<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) February 8, 1999.
-----------------
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 February 10, 1999, the Registrant expects to enter into an
underwriting agreement with Morgan Stanley & Co. Incorporated (the
"Underwriter"), pursuant to which the Underwriter will agree to purchase and
offer for sale to the public, $128,493,000 approximate aggregate initial
principal amount of the Registrant's Mortgage Pass-Through Certificates, Series
1999-1, Class X-1, Class A-1 and Class A-2 (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 May 22, 1998, and a related Prospectus
Supplement, dated February 10, 1999, 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
"Computational Materials," "Collateral Term Sheets" and/or "Structural Term
Sheet(s)," as such terms are defined in the No-Action response letters 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 Computational Materials,
Collateral Term Sheets and/or Structural Term Sheet(s) as Exhibit 99.1.
Exhibits
99.1 Copy of "Computational Materials," "Collateral Term Sheets"
and/or "Structural Term Sheet(s)" as provided by Morgan
Stanley & Co. Incorporated.
-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.
February 8, 1999 UNION PLANTERS MORTGAGE
FINANCE CORP.
By: /s/ MARK E. MOSTELLER
----------------------------------
Name: Mark E. Mosteller
Title: Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
99.1 Copy of "Computational Materials", "Collateral
Term Sheets" and/or "Structural Term Sheet(s)"
as provided by Morgan Stanley & Co. Incorporated..................
</TABLE>
<PAGE> 1
EXHIBIT 99.1
- --------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [GRAPHIC OMITTED] FEBRUARY 8, 1999
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
MBS NEW TRANSACTION
TERM SHEET
--------------------------
PRE-MARKETING TODAY
MONDAY, FEBRUARY 8, 1999
--------------------------
$128,493,000 (APPROXIMATELY)
UNION PLANTERS MORTGAGE FINANCE CORP. 1999-1
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 OMITTED] FEBRUARY 8, 1999
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
$128,493,000 (APPROXIMATELY)
UNION PLANTERS MORTGAGE FINANCE CORP.
Depositor
UNION PLANTERS BANK, NATIONAL ASSOCIATION
Seller and Master Servicer
UNION PLANTERS MORTGAGE FINANCE CORP., SERIES 1999-1
----------------------------------------------------
MORTGAGE PASS-THROUGH CERTIFICATES
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 $107,706,573 6.25% Aaa/AAA 3.50 years 3/25/1999 - 5/25/2008 (111 months)
- ------------------------------------------------------------------------------------------------------------
A-2 $ 20,754,612 6.25% Aaa/AAA 12.60 years 5/25/2008 - 5/25/2021 (157 months)
- ------------------------------------------------------------------------------------------------------------
X-1 $132,467,434 WAC IO Aaa/AAA 5.10 years
- ------------------------------------------------------------------------------------------------------------
</TABLE>
DEPOSITOR: Union Planters Mortgage Finance Corp.
MASTER SERVICER: Union Planters Bank, National Association
TRUSTEE: The Bank of New York
MANAGERS: MORGAN STANLEY DEAN WITTER (SOLE MANAGER)
DAY COUNT BASIS: 30/360
EXPECTED PRICING DATE: February 10, 1999
EXPECTED SETTLEMENT: February 26, 1999
FORMS OF CERTIFICATES: Classes A-1, A-2 and X-1 will settle DTC
DISTRIBUTION DATES: The 25th of each month, beginning March 25, 1999
PRICING SPEED: 14% CPR
OPTIONAL CALL: 5% clean-up call (5% of pool balance)
TAX STATUS: REMIC
ERISA ELIGIBILITY: Class A-1, A-2 and X-1 are ERISA eligible
SMMEA ELIGIBILITY: Class A-1, A-2 and 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
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 OMITTED] FEBRUARY 8, 1999
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
CREDIT ENHANCEMENT
- - Class A-1 and A-2 Credit Enhancement:
1. Subordination totaling 3.00% of the original pool balance.
CREDIT STRUCTURE
- - Cashflow priority for Union Planters Mortgage Finance Corp., Series 1999-1
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 and A2 will be paid sequentially starting with A1 until it
is fully paid down and then to A2 until it is fully paid down.
