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 1936
Date of Report (Date of earliest event reported): June 18, 1997
MORGAN STANLEY ABS CAPITAL I INC.
(Exact name of registrant as specified in its charter)
DELAWARE 333-19779 13-3939229
(State or other Jurisdiction (Conversion File Number) (I.R.S. Employee or
Incorporation) Identification Number)
----------
1585 Broadway
2nd Floor
New York, New York 10036
(principal executive offices)
(212) 761-4000
Item 5. OTHER EVENTS
Description of the Certificates and the Mortgage Pool
Morgan Stanley ABS Capital I. Inc. (the "Depositor") will cause to be
filed with the Securities and Exchange Commission (the "Commission") pursuant to
the Commission's Rule 424 a Prospectus Supplement and the Prospectus filed as
part of Registration Statement, File No. 333-19779, in connection with the
Depositor's issuance of a series of certificates, entitled Ocwen Mortgage Loan
Asset Backed Certificates, Series 1997-1 ( the "Certificates"), to be issued
pursuant to a pooling and servicing agreement among the Depositor, Ocwen Federal
Bank FSB, as master servicer, and Texas Commerce Bank National Association, as
Trustee. The Certificates designated as the Series 1997-1 Certificates will
represent in the aggregate the entire beneficial ownership in a trust fund (the
"Trust Fund") consisting primarily of a segregated pool (the "Mortgage Pool") of
conventional, one- to four-family mortgage loans, all of which are secured by
first liens, having original terms to maturity ranging from 15 years to 30 years
(the "Mortgage Loans"). The Mortgage Pool will consist of Mortgage Loans having
an aggregate principal balance as of June 1, 1997 (the "Cut-off Date") of
approximately $104,845,480.
Computational Materials
Morgan Stanley & Co. Incorporated as underwriter of the Class A
Certificates (the "Underwriter") has provided certain prospective purchasers of
the Class A Certificates with certain yield tables and other computational
materials, collateral term sheets and structural term sheets (the "Computational
Material") in written form, which Computational Materials are in the nature of
data
<PAGE>
tables and term sheet information relating to the Mortgage Loans or other assets
of the Trust Fund, the structure of the Certificates and terms of certain
classes of Certificates, and the hypothetical characteristics and hypothetical
performance of certain classes of Certificates based on collateral information
provided by Ocwen Federal Bank FSB and Ocwen Financial Services and under
certain assumptions and scenarios
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
EXHIBITS NO. DESCRIPTION
99 Computational Materials (as defined in Item 5) that have been
provided by Morgan Stanley & Co. Incorporated to certain prospective
purchasers of Ocwen Mortgage Loan Asset-Backed Certificates, Series
1997-1
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: June 23, 1997
MORGAN STANLEY & CO. INCORPORATED
By: /s/ James Fadel
----------------------------------
Name: James Fadel
Title: Vice President
2
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
-------------------
$104,845,000
(Approximate)
Ocwen Mortgage Loan
Asset Backed Certificates
Series 1997-1
Home Equity ABS
-------------------
Computational Materials
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
$104,845,000 Ocwen Mortgage Loan Asset Backed Certificates
Series 1997-1
Morgan Stanley ABS Capital I Inc.
Depositor
Ocwen Federal Bank FSB
Seller and Servicer
Transaction Highlights
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Final
Expected Scheduled Payment
Class Size Ratings Average Payment Window to 10% Price Talk
Class(1) ($ millions) Class Type (Moody's/S&P) Life to 10% Call(2) Date Call (2) Day Count (bps)
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 17.73 Fixed Aaa/AAA 3.80 years 9/25/05 1 - 99 / 99 mo. 30/360 +[ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-2 87.12 Floating Aaa/AAA 3.00 years 9/25/05 1 - 99 / 99 mo. Actual/360 +[ ]
- ---------------------------------------------------------------------------------------------------------------------------------
Total 104.85 -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Class A-1 is backed by the fixed rate loan pool; Class A-2 is backed by
the ARM loan pool.
(2) See "Pricing Prepayment Speed" below.
Seller and Servicer: Ocwen Federal Bank FSB
Trustee: Texas Commerce Bank
Pricing Prepayment Speed:
Fixed Rate Certificate: Priced at 100% of the prepayment assumption
("PPM"). 100% PPM describes prepayments starting
at 3.0% CPR in month 1, increasing by 1.545% CPR
per month to 20% CPR in month 12, and remaining
at 20% CPR thereafter.
Adjustable Rate Certificate: Constant 25% CPR.
Credit Enhancement: Fixed Rate Certificate
----------------------
1. Excess cash.
2. Overcollateralization initially 0%, building
up to 2.25 of the original loan amount
3. 100% FSA surety bond.
ARM Certificate
---------------
1. Excess cash.
2. Overcollateralization initially 0%,
building up to 3.00% of the original loan
amount
3. 100% FSA surety bond.
Expected Pricing Date: June 19, 1997.
Expected Settlement: June 27, 1997 through DTC, Euroclear or CEDEL.
Distribution Dates: The 25th of each month, beginning July 25, 1997.
Optional Call: 10% Clean-up call (10% of original collateral
balance amount).
Coupon Step-Up: If the 10% clean-up call option is not exercised,
(i) the Class A-1 will increase by 0.75 bps, and
(ii) the Class A-2 spread to LIBOR will double as
an incentive to exercise.
Net Available Funds Cap: The adjustable rate certificates will be subject
to an available funds cap equal to the weighted
average coupon rate of the adjustable rate home
equity loans less approximately 0.70% per annum
(consisting of the servicing and surety bond
fees) prior to the 6th payment date, and less
approximately [1.20%] per annum (consisting of
the servicing and surety bonds fees, and a
[0.50%] carve-out) thereafter.
Tax Status: REMIC
ERISA Eligibility: All classes are ERISA eligible.
SMMEA Eligibility: No classes are SMMEA eligible.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
Collateral Description
----------------------
o Collateral statistics are based on a home equity loan pool with a
cut-off date of June 1, 1997.
