<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 7, 1998.
------------
Union Planters Mortgage Finance Corp.
-------------------------------------
(Exact name of registrant as specified in charter)
Delaware 333-35471 62-1712370
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7130 Goodlett Farms Parkway, Cordova, Tennessee 38018
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (901) 580-6000
--------------
================================================================================
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. Other Events.
On or about May 20, 1998, the Registrant expects to enter into an
underwriting agreement with Morgan Stanley & Co. Incorporated (the
"Underwriter"), pursuant to which the Underwriter agrees to purchase and offer
for sale to the public, $380,000,000 approximate aggregate initial principal
amount of the Registrant's Senior/Subordinated Pass-Through Certificates, Series
1998-1, Class 1-IO, Class A-1, Class A-2, Class A-3, Class A-4, and Class A-5
(the "Offered Securities"). The Offered Securities are registered for sale under
the Registrant's effective shelf Registration Statement on Form S-3 (333-35471),
and will be offered pursuant to a Prospectus, dated March 27, 1998, and a
related Prospectus Supplement, to be dated on or about May 20, 1998, to be filed
with the Securities and Exchange Commission pursuant to the Securities Act of
1933, as amended and Rule 424 thereunder.
In connection with the offering of the Offered Securities, the Underwriter
has prepared and disseminated to potential purchasers certain "Series Term
Sheets", "Computational Materials" and/or "Structural Terms Sheet(s)," as such
terms are defined in the No-Action response letters to Greenwood Trust Company,
Discover Card Master Trust I (publicly available April 5, 1996), to Kidder,
Peabody and Co. Incorporated and certain affiliates thereof (publicly available,
May 20, 1994) and the No-Action response letter to Cleary, Gottlieb, Steen &
Hamilton on behalf of the Public Securities Association (publicly available,
February 17, 1995), respectively. In accordance with such No-Action Letter, the
Registrant is filing herewith such Series Term Sheets, Computational Materials
and/or Structural Terms Sheet(s) as Exhibit 99.1 and Exhibit 99.2.
<TABLE>
<CAPTION>
Exhibits
- --------
<S> <C>
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Morgan Stanley & Co.
Incorporated
99.2 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Term Sheets(s) or as provided by Morgan Stanley & Co.
Incorporated.
</TABLE>
-2-
<PAGE> 3
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.
May 8, 1998 UNION PLANTERS MORTGAGE
FINANCE CORP.
By: /s/ James K. Plunkett
-----------------------------------------
Name: James K. Plunkett
Title: Secretary and Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
99.1 Copy of "Series Term Sheets", "Computational
Materials" and/or "Structural Terms Sheet(s)"
as provided by Morgan Stanley & Co. Incorporated................
99.2 Copy of "Series Term Sheets", "Computational
Materials" and/or "Structural Term Sheet(s)"
as provided by Morgan Stanley & Co. Incorporated................
</TABLE>
-4-
<PAGE> 1
EXHIBIT 99.1
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
MBS NEW TRANSACTION
COLLATERAL TERM SHEET
----------------
PRE-MARKETING TODAY
THURSDAY, MAY 7, 1998
----------------
$380,000,000 (APPROXIMATELY)
UNION PLANTERS MORTGAGE FINANCE CORP. 1998-1
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 2
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
$380,000,000 (APPROXIMATELY)
UNION PLANTERS MORTGAGE FINANCE CORP.,
Mortgage Pass-Through Certificates, Series 1998-1
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
PAYMENT PRICE
EXPECTED RATINGS AVERAGE LIFE WINDOW TALK
CLASS CLASS SIZE COUPON (MOODY'S/D&P) TO MATURITY TO MATURITY (BPS)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 198,539,000 6.45% Aaa/AAA 2.5 years 6/98 to 11/03 (66 months)
- ------------------------------------------------------------------------------------------------------------------------
A-2 19,856,000 6.55% Aaa/AAA 5.9 years 11/03 to 9/04 (11 months)
- ------------------------------------------------------------------------------------------------------------------------
A-3 66,176,000 6.70% Aaa/AAA 7.9 years 9/04 to 2/08 (42 months)
- ------------------------------------------------------------------------------------------------------------------------
A-4 66,404,000 6.85% Aaa/AAA 12.25 years 2/08 to 10/13 (69 months)
- ------------------------------------------------------------------------------------------------------------------------
A-5 18,631,000 6.85% Aaa/AAA 16.95 years 10/13 to 9/17 (48 months)
- ------------------------------------------------------------------------------------------------------------------------
1-IO 380,056,861 WAC Aaa/AAA 6.00 years
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
DEPOSITOR: Union Planters Mortgage Finance Corp.
MASTER SERVICER: Union Planters Bank, NA
TRUSTEE: The Bank of New York
MANAGERS: MORGAN STANLEY DEAN WITTER (SOLE MANAGER)
DAY COUNT BASIS: 30/360
EXPECTED PRICING DATE: May 12, 1998
EXPECTED SETTLEMENT: May 28, 1998
FORMS OF CERTIFICATES: Classes A-1 through A-5 and Class 1-IO will settle
through DTC
DISTRIBUTION DATES: The 25th of each month, beginning June 25, 1998
PRICING SPEED: 10% CPR
OPTIONAL CALL: 5% clean-up call (5% of pool balance)
TAX STATUS: REMIC
ERISA ELIGIBILITY: Class A-1 through A-5 and Class 1-IO are ERISA
eligible
SMMEA ELIGIBILITY: Class A-1 through A-5 and Class 1-IO are SMMEA
eligible
FHA INSURANCE: FHA loans are insured by HUD for 100% of the
principal balance and interest at the applicable
debenture rate less the first 60 days of interest.
Additionally, the FHA will cover 2/3 of all approved
foreclosure costs relating to the acquisition of the
property
VA GUARANTEE: VA loans are guaranteed for 100% of interest and 25%
to 50% of the principal (determined at the time of
loan origination based on the lesser of a percentage
of original loan amount or the eligible
indebtedness). Generally the VA will cover some
liquidation expenses.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 3
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
CREDIT ENHANCEMENT
- - Class A-1 through A-5 Credit Enhancement:
1. Subordination totaling 2.75% of the original pool balance.
CREDIT STRUCTURE
- - Cashflow priority for Union Planters Mortgage Finance Corp., Series
1998-1
Distributions will be made on each distribution date from available
funds in the following order of priority:
1. To pay a servicing fee of 100 bps,
2. To pay a trustee fee of 1.2 bps,
3. To interest pro rata on each class of senior certificates,
4. To principal of the classes of senior certificates then
entitled to receive distributions of principal,
5. To interest on each class of subordinated certificates,
6. To principal of the classes of subordinated certificates then
entitled to receive distributions of principal.
- - Distribution of Principal:
Principal will be allocated among the classes as follows:
1. During the first 60 months, scheduled and unscheduled
principal allocable to classes A1, A2, A3, A4 and A5 will be
paid sequentially starting with A1 until it is fully paid
down, next to A2 until it is fully paid down, next to A3 until
it is fully paid down, next to A4 until it is fully paid down,
and then to A5.
