon Mortgage Loans.
None of the Mortgage Loans are Buydown Mortgage Loans.
The Mortgage Loans in each Sub-Pool have the additional characteristics
described below under the headings "Sub-Pool 1" or "Sub-Pool 2," as applicable.
SUB-POOL 1
Each Mortgage Loan in Sub-Pool 1 is a fixed-rate mortgage loan. Each
Sub-Pool 1 Loan had a Mortgage Rate of not less than 8.500% per annum and not
more than 15.700% per annum and, as of the Cut-off Date, the weighted average
Mortgage Rate was approximately 11.4896% per annum.
The weighted average remaining term to maturity of the Sub-Pool 1 Loans
is approximately 26 years and 3 months as of the Cut-off Date. None of the
Sub-Pool 1 Loans have a first Due Date prior to August 1996 or after February
1997, or have a remaining term to
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<PAGE>
maturity of less than 13 years and 8 months or greater than 30 years as of the
Cut-off Date. The latest maturity date of the Sub-Pool 1 Loans is January 2027.
The average principal balance of the Sub-Pool 1 Loans at origination
was approximately $60,747. No Sub-Pool 1 Loan had a principal balance at
origination of greater than $495,000 or less than $10,000. The average principal
balance of the Sub-Pool 1 Loans as of the Cut-off Date was approximately
$60,688. No Sub-Pool 1 Loan had a principal balance as of the Cut-off Date of
greater than approximately $495,000 or less than approximately $10,000.
One Mortgage Loan in Sub-Pool 1 provides for a reduced initial
Mortgage Rate, which Mortgage Rate increases by 0.75% in each of the first two
years after the origination of such Mortgage Loan.
The Sub-Pool 1 Loans have the following characteristics as of the
Cut-off Date (the sum in any column may not equal the total indicated due to
rounding):
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<PAGE>
<TABLE>
PRINCIPAL BALANCES OF THE SUB-POOL 1 LOANS AT ORIGINATION
<CAPTION>
% OF
AGGREGATE AGGREGATE
NUMBER ORIGINAL ORIGINAL
RANGE ($) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- --------- -------- ------------------ -----------------
<S> <C> <C> <C>
0.01 -50,000.00 ............................. 341 $10,919,889.68 27.28%
50,000.01 -100,000.00 ............................. 232 16,262,001.00 40.62
100,000.01 -150,000.00 ............................. 61 7,377,815.00 18.43
150,000.01 -200,000.00 ............................. 15 2,537,400.00 6.34
200,000.01 -250,000.00 ............................. 5 1,116,850.00 2.79
250,000.01 -300,000.00 ............................. 2 578,500.00 1.45
300,000.01 -350,000.00 ............................. 1 325,000.00 0.81
400,000.01 -450,000.00 ............................. 1 420,000.00 1.05
450,000.01 -500,000.00 ............................. 1 495,000.00 1.24
--- -------------- ------
Total ............................. 659 $40,032,455.68 100.00%
=== ============== ======
</TABLE>
<TABLE>
PRINCIPAL BALANCES OF THE SUB-POOL 1 LOANS AS OF THE CUT-OFF DATE
<CAPTION>
% OF
AGGREGATE AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
RANGE ($) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- --------- -------- ---------------- ----------------
<S> <C> <C> <C>
0.01 -50,000.00 ............................. 341 $10,903,927.12 27.26%
50,000.01 -100,000.00 ............................. 233 16,350,784.01 40.88
100,000.01 -150,000.00 ............................. 60 7,272,259.79 18.18
150,000.01 -200,000.00 ............................. 15 2,532,271.95 6.33
200,000.01 -250,000.00 ............................. 5 1,115,956.20 2.79
250,000.01 -300,000.00 ............................. 2 578,137.04 1.45
300,000.01 -350,000.00 ............................. 1 325,000.00 0.81
400,000.01 -450,000.00 ............................. 1 420,000.00 1.05
450,000.01 -500,000.00 ............................. 1 495,000.00 1.24
--- -------------- ------
Total ............................. 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
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<PAGE>
<TABLE>
MORTGAGE RATES OF THE SUB-POOL 1 LOANS AS OF THE CUT-OFF DATE
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MORTGAGE RATE (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------- -------- ---------------- ----------------
<S> <C> <C> <C>
8.500 - 8.999................................... 9 $ 1,214,537.23 3.04%
9.000 - 9.499................................... 8 1,163,649.68 2.91
9.500 - 9.999................................... 44 4,141,337.00 10.36
10.000 - 10.499................................... 33 2,809,930.29 7.03
10.500 - 10.999................................... 77 4,966,995.98 12.42
11.000 - 11.499................................... 52 3,184,109.30 7.96
11.500 - 11.999................................... 156 9,006,639.01 22.52
12.000 - 12.499................................... 91 4,540,245.29 11.35
12.500 - 12.999................................... 94 4,752,661.88 11.88
13.000 - 13.499................................... 46 2,244,574.23 5.61
