<PAGE>
_______________________________________________________________________________
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) June 3, 1998
WMC SECURED ASSETS CORP. (as company under the Pooling and Servicing Agreement,
dated as of June 1, 1998, providing for the issuance of Mortgage Pass-Through
Certificates, Series 1998-A)
WMC Secured Assets Corp.
------------------------
_______________________________________________________________________________
(Exact name of registrant as specified in its charter)
United States 333-41173 95-4683489
- ------------------------------ --------- ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
6320 Canoga Avenue
Woodland Hills, California 91367
- ------------------------------ ----------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 592-2610
----- --------
_______________________________________________________________________________
<PAGE>
-2-
Item 2. Acquisition or Disposition of Assets
------------------------------------
On or about June 5, 1998 (the "Closing Date"), the Registrant intends to
cause the issuance and sale of approximately $796,000,000 initial principal
amount of Mortgage Pass-Through Certificates, Series 1998-A, Class A, Class M-1,
Class M-2, Class B, Class C, Class R-I and Class R-II (collectively, the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
June 1, 1998, by and between the Registrant, as company, WMC Mortgage Corp., as
seller (the "Seller") and master servicer, and The First National Bank of
Chicago, as trustee (the "Trustee").
In connection with the sale of Mortgage Pass-Through Certificates, Series
1998-A, Class A, Class M-1, Class M-2 and Class B (collectively, the
"Underwritten Certificates"), the Registrant previously filed a collateral term
sheet (the "Collateral Term Sheet") as an exhibit to the Current Report on Form
8-K, dated May 12, 1998 (the "8-K"). In addition a prospectus supplement, dated
May 20, 1998 (the "Prospectus Supplement") was previously filed describing in
detail the initial pool of mortgage loans to be transferred on the Closing Date
to the trust for the benefit of Certificateholders. Such Prospectus Supplement
states that additional mortgage loans will be originated or acquired by the
Seller prior to the Closing Date (the "Additional Mortgage Loans") and
transferred to the trust on the Closing Date and certain of the mortgage loans
described in the Prospectus Supplement may be removed from the mortgage pool
(the "Removed Mortgage Loans"). The Registrant as of the date hereof has
identified such Additional Mortgage Loans and Removed Mortgage Loans. The
Removed Mortgage Loans which were delinquent as of the Cut-off date have a
principal balance of $32,630,599.92 as of the Cut-off date. Additional Mortgage
Loans have been substituted for such Removed Mortgage Loans. Detailed
information is being filed as an exhibit to this report describing the
characteristics of the pool of mortgage loans (including the Additional Mortgage
Loans) to be included in the trust as it will be constituted on the Closing
Date.
Item 5. Other Events.
------------
In connection with the issuance of the Certificates, Thacher Proffitt &
Wood, as counsel to the Registrant, has delivered an opinion of counsel to the
effect that, assuming compliance with the terms of the Pooling and Servicing
Agreement, for income tax purposes, the Trust Fund on the Closing Date will
qualify as two separate real estate mortgage investment conduits within the
meaning of Sections 860A through 860G of the Internal Revenue Code of 1986, as
amended. Such opinion is being filed as an exhibit to this report.
Items 3, 4, 6 and 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(a) Financial Statements.
---------------------
Not Applicable.
(b) Pro Forma Financial Information.
--------------------------------
<PAGE>
-3-
Not Applicable.
(c) Exhibits
--------
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
- ----------- -------------- -----------
5.1 5 Opinion of Counsel of Thacher
Proffitt & Wood
99.1 99 Mortgage Pool Charts
<PAGE>
-4-
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.