2. All subordinated classes will receive their pro-rata share of
scheduled principal payments based on their allocable
percentages and beginning in month 61 a scheduled amount of
prepayments.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 4
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
UPMFC 1998-1 COLLATERAL DESCRIPTION
COLLATERAL: The Trust Fund will consist of fixed rate FHA insured and VA
guaranteed Mortgage Loans secured by first liens on one- to
four-family residential properties. As of May 1, 1998 (the "Cut-off
Date"), the pool totaled approximately $380,056,861.
<TABLE>
<CAPTION>
TOTAL COLLATERAL POOL*
----------------------
<S> <C>
AGGREGATE BALANCE: $380,056,861
NUMBER OF LOANS: 8,703
AVERAGE OUTSTANDING BALANCE: $43,670
AVERAGE ORIGINAL BALANCE: $52,518
WEIGHTED AVERAGE GROSS COUPON: 9.877%
LOAN TYPE: 69.48% FHA Insured, 30.52% VA Guaranteed
PRODUCT TYPE: 100% Fixed Rate
WEIGHTED AVERAGE ORIGINAL TERM: 356 Months
WEIGHTED AVERAGE REMAINING TERM: 218 Months
WEIGHTED AVERAGE SEASONING: 138 Months
LIEN POSITION: 100% 1st Lien
ORIGINAL LOAN TO VALUE RATIO**: 96.69%
CURRENT AMORTIZED LOAN TO VALUE 85.00%
RATIO***:
PROPERTY TYPE****: 94.88% Single Family, 3.21% Condo, 1.91% Other
OWNER OCCUPANCY: 90.65% Owner Occupied, 7.55% Non-Owner Occupied, 1.24% Not Available, 0.56% Other
GEOGRAPHIC DISTRIBUTION (> 3%): TX 23.24%, CA 13.81%, FL 10.86%, AZ 4.99%, GA 3.87%, NY 3.79%, TN 3.03%
</TABLE>
* The description of the Collateral herein will be superceded by the description
of the collateral in the Prospectus Supplement.
** Based on original balance. 40.53% not available, percentages are based on
known population.
*** 40.53% not available, percentages are based on known population.
**** 54.80% not available, percentages are based on known population.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 5
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
FHA INSURANCE AND VA GUARANTEES
FHA INSURANCE
Purpose - To provide mortgage insurance for a person to purchase or refinance a
principal residence. The mortgage loan is funded by a lending institution, such
as a mortgage company, bank, savings and loan association and the mortgage is
insured by HUD.
Loan Balance Limits - Generally, unless the property is located in a high cost
area, the current maximum mortgage limit for single family FHA insured loans is
$86,317. High cost area limits are equal to 95% of the area median house price.
The high cost limits are subject to a ceiling based on 75% of the Freddie Mac
Loan limits. The current FHA single family ceiling is $170,362. Section 214 of
the National Housing Act provides that the mortgage limit for Alaska, Guam,
Hawaii, and the Virgin Islands may be adjusted up to 150% of the aforementioned
ceiling.
Loans guaranteed under the FHA program are insured by the Department of Housing
and Urban Development (HUD). HUD will guarantee 100% of the principal value of
the insured loan in addition to a debenture rate of interest on the outstanding
principal balance. All forgone interest beyond the last payment date will be
reimbursed through the date of liquidation less a period of 60 days.
FHA will pay 2/3 of all foreclosure costs (attorney, foreclosure, etc.) in
connection with acquiring title, bankruptcy proceedings, and title transfers.
All costs relating to eviction, assignments and other possessory costs are
covered by FHA.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 6
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
FHA INSURANCE AND VA GUARANTEES
(Continued)
VA LOAN PROGRAM GUARANTY
Purpose - The purpose of the Veterans Loan Guaranty Program is to allow veterans
to obtain home loans with favorable loan terms, usually without a downpayment.
The VA will cover 100% of the interest up to the cutoff date and principal as
follows:
<TABLE>
<CAPTION>
LOAN AMOUNT GUARANTY PERCENT MAXIMUM AMOUNT
----------- ---------------- --------------
<S> <C> <C>
Up to $45,000 50% $22,500
$45,001 - $56,250 40 - 50% $22,500
$56,251 - 144,000 40% $36,000
$144,001 or more 25% $50,750
</TABLE>
When the net value of the property is less than the unguaranteed portion of the
loan, VA will not specify an amount for the holder to credit to the indebtedness
on account of the sale and will not accept conveyance of the property (called a
VA no-bid). In these cases the Master Servicer may suffer a loss on the portion
that is not guaranteed, and will retain title to the property. However, the
servicer may elect to consider a debt reduction in cases where the VA does not
specify a foreclosure bid. The servicer must agree to forgive the portion of the
indebtedness that exceeds the maximum guarantee liability plus the net value of
the subject property. The VA will then issue or specify foreclosure bidding
instructions and agree to accept conveyance upon completion of the foreclosure
sale.
