(..continued)
- - ---------------------------------------------------------------------------
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) December 11, 1998
Residential Asset Funding Corporation.
- - ---------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina 333-64775 56-2064715
- - -------------------------------- ------------------- ---------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
301 South College Street, TW-06
Charlotte, North Carolina 28202-6001
- - ----------------------------------- -----------------
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code (704) 374-4868
--------------------
No Change
- - ---------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- - ---------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of Mortgage Lenders Network Home
Equity Loan Trust 1998-3, Asset Backed Notes, Series 1998-3 described in the
related Prospectus Supplement, certain "Computational Materials" within the
meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the February
17, 1995 Public Securities Association No-Action Letter were furnished to
certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1 - Related Computational Materials (as defined in Item 5
above).
2
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
RESIDENTIAL ASSET FUNDING CORPORATION
as Depositor and on behalf of Mortgage Lenders
Network Home Equity Loan Trust 1998-3
Registrant
By: /s/ Carolyn Eskridge
------------------------
Name: Carolyn Eskeridge
Title: Assistant Vice President
Dated: December 14, 1998
3
<PAGE>
EXHIBIT INDEX
--------------
Exhibit No. Description
- - ---------- -----------
99.1 Related Computational Materials (as defined in Item 5 above).
EXHIBIT 99.1
MARKETING MEMORANDUM
12/11/98 4:41 PM
MORTGAGE LENDERS NETWORK HOME EQUITY LOAN TRUST 1998-3
$[114,925,000] CLASS A, [ ]% ASSET BACKED NOTES, SERIES 1998-3
The attached Marketing Memorandum (the "Marketing Memorandum") is privileged and
confidential and is intended for use by the addressee only. This Marketing
Memorandum is furnished to you solely by First Union Capital Markets (the
"Underwriter") and not by the issuer of the notes identified above (the "Notes")
or any other party. The Marketing Memorandum is based upon information made
available to the Underwriter. Neither the Underwriter, the issuer of the Notes,
nor any other party makes any representation to the accuracy or completeness of
the information therein. The information herein is preliminary, and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission. The information
herein may not be provided to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purpose of evaluating such
information.
No assurance can be given as to the accuracy, appropriateness or completeness of
the Marketing Memorandum in any particular context; or as to whether the
Marketing Memorandum reflects future performance. This Marketing Memorandum
should not be construed as either a prediction or as legal, tax, and financial
or accounting advice.
Any yields or weighted average lives shown in the Marketing Memorandum are based
on prepayment and other assumptions. Actual experience may dramatically affect
such yields or weighted average lives. The principal amount and designation of
any security described in the Marketing Memorandum are subject to change prior
to issuance.
Although a registration statement (including the prospectus) relating to the
Notes has been filed with the Securities and Exchange Commission and is
effective, the final prospectus supplement relating to the Notes has not been
filed with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of the Offered Notes in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state. Prospective purchasers are referred to the
final prospectus and prospectus supplement relating to the Offered Notes for
definitive terms of the Offered Notes and the collateral.
Please be advised that the Notes may not be appropriate for all investors.
Potential investors must be willing to assume, among other things, market price
volatility, prepayments, yield curve and interest rate risks. Investors should
fully consider the risk of an investment in the Notes.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
FIRST UNION CAPITAL MARKETS
a division of Wheat First Securities, Inc.
<PAGE>
SUMMARY OF TERMS
- - ----------------
$[114,925,000] Class A, [ ]% Asset Backed Notes, Series 1998-3 (the "Notes")
ISSUER: Mortgage Lenders Network Home Equity Loan Trust 1998-3.
COLLATERAL: Fixed rate and adjustable rate mortgage loans.
SELLER: Mortgage Lenders Network USA, Inc.
SERVICER: Mortgage Lenders Network USA, Inc.
