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: March 11, 1998
(Date of earliest event reported)
Commission File No. 333-40467
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of December 1, 1997, relating to the Life
Financial Home Loan Owner Trust 1997-3, Home Loan Asset Backed Notes, Series
1997-3)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
- --------------------------------------------------------------------------------
Delaware 06-1204982
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(212) 713-2000
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
------------
On March 11, 1998 Life Financial Home Loan Owner Trust 1997-3 (the
"Issuer") completed the purchase of the Subsequent Loans pursuant to Section
2.06 of the Sale and Servicing Agreement, dated as of December 1, 1997 (the
"Sale and Servicing Agreement") among the Issuer, PaineWebber Mortgage
Acceptance Corporation IV, a Delaware corporation (the "Registrant"), Life
Investment Holdings, Inc. (the "Transferor"), and Norwest Bank Minnesota,
National Association (the "Indenture Trustee"). The Subsequent Loans were
transferred to the Issuer pursuant to the Subsequent Transfer Agreement, dated
as of March 11, 1998 (the "Subsequent Transfer Agreement"), among the
Transferor, the Issuer and the Indenture Trustee. Attached as Exhibit 99 are
certain characteristics of the Initial Loans as of February 28, 1998 and the
Subsequent Loans as of March 3, 1998 (with respect to each, the "Cut-Off Date").
Because the characteristics of the Initial Loans are shown as of February 28,
1998, the principal balances that are shown for the Pool are likely to be higher
than if such characteristics were shown as of March 3, 1998 since any principal
payments and prepayments made on the Initial Loans between March 1, 1998 and
March 3, 1998 are not reflected in the attached Exhibit 99.
Capitalized terms used herein and not defined herein have the same meanings
ascribed to such terms in the Sale and Servicing Agreement.
<PAGE>
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------------- -----------
99 Description of the Loans
<PAGE>
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 hereunto duly authorized.
PAINEWEBBER MORTGAGE
ACCEPTANCE CORPORATION IV
March 13, 1998
By: /s/ Joseph Piscina
-------------------
Joseph Piscina
Director
<PAGE>
INDEX TO EXHIBITS
-----------------
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ------------ --------------
99 Description of the Loans E
<PAGE>
Exhibit 99
----------
The Loans included in the Pool have the characteristics set forth below and
in the tables beginnings on the following page. Unless otherwise indicated, all
percentages and weighted averages are percentages and weighted averages of the
Cut-Off Date Pool Principal Balance.
Loan Statistics
As of the Cut-Off Date, the Loans consisted of 7,379 Loans with an
aggregate Principal Balance totaling $247,309,365 (the "Pool Principal
Balance"). As of the Cut-Off Date, Adjustable Rate Loans represented 6.64% of
the Statistic Principal Balance and the remainder of the Loans have fixed Loan
Rates ("Fixed Rate Loans"). The Principal Balances of the Loans range from $895
to $91,221 and average $33,515. As of the Cut-Off Date, the weighted average
remaining term to stated maturity of the Loans was approximately 217 months and
the weighted average number of months that have elapsed since origination was 5
months. As of the Cut-Off Date, the weighted average Combined Loan-to-Value
Ratio of the Loans was approximately 110.30%, with the highest Combined
Loan-to-Value Ratio being 135.00%. As of the Cut-Off Date, 5,361 of the Loans
(representing approximately 75.52% of the Pool Principal Balance) had a Combined
Loan-to-Value Ratio in excess of 100%.
Each Adjustable Rate Loan bears interest at an adjustable rate. The
interest rate borne by substantially all of the Adjustable Rate Loans first
adjust on the date set forth in the related Note for the Adjustable Rate Loans
and then every six months thereafter (each such date thereafter, a "Change
Date"). The Loan Rate with respect to each Adjustable Rate Loan will adjust on
each applicable Change Date to equal the sum of (i) the London Interbank Offered
Rate for six-month U.S. dollar deposits (the "LIBOR Index") either as announced
by FNMA, and available as of the date 45 days before each Change Date, or as
published in The Wall Street Journal generally on a day of the month preceding
the month of the Change Date and (ii) the gross margin (the "Gross Margin") set
forth in the related Note subject to rounding and to the effects of the Periodic
Rate Cap, the applicable Lifetime Cap and the applicable Lifetime Floor.