Generally, the VA will cover some liquidation expenses.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 7
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
CONTACTS
<TABLE>
<CAPTION>
MORTGAGE FINANCE GROUP MBS CAPITAL MARKETS
---------------------- -------------------
Phone Phone
----- -----
<S> <C> <C> <C> <C> <C>
NY: Sanjeev Khanna 761-2132 NY: Dennis Scurletis 761-2248
Steve Shapiro 761-2146 Rei Rothberg 761-1978
Steve Katz 761-2134 Mike Edman 761-1984
Michael Childress 761-2934 Alex Gaffan 761-1995
<CAPTION>
MORTGAGE BACKED TRADING MBS RESEARCH GROUP
----------------------- ------------------
Phone Phone
----- -----
<S> <C> <C> <C> <C> <C>
NY: David Warren 761-1400 NY: Steve Abrahams 761-1440
John Hanlon 761-2090 Paul Check 761-1456
Larry Rosati 761-2086
Brett Kalesky 761-1300
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 8
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
CURRENT BALANCE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 50,000 5,413 158,024,439 10.102 41.58 81.15 96.48 162 187 191 353 353
50,001 - 100,000 3,172 208,526,742 9.744 54.87 86.91 96.90 123 232 235 359 359
100,001 - 150,000 115 13,023,635 9.326 3.43 88.88 95.54 95 263 265 360 360
150,001 - 200,000 3 482,046 8.649 0.13 93.20 95.74 59 301 301 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 1,146.00
Max: 172,845.54
Average: 43,669.64
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
ORIGINAL BALANCE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 50,000 4,422 115,057,147 10.141 30.27 81.48 96.50 165 186 189 354 354
50,001 - 100,000 4,029 238,943,513 9.784 62.87 85.93 96.85 129 225 228 357 357
100,001 - 150,000 247 25,290,369 9.591 6.65 87.49 95.89 109 245 249 358 358
150,001 - 200,000 5 765,833 8.686 0.20 94.16 98.09 65 294 295 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 7,350.00
Max: 181,383.00
Average: 52,518.36
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
LOAN TYPE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FHA 5,891 264,071,462 9.881 69.48 85.75 96.43 130 223 226 356 356
VA 2,812 115,985,399 9.867 30.52 82.94 97.41 158 196 199 357 357
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 1 of 6
<PAGE> 9
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
CURRENT COUPON LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.501 - 8.000 310 11,916,615 8.000 3.14 82.83 95.49 124 230 232 355 355
8.001 - 8.500 1,325 44,264,588 8.498 11.65 82.03 96.20 152 201 204 355 355
8.501 - 9.000 1,087 49,867,499 8.984 13.12 85.55 96.65 124 230 233 356 356
9.001 - 9.500 1,960 95,724,406 9.499 25.19 84.41 96.48 135 218 222 357 357
9.501 - 10.000 1,469 70,831,470 9.995 18.64 86.94 97.49 130 223 226 356 356
10.001 - 10.500 977 47,125,746 10.499 12.40 86.80 96.73 131 223 227 358 358
10.501 - 11.000 302 14,090,997 10.995 3.71 86.77 96.86 126 225 229 355 355
11.001 - 11.500 416 16,982,633 11.499 4.47 81.14 95.98 171 181 185 356 356
11.501 - 12.000 277 10,114,439 11.996 2.66 81.08 95.63 180 172 176 356 356
12.001 - 12.500 221 8,260,155 12.493 2.17 85.69 97.50 168 184 189 357 357
12.501 - 13.000 180 5,736,293 12.979 1.51 84.81 98.30 180 166 175 355 355
13.001 - 13.500 72 2,330,782 13.486 0.61 81.68 94.55 183 162 167 350 350
13.501 - 14.000 53 1,441,878 13.992 0.38 87.06 98.79 178 167 172 350 350
14.001 - 14.500 2 69,331 14.500 0.02 0.00 0.00 175 184 185 360 360
14.501 - 15.000 7 165,245 14.960 0.04 0.00 0.00 182 159 163 345 345
15.001 - 15.500 36 871,398 15.500 0.23 76.12 89.93 195 143 154 349 349
16.001 - 16.500 5 157,812 16.500 0.04 89.41 100.00 197 147 152 349 349
17.001 - 17.500 4 105,577 17.500 0.03 0.00 0.00 198 140 145 343 343
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 8.00
Max: 17.50
WAC: 9.88
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
ORIGINAL TERM LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 203 4,418,670 9.614 1.16 47.62 91.84 108 72 73 180 180
181 - 240 66 1,481,040 10.592 0.39 61.12 95.91 132 106 107 240 240
241 - 300 309 7,274,741 10.292 1.91 74.91 95.07 166 132 134 300 300
301 - 360 8,125 366,882,410 9.869 96.53 85.57 96.76 138 218 222 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 180
Max: 360
Weighted Average: 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 2 of 6
<PAGE> 10
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
STATED REMAINING MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
TERM LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 24 37 214,259 11.854 0.06 24.33 100.00 189 18 18 208 208
25 - 48 189 1,990,647 9.564 0.52 31.42 90.64 188 37 38 226 226
49 - 72 186 2,679,269 9.512 0.70 42.10 92.16 203 59 61 265 265
73 - 96 300 4,768,290 9.513 1.25 54.87 98.85 239 85 87 327 327
97 - 120 839 16,001,227 8.634 4.21 58.10 96.20 232 108 110 342 342
121 - 144 859 23,436,068 10.113 6.17 68.21 97.47 223 129 132 355 355
145 - 168 252 9,591,485 11.508 2.52 75.65 95.47 181 152 156 338 338
169 - 192 562 22,554,724 12.104 5.93 81.04 94.94 175 176 182 357 357
193 - 216 802 40,320,048 10.649 10.61 84.41 96.46 149 207 211 360 360
217 - 240 2,763 148,907,511 9.505 39.18 84.19 96.27 134 222 226 360 360
241 - 264 965 51,114,729 10.159 13.45 89.63 97.63 110 247 250 360 360
265 - 288 567 33,021,445 9.606 8.69 91.90 97.83 83 274 277 360 360
289 - 312 309 20,342,966 8.637 5.35 91.96 96.79 64 294 296 360 360
313 - 336 70 4,937,763 9.020 1.30 93.49 96.20 42 316 318 360 360
337 - 360 3 176,429 8.467 0.05 96.68 97.92 19 341 341 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 4
Max: 344
Weighted Average: 218
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
SEASONING LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 24 3 176,429 8.467 0.05 96.68 97.92 19 341 341 360 360
25 - 48 78 5,377,526 9.000 1.41 93.33 96.34 42 307 309 352 352
49 - 72 356 22,798,918 8.688 6.00 91.24 96.44 65 286 288 353 353
73 - 96 584 33,417,987 9.632 8.79 91.58 97.94 84 268 271 355 355
97 - 120 1,051 54,132,766 10.155 14.24 89.17 97.57 110 243 247 357 357
121 - 144 2,974 156,963,454 9.509 41.30 83.36 96.14 135 218 222 356 356
145 - 168 796 37,252,508 10.884 9.80 83.81 96.47 151 202 206 357 357
169 - 192 563 21,205,432 12.224 5.58 80.23 94.79 179 173 178 357 357
193 - 216 217 6,706,844 12.546 1.76 75.79 96.71 210 141 146 356 356
217 - 240 907 23,754,469 9.990 6.25 67.21 97.67 228 126 129 357 357
241 - 264 844 14,493,664 8.437 3.81 54.98 96.94 251 104 106 357 357
265 - 288 238 3,143,581 8.868 0.83 49.48 98.86 273 82 84 356 356
289 - 312 43 422,392 8.493 0.11 39.19 100.00 293 64 66 359 359
313 - 336 49 210,890 8.773 0.06 32.06 100.00 329 30 32 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 16