SECURITIES OFFERED:
Amount: $[114,925,000]
Security Type: Fixed-rate
Cut-Off Date: December 1, 1998
Prepayment Assumptions: 25% HEP
Average Life to Termination: 2.8 years
Average Life to Call: 3.1 years
Average Life to Maturity: 3.3 years
Expected Termination Date: 08/25/04
Expected Call Date: 11/25/06
Expected Maturity Date: 11/25/13
Expected Coupon: TBD
Stated Maturity Date: 01/25/2030
Payment Date: 25th of each month
Payment Delay: 24 days
Dated Date: Settlement Date
Day Count: 30/360
Pricing Date (Expected): December 11, 1998
Settlement Date (Expected): December 18, 1998
First Payment Date: January 25, 1999
Ratings (S&P/Moody's): AAA/Aaa
DESCRIPTION OF THE NOTES: The Notes will be secured by the Trust created by the
Indenture. The assets of the Trust will consist
primarily of (i) a pool of fixed rate (95.75% of the
Aggregate Principal
<PAGE>
Balance of the Mortgage Loans as of the Cut-off Date)
and adjustable rate (4.25% of the Aggregate Principal
Balance of the Mortgage Loans as of the Cut-off Date)
mortgage loans (the "Mortgage Loans"); (ii) all
payments in respect of principal and interest on the
Mortgage Loans (other than any principal or interest
payments due on or prior to the applicable Cut-off
Date); (iii) the Issuer's rights under the Depositor
Sale Agreement and the Servicing Agreement; (iv) the
rights of the Indenture Trustee under the Insurance
Policy; and (v) certain other property.
SERVICING FEE: 50 basis points per annum
INDENTURE TRUSTEE: Norwest Bank Minnesota, National Association, a
National Banking association.
OWNER TRUSTEE: Wilmington Trust Company, a Delaware Banking
corporation.
DENOMINATIONS: Minimum denominations of $1,000 and in integral
multiples thereof.
FORM OF NOTES: Book-Entry Form, delivered through the facilities of
DTC, Cedel, and Euroclear against payment in
immediately available funds.
RECORD DATE: Last business day preceding Payment Date or,
with respect to Notes in Definitive Form, the
last Business Day of the month preceding Payment Date
NOTE INSURER: MBIA Insurance Corporation ("MBIA"), rated AAA/Aaa by
S&P, Moody's.
NOTE INSURANCE POLICY: Timely payment of interest and ultimate payment of
principal on the Notes will be guaranteed by MBIA.
CREDIT ENHANCEMENT: (a) Excess cash flows
(b) Overcollateralization
(c) Note Insurance Policy
PAYMENTS ON THE NOTES: Payments on the Notes will be made on each
Payment Date to each Noteholder of record as of
the last Business Day preceding such Payment
Date or, with respect to Definitive
<PAGE>
Notes, as of the last Business Day of the month
preceding the month in which such Payment Date occurs
On each Payment Date, the Notes, as of the
immediately preceding Record Date, will be entitled
to payments in respect of principal and interest from
Available Funds for such Payment Date, together with
any payments received under the Insurance Policy.
DUE PERIOD: With respect to the Notes and any Payment Date,
the period commencing on the second day of the
calendar month preceding the calendar month in
which such Payment Date occurs and ending on
the first day of the calendar month in which
such Payment Date occurs.
COLLECTION PERIOD: With respect to the Notes and any Payment Date,
the calendar month preceding the month in which
such Payment Date occurs.