The Loans that are Fixed Rate Loans bear interest at fixed Loan Rates that
ranged from approximately 9.100% to approximately 18.490% per annum as of the
Cut-Off Date. The weighted average Loan Rate for the Loans that are Fixed Rate
Loans was approximately 14.014% per annum as of the Cut-Off Date.
As of the Cut-Off Date, the Loan Rates for the Adjustable Rate Loans ranged
from 9.250% to 14.475% and the Gross Margins for the Adjustable Rate Loans
ranged from 4.500% to 9.875%. As of the Cut-Off Date, the weighted average Loan
Rate of the Adjustable Rate Loans was 11.596% and the weighted average Gross
Margin of the Adjustable Rate Loans was approximately 6.814%. The "Periodic Rate
Cap" limits changes in the Loan Rate for each Adjustable Rate Loan on each
Change Date to 150 basis points in the case of Adjustable Rate Loans based on a
LIBOR Index. The "Lifetime Cap" for each Adjustable Rate Loan is the rate which
is generally 600 basis points greater than the initial Loan Rate for such
Adjustable Rate Loan, and the "Lifetime Floor" is the lowest rate to which the
Loan Rate can adjust for such Adjustable Rate Loan. As of the Cut-Off Date, the
Lifetime Caps of the Adjustable Rate Loans ranged from 12.800% to 20.000% and
the Lifetime Floors of the Adjustable Rate Loans ranged from 9.250% to 14.475%.
As of the Cut-Off Date, the weighted average Lifetime Cap of the Adjustable Rate
Loans was approximately 17.620% and the weighted average Lifetime Floor was
approximately 11.595%. As of the Cut-Off Date, the number of months to the next
Change Date of the Adjustable Rate Loans ranged from one month to six months. As
of the Cut-Off Date, the weighted average months to next Change Date was
approximately 4 months. The Adjustable Rate Loans do not provide for negative
amortization.
As of the Cut-Off Date, no Loan was scheduled to mature later than March
2023.
As of the Cut-Off Date, 100% of the Loans (by Pool Principal Balance) were
secured by Mortgaged Properties represented by the related Obligors to be
owner-occupied.
As of the Cut-Off Date, 66 of the Loans were 30 days or more past due. The
weighted average Credit Score for the Loans was 674.
The following tables are based on certain statistical characteristics with
respect to the Loans as of the applicable Cut-Off Date. The sum of the dollar
amounts and percentages in the following tables may not equal the totals due to
rounding.
<PAGE>
<TABLE>
Geographic Distribution of Initial Loans
<CAPTION>
% of Total by
Number Aggregate
of Aggregate Principal
State Loans Principal Balance Balance
----- ------ ----------------- -------------
<S> <C> <C> <C>
Alabama................... 404 $ 12,147,438 4.91%
Alaska.................... 3 127,655 0.05
Arizona................... 248 8,757,777 3.54
Arkansas.................. 19 645,788 0.26
California................ 1,015 38,100,030 15.41
Colorado.................. 175 6,332,354 2.56
Connecticut............... 40 1,346,394 0.54
Delaware.................. 32 1,035,781 0.42
District of Columbia...... 12 392,584 0.16
Florida................... 440 14,620,599 5.91
Georgia................... 296 9,981,560 4.04
Hawaii.................... 41 1,665,003 0.67
Idaho..................... 89 2,822,307 1.14
Illinois.................. 140 4,754,040 1.92
Indiana................... 157 4,840,915 1.96
Iowa...................... 38 1,077,323 0.44