Max: 333
Weighted Average: 138
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 3 of 6
<PAGE> 11
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
CURRENT LTV LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0.00 4,188 154,045,456 10.078 40.53 0.00 0.00 156 195 199 355 355
0.01 - 70.00 714 19,409,196 9.565 5.11 57.67 85.22 178 146 157 335 335
70.01 - 75.00 214 9,567,439 9.809 2.52 72.60 87.98 153 196 204 357 357
75.01 - 80.00 355 18,272,836 9.779 4.81 77.69 89.97 139 214 218 357 357
80.01 - 85.00 529 28,539,363 9.808 7.51 82.96 95.07 136 217 223 359 359
85.01 - 90.00 1,322 73,153,474 9.697 19.25 87.65 99.28 133 225 227 360 360
90.01 - 95.00 1,071 59,504,814 9.901 15.66 92.61 100.16 103 255 257 360 360
95.01 - 100.00 310 17,564,283 9.382 4.62 96.09 101.17 74 285 286 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Non-Zero Min: 20.27
Max: 99.34
Non-Zero Wtd Average: 85.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
ORIGINAL LTV LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0.00 4,188 154,045,456 10.078 40.53 0.00 0.00 156 195 199 355 355
0.01 - 70.00 85 3,616,598 9.757 0.95 48.77 57.20 128 216 222 351 351
70.01 - 75.00 38 1,550,707 9.804 0.41 63.20 73.00 129 219 224 353 353
75.01 - 80.00 72 3,447,267 9.620 0.91 67.69 78.18 117 223 229 346 346
80.01 - 85.00 121 6,051,863 9.681 1.59 72.07 83.00 130 220 225 355 355
85.01 - 90.00 296 15,943,431 9.667 4.20 76.71 88.04 131 222 226 357 357
90.01 - 95.00 423 22,209,108 9.651 5.84 81.35 92.79 127 227 230 357 357
95.01 - 100.00 1,947 92,866,317 9.839 24.43 85.56 98.71 133 221 224 357 357
100.01 - 102.00 1,157 64,341,993 9.620 16.93 90.42 100.78 116 239 242 358 358
102.01 - 104.00 376 15,984,121 9.887 4.21 92.24 102.92 119 235 240 359 359
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Non-Zero Min: 22.74
Max: 103.99
Non-Zero Wtd Average: 96.69
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
MONTHS DELINQUENT LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0 7,295 325,402,081 9.871 85.62 85.16 96.74 137 215 219 356 356
1 - 1 1,408 54,654,781 9.915 14.38 84.02 96.37 144 209 212 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
PRODUCT TYPE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Fixed - 30 Year 8,500 375,638,191 9.880 98.84 85.41 96.74 139 216 220 358 358
Fixed - 15 Year 203 4,418,670 9.614 1.16 47.62 91.84 108 72 73 180 180
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 4 of 6
<PAGE> 12
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
LIEN POSITION LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
PROPERTY TYPE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unknown 4,829 208,262,227 9.986 54.80 83.41 96.50 144 209 213 357 357
Single Family
Detached 3,707 162,992,769 9.756 42.89 87.25 97.00 133 220 223 356 356
Condo 112 5,513,423 9.635 1.45 87.93 96.83 112 239 243 356 356
Townhouse 33 1,914,608 9.551 0.50 89.09 96.42 100 249 251 350 350
2-4 Family 20 1,188,970 9.374 0.31 87.01 94.19 92 261 264 356 356
Prefabricated 2 184,865 8.500 0.05 95.79 100.81 59 295 301 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
OCCUPANCY LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Primary 7,826 344,523,480 9.878 90.65 85.12 96.76 138 215 218 356 356
Non-Owner Occupied 725 28,687,447 9.881 7.55 83.26 95.77 144 207 211 355 355
Unknown 107 4,701,716 9.896 1.24 85.54 97.04 128 217 221 349 349
Vacant 45 2,144,218 9.654 0.56 86.53 96.55 110 231 237 347 347
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 5 of 6
<PAGE> 13
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
STATE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Texas 1,961 88,335,377 9.774 23.24 84.89 97.49 140 213 216 356 356
California 930 52,474,408 9.753 13.81 84.08 95.20 138 216 219 358 358
Florida 884 41,263,306 9.838 10.86 89.84 97.90 118 235 238 356 356
Arizona 385 18,972,489 9.756 4.99 81.34 94.99 142 212 216 358 358
Georgia 322 14,720,714 9.830 3.87 87.85 96.68 128 228 231 359 359
New York 451 14,416,408 10.517 3.79 82.17 92.79 158 183 187 345 345
Tennessee 284 11,500,873 9.822 3.03 85.06 97.96 135 216 218 353 353
Louisiana 229 10,556,464 9.974 2.78 85.62 95.84 128 226 229 357 357
Illinois 207 10,467,512 10.086 2.75 89.62 98.40 117 238 242 358 358
Colorado 201 10,198,369 9.696 2.68 83.02 95.80 140 211 214 355 355
Virginia 206 9,149,785 9.945 2.41 84.56 97.08 155 200 203 358 358
Minnesota 226 9,048,506 9.512 2.38 76.91 95.67 156 200 202 359 359
New Jersey 242 7,668,441 10.520 2.02 83.35 94.38 164 186 190 354 354
Nebraska 207 7,041,858 9.856 1.85 81.73 97.82 158 196 199 357 357
Ohio 223 6,899,729 10.382 1.82 86.06 95.81 138 214 219 357 357
Oklahoma 159 6,873,688 9.671 1.81 84.79 96.72 132 222 225 358 358
Pennsylvania 253 6,328,328 11.258 1.67 86.57 98.97 158 186 192 350 350
Maryland 111 5,966,703 10.036 1.57 88.19 98.21 142 212 216 357 357
Kansas 116 4,525,683 9.904 1.19 84.93 97.77 138 213 217 355 355
North Carolina 96 4,392,854 9.618 1.16 87.93 98.11 130 227 230 359 359
Nevada 89 4,297,315 9.836 1.13 78.50 94.92 142 206 212 355 355
Missouri 109 4,135,812 10.074 1.09 87.47 98.64 138 216 219 357 357
Washington 119 4,006,494 9.596 1.05 81.86 97.25 173 179 184 358 358
Alabama 117 3,629,482 10.028 0.95 79.53 96.78 163 190 193 356 356
Indiana 73 2,921,955 9.664 0.77 85.35 98.40 115 233 239 355 355
Mississippi 57 2,484,506 9.648 0.65 88.81 97.18 106 248 251 356 356
Arkansas 64 2,087,803 9.738 0.55 82.57 96.92 147 209 213 360 360
South Carolina 59 2,084,926 9.802 0.55 88.83 98.56 141 211 214 353 353
Michigan 51 1,715,631 10.472 0.45 85.01 92.47 122 232 236 357 357
Iowa 38 1,169,563 9.740 0.31 86.10 100.40 155 199 202 357 357
Wisconsin 27 1,070,178 10.157 0.28 88.77 99.36 147 209 212 359 359
District of Columbia 27 1,019,923 10.876 0.27 81.40 93.77 189 166 171 360 360
Utah 20 888,767 9.511 0.23 84.78 95.22 121 229 232 353 353
Alaska 10 796,071 9.853 0.21 84.18 94.01 142 214 217 360 360
New Mexico 15 775,913 9.181 0.20 77.65 93.85 112 219 237 349 349
Kentucky 21 756,900 9.830 0.20 87.27 101.11 123 218 223 346 346
Connecticut 9 688,028 10.281 0.18 85.53 94.77 124 235 236 360 360
Montana 16 659,447 9.141 0.17 74.25 88.09 134 220 225 359 359
Oregon 17 648,160 9.606 0.17 79.03 96.61 130 216 230 360 360
Massachusetts 7 605,043 9.200 0.16 84.65 93.00 107 250 253 360 360
Wyoming 13 569,094 9.333 0.15 79.20 96.56 164 193 198 360 360
Delaware 8 351,826 9.343 0.09 94.35 100.30 95 261 265 360 360
Hawaii 4 341,222 9.237 0.09 42.12 100.00 119 218 224 344 344
Idaho 8 311,483 9.322 0.08 86.75 97.81 133 221 227 360 360
Maine 7 296,924 9.339 0.08 92.86 100.38 122 219 220 342 342