AVAILABLE FUNDS: With respect to the Notes and any Payment Date,
The Available Funds will generally consist of
the aggregate of the following amounts:
(i) the sum of (a) all scheduled payments of
principal and interest received with respect
to the Mortgage Loans and due during the
related Due Period and (b) all unscheduled
principal payments or recoveries on the
Mortgage Loans, including principal
prepayments, received during the related
Collection Period, minus (w) amounts received
with respect to payments due on or prior to
the applicable Cut-off Date, (x) the
Administrative Fee Amount payable with respect
to such Payment Date, (y) Payments Ahead and
(z) reimbursements for certain P&I Advances and
Servicing Advances made with respect to the
Mortgage Loans and certain other amounts for
which the Indenture Trustee, the Servicer and
the Issuer are permitted to be reimbursed; and
(ii) the amount of any Monthly Advances and
Compensating Interest Payments made by the
Servicer for such Payment Date, any amounts
deposited in the Note Account in respect of the
repurchase, release, removal or substitution
of Mortgage Loans during the related Collection
Period or amounts deposited in the Note Account
in connection with the redemption of the Notes.
ADMINISTRATIVE FEE AMOUNT: With respect to any Payment Date, the sum o
the Servicing Fee , Indenture Trustee Fee and Note
Insurer
<PAGE>
Premium relating to such Payment Date .
INTEREST PERIOD: The Interest Period in respect of any Payment
Date will be the calendar month immediately preceding
the month in which the Payment Date occurs. All
calculations of interest on the notes will be
computed on the basis of a year of 360 days and
twelve 30 day months.
PAYMENTS OF INTEREST On each Payment Date, Notes will be entitled to
payments in respect of interest accrued during the
related Interest Period ("Note Interest") at the Note
Interest Rate on the outstanding aggregate principal
balance of the Notes (the "Note Balance") as of the
preceding Payment Date (after giving effect to the
payment, if any, in reduction of principal made on
the Notes on such preceding Payment Date).
COMPENSATING INTEREST
PAYMENTS: With respect to any Mortgage Loan as to which a
prepayment in whole or in part was received during
the related Collection Period, the Servicer on behalf
of the Master Servicer will be required to remit to
the Indenture Trustee, up to the amount otherwise
payable to the Servicer as its servicing compensation
for the related Payment Date, an amount generally
calculated to cover Prepayment Interest Shortfalls to
ensure that a full month's interest on each such
Mortgage Loan is available for payment to the related
Noteholders on the applicable Payment Date.
Compensating Interest Payments are not reimbursable
to the Master Servicer or the Servicer. The Note
Insurer is not required to cover any Prepayment
Interest Shortfalls.
PAYMENTS OF PRINCIPAL: Monthly Principal with respect to any Payment Date of
the Notes will be equal to the aggregate of all
scheduled payments of principal received or advanced
with respect to the Mortgage Loans and due during the
related Due Period and all other amounts collected,
received or otherwise recovered in respect of
principal on the Mortgage Loans during or in respect
of the related Collection Period, not including
Payments Ahead that are not allocable to the related
Due Period, subject to reduction for any
Overcollateralization Surplus with respect to the
related Payment Date.
PAYMENTS OF EXCESS CASH: With respect to the Notes and each Payment Date on
which the Overcollateralization Amount for the Notes
is less than the Required Overcollateralization
Amount for such Payment Date, Excess Cash derived
from Available Funds, if any, will be paid on the
Notes in reduction of the Note Balance, up to the
amount necessary for the related
<PAGE>
Overcollateralization Amount to equal the applicable
Required Overcollateralization Amount.
"EXCESS CASH" with respect to any Payment Date will
be equal to Available Funds on such Payment Date,
reduced by the sum of (i) any amounts payable to the
Note Insurer for Insured Payments paid on prior
Payment Dates and not yet reimbursed and for any
unpaid Note Insurer Premiums on prior Payment Dates
(in each case with interest thereon at the Late
Payment Rate as defined and set forth in the
Insurance Agreement), (ii) the Note Interest for the
Notes and Payment Date, and (iii) the Monthly
Principal for the Notes and Payment Date.
The Insurance Policy does not cover Prepayment
Interest Shortfalls or shortfalls in interest due to
the application of the Relief Act; the payment of
such amounts may be funded only from Excess Cash that
would otherwise be paid to the holder(s) of the
Residual Interest.