Fixed Rate Portfolio ARM Portfolio
-------------------- -------------
<S> <C> <C>
Aggregate Pool Balance: $17,727,255 $87,118,227
Number of Loans: 211 685
Average Outstanding Balance: $84,015 $127,180
Lien Position: 100% firsts 100% firsts
Original Loan to Value Ratio: 74.4% (68.2% between 80% and 125%) 74.43 (17.70% between 80% and 90%)
Loan Type: 99.5% Fixed Rate a) 69.3% 2/28 (6-mo.LIBOR)
0.5% Balloon b) 26.7% 6 Month Adjustable (6-mo.LIBOR)
c) 2.33% 1/29 (6-mo.LIBOR)
d) 1.61% 3/27 (6-mo.LIBOR)
e) 0.05% 5/25 (6-mo.LIBOR)
Original Weighted Average Term:
338 months (range: 180 months - 360 months) 360 months (range: 180 months - 360 months)
Remaining Weighted Average
Maturity: 336 months (range: 163 months - 360 months) 358 months (range: 176 months - 360 months)
Weighted Average Seasoning: 2 months (range: 0 months - 17 months) 2 months (range: 0 months - 20 months)
Interest Rate Index: N/A 100% 6-month LIBOR
Property Type: a) 82.8% single family detached a) 83.0% single family detached
b) 8.5% 2 family b) 5.0% 2 family
c) 3.1% Condo c) 4.4% Condo
d) 2.6% other d) 3.3% PUD
e) 4.3% other
Owner Occupancy: a) 82.1% owner occupied a) 89.8% owner occupied
b) 17.9% non-owner occupied b) 10.2% investor owned
Weighted Average Gross Coupon:
10.69% (range: 8.25% - 14.99%) 9.94% (range: 6.13% - 14.50%)
Weighted Average Gross Margin:
N/A 6.02% (range: 3.45% - 8.50%)
Weighted Average Periodic Cap:
N/A 1.002%
Weighted Average Lifetime Cap: N/A 6.510%
Geographic Distribution (> 5%): CA (45.7%), FL (13.8%), IN (7.1%) all other states CA (19.0%), IL (10.8%), MA (9.8%),
< 5% NJ (9.1%), FL (9.0%), NY (7.5%), UT (6.0%)
all other states < 5%
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
Average Life Sensitivity(1)
Average Life (years)
Assumes optional 10% clean-up call is NOT exercised
--------------------------------------------------------------
Prepayment Scenarios(1)
--------------------------------------------------------------
Size (mm)
Class I II III IV V VI VII VIII
================================================================================
A-1 $17,727 Wacv 19.69 11.76 7.80 4.33 3.63 3.11 2.90 2.15
0L
A-2 $87,118 WAL 21.47 7.85 5.49 3.23 2.63 2.19 1.85 1.37
- --------------------------------------------------------------------------------
Average Life (years)
Assumes optional 10% clean-up call is exercised
--------------------------------------------------------------
Prepayment Scenarios(1)
--------------------------------------------------------------
Size (mm)
Class I II III IV V VI VII VIII
================================================================================
A-1 $17,727 WAL 19.66 10.88 6.91 3.80 3.17 2.71 2.47 1.84
A-2 $87,118 WAL 21.43 7.58 5.17 3.00 2.44 2.04 1.73 1.28
- --------------------------------------------------------------------------------
Notes
(1) Prepayment scenarios are quoted as a percentage of the prepayment assumption
(a 100% prepayment assumption has prepayments starting at 4% CPR in month 1,
increasing by 1.455% per month to 20% CPR in month 12, and remaining at 20% CPR
thereafter) with regard to the fixed rate group and as a percentage of CPR with
regard to the adjustable rate group:
Scenario I II III IV V VI VII VIII
----- ----- ----- ----- ----- ----- ----- -----
Fixed Rate Group 0% 25% 50% 100% 120% 140% 150% 200%
Adjustable Rate Group 0% 10% 15% 25% 30% 35% 40% 50%
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
FIXED POOL
<TABLE>
<CAPTION>
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full
Remaining Principal Balance Loans Balance Balance Coupon Balance Term LTV Refi Doc
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 25,000 2 43,361.13 0.24 11.49 21,681 358 79.776 47.76 100
25,001 - 50,000 63 2,305,696.15 13.01 11.553 36,598 338 67.496 58.02 60.09
50,001 - 75,000 51 3,252,441.52 18.35 10.776 63,773 336 69.798 70.42 65.68
75,001 - 100,000 37 3,260,413.30 18.39 10.37 88,119 324 71.718 80.93 66
100,001 - 125,000 26 2,937,497.65 16.57 10.88 112,981 337 78.504 73.05 57.92
125,001 - 150,000 8 1,081,055.15 6.1 11.028 135,132 357 74.989 100 48.52
150,001 - 175,000 8 1,267,787.17 7.15 10.172 158,473 337 75.509 88.02 63.21
175,001 - 200,000 6 1,148,820.41 6.48 10.092 191,470 329 75.161 100 67.27
200,001 - 225,000 4 877,272.06 4.95 10.716 219,318 314 66.551 75.48 74.37
225,001 - 250,000 4 954,411.61 5.38 9.976 238,603 357 78.549 74.51 75.39
250,001 - 275,000 1 265,172.01 1.5 10.375 265,172 357 90 0 100
325,001 - 350,000 1 333,326.53 1.88 10.25 333,327 357 75 100 0
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Min: 20,711.13
Max: 333,326.53
Average: 84,015.43
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
</TABLE>
- --------------------------- ----------
Percent
Owner
Remaining Principal Balance Occupied
- --------------------------- ----------
1 - 25,000 100
25,001 - 50,000 70.35
50,001 - 75,000 86.49
75,001 - 100,000 80.33
100,001 - 125,000 84.08
125,001 - 150,000 86.16
150,001 - 175,000 74.22
175,001 - 200,000 83.57
200,001 - 225,000 75.48
225,001 - 250,000 100
250,001 - 275,000 100
325,001 - 350,000 100
- --------------------------- ----------
Total: 82.44
- --------------------------- ----------
Min: 20,711.13
Max: 333,326.53
Average: 84,015.43
- --------------------------- ----------
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full
Motgage Rates Loans Balance Balance Coupon Balance Term LTV Refi Doc
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8.001 - 8.500 3 261,907.78 1.48 8.411 87,303 359 66.972 100 100
8.501 - 9.000 5 646,566.74 3.65 8.924 129,313 332 74.02 87.02 100
9.001 - 9.500 14 1,343,153.77 7.58 9.382 95,940 319 67.264 72.63 84.46
9.501 - 10.000 42 4,066,830.37 22.94 9.913 96,829 328 72.551 84.16 74.31
10.001 - 10.500 34 3,744,004.22 21.12 10.361 110,118 338 76.889 82.46 55.81
10.501 - 11.000 30 2,615,909.25 14.76 10.85 87,197 326 74.659 78.38 64.07
11.001 - 11.500 22 1,066,352.83 6.02 11.31 48,471 338 74.397 52.56 51
11.501 - 12.000 18 1,603,568.47 9.05 11.764 89,087 352 72.119 66.84 46.11
12.001 - 12.500 21 1,328,558.78 7.49 12.339 63,265 358 69.21 85.61 27.88
12.501 - 13.000 8 385,118.92 2.17 12.75 48,140 341 75.416 70.62 44.13
13.001 - 13.500 5 292,738.96 1.65 13.236 58,548 358 68.964 18.65 81.35
13.501 - 14.000 8 261,993.23 1.48 13.878 32,749 338 68.785 11.2 100
14.501 - 15.000 1 110,551.37 0.62 14.99 110,551 357 70 0 0
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Min: 8.25
Max: 14.99
WAC: 10.69
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
</TABLE>
- --------------------------- ----------
Percent
Owner
Motgage Rates Occupied
- --------------------------- ----------
8.001 - 8.500 100
8.501 - 9.000 81.24
9.001 - 9.500 95.17
9.501 - 10.000 91.5
10.001 - 10.500 82.5