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 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 OMITTED] FEBRUARY 8, 1999
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
UPMFC 1999-1 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 February 1, 1999
(the "Cut-off Date"), the pool totaled approximately
$132,467,434.
<TABLE>
<CAPTION>
TOTAL COLLATERAL POOL*
----------------------
<S> <C>
AGGREGATE BALANCE: $132,467,434
NUMBER OF LOANS: 2,888
AVERAGE OUTSTANDING BALANCE: $45,868
AVERAGE ORIGINAL BALANCE: $55,159
WEIGHTED AVERAGE GROSS COUPON: 9.672%
LOAN TYPE: 75.23% FHA Insured, 24.77% VA Guaranteed
PRODUCT TYPE: 100% Fixed Rate
WEIGHTED AVERAGE ORIGINAL TERM: 357 Months
WEIGHTED AVERAGE REMAINING TERM: 222 Months
WEIGHTED AVERAGE SEASONING: 135 Months
LIEN POSITION: 100% 1st Lien
ORIGINAL LOAN TO VALUE RATIO **: 96.48%
CURRENT LOAN TO VALUE RATIO ***: 84.84%
DELINQUENCY STATUS: 80.08% current / 19.92% 30-59 days delinquent
MORTGAGORS IN BANKRUPTCY ****: 3.95%
PROPERTY TYPE *****: 95.44% Single Family, 2.78% Condo, 1.78% Other
OWNER OCCUPANCY: 86.93% Owner Occupied, 6.72% Not Available, 5.72% Non-Owner Occupied, 0.63% Other
GEOGRAPHIC DISTRIBUTION (> 3%): TX 16.91%, CA 15.96%, FL 11.10%, AZ 5.20%, GA 4.93%, TN 4.54%, NY 3.89%
</TABLE>
* The description of the Collateral herein will be superceded by the
description of the collateral in the Prospectus Supplement.
** 35.65% not available, percentage is based on known population.
*** 35.65% not available, percentage is based on known population.
**** All mortgagors in bankruptcy are currently on bankruptcy plans. All
mortgagors in bankruptcy have made their last 12 monthly payments.
***** 47.81% 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 OMITTED] FEBRUARY 8, 1999
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
$115,200. 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 $208,800. 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 OMITTED] FEBRUARY 8, 1999
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
FHA INSURANCE AND VA GUARANTEES
(continuation)
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 OMITTED] FEBRUARY 8, 1999
Mortgage Finance Group
MBS Capital Markets
- --------------------------------------------------------------------------------
CONTACTS
MORTGAGE FINANCE GROUP MORTGAGE CAPITAL MARKETS
Phone Phone
NY: Sanjeev Khanna 761-2132 NY: Dennis Scurletis 761-2248
Steven Shapiro 761-2146 Rei Rothberg 761-1978
Fred Hubert 761-2122 Christian Janssen 761-2148
Jessica Bellamy 761-2140
MORTGAGE BACKED TRADING
Phone
NY: Paul Curtis 761-2112
Brett Kalesky 761-1300
Shujaat Islam 761-2114
--------------------------------
PLEASE DIRECT
ALL QUESTIONS AND ORDERS
TO MORTGAGE CAPITAL MARKETS
--------------------------------
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 Mortgage Finance Corp. MORGAN STANLEY DEAN WITTER
Mortgage Pass-Through Certificates, Series 1999-1 2,888 records
Selected Pool Balance: 132,467,434
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Weighted
Mortgage Principal Average Current Original
Current Balance Loans Balance Coupon % LTV LTV Age
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 - 50,000 1,666 47,140,752 10.026 35.59 80.40 96.59 163
50,001 - 100,000 1,168 78,997,771 9.501 59.64 86.70 96.55 121
100,001 - 150,000 50 5,681,080 9.034 4.29 87.55 94.73 94
150,001 - 200,000 4 647,831 10.374 0.49 94.28 101.18 106