WMC SECURED ASSETS CORP
By:/s/ Todd Wallace
----------------------------
Name: Todd Wallace
Title: Vice President, Treasurer and
Director
Dated: June 2, 1998
<PAGE>
-5-
EXHIBIT INDEX
-------------
==================================================================
Exhibit No. Description Page
- ----------- ----------- ----
- ------------------------------------------------------------------
5.1 Opinion of Counsel of Thacher Proffitt & Wood 6
==================================================================
99.1 Mortgage Pool Charts 7
==================================================================
<PAGE>
EXHIBIT 5.1
[Letterhead of Thacher Proffitt & Wood]
May 20, 1998
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
Re: WMC Mortgage Loan Trust 1998-A
WMC Mortgage Pass-Through Certificates, Series 1998-A
-----------------------------------------------------
Ladies and Gentlemen:
We have acted as counsel to WMC Secured Assets Corp. (the "Company") in
connection with the issuance by WMC Mortgage Loan Trust 1998-A of WMC Mortgage
Pass-Through Certificates, Series 1998-A (the "Certificates") to be created
pursuant to the Pooling and Servicing Agreement, dated as of June 1, 1998, among
the Company, WMC Mortgage Corp. as Master Servicer and Seller ("WMC"), and The
First National Bank of Chicago, as Trustee (the "Trustee") (the "Pooling and
Servicing Agreement"). The Certificates will consist of one class of senior
certificates designated as Class A (the "Senior Certificates") and six classes
of subordinated certificates designated as Class M-1 and Class M-2
(collectively, the "Class M Certificates"), Class B (the "Class B
Certificates"), Class C (the "Class C Certificates") and Class R-I and Class R-
II (collectively, the "Residual Certificates"). Only the Senior Certificates,
Class M Certificates and Class B Certificates (collectively, the "Offered
Certificates") will be offered under the Prospectus.
The Certificates will evidence undivided interests in a trust fund (the
"Trust Fund") consisting primarily of a pool of adjustable rate (having initial
fixed rate periods of six months, two years, three years or five years), closed-
end, sub-prime mortgage loans secured by first lien mortgages
<PAGE>
WMC Secured Assets Corp. Page 2
May 20, 1998
on residential one- to four-family properties originated or acquired by WMC for
transfer to the Company and from the Company to the Trust Fund on the Closing
Date, and additional adjustable rate, closed-end, sub-prime mortgage loans
secured by first lien mortgages on residential one- to four-family properties
originated or acquired by WMC for transfer to the Company and from the Company
to the Trust Fund from time to time after the Closing Date and prior to the end
of the Pre-Funding Period (collectively, the "Mortgage Loans"). Capitalized
terms not defined herein have the meanings assigned to them in the Pooling and
Servicing Agreement.
In connection with rendering this opinion letter, we have examined the
Pooling and Servicing Agreement and such other documents as we have deemed
necessary. As to matters of fact, we have examined and relied upon
representations, warranties and covenants of the parties contained therein and,
where we have deemed appropriate, representations or certifications of officers
of parties to the Pooling and Servicing Agreement or public officials. In
rendering this opinion letter we have assumed (i) the authenticity of all
documents submitted to us as originals and the conformity to the originals of
all documents submitted to us as copies, (ii) the necessary entity formation and
continuing existence in the jurisdiction of formation, and the necessary
licensing and qualification in all jurisdictions, of all parties to all
documents, (iii) the necessary authorization, execution, delivery and
enforceability of all documents, and the necessary entity power with respect
thereto, (iv) the conformity of the Mortgage Loans and the related documents to
the requirements of the Pooling and Servicing Agreement and (v) that there is
not and will not be any other agreement that modifies or supplements the Pooling
and Servicing Agreement expressed in the documents to which this opinion letter
relates and that renders any of the opinions expressed below inconsistent with
such documents as so modified or supplemented.
Two separate real estate mortgage investment conduit ("REMIC") elections
will be made with respect to segregated pool of assets of the Trust Fund ("REMIC
I" and "REMIC II," respectively). Assuming compliance with the pertinent
provisions of the Pooling and Servicing Agreement, as of the Closing Date, each
of REMIC I and REMIC II will qualify as a REMIC within the meaning of sections
860A through 860G of the Internal Revenue Code of 1986, as amended (the "Code").
The Offered Certificates (exclusive of the right to receive amounts from the
Available Funds Cap Carryover Reserve Account) and the Class C Certificates will
constitute "regular interests" in REMIC II and the Class R-I and Class R-II
Certificates will represent the sole class of "residual interests" in REMIC I
and REMIC II, respectively.