13.500 - 13.999................................... 28 1,220,873.87 3.05
14.000 - 14.499................................... 5 179,108.18 0.45
14.500 - 14.999................................... 10 428,379.24 1.07
15.000 - 15.499................................... 5 119,307.78 0.30
15.500 - 15.999................................... 1 20,987.15 0.05
--- -------------- ------
Total.................................... 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
<TABLE>
ORIGINAL LOAN-TO-VALUE RATIOS OF THE SUB-POOL 1 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOAN-TO-VALUE RATIO (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------------- -------- ---------------- ----------------
<S> <C> <C> <C>
Less than or equal to 25.00.............................. 14 $ 479,289.70 1.20%
25.01 - 30.00............................................ 2 31,771.30 0.08
30.01 - 35.00............................................ 6 236,842.84 0.59
35.01 - 40.00............................................ 15 684,612.85 1.71
40.01 - 45.00............................................ 12 1,035,198.93 2.59
45.01 - 50.00............................................ 28 982,661.08 2.46
50.01 - 55.00............................................ 33 1,523,822.51 3.81
55.01 - 60.00............................................ 47 2,753,457.46 6.88
60.01 - 65.00............................................ 90 5,657,537.64 14.15
65.01 - 70.00............................................ 108 6,605,664.07 16.52
70.01 - 75.00............................................ 148 9,945,553.05 24.87
75.01 - 80.00............................................ 138 9,046,267.64 22.62
80.01 - 85.00............................................ 13 691,026.23 1.73
85.01 - 90.00............................................ 5 319,630.81 0.80
--- -------------- ------
Total 659 $39,993,336.11 100.00%
=== ============== =======
</TABLE>
The weighted average Loan-to-Value Ratio at origination of the Sub-Pool
1 Loans was approximately 68.5811%. No Mortgage Loan in Sub-Pool 1 had a
Loan-to-Value Ratio at origination greater than 90.00% or less than 11.54%.
-5-
<PAGE>
<TABLE>
SUB-POOL 1 GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOCATION OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- -------- -------- ------------------ -----------------
<S> <C> <C> <C>
Arizona..................................... 14 $ 1,064,670.50 2.66%
California.................................. 104 8,468,606.35 21.18
Colorado.................................... 8 406,986.63 1.02
Delaware.................................... 7 525,601.87 1.31
District of Columbia........................ 5 378,262.54 0.95
Florida..................................... 113 5,926,338.09 14.82
Georgia..................................... 13 780,698.65 1.95
Hawaii...................................... 2 222,883.89 0.56
Idaho....................................... 4 336,355.23 0.84
Illinois.................................... 52 3,127,667.11 7.82
Indiana..................................... 67 2,379,508.33 5.95
Kentucky.................................... 11 550,769.49 1.38
Louisiana................................... 1 89,567.70 0.22
Maine....................................... 2 108,949.00 0.27
Maryland.................................... 28 1,896,590.75 4.74
Massachusetts............................... 18 900,023.66 2.25
Michigan.................................... 12 511,044.48 1.28
Minnesota................................... 4 349,724.05 0.87
Missouri.................................... 5 191,155.50 0.48
Nevada...................................... 15 1,155,370.73 2.89
New Hampshire............................... 2 150,826.15 0.38
New York.................................... 10 902,908.83 2.26
North Carolina.............................. 4 195,477.90 0.49
Ohio........................................ 31 1,803,001.40 4.51
Oregon...................................... 24 1,848,345.54 4.62
Pennsylvania................................ 10 370,925.32 0.93
Rhode Island................................ 3 159,234.51 0.40
South Carolina.............................. 2 77,068.70 0.19
Texas....................................... 11 436,954.85 1.09
Utah........................................ 14 855,276.28 2.14
Vermont..................................... 1 70,000.00 0.18
Virginia.................................... 25 1,502,412.98 3.76
Washington.................................. 28 1,833,164.31 4.58
West Virginia............................... 1 58,781.62 0.15
Wisconsin................................... 8 358,183.17 0.90
--- -------------- ------
Total.............................. 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
The aggregate principal balance of Sub-Pool 1 Loans in the California
zip code with the largest amount of such Mortgage Loans, by aggregate principal
balance as of the Cut-off Date, was approximately $495,000.