10.501 - 11.000 75.3
11.001 - 11.500 54.52
11.501 - 12.000 88.52
12.001 - 12.500 63.94
12.501 - 13.000 100
13.001 - 13.500 100
13.501 - 14.000 49.94
14.501 - 15.000 100
82.44
- --------------------------- ----------
<TABLE>
<CAPTION>
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full
Original Term to Maturity Loans Balance Balance Coupon Balance Term LTV Refi Doc
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 23 1,978,368.81 11.16 10.392 86,016 177 72.58 71.6 81.23
181 - 240 4 247,216.39 1.39 10.007 61,804 237 62.531 100 81.99
301 - 360 184 15,501,669.49 87.45 10.736 84,248 358 73.337 76.26 60.28
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Min: 180
Max: 360
Weighted Average: 338
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
</TABLE>
- --------------------------- ----------
Percent
Owner
Original Term to Maturity Occupied
- --------------------------- ----------
121 - 180 84.47
181 - 240 100
301 - 360 81.9
- --------------------------- ----------
Total: 82.44
- --------------------------- ----------
Min: 180
Max: 360
Weighted Average: 338
- --------------------------- ----------
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent
Months Remaining to Mortgage Principal Principal Average Current Std Rem Original Cashout Full
Scheduled Maturity Loans Balance Balance Coupon Balance Term LTV Refi Doc
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
157 - 168 1 90,527.44 0.51 9.45 90,527 163 70 0 100
169 - 180 22 1,887,841.37 10.65 10.438 85,811 178 72.704 75.03 80.33
229 - 240 4 247,216.39 1.39 10.007 61,804 237 62.531 100 81.99
349 - 360 184 15,501,669.49 87.45 10.736 84,248 358 73.337 76.26 60.28
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Min: 163
Max: 360
Weighted Average: 336
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
</TABLE>
- --------------------------- ----------
Percent
Months Remaining to Owner
Scheduled Maturity Occupied
- --------------------------- ----------
157 - 168 100
169 - 180 83.72
229 - 240 100
349 - 360 81.9
- --------------------------- ----------
Total: 82.44
- --------------------------- ----------
Min: 163
Max: 360
Weighted Average: 336
- --------------------------- ----------
<TABLE>
<CAPTION>
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent
Original Mortgage Principal Principal Average Current Std Rem Original Cashout Full
Loan-to-Value Ratios Loans Balance Balance Coupon Balance Term LTV Refi Doc
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
20.01 - 25.00 1 31,957.07 0.18 9.99 31,957 357 24.24 100 100
25.01 - 30.00 1 34,989.96 0.2 11.99 34,990 359 26.62 100 100
35.01 - 40.00 3 204,624.90 1.15 11.69 68,208 356 38.558 100 24.4
40.01 - 45.00 3 176,349.49 0.99 9.898 58,783 271 43.003 100 71.67
45.01 - 50.00 5 276,355.00 1.56 9.714 55,271 358 49.398 88.78 81.6
50.01 - 55.00 10 906,481.49 5.11 10.201 90,648 309 52.999 76.27 66.37
55.01 - 60.00 6 395,103.98 2.23 10.902 65,851 357 58.518 82.17 34.25
60.01 - 65.00 18 1,325,500.26 7.48 10.906 73,639 306 64.007 65.26 76.8
65.01 - 70.00 48 3,095,631.12 17.46 11.197 64,492 339 69.632 70.31 45.11
70.01 - 75.00 38 3,851,016.20 21.72 10.436 101,343 356 74.359 88.01 50.52
75.01 - 80.00 53 4,821,090.95 27.2 10.604 90,964 335 79.54 71.09 62.75
80.01 - 85.00 21 1,967,028.05 11.1 10.778 93,668 313 84.49 85.84 97.71
85.01 - 90.00 4 641,126.22 3.62 10.467 160,282 357 89.657 35.91 100
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
Min: 24.24
Max: 90.00
Weighted Average: 73.10
- --------------------------- ---------- ------------- --------- --------- --------- ------- -------- --------- -------
</TABLE>
- --------------------------- ----------
Percent
Original Owner
Loan-to-Value Ratios Occupied
- --------------------------- ----------
20.01 - 25.00 100
25.01 - 30.00 100
35.01 - 40.00 100
40.01 - 45.00 100
45.01 - 50.00 100
50.01 - 55.00 76.27
55.01 - 60.00 11.89
60.01 - 65.00 84.62
65.01 - 70.00 62.63
70.01 - 75.00 79.83
75.01 - 80.00 91.45
80.01 - 85.00 100
85.01 - 90.00 100
- --------------------------- ----------
Total: 82.44
- --------------------------- ----------
Min: 24.24
Max: 90.00
Weighted Average: 73.10
- --------------------------- ----------
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Calendar Year of Origination Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995 1 90,527.44 0.51 9.45 90,527 163 70 0 100 100
1996 12 955,483.62 5.39 11.158 79,624 348 70.568 83.83 31.31 42.35
1997 198 16,681,243.63 94.1 10.667 84,249 336 73.264 76.04 64.53 84.64
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Product Type Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fixed - 30 Year 184 15,501,669.49 87.45 10.736 84,248 358 73.337 76.26 60.28 81.9
Fixed - 15 Year 22 1,887,841.37 10.65 10.438 85,811 178 72.704 75.03 80.33 83.72
Fixed - 20 Year 4 247,216.39 1.39 10.007 61,804 237 62.531 100 81.99 100
Balloon - 15/30 1 90,527.44 0.51 9.45 90,527 163 70 0 100 100
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Property Types Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family Residence 174 14,679,546.30 82.81 10.602 84,365 333 73.399 75.76 65.33 85.6
2 Family 14 1,512,908.38 8.53 10.41 108,065 343 74.742 93.3 69.46 77.67
Condo 8 547,463.96 3.09 11.181 68,433 357 73.699 51.78 27.54 100
3 Family 10 532,406.12 3 12.458 53,241 357 62.378 68.79 34.21 51.81
4 Family 4 404,071.44 2.28 12.024 101,018 358 72.403 62.42 44.51 0
PUD 1 50,858.49 0.29 9.25 50,858 357 50 100 0 100
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Loan Purpose Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Refinance - Cashout 149 13,486,048.29 76.08 10.535 90,510 337 72.608 100 59.17 83.41
Refinance - Rate Term 36 3,013,149.26 17 10.839 83,699 327 74.527 0 76.18 85.08
Purchase 26 1,228,057.14 6.93 11.991 47,233 349 75.029 0 71.56 65.33
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Occupancy Status Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied 167 14,614,657.89 82.44 10.618 87,513 335 73.797 76.97 63.91 100
Non-Owner Occupied 44 3,112,596.80 17.56 11.014 70,741 339 69.838 71.88 58.29 0
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Grade Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 26 2,686,783.82 15.16 10.032 103,338 342 75.861 72.13 68.2 80.68
A- 102 9,009,352.38 50.82 10.428 88,327 338 74.567 78.11 58.82 75.46
B 44 3,496,738.19 19.73 10.961 79,471 334 70.158 82.56 64.63 92.81
C 24 1,749,731.63 9.87 11.501 72,905 329 70.071 74.05 68.34 92.5
D 11 574,518.18 3.24 12.722 52,229 300 67.578 52.26 62.12 100
D- 4 210,130.49 1.19 13.334 52,533 357 64.343 13.44 100 100
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Geographical Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Distribution Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CA 70 8,099,277.93 45.69 10.148 115,704 340 75.202 77.93 78.44 87.88