The opinions set forth herein are based upon the existing provisions of the
Code and Treasury regulations promulgated or proposed thereunder, published
Revenue Rulings and releases of the Internal Revenue Service and existing case
law, any of which could be changed at any time. Any such changes may be
retroactive in application and could modify the legal conclusions upon which
such opinions are based. The opinions expressed herein are limited as described
above, and
<PAGE>
WMC Secured Assets Corp. Page 3
May 20, 1998
we do not express an opinion on any other legal or income tax aspect of the
transactions contemplated by the documents relating to the transaction.
In rendering the foregoing opinions, we express no opinion as to any laws
other than the federal income tax laws of the United States. This opinion will
not be updated for subsequent changes or modifications to the law and
regulations or to the judicial and administrative interpretations thereof unless
we are specifically engaged to do so. This opinion is rendered only to those to
whom it is addressed and may not be relied on in connection with any
transactions other than the transactions contemplated herein. The opinion may
not be circulated or relied upon for any other purpose, or circulated to or
relied upon by any other person, firm or corporation for any purpose, without
our prior written consent.
Very truly yours,
Thacher Proffitt & Wood
By
/s/ Thacher Proffitt & Wood
-----------------------
<PAGE>
EXHIBIT 99.1
CLOSING DATE MORTGAGE GROUP
PROPERTY TYPE
<TABLE>
<CAPTION>
- ------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Closing Date Cut-Off Date Date Pool
Property Type Mortgage Loans Principal Balance Principal Balance
- ------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
Single Family Detached 5,630 $ 576,442,189.59 81.53%
PUD Single Family 357 $ 54,500,980.35 7.71%
Duplex 327 $ 30,929,579.99 4.37%
Condominium 239 $ 21,296,853.10 3.01%
Single Family Four Unit 74 $ 10,224,746.11 1.45%
Triplex 74 $ 8,910,871.69 1.26%
PUD Project 45 $ 4,662,518.69 0.66%
Unknown 1 $ 104,275.47 0.01%
-------------- ---------------------- ------------------
TOTAL 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
OCCUPANCY TYPE
<TABLE>
<CAPTION>
- ------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Closing Date Cut-Off Date Date Pool
Occupancy Type Mortgage Loans Principal Balance Principal Balance
- -------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
Primary Home 6,215 $ 664,792,364.55 94.02%
Investment 495 $ 37,362,126.33 5.28%
Second Home 37 $ 4,917,524.11 0.70%
-------------- ---------------------- ------------------
TOTAL 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
- ------------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Closing Date Cut-Off Date Date Pool
Loan-to-Value Ratio Mortgage Loans Principal Balance Principal Balance
- ------------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
10.001% to 15.000% 1 $ 27,986.23 0.00%
15.001% to 20.000% 3 $ 114,881.49 0.02%
20.001% to 25.000% 6 $ 244,733.02 0.03%
25.001% to 30.000% 10 $ 915,419.66 0.13%
30.001% to 35.000% 26 $ 2,131,011.43 0.30%
35.001% to 40.000% 19 $ 1,195,443.43 0.17%
40.001% to 45.000% 30 $ 1,922,893.67 0.27%