Any Excess Cash remaining after making required
payments on the Notes and to the Note Insurer on any
Payment Date as described herein will be released to
the holder(s) of the Residual Interest on such
Payment Date, free from the lien of the Indenture.
OPTIONAL REDEMPTION: The Notes may be redeemed, in full but not in part,
at the option of the Servicer or the Note Insurer, on
or after the Payment Date on which the Note Balance
has declined to less than 10% of the of the Note
Balance as of the Closing Date.
COUPON STEP-UP: If the Notes are not redeemed pursuant to the
Optional Redemption, the coupon on the Notes will
step up by 50 basis points.
TERMINATION OF MORTGAGE
POOL: Following the first Payment Date on which the
Aggregate Principal Balance of the Mortgage Loans is
less than 20% of the Aggregate Principal Balance of
the Mortgage Loans as of the Cut-off Date, the
Indenture Trustee will be required to solicit
competitive bids for the purchase of the Mortgage
Loans for fair market value. In the event that
satisfactory bids are received the proceeds of such
sale shall be used to redeem the Notes in full. In
the event that the sale is not consummated, the
Indenture Trustee will continue to solicit bids on a
quarterly basis.
<PAGE>
OVERCOLLATERALIZATION Credit enhancement with respect to the Notes will be
provided in part by overcollateralization resulting
from the Aggregate Principal Balances of the Mortgage
Loans as of the end of each Due Period exceeding the
Note Balance for the related Payment Date (after
taking into account the Monthly Principal and Excess
Cash to be paid on such Payment Date in reduction of
the Note Balance).
LEGAL INVESTMENT
CONSIDERATIONS: The Notes will not constitute "mortgage related
securities" for the purposes of SMMEA.
ERISA CONSIDERATIONS: The Issuer believes that the Notes are ERISA
eligible, subject to individual Plan account
restrictions. Accordingly, any Plan fiduciary
considering whether to purchase any Notes on behalf
of a Plan should consult with its counsel prior to
purchase of such Notes.
TAXATION: The Notes will be treated as debt obligations
of the Issuer. No REMIC election will be made.
NOTE RATINGS: AAA/Aaa by S&P and Moody's
FURTHER INFORMATION: If you have any questions, please call:
Bill Ingram at (704) 383-7727, Capital Markets
Syndicate Desk
Russ Andrews at (704) 374-3472, Debt Capital Markets
WEIGHTED AVERAGE LIFE (WAL) AND
LAST PAY TABLE
-----------------------------------------------------------------
TO TERMINATION
(20%)
HEP* 15 20 25 30 35
CLASS A NOTE
WAL 4.4 3.4 2.8 2.3 2.0
LAST PAY 03/25/08 01/25/0608/25/04 08/25/03 12/25/02
TO CALL (10%)
HEP* 15 20 25 30 35
-----------------------------------------------------------------
<PAGE>
-----------------------------------------------------------------
CLASS A NOTE
WAL 4.9 3.8 3.1 2.6 2.2
LAST PAY 09/25/11 10/25/0811/25/06 06/25/05 06/25/04
TO MATURITY
HEP* 15 20 25 30 35
CLASS A1 NOTE
WAL 5.1 4.0 3.3 2.8 2.4
LAST PAY 06/25/20 04/25/1611/25/13 02/25/12 02/25/10
-----------------------------------------------------------------
* THE NOTES WILL BE PRICED WITH RESPECT TO THE MORTGAGE LOANS, USING 25%
HEP. 25% HEP ASSUMES A CONDITIONAL PREPAYMENT RATE OF 2.5% PER ANNUM OF
THE THEN OUTSTANDING PRINCIPAL BALANCE OF THE MORTGAGE LOANS IN THE FIRST
MONTH OF THE LIFE OF THE MORTGAGE LOANS AND AN ADDITIONAL 2.5% PER ANNUM
IN EACH MONTH THEREAFTER UNTIL THE TENTH MONTH. BEGINNING IN THE TENTH
MONTH AND IN EACH MONTH THEREAFTER, THE CONDITIONAL PREPAYMENT RATE IS
25%..