FL 35 2,451,175.74 13.83 11.179 70,034 335 71.116 69.08 53.28 93.8
IN 22 1,254,940.36 7.08 10.941 57,043 345 75.143 79.03 51.06 87.26
NY 5 595,888.11 3.36 10.605 119,178 304 73.662 76.29 81.01 100
OR 6 517,566.42 2.92 10.069 86,261 340 72.565 80.98 78.06 62.95
NJ 5 486,642.05 2.75 12.054 97,328 324 72.641 69.61 49.33 57.49
MA 4 485,813.34 2.74 11.607 121,453 358 58.138 87.35 0 77.45
IL 7 470,742.27 2.66 11.274 67,249 336 69.286 87.97 86.42 100
UT 6 466,183.24 2.63 10.685 77,697 330 73.477 100 10.6 49.85
OH 7 381,653.39 2.15 10.879 54,522 343 72.403 94.07 34.08 53.45
CO 4 369,358.40 2.08 10.374 92,340 316 81.363 60.17 27.26 100
AZ 6 346,249.35 1.95 11.509 57,708 244 60.682 0 100 0
NE 4 227,510.34 1.28 11.235 56,878 287 71.3 100 72.32 72.32
GA 5 222,902.78 1.26 11.932 44,581 328 71.491 82.95 39.8 100
PA 3 219,430.72 1.24 11.591 73,144 358 74.865 85.65 0 85.65
HI 1 188,703.69 1.06 10.625 188,704 356 70 100 0 0
MD 4 149,058.23 0.84 12.239 37,265 359 70 0 54.46 25.35
MO 4 142,640.01 0.8 11.957 35,660 359 80.961 42.67 57.33 79.41
WI 3 141,933.66 0.8 10.496 47,311 358 73.916 100 100 100
NC 2 122,480.30 0.69 11.859 61,240 277 81.997 44.8 44.8 100
CT 2 90,407.03 0.51 12.49 45,204 352 62.119 100 0 0
MI 2 90,350.25 0.51 11.414 45,175 356 77.389 52.22 0 100
VA 2 81,389.20 0.46 12.452 40,695 359 69.783 100 100 51.84
VT 1 75,000.00 0.42 12.275 75,000 360 37.5 100 0 100
RI 1 49,957.88 0.28 10.25 49,958 358 43.48 100 0 100
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
Total: 211 17,727,254.69 100 10.688 84,015 336 73.102 76.08 62.92 82.44
- ---------------------------- ---------- ------------- --------- -------- ------- -------- -------- ------- ------- ---------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
ARM POOL
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Remaining Principal Balance Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 25,000 11 244,013.06 0.28 11.444 22,183 358 69.902 61.68 55.48 69.99
25,001 - 50,000 93 3,767,663.81 4.32 10.481 40,513 358 70.654 55.88 64.79 69.46
50,001 - 75,000 136 8,509,036.10 9.77 10.126 62,566 357 72.408 59.97 65.61 81.02
75,001 - 100,000 122 10,738,936.48 12.33 9.829 88,024 358 73.729 54.17 58.2 88.22
100,001 - 125,000 111 12,375,518.12 14.21 9.93 111,491 358 76.943 53.75 50.82 90.1
125,001 - 150,000 61 8,363,904.69 9.6 10.048 137,113 358 76.613 60.23 57.32 90.48
150,001 - 175,000 34 5,503,236.78 6.32 9.665 161,860 358 77.691 61.52 55.56 91.09
175,001 - 200,000 27 5,085,096.46 5.84 9.875 188,337 358 74.613 63.22 33.28 89.44
200,001 - 225,000 21 4,460,187.32 5.12 9.625 212,390 358 77.86 61.52 61.76 100
225,001 - 250,000 9 2,138,059.02 2.45 10.16 237,562 359 76.269 66.01 22.35 100
250,001 - 275,000 13 3,438,537.79 3.95 9.288 264,503 358 74.138 61.85 30.79 100
275,001 - 300,000 4 1,152,830.46 1.32 9.607 288,208 357 81.086 49.18 25.12 100
300,001 - 325,000 3 946,554.99 1.09 9.775 315,518 358 77.73 33.21 0 100
325,001 - 350,000 9 3,054,343.79 3.51 9.408 339,372 359 77.778 77.69 32.93 100
350,001 - 375,000 3 1,097,726.01 1.26 9.438 365,909 357 76.421 67.71 32.29 100
375,001 - 400,000 4 1,541,373.82 1.77 10.013 385,343 357 79.237 49.58 50.42 100
400,001 - 425,000 2 837,935.06 0.96 9.563 418,968 359 72.499 0 0 50.02
425,001 - 450,000 2 876,189.73 1.01 9.751 438,095 360 83.34 51.23 100 100
450,001 - 475,000 6 2,757,583.83 3.17 9.457 459,597 358 73.633 66.6 16.81 100
475,001 - 500,000 1 479,205.98 0.55 10.375 479,206 356 59.93 100 0 0
500,001 - 1,000,000 12 8,551,661.58 9.82 10.443 712,638 357 67.33 75.82 28.34 90.65
1,000,001 >= 1 1,198,632.48 1.38 10.75 1,198,632 357 63.16 100 0 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 15,391.90
Max: 1,198,632.48
Average: 127,179.89
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Mortgage Rates Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.001 - 6.500 1 64,107.12 0.07 6.125 64,107 358 63.73 100 100 100
6.501 - 7.000 1 223,812.36 0.26 6.89 223,812 359 80 100 0 100
7.001 - 7.500 4 452,620.15 0.52 7.393 113,155 359 59.474 100 46.83 100
7.501 - 8.000 13 1,538,231.50 1.77 7.934 118,326 358 67.647 68.77 27.49 100
8.001 - 8.500 43 5,342,925.63 6.13 8.337 124,254 358 73.429 50.35 57.93 100
8.501 - 9.000 89 11,353,829.57 13.03 8.844 127,571 358 75.071 61 36.44 92.49
9.001 - 9.500 117 15,465,944.92 17.75 9.351 132,188 357 74.656 53.57 64.63 85.5
9.501 - 10.000 121 16,051,395.31 18.42 9.84 132,656 358 75.576 64.66 40.06 93.86
10.001 - 10.500 117 16,784,621.46 19.27 10.292 143,458 358 75.034 59.43 36.64 84.89
10.501 - 11.000 62 8,130,863.48 9.33 10.828 131,143 358 75.601 51.86 38.98 87.99
11.001 - 11.500 45 5,782,722.25 6.64 11.261 128,505 358 74.011 79.95 66.38 88.58
11.501 - 12.000 23 1,858,376.56 2.13 11.745 80,799 359 80.104 54.01 68.03 91.29
12.001 - 12.500 16 1,522,727.65 1.75 12.326 95,170 358 68.895 71.52 39.22 81.61
12.501 - 13.000 15 1,184,230.91 1.36 12.808 78,949 358 63.119 77.41 46.72 89.53
13.001 - 13.500 6 401,921.46 0.46 13.461 66,987 358 64.773 58.39 51.58 92.6
13.501 - 14.000 8 551,903.66 0.63 13.846 68,988 359 65.19 89.13 68.29 100
14.001 - 14.500 4 407,993.37 0.47 14.336 101,998 356 63.836 80.09 51.77 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 6.13
Max: 14.50
WAC: 9.94
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Original Term to Maturity Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 1 74,233.28 0.09 9.5 74,233 176 48.39 100 100 100
301 - 360 684 87,043,994.08 99.91 9.936 127,257 358 74.45 60.75 46.7 89.83
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 180
Max: 360
Weighted Average: 360
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Months Remaining to Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Scheduled Maturity Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
169 - 180 1 74,233.28 0.09 9.5 74,233 176 48.39 100 100 100
337 - 348 1 58,574.15 0.07 12.625 58,574 340 72 100 0 100
349 - 360 683 86,985,419.93 99.85 9.934 127,358 358 74.452 60.73 46.73 89.83
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 176
Max: 360
Weighted Average: 358
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Original Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Loan-to-Value Ratios Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
20.01 - 25.00 1 29,924.10 0.03 10.49 29,924 356 22.22 100 100 100
25.01 - 30.00 1 145,000.00 0.17 7.25 145,000 360 29.59 100 0 100
35.01 - 40.00 3 256,849.53 0.29 8.779 85,617 359 37.143 59.15 19.44 100
40.01 - 45.00 6 357,054.72 0.41 9.78 59,509 359 42.209 55.42 81.8 66.4
45.01 - 50.00 9 795,596.75 0.91 10.564 88,400 341 47.505 75.91 46.48 74.24
50.01 - 55.00 13 2,193,263.01 2.52 9.781 168,713 358 52.772 81.54 21.14 63.54