45.001% to 50.000% 61 $ 5,094,065.29 0.72%
50.001% to 55.000% 74 $ 7,674,863.31 1.09%
55.001% to 60.000% 187 $ 15,511,163.28 2.19%
60.001% to 65.000% 612 $ 48,880,358.59 6.91%
65.001% to 70.000% 699 $ 68,680,655.49 9.71%
70.001% to 75.000% 1,400 $ 131,228,384.93 18.56%
75.001% to 80.000% 1,828 $ 199,239,486.48 28.18%
80.001% to 85.000% 970 $ 108,631,713.66 15.36%
85.001% to 90.000% 817 $ 114,865,432.13 16.25%
90.001% to 95.000% 4 $ 713,522.90 0.10%
-------------- ---------------------- ------------------
TOTAL 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
CUT-OFF DATE PRINCIPAL BALANCES
<TABLE>
<CAPTION>
- ------------------------ -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Cut-Off Date Closing Date Cut-Off Date Date Pool
Principal Balance ($) Mortgage Loans Principal Balance Principal Balance
- ------------------------ -------------- ---------------------- ------------------
<S> <C> <C> <C>
10,000.01 - 20,000.00 43 $ 808,714.03 0.11%
20,000.01 - 30,000.00 330 $ 8,509,889.72 1.20%
30,000.01 - 40,000.00 562 $ 19,960,209.96 2.82%
40,000.01 - 50,000.00 610 $ 27,551,173.53 3.90%
50,000.01 - 60,000.00 690 $ 38,243,164.32 5.41%
60,000.01 - 70,000.00 590 $ 38,352,216.97 5.42%
70,000.01 - 80,000.00 518 $ 38,898,796.94 5.50%
80,000.01 - 90,000.00 458 $ 39,086,933.54 5.53%
90,000.01 - 100,000.00 425 $ 40,470,544.07 5.72%
100,000.01 - 110,000.00 363 $ 38,115,475.83 5.39%
110,000.01 - 120,000.00 343 $ 39,590,923.75 5.60%
120,000.01 - 130,000.00 241 $ 30,161,314.21 4.27%
130,000.01 - 140,000.00 218 $ 29,394,028.00 4.16%
140,000.01 - 150,000.00 163 $ 23,710,986.71 3.35%
150,000.01 - 160,000.00 133 $ 20,628,500.10 2.92%
160,000.01 - 170,000.00 129 $ 21,271,991.68 3.01%
170,000.01 - 180,000.00 101 $ 17,752,795.37 2.51%
180,000.01 - 190,000.00 80 $ 14,824,355.52 2.10%
190,000.01 - 200,000.00 99 $ 19,423,617.09 2.75%
200,000.01 - 210,000.00 60 $ 12,259,971.29 1.73%
210,000.01 - 220,000.00 51 $ 10,953,499.14 1.55%
220,000.01 - 230,000.00 40 $ 8,965,351.37 1.27%
230,000.01 - 240,000.00 39 $ 9,208,441.09 1.30%
240,000.01 - 250,000.00 35 $ 8,566,521.64 1.21%
250,000.01 - 260,000.00 37 $ 9,422,465.95 1.33%
260,000.01 - 270,000.00 31 $ 8,212,522.45 1.16%
270,000.01 - 280,000.00 29 $ 8,001,864.59 1.13%
280,000.01 - 290,000.00 25 $ 7,138,591.68 1.01%
290,000.01 - 300,000.00 25 $ 7,369,463.52 1.04%
300,000.01 - 310,000.00 16 $ 4,891,358.55 0.69%
310,000.01 - 320,000.00 27 $ 8,526,094.85 1.21%
320,000.01 - 330,000.00 19 $ 6,183,206.62 0.87%
330,000.01 - 340,000.00 21 $ 7,080,997.58 1.00%
340,000.01 - 350,000.00 17 $ 5,904,089.11 0.84%
350,000.01 - 360,000.00 14 $ 4,983,152.36 0.70%
360,000.01 - 370,000.00 13 $ 4,745,945.99 0.67%
370,000.01 - 380,000.00 14 $ 5,273,082.68 0.75%
380,000.01 - 390,000.00 6 $ 2,323,977.82 0.33%
390,000.01 - 400,000.00 26 $ 10,303,898.51 1.46%
400,000.01 - 450,000.00 48 $ 20,518,779.13 2.90%
450,000.01 - 500,000.00 44 $ 21,163,691.17 2.99%
500,000.01 - 550,000.00 5 $ 2,630,173.17 0.37%
550,000.01 - 600,000.00 5 $ 2,970,782.23 0.42%
600,000.01 - 650,000.00 2 $ 1,251,175.62 0.18%
700,000.01 - 750,000.00 2 $ 1,467,285.54 0.21%
-------------- ---------------------- ------------------
TOTAL 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