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<PAGE>
<TABLE>
SUB-POOL 1 PROPERTY TYPES
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
PROPERTY TYPE OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ------------- -------- ---------------- ----------------
<S> <C> <C> <C>
High Rise Condominium Attached.................. 3 $ 87,075.24 0.22%
High Rise Condominium Detached.................. 2 215,936.55 0.54
Single Family Detached.......................... 539 31,631,189.75 79.09
Single Family Attached.......................... 25 1,465,854.42 3.67
Planned Unit Development........................ 29 2,511,000.18 6.28
Two-to Four-Family.............................. 43 3,104,545.52 7.76
Low Rise Condominium............................ 13 710,432.30 1.78
Manufactured Housing............................ 5 267,302.15 0.67
--- -------------- ------
Total................................... 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
<TABLE>
SUB-POOL 1 OCCUPANCY STATUS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
OCCUPANCY OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- --------- -------- ---------------- ----------------
<S> <C> <C> <C>
Nonowner Occupied........................................ 60 $ 3,484,497.94 8.71%
Owner Occupied........................................... 584 35,478,699.69 88.71
Secondary................................................ 15 1,030,138.48 2.58
--- -------------- ------
Total........................................... 659 $39,993,336.11 100.00%
--- ============== ======
</TABLE>
The occupancy status of a Mortgaged Property is as represented by the
mortgagor in its loan application.
<TABLE>
PURPOSE OF THE SUB-POOL 1 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOAN PURPOSE OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ------------ -------- ---------------- ----------------
<S> <C> <C> <C>
Purchase................................................. 62 $ 4,536,294.25 11.34%
Equity-out Refinance..................................... 540 31,335,998.31 78.35
Rate-term Refinance...................................... 57 4,121,043.55 10.30
--- -------------- ------
Total........................................... 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
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<PAGE>
<TABLE>
SUB-POOL 1 LOAN PROGRAMS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOAN PROGRAM OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ------------ -------- ---------------- ----------------
<S> <C> <C> <C>
Full Documentation Program............................... 373 $21,928,152.60 54.83%
Limited Documentation Program............................ 203 13,703,575.44 34.26
Stated Income Documentation Program...................... 83 4,361,608.07 10.91
--- -------------- -----
Total........................................... 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
<TABLE>
SUB-POOL 1 RISK CATEGORIES
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
RISK CATEGORIES OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- --------------- -------- ------------------ -----------------
<S> <C> <C> <C>
AA....................................................... 112 $ 8,363,482.49 20.91%
A........................................................ 274 17,232,495.23 43.09
B........................................................ 179 9,732,377.55 24.34
C........................................................ 69 3,548,822.15 8.87
CC....................................................... 25 1,116,158.69 2.79
--- -------------- ------
Total........................................... 659 $39,993,336.11 100.00%
=== ============== ======
</TABLE>
SUB-POOL 2
Each Mortgage Loan in Sub-Pool 2 provides for semi-annual adjustment to
the Mortgage Rate thereon and for corresponding adjustments to the monthly
payment amount due thereon, in each case on each adjustment date applicable
thereto (each such date, an "Adjustment Date"); provided, however, that in the
case of certain of the Mortgage Loans in Sub-Pool 2, the first Adjustment Date
for each such Mortgage Loan will occur after an initial period of three years
from the origination thereof (each a "Delayed First Adjustment Mortgage Loan").