55.01 - 60.00 23 2,707,434.83 3.11 10.046 117,715 358 58.865 85.03 36.25 65.49
60.01 - 65.00 62 9,488,926.67 10.89 10.534 153,047 358 64.21 79.47 37.41 94.3
65.01 - 70.00 119 14,258,418.91 16.37 10.023 119,819 358 69.294 62.63 39.64 83.3
70.01 - 75.00 156 17,735,379.99 20.36 9.958 113,688 358 74.55 62.06 38.77 86.34
75.01 - 80.00 170 23,726,275.37 27.23 9.561 139,566 358 79.627 53.11 42.42 94.37
80.01 - 85.00 81 9,766,056.96 11.21 9.768 120,569 358 84.471 48.63 69 98.87
85.01 - 90.00 41 5,658,046.52 6.49 10.551 138,001 358 89.762 51.42 100 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 22.22
Max: 90.00
Weighted Average: 74.43
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Calendar Year of Origination Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995 1 58,574.15 0.07 12.625 58,574 340 72 100 0 100
1996 14 3,101,225.33 3.56 10.27 221,516 354 70.758 78.19 54.78 94.07
1997 670 83,958,427.88 96.37 9.921 125,311 358 74.565 60.12 46.48 89.68
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Product Type Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ARM - 2 Year/6Month 500 60,373,790.68 69.3 10.176 120,748 358 74.335 62.25 52.54 89.68
ARM - 6 Month 159 23,258,624.65 26.7 9.322 146,281 358 75.184 56.29 30.38 90.97
ARM - 1 Year/6Month 12 2,034,079.00 2.33 9.727 169,507 359 68.195 58.69 44.03 83.45
ARM - 3 Year/6 Month 13 1,405,247.10 1.61 10.03 108,096 357 74.924 74.05 70.84 86.92
ARM - 5 Year/6 Month 1 46,485.93 0.05 11.75 46,486 359 75 100 100 100
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Property Types Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family Residence 567 72,336,087.87 83.03 9.873 127,577 358 74.89 60.22 46.69 94.14
2 Family 40 4,393,411.16 5.04 10.326 109,835 358 71.521 72.2 40.55 59.61
Condo 31 3,811,554.99 4.38 10.545 122,953 357 71.414 74.1 29.86 77.52
PUD 17 2,873,951.75 3.3 10.138 169,056 356 69.93 49.02 75.1 91.92
3 Family 20 2,740,570.67 3.15 9.977 137,029 358 75.725 45.34 47.16 56.98
4 Family 9 862,807.67 0.99 9.82 95,868 359 76.311 87.06 67.08 33.74
Townhouse 1 99,843.25 0.11 9.25 99,843 357 60.61 0 0 100
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- ---------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Loan Purpose Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Refinance - Cashout 397 52,957,224.15 60.79 9.987 133,394 358 72.961 100 45.78 89.93
Purchase 183 22,085,108.35 25.35 9.928 120,684 358 77.523 0 44.69 88
Refinance - Rate Term 105 12,075,894.86 13.86 9.724 115,009 358 75.203 0 54.75 92.82
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Occupancy Status Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied 586 78,268,315.39 89.84 9.908 133,564 358 75.041 60.85 46.84 100
Non-Owner Occupied 99 8,849,911.97 10.16 10.184 89,393 358 69.006 60.25 45.91 0
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Grade Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 37 4,054,435.02 4.65 9.344 109,579 357 74.886 60.17 52.29 63.22
A- 350 49,083,907.91 56.34 9.66 140,240 358 76.457 55.91 38.17 90.69
B 164 18,962,637.64 21.77 9.888 115,626 357 74.256 64.63 58.07 90.41
C 86 10,788,140.75 12.38 10.576 125,443 358 70.038 74.65 62.59 91.71
D 35 3,020,518.03 3.47 12.141 86,301 358 62.946 65.27 49.44 97.5
D- 13 1,208,588.01 1.39 12.651 92,968 358 61.07 65.55 50.48 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Geographical Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Distribution Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CA 116 16,564,534.41 19.01 9.512 142,798 357 73.628 58.3 64.22 86.95
IL 81 9,366,450.02 10.75 9.807 115,635 358 75.849 74.14 55.2 93.18
MA 50 8,533,229.73 9.79 10.161 170,665 358 74.165 59 39.03 89.75
NJ 42 7,888,997.93 9.06 10.167 187,833 358 72.844 65.14 33.63 95.15
FL 55 7,812,397.78 8.97 10.435 142,044 358 71.833 53.99 38.52 93.14
NY 31 6,558,912.44 7.53 10.163 211,578 358 71.765 54.41 17.36 77.36
UT 42 5,179,437.38 5.95 9.827 123,320 358 78.088 57.77 54.41 93.69
OR 31 3,992,813.92 4.58 9.8 128,800 358 75.411 57.73 59.47 96.23
GA 16 2,321,167.88 2.66 9.77 145,073 358 81.226 50.39 34.31 100
MO 23 2,044,917.34 2.35 9.505 88,909 358 74.426 59.79 39.73 89.28
CO 21 1,913,893.66 2.2 9.382 91,138 358 72.006 67.35 60.88 96.2
NC 19 1,738,292.70 2 10.54 91,489 358 78.962 53.53 58.77 88.66
OH 17 1,519,609.35 1.74 9.87 89,389 359 72.192 79.73 23.28 96.71
IN 23 1,511,515.92 1.74 10.082 65,718 359 79.15 56.5 63.67 91.86
RI 16 1,444,802.39 1.66 9.863 90,300 358 75.413 52.2 30.81 95.1
PA 7 1,263,639.11 1.45 10.137 180,520 357 73.729 73.8 17.97 93.36
VA 13 1,207,692.91 1.39 10.322 92,899 359 75.802 72.15 61.37 87.5
MI 11 1,100,301.48 1.26 9.808 100,027 357 71.035 84.68 46.91 53.86
AZ 11 1,012,155.29 1.16 9.899 92,014 357 73.082 36.7 69.83 70.69
TN 5 660,921.85 0.76 9.765 132,184 359 80.532 67.34 53.5 100
NE 9 571,496.40 0.66 10.434 63,500 359 79.061 42.01 52.14 87.17
IA 6 424,675.00 0.49 9.674 70,779 359 79.006 55.95 44.05 100
CT 3 347,789.88 0.4 9.133 115,930 357 71.616 100 14.07 85.93
WA 2 333,256.35 0.38 10.305 166,628 358 81.927 44.24 44.24 100
WI 9 313,810.09 0.36 11.147 34,868 358 72.759 29.48 63.42 49.48
VT 4 286,288.43 0.33 9.465 71,572 358 82.293 77.76 65.83 100
ID 4 226,200.37 0.26 10.976 56,550 359 69.867 70.83 84.85 84.85
NH 2 201,820.51 0.23 9.15 100,910 358 77.74 100 32.69 100
KY 4 188,488.47 0.22 9.999 47,122 359 72.327 38.33 38.33 61.67
NM 4 185,299.64 0.21 11.422 46,325 353 72.852 87.16 9.71 84.15
KS 2 139,953.63 0.16 11.37 69,977 359 70 100 0 80
MD 3 136,033.79 0.16 9.584 45,345 359 71.322 0 26.44 42.69
WY 1 46,242.78 0.05 10.9 46,243 358 80 100 0 100
SD 1 44,100.00 0.05 12.89 44,100 360 70 100 0 100
ME 1 37,088.53 0.04 11.65 37,089 359 70 0 100 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Margins Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3.001 - 3.500 1 64,107.12 0.07 6.125 64,107 358 63.73 100 100 100
4.501 - 5.000 7 1,254,100.01 1.44 8.835 179,157 357 67.551 100 28.56 55.99
5.001 - 5.500 14 1,752,244.98 2.01 9.028 125,160 358 73.788 47.39 35.13 100
5.501 - 6.000 389 53,692,859.18 61.63 9.762 138,028 358 76.128 57.88 44.69 91.49
6.001 - 6.500 165 20,404,979.46 23.42 9.936 123,667 357 73.065 67.88 51.79 86.91
6.501 - 7.000 98 9,019,168.28 10.35 11.129 92,032 358 69.129 57.27 53.36 90.53
7.001 - 7.500 9 724,506.68 0.83 11.427 80,501 354 69.702 70.4 42.51 71.72
7.501 - 8.000 1 66,476.24 0.08 10.99 66,476 359 70 100 0 100
8.001 - 8.500 1 139,785.41 0.16 14.5 139,785 351 63.64 100 0 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 3.450
Max: 8.500
Weighted Average: 6.015
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Periodic Rate Cap Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.000 683 86,840,606.32 99.68 9.939 127,146 358 74.432 60.66 46.79 89.81