- --------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135
- --------------------------------------------------------------------------------------------------------------------------------
Min: 547.87
Max: 170,141.12
Average: 45,868.23
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------
Remaining Stated Original
Amortization Remaining Original Amortized
Current Balance Term Term Term Term
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 - 50,000 185 189 352 352
50,001 - 100,000 235 238 359 359
100,001 - 150,000 264 266 360 360
150,001 - 200,000 219 254 360 360
- ------------------------------------------------------------------------------------------------
Total: 218 222 356 356
- ------------------------------------------------------------------------------------------------
Min: 547.87
Max: 170,141.12
Average: 45,868.23
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Weighted
Mortgage Principal Average Current Original
Original Balance Loans Balance Coupon % LTV LTV Age
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 - 50,000 1,352 33,929,345 10.091 25.61 81.28 96.97 166
50,001 - 100,000 1,435 87,994,941 9.552 66.43 85.82 96.60 126
100,001 - 150,000 92 9,182,588 9.300 6.93 85.32 94.44 106
150,001 - 200,000 9 1,360,560 9.521 1.03 88.88 94.27 94
- ---------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135
- ---------------------------------------------------------------------------------------------------------------------------------
Min: 8,450.00
Max: 182,250.00
Average: 55,158.77
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------
Remaining Stated Original
Amortization Remaining Original Amortized
Original Balance Term Term Term Term
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 - 50,000 185 189 354 354
50,001 - 100,000 228 231 357 357
100,001 - 150,000 247 252 359 359
150,001 - 200,000 249 266 360 360
- -----------------------------------------------------------------------------------------
Total: 218 222 356 356
- -----------------------------------------------------------------------------------------
Min: 8,450.00
Max: 182,250.00
Average: 55,158.77
- -----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Weighted
Mortgage Principal Average Current Original
Loan Type Loans Balance Coupon % LTV LTV Age
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FHA 2,133 99,658,271 9.709 75.23 85.63 96.47 129
VA 755 32,809,164 9.561 24.77 82.20 96.50 152
- ---------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------
Remaining Stated Original
Amortization Remaining Original Amortized
Loan Type Term Term Term Term
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FHA 224 227 356 356
VA 202 206 357 357
- -------------------------------------------------------------------------------------------
Total: 218 222 356 356
- -------------------------------------------------------------------------------------------
</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 1 of 6
<PAGE> 9
Union Planters Mortgage Finance Corp. MORGAN STANLEY DEAN WITTER
Mortgage Pass-Through Certificates, Series 1999-1 2,888 records
Balance: 132,467,434
Selected Pool
===============================================================================
<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>
6.501 - 7.000 53 790,034 7.000 0.60 82.53 97.06 135 215 218 352 352
7.001 - 7.500 108 6,656,291 7.498 5.02 88.25 95.80 81 267 269 350 350