South Dakota 6 248,335 9.530 0.07 77.49 96.99 152 205 208 360 360
Rhode Island 2 226,943 9.500 0.06 95.76 98.40 45 315 315 360 360
New Hampshire 3 222,622 9.125 0.06 89.38 94.97 103 256 257 360 360
West Virginia 12 214,269 9.412 0.06 90.69 100.04 188 165 166 354 354
North Dakota 2 30,731 10.322 0.01 59.56 100.00 219 102 102 320 320
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters Corporation with respect to the expected
characteristics of the pool of Assets in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the Assets 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 the 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 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 6 of 6
<PAGE> 1
EXHIBIT 99.2
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
MBS NEW TRANSACTION
COLLATERAL TERM SHEET
----------------
PRE-MARKETING TODAY
THURSDAY, MAY 7, 1998
----------------
$380,000,000 (APPROXIMATELY)
UNION PLANTERS MORTGAGE FINANCE CORP. 1998-1
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 2
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
$380,000,000 (APPROXIMATELY)
UNION PLANTERS MORTGAGE FINANCE CORP.,
Mortgage Pass-Through Certificates, Series 1998-1
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
PAYMENT PRICE
EXPECTED RATINGS AVERAGE LIFE WINDOW TALK
CLASS CLASS SIZE COUPON (MOODY'S/D&P) TO MATURITY TO MATURITY (BPS)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 198,539,000 6.45% Aaa/AAA 2.5 years 6/98 to 11/03 (66 months)
- ------------------------------------------------------------------------------------------------------------------------
A-2 19,856,000 6.55% Aaa/AAA 5.9 years 11/03 to 9/04 (11 months)
- ------------------------------------------------------------------------------------------------------------------------
A-3 66,176,000 6.70% Aaa/AAA 7.9 years 9/04 to 2/08 (42 months)
- ------------------------------------------------------------------------------------------------------------------------
A-4 66,404,000 6.85% Aaa/AAA 12.25 years 2/08 to 10/13 (69 months)
- ------------------------------------------------------------------------------------------------------------------------
A-5 18,631,000 6.85% Aaa/AAA 16.95 years 10/13 to 9/17 (48 months)
- ------------------------------------------------------------------------------------------------------------------------
X-1 380,056,861 WAC Aaa/AAA 6.00 years
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
DEPOSITOR: Union Planters Mortgage Finance Corp.
MASTER SERVICER: Union Planters Bank, NA
TRUSTEE: The Bank of New York
MANAGERS: MORGAN STANLEY DEAN WITTER (SOLE MANAGER)
DAY COUNT BASIS: 30/360
EXPECTED PRICING DATE: May 12, 1998
EXPECTED SETTLEMENT: May 28, 1998
FORMS OF CERTIFICATES: Classes A-1 through A-5 and Class X-1 will settle
through DTC
DISTRIBUTION DATES: The 25th of each month, beginning June 25, 1998
PRICING SPEED: 10% CPR
OPTIONAL CALL: 5% clean-up call (5% of pool balance)
TAX STATUS: REMIC
ERISA ELIGIBILITY: Class A-1 through A-5 and Class X-1 are ERISA
eligible
SMMEA ELIGIBILITY: Class A-1 through A-5 and Class X-1 are SMMEA
eligible
FHA INSURANCE: FHA loans are insured by HUD for 100% of the
principal balance and interest at the applicable
debenture rate less the first 60 days of interest.
Additionally, the FHA will cover 2/3 of all approved
foreclosure costs relating to the acquisition of the
property
VA GUARANTEE: VA loans are guaranteed for 100% of interest and 25%
to 50% of the principal (determined at the time of
loan origination based on the lesser of a percentage
of original loan amount or the eligible
indebtedness). Generally the VA will cover some
liquidation expenses.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 3
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
CREDIT ENHANCEMENT
- - Class A-1 through A-5 Credit Enhancement:
1. Subordination totaling 2.75% of the original pool balance.
CREDIT STRUCTURE
- - Cashflow priority for Union Planters Mortgage Finance Corp., Series
1998-1
Distributions will be made on each distribution date from available
funds in the following order of priority:
1. To pay a servicing fee of 100 bps,
2. To pay a trustee fee of 1.2 bps,
3. To interest pro rata on each class of senior certificates,
4. To principal of the classes of senior certificates then
entitled to receive distributions of principal,
5. To interest on each class of subordinated certificates,
6. To principal of the classes of subordinated certificates then
entitled to receive distributions of principal.
- - Distribution of Principal:
Principal will be allocated among the classes as follows:
1. During the first 60 months, scheduled and unscheduled
principal allocable to classes A1, A2, A3, A4 and A5 will be
paid sequentially starting with A1 until it is fully paid
down, next to A2 until it is fully paid down, next to A3 until
it is fully paid down, next to A4 until it is fully paid down,
and then to A5.
2. All subordinated classes will receive their pro-rata share of
scheduled principal payments based on their allocable
percentages and beginning in month 61, based on a standard
shifting interest schedule, a schedule amount of prepayments.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 4
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
UPMFC 1998-1 COLLATERAL DESCRIPTION
COLLATERAL: The Trust Fund will consist of fixed rate FHA insured and VA
guaranteed Mortgage Loans secured by first liens on one- to
four-family residential properties. As of May 1, 1998 (the "Cut-off
Date"), the pool totaled approximately $380,056,861.
<TABLE>
<CAPTION>
TOTAL COLLATERAL POOL*
----------------------
<S> <C>
AGGREGATE BALANCE: $380,056,861
NUMBER OF LOANS: 8,703
AVERAGE OUTSTANDING BALANCE: $43,670
AVERAGE ORIGINAL BALANCE: $52,518
WEIGHTED AVERAGE GROSS COUPON: 9.877%
LOAN TYPE: 69.48% FHA Insured, 30.52% VA Guaranteed
PRODUCT TYPE: 100% Fixed Rate
WEIGHTED AVERAGE ORIGINAL TERM: 356 Months
WEIGHTED AVERAGE REMAINING TERM: 218 Months
WEIGHTED AVERAGE SEASONING: 138 Months
LIEN POSITION: 100% 1st Lien
ORIGINAL LOAN TO VALUE RATIO**: 96.69%
CURRENT AMORTIZED LOAN TO VALUE 85.00%
RATIO***:
PROPERTY TYPE****: 94.88% Single Family, 3.21% Condo, 1.91% Other
OWNER OCCUPANCY: 90.65% Owner Occupied, 7.55% Non-Owner Occupied, 1.24% Not Available, 0.56% Other
GEOGRAPHIC DISTRIBUTION (> 3%): TX 23.24%, CA 13.81%, FL 10.86%, AZ 4.99%, GA 3.87%, NY 3.79%, TN 3.03%
</TABLE>
* The description of the Collateral herein will be superceded by the description
of the collateral in the Prospectus Supplement.