1.500 2 277,621.04 0.32 8.875 138,811 356 73.083 100 32.83 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 1.000
Max: 1.500
Weighted Average: 1.002
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Lifetime Rate Cap Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5.501 - 6.000 2 177,987.26 0.2 10.901 88,994 357 76.982 0 0 100
6.001 - 6.500 674 85,452,992.79 98.09 9.94 126,785 358 74.425 61.13 47.39 89.64
6.501 - 7.000 5 1,082,079.39 1.24 9.742 216,416 357 78.767 52 8.42 100
7.001 - 7.500 4 405,167.92 0.47 9.118 101,292 354 62.267 38.07 33.5 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 6.000
Max: 7.500
Weighted Average: 6.510
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Maximum Mortgage Rates Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12.501 - 13.000 1 64,107.12 0.07 6.125 64,107 358 63.73 100 100 100
13.001 - 13.500 1 223,812.36 0.26 6.89 223,812 359 80 100 0 100
13.501 - 14.000 3 356,965.35 0.41 7.398 118,988 359 57.994 100 59.38 100
14.001 - 14.500 13 1,538,231.50 1.77 7.934 118,326 358 67.647 68.77 27.49 100
14.501 - 15.000 44 5,438,580.43 6.24 8.32 123,604 358 73.281 51.22 56.91 100
15.001 - 15.500 85 10,793,076.02 12.39 8.843 126,977 358 75.046 60.04 37.49 92.1
15.501 - 16.000 118 15,658,584.02 17.97 9.338 132,700 357 74.862 55.01 63.55 85.68
16.001 - 16.500 124 16,366,647.27 18.79 9.832 131,989 358 75.687 64.13 39.29 93.98
16.501 - 17.000 117 16,432,252.24 18.86 10.283 140,447 358 74.578 61.4 38.25 84.57
17.001 - 17.500 64 8,745,373.18 10.04 10.813 136,646 358 75.802 48.22 36.24 88.84
17.501 - 18.000 43 5,573,444.26 6.4 11.261 129,615 358 74.067 80.9 68.87 88.15
18.001 - 18.500 24 1,916,950.71 2.2 11.772 79,873 359 79.857 55.41 65.95 91.55
18.501 - 19.000 16 1,522,727.65 1.75 12.326 95,170 358 68.895 71.52 39.22 81.61
19.001 - 19.500 14 1,125,656.76 1.29 12.817 80,404 359 62.657 76.23 49.15 88.99
19.501 - 20.000 6 401,921.46 0.46 13.461 66,987 358 64.773 58.39 51.58 92.6
20.001 >= 12 959,897.03 1.1 14.054 79,991 358 64.615 85.29 61.27 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 12.625
Max: 21.000
Weighted Average: 16.443
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Minimum Mortgage Rates Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.001 - 6.500 1 64,107.12 0.07 6.125 64,107 358 63.73 100 100 100
6.501 - 7.000 1 223,812.36 0.26 6.89 223,812 359 80 100 0 100
7.001 - 7.500 3 356,965.35 0.41 7.398 118,988 359 57.994 100 59.38 100
7.501 - 8.000 13 1,538,231.50 1.77 7.934 118,326 358 67.647 68.77 27.49 100
8.001 - 8.500 44 5,438,580.43 6.24 8.32 123,604 358 73.281 51.22 56.91 100
8.501 - 9.000 88 11,238,605.29 12.9 8.846 127,711 358 75.071 61.62 36.82 92.41
9.001 - 9.500 116 15,330,230.23 17.6 9.352 132,157 357 74.916 54.05 64.32 85.37
9.501 - 10.000 122 16,166,619.59 18.56 9.831 132,513 358 75.572 64.2 39.78 93.9
10.001 - 10.500 119 17,034,479.08 19.55 10.29 143,147 358 74.794 59.23 36.89 85.12
10.501 - 11.000 62 8,130,863.48 9.33 10.828 131,143 358 75.601 51.86 38.98 87.99
11.001 - 11.500 44 5,668,579.32 6.51 11.261 128,831 358 73.999 79.55 67.72 88.35
11.501 - 12.000 24 1,916,950.71 2.2 11.772 79,873 359 79.857 55.41 65.95 91.55
12.001 - 12.500 16 1,522,727.65 1.75 12.326 95,170 358 68.895 71.52 39.22 81.61
12.501 - 13.000 14 1,125,656.76 1.29 12.817 80,404 359 62.657 76.23 49.15 88.99
13.001 - 13.500 6 401,921.46 0.46 13.461 66,987 358 64.773 58.39 51.58 92.6
13.501 - 14.000 8 551,903.66 0.63 13.846 68,988 359 65.19 89.13 68.29 100
14.001 - 14.500 4 407,993.37 0.47 14.336 101,998 356 63.836 80.09 51.77 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Min: 6.125
Max: 14.500
Weighted Average: 9.938
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
Computational Materials
<TABLE>
<CAPTION>
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Number of Aggregate Aggregate Weighted Average Average Average Percent Percent Percent
Distribution of Mortgage Mortgage Principal Principal Average Current Std Rem Original Cashout Full Owner
Next Rate Change Date Loans Balance Balance Coupon Balance Term LTV Refi Doc Occupied
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1997-07 1 748,221.79 0.86 9.75 748,222 355 68.18 100 0 100
1997-08 16 2,765,978.18 3.17 9.505 172,874 356 74.579 40.35 16.39 95.76
1997-09 35 4,793,491.98 5.5 9.301 136,957 357 76.444 60.52 33.96 95.22
1997-10 38 5,926,901.99 6.8 9.285 155,971 358 76.383 38.57 29.53 90.99
1997-11 49 6,860,847.04 7.88 9.378 140,017 359 74.86 67.5 31.95 85.28
1997-12 20 2,226,994.93 2.56 8.969 111,350 360 73.379 66.19 49.72 90.57
1998-05 7 1,332,279.00 1.53 9.664 190,326 359 65.208 72.1 22.21 81.85
1998-06 4 570,550.00 0.65 9.718 142,638 360 73.606 17.88 82.12 83.38
1998-09 2 190,652.86 0.22 13.866 95,326 351 66.671 100 26.68 100
1998-11 1 390,617.80 0.45 9.5 390,618 353 80 0 100 100
1998-12 1 114,455.03 0.13 10.25 114,455 354 75 100 0 100
1999-01 4 1,359,308.99 1.56 10.162 339,827 355 70.19 92.49 92.49 100
1999-02 51 6,446,938.55 7.4 9.987 126,411 354 71.636 68.13 49.38 86.23
1999-03 89 11,413,938.21 13.1 10.2 128,246 357 72.437 65.94 39.38 90.86
1999-04 98 10,924,971.82 12.54 10.136 111,479 358 75.091 59.2 51.94 87.07
1999-05 200 24,205,546.16 27.78 10.2 121,028 359 75.554 59.65 53.64 90.27
1999-06 55 5,394,800.00 6.19 10.24 98,087 360 75.474 60.52 69.56 90.19
1999-12 4 183,825.93 0.21 10.5 45,956 354 65 0 0 0
2000-02 3 517,013.17 0.59 9.734 172,338 356 79.259 65.03 82.05 100
2000-03 1 268,573.66 0.31 10.375 268,574 357 75 100 100 100
2000-04 2 118,777.82 0.14 9.484 59,389 358 68.01 100 100 100
2000-05 2 189,056.52 0.22 10.93 94,528 359 73.519 100 29.61 100
2000-06 1 128,000.00 0.15 9 128,000 360 80 100 100 100
2002-05 1 46,485.93 0.05 11.75 46,486 359 75 100 100 100
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
Total: 685 87,118,227.36 100 9.936 127,180 358 74.428 60.79 46.75 89.84
- --------------------------- --------- -------------- --------- --------- ---------- --------- -------- -------- -------- ----------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Ocwen Federal Bank with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
MORGAN STANLEY
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
06/17/1997 13:15:16 AGGREGATOR Version 1.0
- ------------------------------------------------------------------------------------------------------------------------------------
Aggregated Collateral Ocwen Mortgage Loan Asset Backed Certificates Series 1997-1
====================================================================================================================================
Total Current Balance $104,845,000.00 Total Original Balance $104,845,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
Orig.