7.501 - 8.000 158 6,872,923 7.987 5.19 86.77 94.83 95 257 260 354 354
8.001 - 8.500 404 15,040,424 8.496 11.35 81.63 95.68 139 215 218 356 356
8.501 - 9.000 372 18,404,096 8.990 13.89 85.75 96.79 120 234 238 358 358
9.001 - 9.500 551 27,708,373 9.498 20.92 83.90 96.37 139 214 218 357 357
9.501 - 10.000 472 23,783,294 9.995 17.95 86.28 97.54 136 218 222 357 357
10.001 - 10.500 289 14,698,407 10.498 11.10 85.50 96.22 135 220 223 358 358
10.501 - 11.000 88 4,135,408 10.984 3.12 87.73 98.82 133 216 222 355 355
11.001 - 11.500 130 4,984,673 11.500 3.76 81.95 97.09 179 175 178 356 356
11.501 - 12.000 90 3,266,451 11.995 2.47 78.89 93.86 186 166 170 356 356
12.001 - 12.500 74 2,657,233 12.478 2.01 81.72 95.93 177 173 181 358 358
12.501 - 13.000 50 1,736,004 12.975 1.31 83.93 95.86 190 163 165 355 355
13.001 - 13.500 19 547,851 13.462 0.41 69.61 81.60 188 165 168 356 356
13.501 - 14.000 13 526,782 13.990 0.40 85.16 101.07 190 159 168 358 358
14.001 - 14.500 4 172,509 14.412 0.13 69.74 84.07 189 166 171 360 360
15.001 - 15.500 8 275,972 15.500 0.21 87.66 101.12 203 140 144 298 298
15.501 - 16.000 2 178,443 16.000 0.13 0.00 0.00 213 23 147 360 360
16.001 - 16.500 2 25,438 16.500 0.02 0.00 0.00 209 125 130 339 339
17.001 - 17.500 1 6,829 17.500 0.01 0.00 0.00 208 32 32 240 240
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ----------------------------------------------------------------------------------------------------------------------------------
Min: 7.00
Max: 17.50
WAC: 9.67
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</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>
1 - 60 1 26,052 11.500 0.02 0.00 0.00 189 171 34 34 34
61 - 120 2 19,915 7.500 0.02 0.00 0.00 62 44 58 120 120
121 - 180 69 1,671,883 9.239 1.26 47.21 86.76 103 83 83 178 178
181 - 240 22 499,462 10.175 0.38 55.69 87.31 132 105 108 240 240
241 - 300 80 1,657,095 9.985 1.25 74.29 96.54 176 125 124 300 300
301 - 360 2,710 128,477,550 9.673 96.99 85.35 96.60 135 222 225 360 360
361 >= 4 115,478 8.683 0.09 85.57 100.95 218 147 154 377 377
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ----------------------------------------------------------------------------------------------------------------------------------
Min: 34
Max: 420
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 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 tradingstrategy. 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 Mortgage Finance Corp. MORGAN STANLEY DEAN WITTER
Mortgage Pass-Through Certificates, Series 1999-1 2,888 records
Selected Pool Balance: 132,467,434
<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 33 147,302 9.586 0.11 13.58 79.40 236 19 20 255 255
25 - 48 89 772,984 9.072 0.58 22.60 78.41 213 41 36 243 243
49 - 72 81 967,488 9.584 0.73 41.70 95.31 233 61 61 296 296
73 - 96 141 2,036,109 8.884 1.54 51.95 96.87 248 85 86 334 334
97 - 120 217 4,814,036 8.837 3.63 57.81 94.33 222 108 110 332 332
121 - 144 182 5,537,952 10.957 4.18 70.91 97.73 224 131 130 353 353
145 - 168 57 2,425,177 11.879 1.83 76.42 93.88 179 148 160 339 339
169 - 192 169 6,481,781 12.213 4.89 80.00 93.86 178 172 178 356 356
193 - 216 629 33,846,314 9.737 25.55 81.22 95.17 151 205 209 360 360
217 - 240 597 32,312,177 9.756 24.39 85.72 97.59 135 221 225 360 360
241 - 264 234 12,956,972 9.950 9.78 90.49 98.50 108 250 252 360 360
265 - 288 242 15,561,867 9.081 11.75 90.30 96.86 84 272 276 360 360