** Based on original balance. 40.53% not available, percentages are based on
known population.
*** 40.53% not available, percentages are based on known population.
**** 54.80% not available, percentages are based on known population.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 5
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
FHA INSURANCE AND VA GUARANTEES
FHA INSURANCE
Purpose - To provide mortgage insurance for a person to purchase or refinance a
principal residence. The mortgage loan is funded by a lending institution, such
as a mortgage company, bank, savings and loan association and the mortgage is
insured by HUD.
Loan Balance Limits - Generally, unless the property is located in a high cost
area, the current maximum mortgage limit for single family FHA insured loans is
$86,317. High cost area limits are equal to 95% of the area median house price.
The high cost limits are subject to a ceiling based on 75% of the Freddie Mac
Loan limits. The current FHA single family ceiling is $170,362. Section 214 of
the National Housing Act provides that the mortgage limit for Alaska, Guam,
Hawaii, and the Virgin Islands may be adjusted up to 150% of the aforementioned
ceiling.
Loans guaranteed under the FHA program are insured by the Department of Housing
and Urban Development (HUD). HUD will guarantee 100% of the principal value of
the insured loan in addition to a debenture rate of interest on the outstanding
principal balance. All forgone interest beyond the last payment date will be
reimbursed through the date of liquidation less a period of 60 days.
FHA will pay 2/3 of all foreclosure costs (attorney, foreclosure, etc.) in
connection with acquiring title, bankruptcy proceedings, and title transfers.
All costs relating to eviction, assignments and other possessory costs are
covered by FHA.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 6
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
FHA INSURANCE AND VA GUARANTEES
(Continued)
VA LOAN PROGRAM GUARANTY
Purpose - The purpose of the Veterans Loan Guaranty Program is to allow veterans
to obtain home loans with favorable loan terms, usually without a downpayment.
The VA will cover 100% of the interest up to the cutoff date and principal as
follows:
<TABLE>
<CAPTION>
LOAN AMOUNT GUARANTY PERCENT MAXIMUM AMOUNT
----------- ---------------- --------------
<S> <C> <C>
Up to $45,000 50% $22,500
$45,001 - $56,250 40 - 50% $22,500
$56,251 - 144,000 40% $36,000
$144,001 or more 25% $50,750
</TABLE>
When the net value of the property is less than the unguaranteed portion of the
loan, VA will not specify an amount for the holder to credit to the indebtedness
on account of the sale and will not accept conveyance of the property (called a
VA no-bid). In these cases the Master Servicer may suffer a loss on the portion
that is not guaranteed, and will retain title to the property. However, the
servicer may elect to consider a debt reduction in cases where the VA does not
specify a foreclosure bid. The servicer must agree to forgive the portion of the
indebtedness that exceeds the maximum guarantee liability plus the net value of
the subject property. The VA will then issue or specify foreclosure bidding
instructions and agree to accept conveyance upon completion of the foreclosure
sale.
Generally, the VA will cover some liquidation expenses.
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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 7
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC] MAY 7, 1998
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
CONTACTS
<TABLE>
<CAPTION>
MORTGAGE FINANCE GROUP MBS CAPITAL MARKETS
---------------------- -------------------
Phone Phone
----- -----
<S> <C> <C> <C> <C> <C>
NY: Sanjeev Khanna 761-2132 NY: Dennis Scurletis 761-2248
Steve Shapiro 761-2146 Rei Rothberg 761-1978
Steve Katz 761-2134 Mike Edman 761-1984
Michael Childress 761-2934 Alex Gaffan 761-1995
<CAPTION>
MORTGAGE BACKED TRADING MBS RESEARCH GROUP
----------------------- ------------------
Phone Phone
----- -----
<S> <C> <C> <C> <C> <C>
NY: David Warren 761-1400 NY: Steve Abrahams 761-1440
John Hanlon 761-2090 Paul Check 761-1456
Larry Rosati 761-2086
Brett Kalesky 761-1300
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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> 8
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
CURRENT BALANCE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 50,000 5,413 158,024,439 10.102 41.58 81.15 96.48 162 187 191 353 353
50,001 - 100,000 3,172 208,526,742 9.744 54.87 86.91 96.90 123 232 235 359 359
100,001 - 150,000 115 13,023,635 9.326 3.43 88.88 95.54 95 263 265 360 360
150,001 - 200,000 3 482,046 8.649 0.13 93.20 95.74 59 301 301 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 1,146.00
Max: 172,845.54
Average: 43,669.64
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
ORIGINAL BALANCE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 50,000 4,422 115,057,147 10.141 30.27 81.48 96.50 165 186 189 354 354
50,001 - 100,000 4,029 238,943,513 9.784 62.87 85.93 96.85 129 225 228 357 357
100,001 - 150,000 247 25,290,369 9.591 6.65 87.49 95.89 109 245 249 358 358
150,001 - 200,000 5 765,833 8.686 0.20 94.16 98.09 65 294 295 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 7,350.00
Max: 181,383.00
Average: 52,518.36
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
LOAN TYPE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FHA 5,891 264,071,462 9.881 69.48 85.75 96.43 130 223 226 356 356
VA 2,812 115,985,399 9.867 30.52 82.94 97.41 158 196 199 357 357
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 1 of 6
<PAGE> 9
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
CURRENT COUPON LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.501 - 8.000 310 11,916,615 8.000 3.14 82.83 95.49 124 230 232 355 355
8.001 - 8.500 1,325 44,264,588 8.498 11.65 82.03 96.20 152 201 204 355 355
8.501 - 9.000 1,087 49,867,499 8.984 13.12 85.55 96.65 124 230 233 356 356
9.001 - 9.500 1,960 95,724,406 9.499 25.19 84.41 96.48 135 218 222 357 357
9.501 - 10.000 1,469 70,831,470 9.995 18.64 86.94 97.49 130 223 226 356 356
10.001 - 10.500 977 47,125,746 10.499 12.40 86.80 96.73 131 223 227 358 358
10.501 - 11.000 302 14,090,997 10.995 3.71 86.77 96.86 126 225 229 355 355