- --------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Closing Date Cut-Off Date Date Pool
Geographic Area Mortgage Loans Principal Balance Principal Balance
- --------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
Alabama 22 $ 1,955,960.40 0.28%
Alaska 65 $ 8,084,622.21 1.14%
Arizona 262 $ 27,602,049,10 3.90%
Arkansas 60 $ 3,846,469.03 0.54%
California 945 $ 175,556,286.90 24.83%
Colorado 234 $ 26,335,221.86 3.72%
Connecticut 63 $ 6,068,779.61 0.86%
Delaware 5 $ 379,788.81 0.05%
District of Columbia 22 $ 2,019,037.40 0.29%
Florida 202 $ 16,241,511.48 2.30%
Georgia 57 $ 4,720,011.41 0.67%
Hawaii 31 $ 7,309,935.60 1.03%
Idaho 78 $ 6,223,238.53 0.88%
Illinois 382 $ 36,243,918.61 5.13%
Indiana 123 $ 6,207,982.66 0.88%
Iowa 61 $ 3,643,739.26 0.52%
Kansas 78 $ 5,679,382.52 0.80%
Kentucky 17 $ 901,820.99 0.13%
Louisiana 115 $ 8,633,980.13 1.22%
Maine 39 $ 3,226,394.61 0.46%
Maryland 83 $ 10,110,206.76 1.43%
Massachusetts 62 $ 6,321,564.08 0.89%
Michigan 178 $ 12,851,085.72 1.82%
Minnesota 517 $ 45,102,370.93 6.38%
Mississippi 108 $ 6,074,257.91 0.86%
Missouri 283 $ 16,831,850.38 2.38%
Montana 45 $ 3,631,816.46 0.51%
Nebraska 59 $ 3,461,780.03 0.49%
Nevada 174 $ 21,427,880.00 3.03%
New Hampshire 15 $ 1,652,803.60 0.23%
New Jersey 173 $ 22,499,973.61 3.18%
New Mexico 82 $ 8,552,610.19 1.21%
New York 155 $ 19,763,825.69 2.80%
North Carolina 93 $ 8,131,679.42 1.15%
North Dakota 7 $ 380,567.88 0.05%
Ohio 133 $ 8,033,883.19 1.14%
Oklahoma 75 $ 4,222,452.67 0.60%
Oregon 199 $ 22,369,245.79 3.16%
Pennsylvania 152 $ 11,486,934.14 1.62%
Rhode Island 8 $ 704,980.86 0.10%
South Carolina 24 $ 2,591,888.09 0.37%
South Dakota 21 $ 1,434,243.12 0.20%
Tennessee 60 $ 4,642,876.70 0.66%
Texas 413 $ 34,848,388.58 4.93%
Utah 102 $ 11,756,464.09 1.66%
Vermont 32 $ 3,356,235.10 0.47%
Virginia 83 $ 7,838,819.98 1.11%
Washington 341 $ 42,202,434.55 5.97%
West Virginia 23 $ 1,490,224.08 0.21%
Wisconsin 172 $ 11,254,673.70 1.59%
Wyoming 14 $ 1,163,866.57 0.16%
-------------- ---------------------- ------------------
Total 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
CUT-OFF DATE MORTGAGE RATES
<TABLE>
<CAPTION>
- ----------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Closing Date Cut-Off Date Date Pool
Mortgage Rates Mortgage Loans Principal Balance Principal Balance
- ----------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
5.501% - 6.001% 5 $ 529,269.33 0.07%
6.001% - 6.500% 6 $ 571,856.97 0.08%
6.501% - 7.000% 20 $ 2,545,356.15 0.36%
7.001% - 7.500% 55 $ 7,791,399.98 1.10%
7.501% - 8.000% 133 $ 21,337,916.80 3.02%
8.001% - 8.500% 308 $ 47,405,393.86 6.70%
8.501% - 9.000% 625 $ 88,945,404.90 12.58%
9.001% - 9.500% 819 $ 100,196,226.66 14.17%
9.501% - 10.000% 1,232 $ 143,618,759.64 20.31%
10.001% - 10.500% 1,070 $ 104,637,946.70 14.80%
10.501% - 11.000% 1,442 $ 114,954,253.26 16.26%
11.001% - 11.500% 651 $ 46,310,164.45 6.55%
11.501% - 12.000% 264 $ 20,645,578.12 2.92%
12.001% - 12.500% 73 $ 4,891,414.86 0.69%
12.501% - 13.000% 35 $ 2,075,066.89 0.29%
13.001% - 13.500% 7 $ 492,489.01 0.07%
13.501% - 14.000% 2 $ 123,517.41 0.02%
-------------- ---------------------- ------------------
TOTAL 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
GROSS MARGINS
<TABLE>
<CAPTION>