289 - 312 163 11,498,128 8.155 8.68 91.17 96.33 63 294 297 360 360
313 - 336 37 2,232,274 8.306 1.69 92.81 95.38 35 323 325 360 360
337 - 360 17 876,872 7.934 0.66 95.46 96.69 17 342 343 360 360
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ----------------------------------------------------------------------------------------------------------------------------------
Min: 9
Max: 349
Weighted Average: 222
</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 19 964,855 7.913 0.73 95.65 96.91 17 333 334 351 351
25 - 48 41 2,467,214 8.476 1.86 93.09 95.69 37 321 323 360 360
49 - 72 181 12,411,912 8.126 9.37 90.55 96.10 64 284 287 351 351
73 - 96 251 15,606,297 9.107 11.78 90.05 96.80 84 268 272 356 356
97 - 120 252 13,647,959 9.995 10.30 90.04 98.57 109 245 248 356 356
121 - 144 661 34,998,752 9.686 26.42 83.96 96.63 136 217 220 357 357
145 - 168 626 32,515,072 9.830 24.55 81.02 95.49 152 202 207 358 358
169 - 192 171 6,372,179 12.264 4.81 79.84 93.81 184 170 172 356 356
193 - 216 48 1,561,375 13.473 1.18 77.25 94.54 202 134 153 347 347
217 - 240 192 5,617,886 10.845 4.24 69.50 97.61 230 128 127 358 358
241 - 264 218 4,088,654 8.791 3.09 56.11 95.78 251 103 105 356 356
265 - 288 129 1,650,077 8.542 1.25 46.38 97.25 274 82 84 357 357
289 - 312 42 344,982 8.514 0.26 33.16 100.00 298 61 61 359 359
313 - 336 44 177,254 7.186 0.13 21.97 99.49 325 33 34 360 360
337 - 360 12 30,031 8.362 0.02 13.94 100.00 340 20 20 360 360
361 >= 1 12,936 8.500 0.01 0.00 0.00 459 88 268 360 360
- -------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- -------------------------------------------------------------------------------------------------------------------------------
Min: 10
Max: 459
Weighted Average: 135
- -------------------------------------------------------------------------------------------------------------------------------
</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 3 of 6
<PAGE> 11
UNION PLANTERS MORTGAGE FINANCE CORP. MORGAN STANLEY DEAN WITTER
Mortgage Pass-Through Certificates, Series 1999-1 2,888 records
Balance: 132,467,434
Selected Pool
<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 1,234 47,230,626 9.937 35.65 0.00 0.00 154 197 201 354 354
0.01 - 70.00 281 7,766,112 9.469 5.86 57.02 83.49 180 149 159 339 339
70.01 - 75.00 79 3,879,688 9.780 2.93 72.57 86.18 149 202 209 357 357
75.01 - 80.00 133 6,826,903 9.738 5.15 77.67 90.98 144 208 214 358 358
80.01 - 85.00 214 12,336,429 9.373 9.31 83.02 95.57 136 221 224 360 360
85.01 - 90.00 416 22,989,633 9.750 17.35 87.44 99.26 134 223 226 359 359
90.01 - 95.00 409 24,540,180 9.400 18.53 92.69 100.11 96 262 263 360 360
95.01 - 100.00 115 6,499,836 9.246 4.91 96.57 101.63 72 288 288 360 360
100.01 - 105.00 7 398,026 8.688 0.30 100.41 104.94 57 302 303 360 360
- ---------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ---------------------------------------------------------------------------------------------------------------------------------
Non-Zero Min: 0.86
Max: 100.83
Non-Zero Wtd Average: 84.84
- ---------------------------------------------------------------------------------------------------------------------------------
</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 1,234 47,230,626 9.937 35.65 0.00 0.00 154 197 201 354 354
0.01 - 70.00 33 1,401,967 9.613 1.06 45.79 56.30 130 200 210 340 340
70.01 - 75.00 18 949,944 9.302 0.72 63.22 72.90 130 222 226 356 356