11.001 - 11.500 416 16,982,633 11.499 4.47 81.14 95.98 171 181 185 356 356
11.501 - 12.000 277 10,114,439 11.996 2.66 81.08 95.63 180 172 176 356 356
12.001 - 12.500 221 8,260,155 12.493 2.17 85.69 97.50 168 184 189 357 357
12.501 - 13.000 180 5,736,293 12.979 1.51 84.81 98.30 180 166 175 355 355
13.001 - 13.500 72 2,330,782 13.486 0.61 81.68 94.55 183 162 167 350 350
13.501 - 14.000 53 1,441,878 13.992 0.38 87.06 98.79 178 167 172 350 350
14.001 - 14.500 2 69,331 14.500 0.02 0.00 0.00 175 184 185 360 360
14.501 - 15.000 7 165,245 14.960 0.04 0.00 0.00 182 159 163 345 345
15.001 - 15.500 36 871,398 15.500 0.23 76.12 89.93 195 143 154 349 349
16.001 - 16.500 5 157,812 16.500 0.04 89.41 100.00 197 147 152 349 349
17.001 - 17.500 4 105,577 17.500 0.03 0.00 0.00 198 140 145 343 343
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 8.00
Max: 17.50
WAC: 9.88
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
ORIGINAL TERM LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 203 4,418,670 9.614 1.16 47.62 91.84 108 72 73 180 180
181 - 240 66 1,481,040 10.592 0.39 61.12 95.91 132 106 107 240 240
241 - 300 309 7,274,741 10.292 1.91 74.91 95.07 166 132 134 300 300
301 - 360 8,125 366,882,410 9.869 96.53 85.57 96.76 138 218 222 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 180
Max: 360
Weighted Average: 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 2 of 6
<PAGE> 10
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
STATED REMAINING MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
TERM LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 24 37 214,259 11.854 0.06 24.33 100.00 189 18 18 208 208
25 - 48 189 1,990,647 9.564 0.52 31.42 90.64 188 37 38 226 226
49 - 72 186 2,679,269 9.512 0.70 42.10 92.16 203 59 61 265 265
73 - 96 300 4,768,290 9.513 1.25 54.87 98.85 239 85 87 327 327
97 - 120 839 16,001,227 8.634 4.21 58.10 96.20 232 108 110 342 342
121 - 144 859 23,436,068 10.113 6.17 68.21 97.47 223 129 132 355 355
145 - 168 252 9,591,485 11.508 2.52 75.65 95.47 181 152 156 338 338
169 - 192 562 22,554,724 12.104 5.93 81.04 94.94 175 176 182 357 357
193 - 216 802 40,320,048 10.649 10.61 84.41 96.46 149 207 211 360 360
217 - 240 2,763 148,907,511 9.505 39.18 84.19 96.27 134 222 226 360 360
241 - 264 965 51,114,729 10.159 13.45 89.63 97.63 110 247 250 360 360
265 - 288 567 33,021,445 9.606 8.69 91.90 97.83 83 274 277 360 360
289 - 312 309 20,342,966 8.637 5.35 91.96 96.79 64 294 296 360 360
313 - 336 70 4,937,763 9.020 1.30 93.49 96.20 42 316 318 360 360
337 - 360 3 176,429 8.467 0.05 96.68 97.92 19 341 341 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 4
Max: 344
Weighted Average: 218
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
SEASONING LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 24 3 176,429 8.467 0.05 96.68 97.92 19 341 341 360 360
25 - 48 78 5,377,526 9.000 1.41 93.33 96.34 42 307 309 352 352
49 - 72 356 22,798,918 8.688 6.00 91.24 96.44 65 286 288 353 353
73 - 96 584 33,417,987 9.632 8.79 91.58 97.94 84 268 271 355 355
97 - 120 1,051 54,132,766 10.155 14.24 89.17 97.57 110 243 247 357 357
121 - 144 2,974 156,963,454 9.509 41.30 83.36 96.14 135 218 222 356 356
145 - 168 796 37,252,508 10.884 9.80 83.81 96.47 151 202 206 357 357
169 - 192 563 21,205,432 12.224 5.58 80.23 94.79 179 173 178 357 357
193 - 216 217 6,706,844 12.546 1.76 75.79 96.71 210 141 146 356 356
217 - 240 907 23,754,469 9.990 6.25 67.21 97.67 228 126 129 357 357
241 - 264 844 14,493,664 8.437 3.81 54.98 96.94 251 104 106 357 357
265 - 288 238 3,143,581 8.868 0.83 49.48 98.86 273 82 84 356 356
289 - 312 43 422,392 8.493 0.11 39.19 100.00 293 64 66 359 359
313 - 336 49 210,890 8.773 0.06 32.06 100.00 329 30 32 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Min: 16
Max: 333
Weighted Average: 138
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 3 of 6
<PAGE> 11
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
CURRENT LTV LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0.00 4,188 154,045,456 10.078 40.53 0.00 0.00 156 195 199 355 355
0.01 - 70.00 714 19,409,196 9.565 5.11 57.67 85.22 178 146 157 335 335
70.01 - 75.00 214 9,567,439 9.809 2.52 72.60 87.98 153 196 204 357 357
75.01 - 80.00 355 18,272,836 9.779 4.81 77.69 89.97 139 214 218 357 357
80.01 - 85.00 529 28,539,363 9.808 7.51 82.96 95.07 136 217 223 359 359
85.01 - 90.00 1,322 73,153,474 9.697 19.25 87.65 99.28 133 225 227 360 360
90.01 - 95.00 1,071 59,504,814 9.901 15.66 92.61 100.16 103 255 257 360 360
95.01 - 100.00 310 17,564,283 9.382 4.62 96.09 101.17 74 285 286 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Non-Zero Min: 20.27
Max: 99.34
Non-Zero Wtd Average: 85.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
ORIGINAL LTV LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0.00 4,188 154,045,456 10.078 40.53 0.00 0.00 156 195 199 355 355
0.01 - 70.00 85 3,616,598 9.757 0.95 48.77 57.20 128 216 222 351 351
70.01 - 75.00 38 1,550,707 9.804 0.41 63.20 73.00 129 219 224 353 353
75.01 - 80.00 72 3,447,267 9.620 0.91 67.69 78.18 117 223 229 346 346
80.01 - 85.00 121 6,051,863 9.681 1.59 72.07 83.00 130 220 225 355 355
85.01 - 90.00 296 15,943,431 9.667 4.20 76.71 88.04 131 222 226 357 357
90.01 - 95.00 423 22,209,108 9.651 5.84 81.35 92.79 127 227 230 357 357
95.01 - 100.00 1,947 92,866,317 9.839 24.43 85.56 98.71 133 221 224 357 357
100.01 - 102.00 1,157 64,341,993 9.620 16.93 90.42 100.78 116 239 242 358 358
102.01 - 104.00 376 15,984,121 9.887 4.21 92.24 102.92 119 235 240 359 359
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
Non-Zero Min: 22.74
Max: 103.99
Non-Zero Wtd Average: 96.69
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
MONTHS DELINQUENT LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0 7,295 325,402,081 9.871 85.62 85.16 96.74 137 215 219 356 356
1 - 1 1,408 54,654,781 9.915 14.38 84.02 96.37 144 209 212 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
PRODUCT TYPE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Fixed - 30 Year 8,500 375,638,191 9.880 98.84 85.41 96.74 139 216 220 358 358
Fixed - 15 Year 203 4,418,670 9.614 1.16 47.62 91.84 108 72 73 180 180
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 4 of 6
<PAGE> 12
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
LIEN POSITION LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