Type Prefund Principal Gross Orig. Ball
Period Balance Coupon Service WALA WAM Term Month Index
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total 104,845,000.00 10.0627 0.5000 2.0 354.0 356.0 N/A
SubTotal FRM 17,727,000.00 10.6875 0.5000 2.0 337.0 339.0 N/A
FRM 0 90,526.13 9.4500 0.5000 17 343 360 180
FRM 0 2,135,027.09 10.3880 0.5000 3 184 187 0
FRM 0 15,501,445.78 10.7360 0.5000 2 358 360 0
SubTotal ARM 0 87,118,000.00 9.9356 0.5000 2.0 358.0 360.0 0.0
ARM 0 748,219.84 9.7500 0.5000 5 355 360 0 6 Month Libor
ARM 0 2,765,970.96 9.5050 0.5000 4 356 360 0 6 Month Libor
ARM 0 4,793,479.47 9.3010 0.5000 3 357 360 0 6 Month Libor
ARM 0 5,926,886.52 9.2850 0.5000 2 358 360 0 6 Month Libor
ARM 0 6,860,829.13 9.3780 0.5000 1 359 360 0 6 Month Libor
ARM 0 2,226,989.12 8.9690 0.5000 0 360 360 0 6 Month Libor
ARM 0 1,902,824.03 9.6810 0.5000 1 359 360 0 6 Month Libor
ARM 0 60,441,071.68 10.1750 0.5000 2 358 360 0 6 Month Libor
ARM 0 1,403,243.43 10.0300 0.5000 3 357 360 0 6 Month Libor
ARM 0 46,485.82 11.7500 0.5000 1 359 360 0 6 Month Libor
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Gross Gross Current Current Next Next Per Next Rate Next Pay
Gross Life Life Per Rate Per Rate Per Rate Per Pay Rate Reset Pay Reset
Type Margin Cap Floor Cap Floor Cap Reset Cap Reset Freq. Reset Freq.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SubTotal FRM N/A N/A N/A N/A N/A N/A N/A N/A N/A
FRM
FRM
FRM
SubTotal ARM 6.0154 16.4433 9.9378 2.4242 N/A 17.00 6.00 17.00 6.00
ARM 6.0000 16.2500 9.7500 1.0000 N/A 1.0000 2 N/A 1 6 1 6
ARM 6.1620 16.1820 9.5550 1.1240 N/A 1.0340 3 N/A 2 6 2 6
ARM 6.0340 15.8430 9.3210 1.0290 N/A 1.0100 4 N/A 3 6 3 6
ARM 5.8090 15.7930 9.2780 1.0100 N/A 1.0000 5 N/A 4 6 4 6
ARM 5.8350 15.8780 9.3780 1.0330 N/A 1.0000 6 N/A 5 6 5 6
ARM 5.8980 15.4690 8.9690 1.0000 N/A 1.0000 7 N/A 6 6 6 6
ARM 6.0510 16.1810 9.6810 1.0000 N/A 1.0000 12 N/A 11 6 11 6
ARM 6.0440 16.6740 10.1750 2.9920 N/A 1.0000 23 N/A 22 6 22 6
ARM 6.3010 16.5300 10.0300 3.0000 N/A 1.0000 34 N/A 33 6 33 6
ARM 7.0000 16.2500 11.7500 3.0000 N/A 1.0000 60 N/A 59 6 59 6
</TABLE>
The information herein has been provided solely by Morgan Stanley & Co.
Incorporated. Based on information with respect to the mortgage loans herein
proved by the sponsor. Neither the sponsor nor any of its affiliates makes any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary and will be superseded by the Prospectus
Supplement and by any other information subsequently filed with the Securities
and Exchange Commission (SEC). All assumptions and information in this report
reflect Morgan Stanley & Co. Incorporated's judgement as of this date and are
subject to changes. 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, Morgan Stanley &
Co. Incorporated does not guarantee any results and there is no guarantees as to
the liquidity of the instruments involved in this analysis. The decision to
adopt any strategy remains your responsibility. Morgan Stanley & Co.
Incorporated or any of its affiliates or their officers, directors, analysts or
employees may have positions in securities, commodities or derivative
instruments therein referred to herein, and may, as principal, or agent, buy or
sell such securities, commodities or derivative instruments. In addition, Morgan
Stanley & Co. Incorporated 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 consummated without the purchaser first having reviewed a
Prospectus and, if required, prospectus Supplement. Finally, Morgan Stanley &
Co. Incorporated has not addressed the legal, accounting and tax implications of
the analysis with respect to you, and Morgan Stanley & Co. Incorporated strongly
urges you to seek advice from your counsel, accountant and tax advisor. To Our
Readers Worldwide: In addition, please note that this information has been
provided by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley &
Co. International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of their
Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representation about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Ocwen Mortgage Loan Asset Backed Certificates Series 1997-1 (Computational Materials) Class
A-1
====================================================================================================================
Current Balance $17,727,000.00 Original Balance $17,727,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 7.0500
- --------------------------------------------------------------------------------------------------------------------
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay CPR 0.00 PPM 25.00 PPM 50.00 PPM 100.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 97 93 90 83
6/25/99 96 88 80 65
6/25/00 95 83 71 51
6/25/01 94 77 63 40
6/25/02 93 73 56 32
6/25/03 92 68 49 25
6/25/04 90 63 44 20
6/25/05 89 59 39 16
6/25/06 87 55 34 0
6/25/07 85 51 30 0
6/25/08 83 47 26 0
6/25/09 80 43 23 0
6/25/10 78 40 20 0
6/25/11 74 36 17 0
6/25/12 71 33 0 0
6/25/13 68 30 0 0
6/25/14 66 28 0 0
6/25/15 63 25 0 0
6/25/16 60 23 0 0
6/25/17 57 21 0 0
6/25/18 53 0 0 0
6/25/19 49 0 0 0
6/25/20 45 0 0 0
6/25/21 40 0 0 0
6/25/22 35 0 0 0
6/25/23 29 0 0 0
6/25/24 23 0 0 0
6/25/25 15 0 0 0
6/25/26 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 19.66 10.88 6.91 3.80
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================
Ocwen Mortgage Loan Asset Backed Certificates Series 1997-1 (Computational Materials) Class
A-2
- --------------------------------------------------------------------------------------------------------------------
Current Balance $87,118,000.00 Original Balance $87,118,000.00
Factor 1.00000000 Delay 0
Payment Frequency Monthly Coupon _1 month libor + 0.2300 (40.0000
Cap, 0.2300 Floor)
- --------------------------------------------------------------------------------------------------------------------
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay PPM 120.00 PPM 140.00 PPM 150.00 PPM 200.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay CPR 30.00 CPR 35.00 CPR 40.00 CPR 50.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 80 77 75 68
6/25/99 59 54 52 39
6/25/00 44 38 36 24
6/25/01 33 27 25 0
6/25/02 25 19 0 0
6/25/03 19 0 0 0
6/25/04 0 0 0 0
6/25/05 0 0 0 0
6/25/06 0 0 0 0
6/25/07 0 0 0 0
6/25/08 0 0 0 0
6/25/09 0 0 0 0
6/25/10 0 0 0 0
6/25/11 0 0 0 0
6/25/12 0 0 0 0
6/25/13 0 0 0 0
6/25/14 0 0 0 0
6/25/15 0 0 0 0
6/25/16 0 0 0 0
6/25/17 0 0 0 0
6/25/18 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 3.17 2.71 2.47 1.84
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================
Ocwen Mortgage Loan Asset Backed Certificates Series 1997-1 (Computational Materials) Class