75.01 - 80.00 32 1,751,587 9.540 1.32 67.27 78.21 135 216 219 354 354
80.01 - 85.00 60 2,961,302 9.513 2.24 71.66 83.35 130 219 224 353 353
85.01 - 90.00 111 5,776,583 9.521 4.36 76.93 88.19 127 224 230 357 357
90.01 - 95.00 157 8,162,029 9.389 6.16 80.66 92.83 127 227 230 357 357
95.01 - 100.00 642 32,729,477 9.478 24.71 86.16 98.61 127 230 232 358 358
100.01 - 105.00 580 30,572,103 9.611 23.08 90.51 101.30 119 237 240 358 358
105.01 - 110.00 17 729,892 9.956 0.55 94.29 106.52 113 236 240 353 353
110.01 - 115.00 4 201,923 8.959 0.15 92.33 112.48 157 203 203 360 360
- ---------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ---------------------------------------------------------------------------------------------------------------------------------
Non-Zero Min: 33.90
Max: 115.00
Non-Zero Wtd Average: 96.48
- ---------------------------------------------------------------------------------------------------------------------------------
</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 2,271 106,081,139 9.655 80.08 84.78 96.32 133 220 223 357 357
1 617 26,386,295 9.742 19.92 85.08 97.16 140 213 216 355 355
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
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 2,816 130,749,584 9.678 98.70 85.22 96.58 135 220 224 359 359
Fixed - 15 Year 72 1,717,850 9.254 1.30 47.21 86.76 104 84 82 175 175
- ---------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- ---------------------------------------------------------------------------------------------------------------------------------
</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 4 of 6
<PAGE> 12
UNION PLANTERS MORTGAGE FINANCE CORP. MORGAN STANLEY DEAN WITTER
Mortgage Pass-Through Certificates, Series 1999-1 2,888 records
Balance: 132,467,434
Selected Pool
<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 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- --------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------------------------------------------------------
Single Family
Detached 1,362 65,985,491 9.456 49.81 86.93 96.61 123 230 234 356 356
Not Available 1,466 63,331,889 9.919 47.81 82.39 96.28 148 205 208 357 357
Condo 42 1,925,193 9.349 1.45 88.10 97.84 114 236 241 355 355
Townhouse 11 729,218 9.348 0.55 89.05 96.17 90 263 265 355 355
2-4 Family 7 495,643 8.755 0.37 92.25 98.84 94 248 249 343 343
- --------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------------------------------------------------------
Primary 2,461 115,159,831 9.667 86.93 85.13 96.50 134 220 223 356 356
Unknown 221 8,896,982 9.562 6.72 83.10 96.77 140 213 216 356 356
Non-Owner
Occupied 186 7,576,905 9.907 5.72 82.29 95.88 142 206 214 355 355
Other 20 833,715 9.434 0.63 82.91 95.51 134 221 226 360 360
- --------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- --------------------------------------------------------------------------------------------------------------------------------
</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 5 of 6
<PAGE> 13
UNION PLANTERS MORTGAGE FINANCE CORP. MORGAN STANLEY DEAN WITTER
Mortgage Pass-Through Certificates, Series 1999-1 2,888 records
Balance: 132,467,434
Selected Pool
<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 474 22,405,148 9.518 16.91 84.39 97.76 143 211 214 357 357
California 373 21,140,948 9.489 15.96 84.07 95.42 137 218 221 358 358