Approximately 42.51% of the Sub-Pool 2 Loans are Delayed First Adjustment
Mortgage Loans. On each Adjustment Date for each Mortgage Loan in Sub-Pool 2,
the Mortgage Rate thereon will be adjusted to equal the sum, rounded to the
nearest or next highest multiple of 0.125% (as provided in the related Mortgage
Note), of the Index (as described below) and a fixed percentage amount (the
"Gross Margin"); provided, however, that the Mortgage Rate on each such Mortgage
Loan generally will not increase or decrease by more than 1% per annum on any
related Adjustment Date (the "Periodic Rate Cap") and will not exceed a
specified maximum Mortgage Rate over the life of such Mortgage Loan (the
"Maximum Mortgage Rate") or be less than a specified minimum Mortgage Rate over
the life of such Mortgage Loan (the "Minimum Mortgage Rate"). Notwithstanding
the foregoing, the Sub-Pool 2 Loans that are Delayed First Adjustment Mortgage
Loans have a weighted average Periodic Rate Cap of approximately 6.00% per annum
for their first Adjustment Date. Effective with the first monthly payment due on
each Mortgage Loan in Sub-Pool 2 after each related Adjustment Date, the monthly
payment amount will be adjusted to an amount that will amortize fully the
outstanding principal balance of the related Mortgage Loan over its remaining
term and pay interest at the Mortgage Rate as so adjusted. Due to the
application of the Periodic Rate Caps and the Maximum Mortgage Rates,
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<PAGE>
the Mortgage Rate on each such Mortgage Loan, as adjusted on any related
Adjustment Date, may be less than the sum of the Index and Gross Margin. None of
the Mortgage Loans in SubPool 2 permit the related mortgagor to convert the
adjustable Mortgage Rate thereon to a fixed Mortgage Rate.
The Sub-Pool 2 Loans had Mortgage Rates as of the Cut-off Date of not
less than 5.80% per annum and not more than 15.60% per annum and the weighted
average Mortgage Rate was approximately 9.9025% per annum. As of the Cut-off
Date, the Sub-Pool 2 Loans had Gross Margins ranging from 3.52% to 8.38%,
Minimum Mortgage Rates ranging from 5.80% per annum to 15.60% per annum and
Maximum Mortgage Rates ranging from 11.80% per annum to 21.60% per annum. As of
the Cut-off Date, the weighted average Gross Margin of the SubPool 2 Loans was
approximately 5.5313%, the weighted average Minimum Mortgage Rate was
approximately 9.8979% per annum and the weighted average Maximum Mortgage Rate
was approximately 15.8982% per annum. The latest first Adjustment Date following
the Cut-off Date on any Sub-Pool 2 Loan occurs in January 2000 and the weighted
average next Adjustment Date for the Sub-Pool 2 Loans following the Cut-off Date
is May 1998.
The weighted average remaining term to maturity of the Sub-Pool 2 Loans
will be approximately 29 years and 8 months as of the Cut-off Date. None of the
Sub-Pool 2 Loans will have a first Due Date prior to August 1995 or after
February 1997, or will have a remaining term to maturity of less than 14 years
and 8 months or greater than 30 years as of the Cut-off Date.
The latest maturity date of any Sub-Pool 2 Loan is January 2027.
The average principal balance of the Sub-Pool 2 Loans at origination
was approximately $99,799. No Sub-Pool 2 Loan had a principal balance at
origination of greater than $577,500 or less than $8,400. The average principal
balance of the Sub-Pool 2 Loans as of the Cut-off Date was approximately
$99,745. No Sub-Pool 2 Loan had a principal balance as of the Cut-off Date of
greater than $577,237 or less than $8,383.
The Sub-Pool 2 Loans are expected to have the following characteristics
as of the Cut-off Date (the sum in any column may not equal the total indicated
due to rounding):
-9-
<PAGE>
<TABLE>
PRINCIPAL BALANCES OF THE SUB-POOL 2 LOANS AT ORIGINATION
<CAPTION>
% OF
NUMBER AGGREGATE ORIGINAL AGGREGATE ORIGINAL
RANGE ($) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- --------- -------- ------------------- ------------------
<S> <C> <C> <C>
0.01 - 50,000.00.......................... 493 $ 18,726,816.85 7.96%
50,000.01 -100,000.00........................... 1,001 73,868,158.00 31.42
100,000.01 -150,000.00........................... 492 59,316,059.00 25.23
150,000.01 -200,000.00........................... 184 31,985,009.00 13.60
200,000.01 -250,000.00........................... 94 20,976,679.00 8.92
250,000.01 -300,000.00........................... 50 13,918,375.00 5.92
300,000.01 -350,000.00........................... 17 5,434,725.00 2.31
350,000.01 -400,000.00........................... 10 3,786,800.00 1.61
400,000.01 -450,000.00........................... 5 2,166,000.00 0.92
450,000.01 -500,000.00........................... 8 3,833,250.00 1.63
500,000.01 -550,000.00........................... 1 536,000.00 0.23
550,000.01 -600,000.00........................... 1 577,500.00 0.25
----- --------------- ------
Total...................................... 2,356 $235,125,371.85 100.00%
===== =============== ======
</TABLE>
<TABLE>
PRINCIPAL BALANCES OF THE SUB-POOL 2 LOANS AS OF THE CUT-OFF DATE
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