Summary of Characteristics of the Mortgage Loans
Number of Mortgage Loans 1,849
Fixed Rate Loans 1,787
Adjustable Rate
Loans 62
Principal Balance
Aggregate Principal
Balance $114,925,787.66
Average Principal
Balance $62,155.65
Range of Principal
Balances $9,872.60 -$223,876.36
<PAGE>
Coupon Rates
Weighted Average Coupon
Rate 10.415%
Range of Coupon Rates 7.200% - 17.500%
Remaining Term to Maturity
Weighted Average Remaining Term to
Maturity 255.18 Months
Range of Remaining Term to
Maturity 57 - 360 Months
Combined Loan-to-Value Ratio
Weighted Average Combined
Loan-to-Value Ratio 79.49%
Range of Combined Loan-to-Value
Ratios 8.33% - 125.48%
Percentage of First Lien Mortgage
Loans 90.48%
Percentage of Second Lien Mortgage
Loans: 9.52%
Summary of Fixed Rate Loans
Number of Fixed Rate Loans 1,787
Percentage of All Mortgage Loans 96.65%
(by number of loans)
Aggregate Principal Balance $110,037,984.70
Percentage of All Mortgage Loans 95.75%
(by aggregate principal
balance)
Principal Balance as of the Cut-Off Date
<PAGE>
Average $61,576.94
Range $9,872.60 - $223,876.36
Coupon Rates
Weighted Average 10.415%
Range 7.200% - 17.500
Remaining Term to Maturity
(in months)
Weighted Average 250.80 Months
Range 57 - 360 Months
Combined Loan-to-Value Ratio at
Origination
Weighted Average 79.47%
Range 8.33% - 125.48%
Percentage of First Lien Mortgage
Loans: 90.06%
Percentage of Second Lien Mortgage
Loans: 9.94%
Summary of Adjustable Rate Loans
Number of Adjustable Rate Loans 62
Percentage of All Mortgage Loans 3.35%
(by number of loans)
Aggregate Principal Balance $4,887,802.96
Percentage of All Mortgage Loans 4.25%
(by aggregate principal
balance)
Principal Balance as of the Cut-Off Date
Average $78,835.53
<PAGE>
Range $15,396.59 - $217,197.76
Coupon Rates
Weighted Average 10.402%
Range 8.550% - 12.900%
Remaining Term to Maturity
(in months)
Weighted Average 353.61 Months
Range 176 - 360 Months
Combined Loan-to-Value Ratio at
Origination
Weighted Average 79.97%
Range 25.00% - 90.00%
Percentage of First Lien Mortgage
Loans: 100.00%
Percentage of Second Lien Mortgage
Loans: 0.00%
PRINCIPAL BALANCE OF ALL MORTGAGE LOANS
Number of Aggregate
Range of Principal Mortgage Unpaid Principal Percentage of
Balances Loans Balance Pool Balance
- - -------------------- ------------- --------------- ---------------
0.01 - 25,000.00 202 $3,916,628.12 3.41%
25,000.01 - 50,000.00 655 25,372,704.69 22.08
50,000.01 - 75,000.00 483 29,544,963.17 25.71
75,000.01 -
100,000.00 255 21,968,454.97 19.12
100,000.01 -
125,000.00 125 14,009,344.83 12.19
125,000.01 -
150,000.00 61 8,274,850.04 7.20
150,000.01 -
175,000.00 42 6,736,735.02 5.86
175,000.01 -
200,000.00 17 3,193,719.33 2.78
<PAGE>
200,000.01 -
225,000.00 9 1,908,387.49 1.66
------------- ---------------- ----------------