Kansas.................... 251 7,684,456 3.11
Kentucky.................. 38 1,062,767 0.43
Maine..................... 8 280,868 0.11
Maryland.................. 427 15,716,439 6.35
Massachusetts............. 27 968,747 0.39
Michigan.................. 111 3,176,010 1.28
Minnesota................. 65 2,121,232 0.86
Mississippi............... 7 252,747 0.10
Missouri.................. 255 7,824,884 3.16
Montana................... 55 1,929,961 0.78
Nebraska.................. 46 1,449,294 0.59
Nevada.................... 137 4,780,714 1.93
New Hampshire............. 6 137,863 0.06
New Jersey................ 50 1,806,854 0.73
New Mexico................ 47 1,585,347 0.64
New York.................. 40 1,259,820 0.51
North Carolina............ 418 13,594,208 5.50
Ohio...................... 380 11,852,165 4.79
Oklahoma.................. 456 14,143,565 5.72
Oregon.................... 62 2,335,779 0.94
Pennsylvania.............. 95 3,152,133 1.27
Rhode Island.............. 28 861,933 0.35
South Carolina............ 115 3,690,133 1.49
South Dakota.............. 6 227,124 0.09
Tennessee................. 94 2,863,261 1.16
Texas..................... 2 37,225 0.02
Utah...................... 127 4,361,728 1.76
Vermont................... 6 179,598 0.07
Virginia.................. 687 23,060,346 9.32
Washington................ 107 3,759,216 1.52
West Virginia............. 1 47,892 0.02
Wisconsin................. 53 1,617,842 0.65
Wyoming................... 23 839,667 0.34
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
<PAGE>
<TABLE>
Principal Balances of Fixed Rate Loans
<CAPTION>
% of
Total by
Aggregate
Number Principal
Range of Principal of Aggregate Principal Balance Fixed
Balances Loans Balance Fixed Rate Loans Rate Loans
------------------ ------ ------------------------ -------------
<S> <C> <C> <C>
$ 2,500.00 or less........ 2 $ 2,117 0.00%
$ 2,500.01 - $10,000..... 20 195,848 0.08
$10,000.01 - $20,000..... 791 13,394,229 5.80
$20,000.01 - $30,000..... 2,014 51,541,316 22.32
$30,000.01 - $40,000..... 2,580 91,043,544 39.43
$40,000.01 - $50,000..... 912 41,974,051 18.18
$50,000.01 - $60,000..... 381 21,299,415 9.22
$60,000.01 - $70,000..... 141 9,212,307 3.99
$70,000.01 - $80,000..... 28 2,062,692 0.89
$80,000.01 - $90,000..... 1 81,046 0.04
$90,000.01 - $100,000..... 1 91,221 0.04
----- ------------ -------
Total................ 6,871 $230,897,786 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the average Principal Balance of the Loans that are
Fixed Rate Loans was $33,605.
<TABLE>
Principal Balances of Adjustable Rate Loans
<CAPTION>
% of
Total by
Aggregate
Principal
Number Aggregate Balance of
Range of Principal of Principal Balance of Adjustable
Balances Loans Adjustable Rate Loans Rate Loans
------------------ ------ --------------------- ----------
<S> <C> <C> <C>
$ 2,500.01 - $10,000...... 1 $ 9,955 0.06%
$10,000.01 - $20,000...... 82 1,360,426 8.29
$20,000.01 - $30,000...... 129 3,245,029 19.77
$30,000.01 - $40,000...... 221 7,803,146 47.55
$40,000.01 - $50,000...... 35 1,626,086 9.91
$50,000.01 - $60,000...... 32 1,821,265 11.10
$60,000.01 - $70,000...... 7 466,925 2.85
$70,000.01 - $80,000...... 1 78,746 0.48
--- ----------- -------
Total................ 508 $16,411,579 100.00%
=== =========== =======
</TABLE>
As of the Cut-Off Date, the average Principal Balance of the Loans that are
Adjustable Rate Loans was $32,306.