RANGE ($) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- --------- -------- ---------------- ----------------
<S> <C> <C> <C>
0.01 - 50,000.0.......................... 493 $ 18,716,989.22 7.96%
50,000.01 -100,000.00........................... 1,001 73,827,189.45 31.42
100,000.01 -150,000.00........................... 492 59,283,422.22 25.23
150,000.01 -200,000.00........................... 184 31,970,617.24 13.60
200,000.01 -250,000.00.......................... 94 20,966,755.76 8.92
250,000.01 -300,000.00.......................... 50 13,909,429.11 5.92
300,000.01 -350,000.00.......................... 17 5,431,794.54 2.31
350,000.01 -400,000.00.......................... 10 3,783,963.48 1.61
400,000.01 -450,000.00.......................... 5 2,165,787.82 0.92
450,000.01 -500,000.00.......................... 8 3,830,357.11 1.63
500,000.01 -550,000.00.......................... 1 536,000.00 0.23
550,000.01 -600,000.00.......................... 1 577,236.23 0.25
----- --------------- ------
Total...................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
-10-
<PAGE>
<TABLE>
MORTGAGE RATES OF THE SUB-POOL 2 LOANS AT ORIGINATION
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MORTGAGE RATE (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------- -------- ---------------- ----------------
<S> <C> <C> <C>
5.500 - 5.999........................................ 1 $ 226,765.24 0.10%
6.000 - 6.499........................................ 10 995,309.92 0.42
6.500 - 6.999........................................ 35 4,098,432.74 1.74
7.000 - 7.499........................................ 44 5,458,822.04 2.32
7.500 - 7.999........................................ 105 14,957,882.80 6.37
8.000 - 8.499........................................ 123 15,941,940.95 6.78
8.500 - 8.999........................................ 205 24,320,339.82 10.35
9.000 - 9.499........................................ 202 23,368,694.05 9.94
9.500 - 9.999........................................ 379 39,608,076.48 16.85
10.000 - 10.499........................................ 236 22,762,333.72 9.69
10.500 - 10.999........................................ 359 34,415,299.27 14.64
11.000 - 11.499........................................ 196 16,017,679.73 6.82
11.500 - 11.999........................................ 206 16,463,073.67 7.01
12.000 - 12.499........................................ 120 7,834,047.41 3.33
12.500 - 12.999........................................ 59 3,945,195.62 1.68
13.000 - 13.499........................................ 35 2,337,317.65 0.99
13.500 - 13.999........................................ 18 1,018,373.95 0.43
14.000 - 14.499........................................ 13 449,020.74 0.19
14.500 - 14.999........................................ 6 239,491.41 0.10
15.000 - 15.499........................................ 2 344,500.00 0.15
15.500 - 15.999........................................ 2 196,944.97 0.08
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
<TABLE>
MORTGAGE RATES OF THE SUB-POOL 2 LOANS AS OF THE CUT-OFF DATE
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MORTGAGE RATE (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------- -------- ---------------- ----------------
<S> <C> <C> <C>
5.500 - 5.999........................................ 1 $ 226,765.24 0.10%
6.000 - 6.499........................................ 10 995,309.92 0.42
6.500 - 6.999........................................ 35 4,098,432.74 1.74
7.000 - 7.499........................................ 44 5,458,822.04 2.32
7.500 - 7.999........................................ 105 14,957,882.80 6.37
8.000 - 8.499........................................ 123 15,941,940.95 6.78
8.500 - 8.999........................................ 203 23,931,770.58 10.18
9.000 - 9.499........................................ 202 23,435,871.21 9.97
9.500 - 9.999........................................ 378 39,413,697.06 16.77
10.000 - 10.499........................................ 237 22,807,665.95 9.71
10.500 - 10.999........................................ 360 34,774,198.18 14.80
11.000 - 11.499........................................ 197 16,129,220.09 6.86
11.500 - 11.999........................................ 206 16,463,073.67 7.01
12.000 - 12.499........................................ 120 7,834,073.41 3.33
12.500 - 12.999........................................ 59 3,945,195.62 1.68
13.000 - 13.499........................................ 35 2,337,317.65 0.99
13.500 - 13.999........................................ 18 1,018,373.95 0.43
14.000 - 14.499........................................ 13 449,020.74 0.19
14.500 - 14.999........................................ 6 239,491.41 0.10
15.000 - 15.499........................................ 2 344,500.00 0.15
15.500 - 15.999........................................ 2 196,944.97 0.08
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
-11-
<PAGE>
<TABLE>
ORIGINAL LOAN-TO-VALUE RATIOS OF THE SUB-POOL 2 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOAN-TO-VALUE RATIO (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------------- -------- ---------------- ----------------