Florida 287 14,701,011 9.715 11.10 89.55 97.80 114 241 244 358 358
Arizona 138 6,892,111 9.638 5.20 79.21 93.43 147 208 209 356 356
Georgia 146 6,533,392 9.623 4.93 87.84 97.41 129 228 230 358 358
Tennessee 147 6,020,566 9.601 4.54 84.80 98.00 133 220 223 356 356
New York 145 5,151,197 10.306 3.89 82.28 92.18 148 197 200 348 348
Maryland 60 3,312,668 10.147 2.50 84.67 96.63 145 208 211 356 356
New Jersey 87 3,268,283 10.682 2.47 79.15 92.72 165 178 191 356 356
Virginia 67 3,251,084 9.552 2.45 84.29 95.76 141 215 219 360 360
Louisiana 71 3,093,165 9.638 2.34 83.55 93.69 120 232 236 356 356
Illinois 59 3,086,200 9.443 2.33 84.30 94.31 113 239 242 355 355
Minnesota 68 2,912,842 9.652 2.20 79.70 97.15 156 201 204 360 360
Mississippi 51 2,585,427 8.523 1.95 93.17 97.48 60 297 299 359 359
Pennsylvania 96 2,564,910 11.268 1.94 86.43 100.55 163 188 194 356 356
North Carolina 52 2,540,335 9.224 1.92 87.90 98.52 114 240 242 357 357
Colorado 45 2,243,207 9.540 1.69 75.65 90.79 146 195 203 350 350
Ohio 64 2,130,924 9.941 1.61 86.43 98.56 132 213 224 356 356
Oklahoma 55 2,103,442 9.586 1.59 81.73 93.99 139 217 221 360 360
Nevada 40 1,888,536 9.867 1.43 81.07 95.61 142 206 210 352 352
Indiana 37 1,571,117 9.182 1.19 81.44 98.02 118 231 236 353 353
Missouri 34 1,366,657 10.059 1.03 89.01 98.93 136 214 218 354 354
Washington 31 1,257,006 9.460 0.95 86.02 101.03 157 196 203 360 360
Michigan 30 1,200,484 10.121 0.91 91.94 98.38 107 251 253 360 360
Alabama 30 1,071,457 10.104 0.81 84.29 99.72 155 201 204 360 360
Nebraska 37 1,020,396 9.875 0.77 78.29 97.65 167 186 189 356 356
Arkansas 29 1,008,431 9.905 0.76 84.99 98.34 136 218 219 355 355
New Mexico 13 738,087 10.044 0.56 82.23 96.42 144 204 216 360 360
Kansas 20 684,640 9.710 0.52 86.21 98.60 141 216 219 360 360
South Carolina 16 651,987 8.785 0.49 91.92 99.48 105 244 249 354 354
Kentucky 11 603,397 8.058 0.46 87.00 95.06 73 245 249 323 323
Utah 8 498,668 9.459 0.38 83.43 92.04 107 251 253 360 360
Massachusetts 5 469,820 9.914 0.35 92.89 98.21 100 266 260 360 360
District of Columbia 9 378,958 10.725 0.29 88.23 100.76 171 187 184 321 321
Iowa 13 346,794 9.904 0.26 80.85 99.49 180 177 180 360 360
Oregon 8 283,468 9.546 0.21 87.45 99.16 135 218 225 360 360
Wisconsin 7 271,754 10.052 0.21 94.50 100.00 156 200 204 360 360
Connecticut 3 242,559 10.137 0.18 89.08 99.60 129 230 231 360 360
Alaska 2 218,303 11.408 0.16 0.00 0.00 151 204 209 360 360
Montana 5 186,256 8.892 0.14 72.83 95.29 156 200 204 360 360
Idaho 3 118,323 9.719 0.09 84.69 96.58 142 215 218 360 360
Delaware 3 115,432 9.106 0.09 94.50 101.87 119 241 241 360 360
Rhode Island 1 101,195 9.000 0.08 94.57 98.04 53 307 307 360 360
Wyoming 2 95,271 8.511 0.07 87.56 102.67 83 188 188 271 271
Maine 1 50,645 10.500 0.04 77.92 88.23 139 214 221 360 360
Hawaii 1 47,577 9.500 0.04 0.00 0.00 245 114 115 360 360
West Virginia 1 37,938 10.000 0.03 89.06 100.70 139 221 221 360 360
South Dakota 2 3,273 8.500 0.00 12.69 98.18 281 17 19 300 300
North Dakota 1 2,144 8.500 0.00 7.27 84.75 268 11 32 300 300
- -----------------------------------------------------------------------------------------------------------------------------------
Total: 2,888 132,467,434 9.672 100.00 84.84 96.48 135 218 222 356 356
- -----------------------------------------------------------------------------------------------------------------------------------
</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