- ----------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Closing Date Cut-Off Date Date Pool
Gross Margins Mortgage Loans Principal Balance Principal Balance
- ----------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
2.001% - 3.000% 1 $ 59,871.99 0.01%
4.001% - 5.000% 9 $ 804,597.01 0.11%
5.001% - 6.000% 302 $ 33,647,910.24 4.76%
6.001% - 7.000% 5,219 $ 533,487,602.78 75.45%
7.001% - 8.000% 1,210 $ 138,324,790.06 19.56%
8.001% - 9.000% 6 $ 747,242.91 0.11%
-------------- ---------------------- ------------------
Total 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
MAXIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
- ----------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Maximum Closing Date Cut-Off Date Date Pool
Mortgage Rates Mortgage Loans Principal Balance Principal Balance
- ----------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
12.001% - 13.000% 11 $ 1,101,126.30 0.16%
13.001% - 14.000% 76 $ 10,407,556.13 1.47%
14.001% - 15.000% 437 $ 68,267,609.43 9.65%
15.001% - 16.000% 1,448 $ 189,754,247.16 26.84%
16.001% - 17.000% 2,307 $ 248,294,638.62 35.12%
17.001% - 18.000% 2,091 $ 161,603,349.99 22.86%
18.001% - 19.000% 333 $ 24,952,414.05 3.53%
19.001% - 20.000% 42 $ 2,567,555.90 0.36%
20.001% - 21.000% 2 $ 123,517.41 0.02%
-------------- ---------------------- ------------------
Total 6,747 $ 707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
MINIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
- ----------------- -------------- ---------------------- -------------------
Number of Percent of Cut-Off
Maximum Closing Date Cut-Off Date Date Pool
Mortgage Rates Mortgage Loans Principal Balance Principal Balance
- ----------------- -------------- ---------------------- ------------------
<S> <C> <C> <C>
5.001% - 6.000% 5 $ 529,269.33 0.07%
6.001% - 7.000% 26 $ 3,117,213.12 0.44%
7.001% - 8.000% 188 $ 29,129,316.78 4.12%
8.001% - 9.000% 933 $ 136,350,798.76 19.28%
9.001% - 10.000% 2,051 $ 243,814,986.30 34.48%
10.001% - 11.000% 2,512 $ 219,592,199.96 31.06%
11.001% - 12.000% 915 $ 66,955,742.57 9.47%
12.001% - 13.000% 108 $ 6,966,481.75 0.99%
13.001% - 14.000% 9 $ 616,006.42 0.09%
-------------- ---------------------- ------------------
Total 6,747 $707,072,014.99 100.00%
============== ====================== ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
MONTH OF NEXT RATE ADJUSTMENT
<TABLE>
<CAPTION>
----- -------------- ----------------- ------------------
NUMBER OF PERCENT OF CUT-OFF
CLOSING DATE CUT-OFF DATE DATE POOL
MONTH MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----- -------------- ----------------- ------------------
<S> <C> <C> <C>
June 1998 8 $ 1,073,015.69 0.15%
July 1998 78 $ 8,552,476.25 1.21%
August 1998 2 $ 560,046.66 0.08%
September 1998 96 $ 11,950,889.81 1.69%
October 1998 328 $ 36,106,166.62 5.11%
November 1998 334 $ 39,860,237.67 5.64%
December 1998 236 $ 27,452,325.96 3.88%
January 1999 7 $ 629,578.40 0.09%
May 1999 1 $ 58,364.00 0.01%
August 1999 2 $ 137,496.02 0.02%
September 1999 16 $ 1,989,386.18 0.28%
October 1999 6 $ 935,348.64 0.13%
November 1999 4 $ 346,825.27 0.05%
December 1999 29 $ 2,600,013.13 0.37%
January 2000 268 $ 31,943,525.52 4.52%
February 2000 27 $ 4,815,499.37 0.68%