<S> <C> <C> <C>
Less than or equal to 25.00.............................. 11 $ 356,940.21 0.15%
25.01-30.00.............................................. 11 715,839.24 0.30
30.01-35.00.............................................. 16 1,146,225.29 0.49
35.01-40.00.............................................. 26 1,423,471.42 0.61
40.01-45.00.............................................. 35 2,825,009.15 1.20
45.01-50.00.............................................. 59 5,096,281.48 2.17
50.01-55.00.............................................. 67 5,688,345.32 2.42
55.01-60.00.............................................. 130 10,155,796.93 4.32
60.01-65.00.............................................. 321 27,632,509.09 11.76
65.01-70.00.............................................. 363 35,923,307.04 15.29
70.01-75.00.............................................. 543 55,128,594.94 23.46
75.01-80.00.............................................. 681 78,251,012.20 33.30
80.01-85.00.............................................. 27 2,952,931.97 1.26
85.01-90.00.............................................. 66 7,703,277.90 3.28
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
The weighted average Loan-to-Value Ratio at origination of the Sub-Pool
2 Loans was approximately 72.0269%. No Mortgage Loan in Sub-Pool 2 had a
Loan-to-Value Ratio at origination greater than 90.00% or less than 12.12%.
-12-
<PAGE>
<TABLE>
SUB-POOL 2 GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOCATION OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- -------- -------- ---------------- ----------------
<S> <C> <C> <C>
Arizona.................................................. 70 $ 7,914,499.00 3.37%
Arkansas................................................. 3 338,482.34 0.14
California............................................... 276 39,614,182.22 16.86
Colorado................................................. 38 3,529,917.07 1.50
Connecticut.............................................. 71 7,581,828.11 3.23
Delaware................................................. 6 534,914.35 0.23
District of Columbia..................................... 24 2,309,304.41 0.98
Florida.................................................. 165 13,779,438.39 5.86
Georgia.................................................. 62 6,032,797.49 2.57
Hawaii................................................... 3 730,746.98 0.31
Idaho.................................................... 14 938,088.05 0.40
Illinois................................................. 214 19,611,445.44 8.35
Indiana.................................................. 52 3,139,470.46 1.34
Iowa..................................................... 1 41,587.97 0.02
Kansas................................................... 1 85,800.00 0.04
Kentucky................................................. 33 2,356,472.79 1.00
Maine.................................................... 27 2,152,338.94 0.92
Maryland................................................. 60 6,478,455.29 2.76
Massachusetts............................................ 170 18,881,323.92 8.03
Michigan................................................. 111 7,822,748.74 3.33
Minnesota................................................ 20 1,684,821.04 0.72
Missouri................................................. 59 3,295,288.56 1.40
Nevada................................................... 67 8,773,956.82 3.73
New Hampshire............................................ 34 2,872,567.02 1.22
New Jersey............................................... 1 95,760.44 0.04
New Mexico............................................... 16 1,451,234.32 0.62
New York................................................. 34 3,563,855.67 1.52
North Carolina........................................... 34 2,327,728.91 0.99
Ohio..................................................... 77 5,826,465.98 2.48
Oklahoma................................................. 3 186,975.14 0.08
Oregon................................................... 92 9,527,031.02 4.05
Pennsylvania............................................. 61 5,706,150.67 2.43
Rhode Island............................................. 68 6,831,528.35 2.91
South Carolina........................................... 22 1,758,032.05 0.75
Tennessee................................................ 2 110,933.48 0.05
Texas.................................................... 64 6,004,325.18 2.56
Utah..................................................... 46 4,490,560.73 1.91
Virginia................................................. 94 10,600,981.19 4.51
Washington............................................... 108 12,391,506.87 5.27
West Virginia............................................ 1 43,960.08 0.02
Wisconsin................................................ 52 3,582,036.70 1.52
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
The aggregate principal balance of Sub-Pool 2 Loans in the California
zip code with the largest amount of such Mortgage Loans, by aggregate principal
balance as of the Cut-off Date, was approximately $847,503.