A-1
- --------------------------------------------------------------------------------------------------------------------
Current Balance $87,118,000.00 Original Balance $87,118,000.00
Factor 1.00000000 Delay 0
Payment Frequency Monthly Coupon _1 month libor + 0.2300 (40.0000
Cap, 0.2300 Floor)
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay CPR 0.00 PPM 25.00 PPM 50.00 PPM 100.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 96 87 82 72
6/25/99 96 77 68 53
6/25/00 95 69 57 39
6/25/01 95 61 48 29
6/25/02 94 54 41 22
6/25/03 94 48 34 16
6/25/04 93 43 29 12
6/25/05 92 38 24 9
6/25/06 91 34 20 0
6/25/07 90 30 17 0
6/25/08 89 27 14 0
6/25/09 87 24 12 0
6/25/10 86 21 10 0
6/25/11 84 19 0 0
6/25/12 82 16 0 0
6/25/13 80 14 0 0
6/25/14 77 13 0 0
6/25/15 74 11 0 0
6/25/16 71 9 0 0
6/25/17 68 8 0 0
6/25/18 64 0 0 0
6/25/19 59 0 0 0
6/25/20 54 0 0 0
6/25/21 48 0 0 0
6/25/22 42 0 0 0
6/25/23 35 0 0 0
6/25/24 27 0 0 0
6/25/25 19 0 0 0
6/25/26 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 21.41 7.58 5.16 3.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay PPM 120.00 PPM 140.00 PPM 150.00 PPM 200.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call YES _optional Call YES _optional Call YES _optional Call YES
Prepay CPR 30.00 CPR 35.00 CPR 40.00 CPR 50.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 67 62 57 47
6/25/99 45 39 33 22
6/25/00 32 25 20 12
6/25/01 22 16 12 0
6/25/02 15 11 0 0
6/25/03 11 0 0 0
6/25/04 0 0 0 0
6/25/05 0 0 0 0
6/25/06 0 0 0 0
6/25/07 0 0 0 0
6/25/08 0 0 0 0
6/25/09 0 0 0 0
6/25/10 0 0 0 0
6/25/11 0 0 0 0
6/25/12 0 0 0 0
6/25/13 0 0 0 0
6/25/14 0 0 0 0
6/25/15 0 0 0 0
6/25/16 0 0 0 0
6/25/17 0 0 0 0
6/25/18 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 2.44 2.04 1.73 1.28
</TABLE>
<PAGE>
MORGAN STANLEY
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Ocwen Mortgage Loan Asset Backed Certificates Series 1997-1 (Computational Materials) Class
A-1
====================================================================================================================
Current Balance $17,727,000.00 Original Balance $17,727,000.00
Factor 1.00000000 Delay 24
Payment Frequency Monthly Coupon 7.0500
- --------------------------------------------------------------------------------------------------------------------
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay CPR 0.00 PPM 25.00 PPM 50.00 PPM 100.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 97 93 90 83
6/25/99 96 88 80 65
6/25/00 95 83 71 51
6/25/01 94 77 63 40
6/25/02 93 73 56 32
6/25/03 92 68 49 25
6/25/04 90 63 44 20
6/25/05 89 59 39 16
6/25/06 87 55 34 12
6/25/07 85 51 30 10
6/25/08 83 47 26 7
6/25/09 80 43 23 6
6/25/10 78 40 20 4
6/25/11 74 36 17 3
6/25/12 71 33 15 2
6/25/13 68 30 13 2
6/25/14 66 28 11 1
6/25/15 63 25 10 1
6/25/16 60 23 8 0
6/25/17 57 21 7 0
6/25/18 53 18 6 0
6/25/19 49 16 5 0
6/25/20 45 14 4 0
6/25/21 40 12 3 0
6/25/22 35 10 2 0
6/25/23 29 8 2 0
6/25/24 23 6 1 0
6/25/25 15 3 0 0
6/25/26 7 1 0 0
4/25/27 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 19.69 11.76 7.80 4.33
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay PPM 120.00 PPM 140.00 PPM 150.00 PPM 200.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay CPR 30.00 CPR 35.00 CPR 40.00 CPR 50.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 80 77 75 68
6/25/99 59 54 52 39
6/25/00 44 38 36 24
6/25/01 33 27 25 14
6/25/02 25 19 17 8
6/25/03 19 14 12 5
6/25/04 14 10 8 3
6/25/05 10 7 5 1
6/25/06 8 5 4 1
6/25/07 6 3 2 0
6/25/08 4 2 1 0
6/25/09 3 1 1 0
6/25/10 2 1 0 0
6/25/11 1 0 0 0
6/25/12 1 0 0 0
6/25/13 0 0 0 0
6/25/14 0 0 0 0
6/25/15 0 0 0 0
6/25/16 0 0 0 0
6/25/17 0 0 0 0
6/25/18 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
4/25/27 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 3.63 3.11 2.90 2.15
</TABLE>
<PAGE>
MORGAN STANLEY
<TABLE>
<CAPTION>
====================================================================================================================
Ocwen Mortgage Loan Asset Backed Certificates Series 1997-1 (Computational Materials) Class
A-1
- --------------------------------------------------------------------------------------------------------------------
Current Balance $87,118,000.00 Original Balance $87,118,000.00
Factor 1.00000000 Delay 0
Payment Frequency Monthly Coupon _1 month libor + 0.2300 (40.0000
Cap, 0.2300 Floor)
- --------------------------------------------------------------------------------------------------------------------
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay CPR 0.00 PPM 25.00 PPM 50.00 PPM 100.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay CPR 0.00 CPR 10.00 CPR 15.00 CPR 25.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 96 87 82 72
6/25/99 96 77 68 53
6/25/00 95 69 57 39
6/25/01 95 61 48 29
6/25/02 94 54 41 22
6/25/03 94 48 34 16
6/25/04 93 43 29 12
6/25/05 92 38 24 9
6/25/06 91 34 20 7
6/25/07 90 30 17 5
6/25/08 89 27 14 3
6/25/09 87 24 12 2
6/25/10 86 21 10 2
6/25/11 84 19 8 1
6/25/12 82 16 7 1
6/25/13 80 14 6 0
6/25/14 77 13 5 0
6/25/15 74 11 4 0
6/25/16 71 9 3 0
6/25/17 68 8 2 0
6/25/18 64 7 2 0
6/25/19 59 6 1 0
6/25/20 54 5 1 0
6/25/21 48 4 1 0
6/25/22 42 3 0 0
6/25/23 35 2 0 0
6/25/24 27 1 0 0
6/25/25 19 1 0 0
6/25/26 9 0 0 0
4/25/27 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 21.45 7.85 5.49 3.23
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Condition _group -- II _group -- II _group -- II _group -- II
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay PPM 120.00 PPM 140.00 PPM 150.00 PPM 200.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
Condition Other Other Other Other
Trigger _optional Call NO _optional Call NO _optional Call NO _optional Call NO
Prepay CPR 30.00 CPR 35.00 CPR 40.00 CPR 50.00
Index 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500 6 Month Libor 5.87500
1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750 1 Month Libor 5.68750
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/25/97 100 100 100 100
6/25/98 67 62 57 47
6/25/99 45 39 33 22
6/25/00 32 25 20 12
6/25/01 22 16 12 6
6/25/02 15 11 7 3
6/25/03 11 7 4 1
6/25/04 7 4 2 0
6/25/05 5 3 1 0
6/25/06 3 1 0 0
6/25/07 2 1 0 0
6/25/08 1 0 0 0
6/25/09 1 0 0 0
6/25/10 0 0 0 0
6/25/11 0 0 0 0
6/25/12 0 0 0 0
6/25/13 0 0 0 0
6/25/14 0 0 0 0
6/25/15 0 0 0 0
6/25/16 0 0 0 0
6/25/17 0 0 0 0
6/25/18 0 0 0 0
6/25/19 0 0 0 0
6/25/20 0 0 0 0
6/25/21 0 0 0 0
6/25/22 0 0 0 0
6/25/23 0 0 0 0
6/25/24 0 0 0 0
6/25/25 0 0 0 0
6/25/26 0 0 0 0
4/25/27 0 0 0 0
6/25/27 0 0 0 0
- --------------------------------------------------------------------------------------------------------------------
Avg Life 2.63 2.19 1.85 1.37
</TABLE>