<PAGE>
<TABLE>
Loan Rates of Fixed Rate Loans
<CAPTION>
% of
Total by
Aggregate
Principal
Number Aggregate Balance of
of Principal Balance of Fixed
Range of Loan Rates Loans Fixed Rate Loans Rate Loans
- ------------------- ------ -------------------- ----------
<S> <C> <C> <C>
9.001% - 9.500%........ 2 $ 68,567 0.03%
9.501% - 10.000%........ 11 361,623 0.16
10.001% - 10.500%........ 4 106,297 0.05
10.501% - 11.000%........ 4 101,503 0.04
11.001% - 11.500%........ 49 1,543,756 0.67
11.501% - 12.000%........ 266 9,717,593 4.21
12.001% - 12.500%........ 416 14,885,600 6.45
12.501% - 13.000%........ 857 29,957,976 12.97
13.001% - 13.500%........ 865 29,704,883 12.86
13.501% - 14.000%........ 1,243 42,803,553 18.54
14.001% - 14.500%........ 908 30,029,464 13.01
14.501% - 15.000%........ 962 31,811,661 13.78
15.001% - 15.500%........ 511 16,239,111 7.03
15.501% - 16.000%........ 456 14,227,993 6.16
16.001% - 16.500%........ 132 3,937,002 1.71
16.501% - 17.000%........ 133 3,926,725 1.70
17.001% - 17.500%........ 29 856,500 0.37
17.501% - 18.000%........ 21 562,581 0.24
18.001% - 18.500%........ 2 55,397 0.02
----- ------------ -------
Total................ 6,871 $230,897,786 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the weighted average Loan Rate of the Initial Loans
that are Fixed Rate Loans was approximately 14.014% per annum.
<PAGE>
Loan Rates of Adjustable Rate Loans
<TABLE>
<CAPTION>
% of
Total By
Aggregate
Principal
Number Aggregate Balance of
of Principal Balance of Adjustable
Range of Loan Rates Loans Adjustable Rate Loans Rate Loans
- ------------------- ------ --------------------- ----------
<S> <C> <C> <C>
9.001% - 9.500%........ 3 $ 88,192 0.54%
9.501% - 10.000%........ 25 786,384 4.79
10.001% - 10.500%........ 43 1,368,533 8.34
10.501% - 11.000%........ 78 2,703,398 16.47
11.001% - 11.500%........ 80 2,473,070 15.07
11.501% - 12.000%........ 111 3,689,023 22.48
12.001% - 12.500%........ 70 2,268,843 13.82
12.501% - 13.000%........ 63 2,000,101 12.19
13.001% - 13.500%........ 25 782,097 4.77
13.501% - 14.000%........ 9 235,939 1.44
14.001% - 14.500%........ 1 16,000 0.10
--- ----------- -------
Total................ 508 $16,411,579 100.00%
=== =========== =======
</TABLE>
As of the Cut-Off Date, the weighted average Loan Rate of the Loans that
are Adjustable Rate Loans was approximately 11.596% per annum.
<TABLE>
Gross Margins
<CAPTION>
Aggregate % of Total by Aggregate
Number of Principal Balance of Principal Balance of
Loan Rate Initial Loans Adjustable Rate Loans Adjustable Rate Loans
--------- ------------- --------------------- -----------------------
<S> <C> <C> <C>
4.000% to 4.999%....... 7 $ 180,866 1.10%
5.000% to 5.999%....... 101 3,270,066 19.93
6.000% to 6.999%....... 164 5,601,928 34.13
7.000% to 7.999%....... 170 5,426,615 33.07
8.000% to 8.999%....... 52 1,574,027 9.59
9.000% to 9.999%....... 14 358,077 2.18
--- ----------- -------
Total............. 508 $16,411,579 100.00%
=== =========== =======
</TABLE>
As of the Cut-Off Date, the weighted average Gross Margin for the Loans
that are Adjustable Rate Loans was 6.814%.