-13-
<PAGE>
<TABLE>
MAXIMUM MORTGAGE RATES OF THE SUB-POOL 2 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
MAXIMUM NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MORTGAGE RATE (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------- -------- ---------------- ----------------
<S> <C> <C> <C>
11.500-11.999........................................... 1 $ 226,765.24 0.10%
12.000-12.499........................................... 10 995,309.92 0.42
12.500-12.999........................................... 35 4,098,432.74 1.74
13.000-13.499........................................... 44 5,458,822.04 2.32
13.500-13.999........................................... 105 14,957,882.80 6.37
14.000-14.499........................................... 123 15,941,940.95 6.78
14.500-14.999........................................... 205 24,320,339.82 10.35
15.000-15.499........................................... 202 23,368,694.05 9.94
15.500-15.999........................................... 379 39,608,076.48 16.85
16.000-16.499........................................... 236 22,762,333.72 9.69
16.500-16.999........................................... 359 34,415,299.27 14.64
17.000-17.499........................................... 196 16,017,679.73 6.82
17.500-17.999........................................... 206 16,463,073.67 7.01
18.000-18.499........................................... 120 7,834,047.41 3.33
18.500-18.999........................................... 59 3,945,195.62 1.68
19.000-19.499........................................... 35 2,337,317.65 0.99
19.500-19.999........................................... 18 1,018,373.95 0.43
20.000-20.499........................................... 13 449,020.74 0.19
20.500-20.999........................................... 6 239,491.41 0.10
21.000-21.499........................................... 2 344,500.00 0.15
21.500-21.999........................................... 2 196,944.97 0.08
----- --------------- ------
Total.......................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
<TABLE>
MINIMUM MORTGAGE RATES OF THE SUB-POOL 2 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
MINIMUM NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MORTGAGE RATE (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------- -------- ---------------- ----------------
<S> <C> <C> <C>
5.500 -5.999........................................... 1 $ 226,765.24 0.10%
6.000 -6.499........................................... 10 995,309.92 0.42
6.500 -6.999........................................... 35 4,098,432.74 1.74
7.000 -7.499........................................... 44 5,458,822.04 2.32
7.500 -7.999........................................... 105 14,957,882.80 6.37
8.000 -8.499........................................... 123 15,941,940.95 6.78
8.500 -8.999........................................... 205 24,320,339.82 10.35
9.000 -9.499........................................... 202 23,368,694.05 9.94
9.500 -9.999........................................... 379 39,608,076.48 16.85
10.000 -10.499.......................................... 236 22,762,333.72 9.69
10.500 -10.999.......................................... 359 34,415,299.27 14.64
11.000 -11.499.......................................... 196 16,017,679.73 6.82
11.500 -11.999.......................................... 207 16,522,109.71 7.03
12.000 -12.499.......................................... 120 7,834,047.41 3.33
12.500 -12.999.......................................... 58 3,886,159.58 1.65
13.000 -13.499.......................................... 35 2,337,317.65 0.99
13.500 -13.999.......................................... 18 1,018,373.95 0.43
14.000 -14.499.......................................... 13 449,020.74 0.19
14.500 -14.999.......................................... 6 239,491.41 0.10
15.000 -15.499.......................................... 2 344,500.00 0.15
15.500 -15.999.......................................... 2 196,944.97 0.08
----- --------------- ------
Total.......................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
-14-
<PAGE>
<TABLE>
GROSS MARGINS OF THE SUB-POOL 2 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
GROSS MARGIN (%) OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ---------------- -------- ---------------- ----------------
<S> <C> <C> <C>
3.500-3.749............................................. 1 $ 112,509.39 0.05%
4.250-4.499............................................. 92 8,845,914.81 3.76
4.500-4.749............................................. 87 11,248,407.85 4.79
4.750-4.999............................................. 300 27,569,623.91 11.73
5.000-5.249............................................. 226 23,754,899.70 10.11
5.250-5.499............................................. 335 33,962,806.80 14.45
5.500-5.749............................................. 432 45,244,111.09 19.25
5.750-5.999............................................. 321 34,302,350.15 14.60
6.000-6.249............................................. 123 11,625,661.28 4.95
6.250-6.499............................................. 169 15,908,807.14 6.77
6.500-6.749............................................. 139 10,701,198.52 4.55
6.750-6.999............................................. 53 4,300,591.91 1.83
7.000-7.249............................................. 39 3,652,035.23 1.55
7.250-7.499............................................. 12 1,167,489.54 0.50
7.500-7.749............................................. 19 1,778,547.92 0.76
7.750-7.999............................................. 5 256,775.26 0.11
8.000-8.249............................................. 1 229,884.94 0.10
8.250-8.499............................................. 2 337,926.74 0.14
----- --------------- ------
Total.......................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
The weighted average Gross Margin of the Sub-Pool 2 Loans as of the
Cut-off Date was approximately 5.5313%.