PROPERTY TYPE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unknown 4,829 208,262,227 9.986 54.80 83.41 96.50 144 209 213 357 357
Single Family
Detached 3,707 162,992,769 9.756 42.89 87.25 97.00 133 220 223 356 356
Condo 112 5,513,423 9.635 1.45 87.93 96.83 112 239 243 356 356
Townhouse 33 1,914,608 9.551 0.50 89.09 96.42 100 249 251 350 350
2-4 Family 20 1,188,970 9.374 0.31 87.01 94.19 92 261 264 356 356
Prefabricated 2 184,865 8.500 0.05 95.79 100.81 59 295 301 360 360
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
OCCUPANCY LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Primary 7,826 344,523,480 9.878 90.65 85.12 96.76 138 215 218 356 356
Non-Owner Occupied 725 28,687,447 9.881 7.55 83.26 95.77 144 207 211 355 355
Unknown 107 4,701,716 9.896 1.24 85.54 97.04 128 217 221 349 349
Vacant 45 2,144,218 9.654 0.56 86.53 96.55 110 231 237 347 347
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters with respect to the expected characteristics of the
pool of Mortgage Loans in which these securities will represent undivided
beneficial interests. The actual characteristics and performance of the 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 the 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 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 5 of 6
<PAGE> 13
UNION PLANTERS 1998-1 MORGAN STANLEY DEAN WITTER
PERFORMING 8,703 RECORDS
BALANCE: 380,056,861
================================================================================
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE WEIGHTED REMAINING STATED ORIGINAL
MORTGAGE PRINCIPAL AVERAGE CURRENT ORIGINAL AMORTIZATION REMAINING ORIGINAL AMORTIZED
STATE LOANS BALANCE COUPON % LTV LTV AGE TERM TERM TERM TERM
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Texas 1,961 88,335,377 9.774 23.24 84.89 97.49 140 213 216 356 356
California 930 52,474,408 9.753 13.81 84.08 95.20 138 216 219 358 358
Florida 884 41,263,306 9.838 10.86 89.84 97.90 118 235 238 356 356
Arizona 385 18,972,489 9.756 4.99 81.34 94.99 142 212 216 358 358
Georgia 322 14,720,714 9.830 3.87 87.85 96.68 128 228 231 359 359
New York 451 14,416,408 10.517 3.79 82.17 92.79 158 183 187 345 345
Tennessee 284 11,500,873 9.822 3.03 85.06 97.96 135 216 218 353 353
Louisiana 229 10,556,464 9.974 2.78 85.62 95.84 128 226 229 357 357
Illinois 207 10,467,512 10.086 2.75 89.62 98.40 117 238 242 358 358
Colorado 201 10,198,369 9.696 2.68 83.02 95.80 140 211 214 355 355
Virginia 206 9,149,785 9.945 2.41 84.56 97.08 155 200 203 358 358
Minnesota 226 9,048,506 9.512 2.38 76.91 95.67 156 200 202 359 359
New Jersey 242 7,668,441 10.520 2.02 83.35 94.38 164 186 190 354 354
Nebraska 207 7,041,858 9.856 1.85 81.73 97.82 158 196 199 357 357
Ohio 223 6,899,729 10.382 1.82 86.06 95.81 138 214 219 357 357
Oklahoma 159 6,873,688 9.671 1.81 84.79 96.72 132 222 225 358 358
Pennsylvania 253 6,328,328 11.258 1.67 86.57 98.97 158 186 192 350 350
Maryland 111 5,966,703 10.036 1.57 88.19 98.21 142 212 216 357 357
Kansas 116 4,525,683 9.904 1.19 84.93 97.77 138 213 217 355 355
North Carolina 96 4,392,854 9.618 1.16 87.93 98.11 130 227 230 359 359
Nevada 89 4,297,315 9.836 1.13 78.50 94.92 142 206 212 355 355
Missouri 109 4,135,812 10.074 1.09 87.47 98.64 138 216 219 357 357
Washington 119 4,006,494 9.596 1.05 81.86 97.25 173 179 184 358 358
Alabama 117 3,629,482 10.028 0.95 79.53 96.78 163 190 193 356 356
Indiana 73 2,921,955 9.664 0.77 85.35 98.40 115 233 239 355 355
Mississippi 57 2,484,506 9.648 0.65 88.81 97.18 106 248 251 356 356
Arkansas 64 2,087,803 9.738 0.55 82.57 96.92 147 209 213 360 360
South Carolina 59 2,084,926 9.802 0.55 88.83 98.56 141 211 214 353 353
Michigan 51 1,715,631 10.472 0.45 85.01 92.47 122 232 236 357 357
Iowa 38 1,169,563 9.740 0.31 86.10 100.40 155 199 202 357 357
Wisconsin 27 1,070,178 10.157 0.28 88.77 99.36 147 209 212 359 359
District of Columbia 27 1,019,923 10.876 0.27 81.40 93.77 189 166 171 360 360
Utah 20 888,767 9.511 0.23 84.78 95.22 121 229 232 353 353
Alaska 10 796,071 9.853 0.21 84.18 94.01 142 214 217 360 360
New Mexico 15 775,913 9.181 0.20 77.65 93.85 112 219 237 349 349
Kentucky 21 756,900 9.830 0.20 87.27 101.11 123 218 223 346 346
Connecticut 9 688,028 10.281 0.18 85.53 94.77 124 235 236 360 360
Montana 16 659,447 9.141 0.17 74.25 88.09 134 220 225 359 359
Oregon 17 648,160 9.606 0.17 79.03 96.61 130 216 230 360 360
Massachusetts 7 605,043 9.200 0.16 84.65 93.00 107 250 253 360 360
Wyoming 13 569,094 9.333 0.15 79.20 96.56 164 193 198 360 360
Delaware 8 351,826 9.343 0.09 94.35 100.30 95 261 265 360 360
Hawaii 4 341,222 9.237 0.09 42.12 100.00 119 218 224 344 344
Idaho 8 311,483 9.322 0.08 86.75 97.81 133 221 227 360 360
Maine 7 296,924 9.339 0.08 92.86 100.38 122 219 220 342 342
South Dakota 6 248,335 9.530 0.07 77.49 96.99 152 205 208 360 360
Rhode Island 2 226,943 9.500 0.06 95.76 98.40 45 315 315 360 360
New Hampshire 3 222,622 9.125 0.06 89.38 94.97 103 256 257 360 360
West Virginia 12 214,269 9.412 0.06 90.69 100.04 188 165 166 354 354
North Dakota 2 30,731 10.322 0.01 59.56 100.00 219 102 102 320 320
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 8,703 380,056,861 9.877 100.00 85.00 96.69 138 214 218 356 356
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Union Planters Corporation with respect to the expected
characteristics of the pool of Assets in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the Assets 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 the loans will prepay at a constant rate or
follow a predictable pattern. This information may not be used or otherwise
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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
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THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
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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
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CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
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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 loans contained herein, shall be deemed
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concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
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