<PAGE>
<TABLE>
Lifetime Caps
<CAPTION>
Aggregate % of Total by Aggregate
Number of Principal Balance of Principal Balance of
Lifetime Cap Initial Loans Adjustable Rate Loans Adjustable Rate Loans
------------ ------------- --------------------- -----------------------
<S> <C> <C> <C>
12.501% - 13.000%...... 1 $ 26,040 0.16%
14.501% - 15.000%...... 1 21,890 0.13
15.001% - 15.500%...... 3 88,192 0.54
15.501% - 16.000%...... 23 729,494 4.44
16.001% - 16.500%...... 37 1,165,461 7.10
16.501% - 17.000%...... 74 2,501,727 15.24
17.001% - 17.500%...... 75 2,341,431 14.27
17.501% - 18.000%...... 136 4,547,156 27.71
18.001% - 18.500%...... 68 2,205,123 13.44
18.501% - 19.000%...... 58 1,823,213 11.11
19.001% - 19.500%...... 24 747,160 4.55
greater than 19.500%... 8 214,692 1.31
--- ----------- -------
Total............. 508 $16,411,579 100.00%
=== =========== =======
</TABLE>
As of the Cut-Off Date, the weighted average Lifetime Cap for the Loans
that are Adjustable Rate Loans was 17.620%.
<TABLE>
Lifetime Floors
<CAPTION>
Aggregate % of Total by Aggregate
Number of Principal Balance of Principal Balance of
Lifetime Floor Initial Loans Adjustable Rate Loans Adjustable Rate Loans
-------------- ------------- --------------------- -----------------------
<S> <C> <C> <C>
9.001% - 9.500%...... 3 $ 88,192 0.54%
9.501% - 10.000%...... 25 786,384 4.79
10.001% - 10.500%...... 43 1,368,533 8.34
10.501% - 11.000%...... 79 2,728,217 16.62
11.001% - 11.500%...... 80 2,473,070 15.07
11.501% - 12.000%...... 111 3,689,023 22.48
12.001% - 12.500%...... 70 2,265,270 13.80
12.501% - 13.000%...... 62 1,950,386 11.88
13.001% - 13.500%...... 25 782,097 4.77
13.501% - 14.000%...... 9 264,407 1.61
14.001% - 14.500%...... 1 16,000 0.10
--- ----------- -------
Total............. 508 $16,411,579 100.00%
=== =========== =======
</TABLE>
As of the Cut-Off Date, the weighted average Lifetime Floor for the Loans
that are Adjustable Rate Loans was 11.595%.
<TABLE>
Lien Priority
<CAPTION>
% of Total by
Number Aggregate
of Aggregate Principal
Lien Priority Loans Principal Balance Balance
- ------------- ------ ----------------- -------------
<S> <C> <C> <C>
First Lien............... 5 $ 181,236 0.07%
Second Lien.............. 7,374 247,128,129 99.93
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
<PAGE>
<TABLE>
Combined Loan-to-Value Ratios
<CAPTION>
% of Total by
Number Aggregated
Range of Combined of Aggregate Principal
Loan-to-Value Ratios Loans Principal Balance Balance
- -------------------- ------ ----------------- -------------
<S> <C> <C> <C>
5.01% - 10.00%........ 1 $ 12,261 0.00%
10.01% - 15.00%........ 10 243,886 0.10
15.01% - 20.00%........ 27 774,133 0.31
20.01% - 25.00%........ 38 1,068,138 0.43
25.01% - 30.00%........ 50 1,707,939 0.69
30.01% - 35.00%........ 55 1,887,416 0.76
35.01% - 40.00%........ 52 1,931,026 0.78
40.01% - 45.00%........ 34 1,345,961 0.54
45.01% - 50.00%........ 20 757,945 0.31
50.01% - 55.00%........ 14 633,769 0.26
55.01% - 60.00%........ 13 458,972 0.19
60.01% - 65.00%........ 19 715,328 0.29
65.01% - 70.00%........ 13 405,068 0.16
70.01% - 75.00%........ 14 399,407 0.16
75.01% - 80.00%........ 32 852,484 0.34
80.01% - 85.00%........ 62 1,692,521 0.68
85.01% - 90.00%........ 156 4,290,988 1.74
90.01% - 95.00%........ 381 10,764,374 4.35
95.01% - 100.00%........ 1,027 30,598,492 12.37
100.01% - 105.00%........ 382 11,689,117 4.73
105.01% - 110.00%........ 628 20,144,727 8.15
110.01% - 115.00%........ 829 27,152,509 10.98
115.01% - 120.00%........ 1,024 36,137,204 14.61
120.01% - 125.00%........ 1,648 59,546,153 24.08
125.01% - 130.00%........ 332 12,580,462 5.09
130.01% - 135.00%........ 518 19,519,085 7.89
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the weighted average Combined Loan-to-Value Ratio
of the Loans was approximately 110.30%.