March 2000 514 $ 58,745,915.24 8.31%
April 2000 1,564 $157,713,580.85 22.31%
May 2000 1,840 $179,078,454.93 25.33%
June 2000 975 $ 92,344,559.91 13.06%
August 2000 1 $ 148,370.31 0.02%
December 2000 2 $ 357,960.95 0.05%
January 2001 8 $ 1,342,303.86 0.19%
March 2001 9 $ 857,751.41 0.12%
April 2001 133 $ 16,740,849.99 2.37%
May 2001 152 $ 17,047,075.14 2.41%
June 2001 44 $ 5,066,893.00 0.72%
January 2003 16 $ 1,885,647.51 0.27%
March 2003 14 $ 2,400,045.80 0.34%
April 2003 20 $ 2,704,527.05 0.38%
May 2003 12 $ 1,549,883.85 0.22%
June 2003 1 $ 77,000.00 0.01%
-------------- ----------------- ------------------
TOTAL 6,747 $707,072,014.99 100.00%
============== ================= ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
------------------ -------------- ----------------- ------------------
NUMBER OF PERCENT OF CUT-OFF
REMAINING MONTHS CLOSING DATE CUT-OFF DATE DATE POOL
TO STATED MATURITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- ------------------
<S> <C> <C> <C>
175 - 180 14 $ 1,263,039.01 0.18%
301 350 4 $ 277,224.92 0.04%
351 354 57 $ 6,409,162.71 0.91%
355 357 607 $ 72,276,641.62 10.22%
358 360 6,065 $626,845,946.73 88.65%
-------------- ----------------- ------------------
TOTAL 6,747 $707,072,014.99 100.00%
============== ================= ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
DOCUMENTATION TYPE
<TABLE>
<CAPTION>
- ------------- -------------- ----------------- ------------------
NUMBER OF PERCENT OF CUT-OFF
CLOSING DATE CUT-OFF DATE DATE POOL
DOCUMENTATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------- -------------- ----------------- ------------------
<S> <C> <C> <C>
Full 4,530 $466,014,929.98 65.91%
Stated 1,363 $163,294,769.80 23.09%
Simple 65 507 $ 31,518,922.17 4.46%
Full - Alternative 195 $ 26,415,632.64 3.74%
Lite 130 $ 17,549,020.66 2.48%
No Doc 22 $ 2,278,739.74 0.32%
-------------- ----------------- ------------------
TOTAL 6,747 $707,072,014.99 100.00%
============== ================= ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
LOAN TYPE
<TABLE>
<CAPTION>
- --------- -------------- ----------------- ------------------
NUMBER OF PERCENT OF CUT-OFF
CLOSING DATE CUT-OFF DATE DATE POOL
LOAN TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- --------- -------------- ----------------- ------------------
<S> <C> <C> <C>
2/28 Loans 5,247 $530,770,525.46 75.07%
3/27 Loans 349 $ 41,561,204.66 5.88%
5/25 Loans 63 $ 8,617,104.21 1.22%
Six-Month LIBOR Loans 1,088 $126,123,180.66 17.84%
- --------- -------------- ----------------- ------------------
TOTAL 6,747 $707,072,014.99 100.00%
============= ================= ==================
</TABLE>
<PAGE>
CLOSING DATE MORTGAGE GROUP
CREDIT GRADE
<TABLE>
<CAPTION>
------------ ------------------ ----------------- ------------------
PERCENT OF CUT-OFF
NUMBER OF MORTGAGE CUT-OFF DATE DATE POOL
CREDIT GRADE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------ ------------------ ----------------- ------------------
<S> <C> <C> <C>
A 15 $ 1,794,885.31 0.25%
A- 3,103 $395,517,689.76 55.94%
B 2,363 $207,343,480.49 29.32%
C 916 $ 74,790,160.18 10.58%
D 350 $ 27,625,799.25 3.91%
----- --------------- ------
TOTAL 6,747 $707,072,014.99 100.00%
===== =============== ======
</TABLE>