<TABLE>
NEXT ADJUSTMENT DATES FOR THE SUB-POOL 2 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MONTH OF NEXT ADJUSTMENT DATE OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------------------- -------- ---------------- ----------------
<S> <C> <C> <C>
January 1997............................................ 2 $ 257,910.15 0.11%
February 1997........................................... 4 435,350.83 0.19
March 1997.............................................. 22 2,711,453.49 1.15
April 1997.............................................. 233 27,615,912.93 11.75
May 1997................................................ 450 50,578,902.11 21.52
June 1997............................................... 419 47,856,334.96 20.36
July 1997............................................... 60 5,641,948.00 2.40
December 1998........................................... 2 168,750.00 0.07
March 1999.............................................. 1 234,061.92 0.10
June 1999............................................... 2 147,924.96 0.06
July 1999............................................... 1 133,726.17 0.06
August 1999............................................. 4 513,866.53 0.22
September 1999.......................................... 14 1,463,525.37 0.62
October 1999............................................ 289 24,390,765.13 10.38
November 1999........................................... 406 33,645,147.99 14.32
December 1999........................................... 373 31,677,959.64 13.48
January 2000............................................ 74 7,526,002.00 3.20
----- --------------- ------
Total.......................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
-15-
<PAGE>
<TABLE>
SUB-POOL 2 PROPERTY TYPES
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
PROPERTY TYPE OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ------------- -------- ---------------- ----------------
<S> <C> <C> <C>
High Rise Condominium Attached........................... 9 $ 837,107.99 0.36%
High Rise Condominium Detached........................... 6 467,572.12 0.20
Single Family Detached................................... 1,819 180,909,771.81 76.98
Single Family Attached................................... 63 4,685,000.15 1.99
Planned Unit Development................................. 143 21,854,875.03 9.30
Two-to Four-Family....................................... 182 16,225,118.78 6.90
Low Rise Condominium..................................... 113 8,407,615.14 3.58
Manufactured Housing..................................... 21 1,612,481.16 0.69
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
<TABLE>
SUB-POOL 2 OCCUPANCY STATUS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
OCCUPANCY OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- --------- -------- ---------------- ----------------
<S> <C> <C> <C>
Nonowner Occupied........................................ 230 $ 16,827,111.73 7.16%
Owner Occupied........................................... 2,060 210,659,145.25 89.64
Secondary................................................ 66 7,513,285.20 3.20
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
The occupancy status of a Mortgaged Property is as represented by the
mortgagor in its loan application.
<TABLE>
PURPOSE OF THE SUB-POOL 2 LOANS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOAN PURPOSE OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ------------ -------- ---------------- ----------------
<S> <C> <C> <C>
Purchase................................................. 739 $ 74,957,049.10 31.90%
Equity-out Refinance..................................... 1,358 132,987,785.80 56.59
Rate-term Refinance...................................... 259 27,054,707.28 11.51
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
-16-
<PAGE>
<TABLE>
SUB-POOL 2 LOAN PROGRAMS
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOAN PROGRAM OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ------------ -------- ---------------- ----------------
<S> <C> <C> <C>
Full Documentation Program............................... 1,267 $120,914,916.06 51.45%
Limited Documentation Program............................ 818 89,563,980.01 38.11
Stated Income Documentation Program...................... 271 24,520,646.11 10.43
----- --------------- -----
Total........................................... 2,356 $234,999.542.18 100.00%
</TABLE>
<TABLE>
SUB-POOL 2 RISK CATEGORIES
<CAPTION>
AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
RISK CATEGORIES OF LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- --------------- -------- ---------------- ----------------
<S> <C> <C> <C>
A........................................................ 954 $104,093,596.43 44.30%
AA....................................................... 340 38,748,852.06 16.49
B........................................................ 652 59,815,585.82 25.45
C........................................................ 261 20,151,857.28 8.58
CC....................................................... 149 12,189,650.59 5.19
----- --------------- ------
Total........................................... 2,356 $234,999,542.18 100.00%
===== =============== ======
</TABLE>
-17-