<TABLE>
Months Since Origination
<CAPTION>
% of Total by
Number Aggregate
Loan Age of Aggregate Principal
(in months) Loans Principal Balance Balance
----------- ------ ----------------- -------------
<S> <C> <C> <C>
Less than one............. 371 $ 13,027,936 5.27%
1 - 3..................... 2,936 96,732,052 39.11
4 - 6..................... 2,141 70,973,059 28.70
7 - 9..................... 1,321 46,160,677 18.67
10 or greater............. 610 20,415,641 8.26
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the weighted average number of months since
origination of the Loans was 5 months.
<TABLE>
Remaining Terms to Maturity
<CAPTION>
Range of
Remaining % of Total by
Terms to Number Aggregate
Maturity of Aggregate Principal
(in months) Loans Principal Balance Balance
- ----------- ------ ----------------- -------------
<S> <C> <C> <C>
31 - 60................ 26 $ 543,341 0.22%
61 - 90................ 22 480,644 0.19
91 - 120................ 202 5,410,447 2.19
121 - 150................ 12 340,475 0.14
151 - 180................ 3,599 113,934,007 46.07
181 - 210................ 2 49,867 0.02
211 - 240................ 2,031 73,716,681 29.81
271 - 300................ 1,485 52,833,923 21.36
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the weighted average remaining term to maturity of
the Loans was approximately 217 months.
<TABLE>
Original Terms to Maturity
<CAPTION>
Original % of Total by
Term to Number Aggregate
Maturity of Aggregate Principal
(in months) Loans Principal Balance Balance
- ----------- ------ ----------------- _____________
<S> <C> <C> <C>
31 - 60................ 25 $ 524,947 0.21%
61 - 90................ 17 340,182 0.14
91 - 120................ 208 5,569,303 2.25
121 - 150................ 11 306,066 0.12
151 - 180................ 3,600 113,968,416 46.08
181 - 210................ 1 21,837 0.01
211 - 240................ 2,032 73,744,691 29.82
271 - 300................ 1,485 52,833,923 21.36
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the weighted average original term to maturity of
the Loans was approximately 222 months.
<PAGE>
<TABLE>
Credit Score
<CAPTION>
% of Total by
Number Aggregate
Range of of Aggregate Principal
Credit Scores Loans Principal Balance Balance
- ------------- ------ ----------------- -------------
<S> <C> <C> <C>
Less than 600............. 7 $ 190,451 0.08%
600 to 609................ 8 231,907 0.09
610 to 619................ 31 809,572 0.33
620 to 629................ 488 13,898,913 5.62
630 to 639................ 564 16,672,454 6.74
640 to 649................ 973 31,217,414 12.62
650 to 659................ 962 30,602,393 12.37
660 to 669................ 865 29,560,784 11.95
670 to 679................ 809 28,998,246 11.73
680 to 689................ 634 22,192,509 8.97
690 to 699................ 530 19,353,598 7.83
700 to 709................ 454 17,067,645 6.90
710 to 719................ 362 12,615,998 5.10
720 to 729................ 232 8,110,582 3.28
730 to 739................ 165 5,794,321 2.34
740 to 749................ 106 3,643,714 1.47
750 to 759................ 71 2,516,184 1.02
760 to 769................ 60 1,831,784 0.74
770 to 779................ 28 902,882 0.37
780 to 789................ 17 632,123 0.26
790 to 799................ 9 282,643 0.11
800 to 999................ 4 183,245 0.07
----- ------------ -------
Total................ 7,379 $247,309,365 100.00%
===== ============ =======
</TABLE>
As of the Cut-Off Date, the weighted average Credit Score was approximately
674.