Total 1,849 $114,925,787.66 100.00%
MORTGAGE INTEREST RATES OF ALL MORTGAGE LOANS
Range of Number of Aggregate
Mortgage Mortgage Unpaid Principal Percentage of
Interest Rates Loans Balance Pool Balance
----------------- ------------- --------------- ------------
7.01 - 7.50 1 $97,837.85 0.09%
7.51 - 8.00 17 1,409,769.03 1.23
8.01 - 8.50 135 8,625,233.27 7.51
8.51 - 9.00 164 11,029,141.32 9.60
9.01 - 9.50 169 12,636,807.47 11.00
9.51 - 10.00 288 20,514,135.02 17.85
10.01 - 10.50 211 15,008,477.22 13.06
10.51 - 11.00 255 16,096,147.84 14.01
11.01 - 11.50 139 8,611,269.69 7.49
11.51 - 12.00 119 6,623,289.84 5.76
12.01 - 12.50 65 3,443,444.24 3.00
12.51 - 13.00 65 3,318,990.87 2.89
13.01 - 13.50 51 1,920,800.02 1.67
13.51 - 14.00 62 1,961,328.93 1.71
14.01 - 14.50 21 904,739.60 0.79
14.51 - 15.00 24 764,135.19 0.66
15.01 - 15.50 18 606,671.54 0.53
15.51 - 16.00 18 603,932.79 0.53
16.01 - 16.50 15 391,961.98 0.34
16.51 - 17.00 6 197,276.18 0.17
17.01 - 17.50 6 160,397.77 0.14
------------- --------------- ----------------
Total 1,849 $114,925,787.66 100.00%
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS OF ALL MORTGAGE LOANS
Range of Original Number of Aggregate
Combined Loan-to- Mortgage Unpaid Principal Percentage of Pool
Value Ratios Loans Balance Balance
- - --------------------- ------------- --------------- -----------------
0.01 - 10.00 1 $35,000.00 0.03%
10.01 - 20.00 8 215,705.37 0.19
20.01 - 30.00 16 434,050.89 0.38
30.01 - 40.00 20 949,376.36 0.83
40.01 - 50.00 36 1,598,602.86 1.39
50.01 - 60.00 76 4,067,184.13 3.54
60.01 - 70.00 254 14,972,014.77 13.03
70.01 - 80.00 760 51,320,969.62 44.66
<PAGE>
80.01 - 90.00 438 33,844,959.51 29.45
90.01 - 100.00 102 2,878,269.77 2.50
100.01 - 110.00 27 725,095.68 0.63
110.01 - 120.00 44 1,492,673.47 1.30
120.01 - 130.00 67 2,391,885.23 2.08
------------- --------------- ----------------
Total 1,849 $114,925,787.66 100.00%
RISK CLASSIFICATION OF THE MORTGAGE LOANS
Number of Aggregate
Mortgage Unpaid Principal Percentage of Pool
Risk Classification Loans Balance Balance
- - --------------------- ------------- --------------- -----------------
A 419 $29,282,448.27 25.48%
A+ 453 22,223,134.05 19.34
B 244 16,651,047.22 14.49
B+ 160 11,178,896.31 9.73
C 374 24,061,835.89 20.94
C- 129 7,462,566.74 6.49
D 70 4,065,859.18 3.54
------------- ---------------- ---------------
Total 1,849 $114,925,787.66 100.00%
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES OF THE MORTGAGE LOANS
Number of Aggregate
Mortgage Unpaid Principa Percentage of
Location Loans Balance Pool Balance
- - --------------------- ------------- --------------- ---------------
ALABAMA 45 $2,463,241.24 2.14%
ALASKA 4 388,571.55 0.34
ARIZONA 40 1,963,748.97 1.71
ARKANSAS 6 222,969.76 0.19
CALIFORNIA 1 39,912.56 0.03
COLORADO 14 681,178.63 0.59
CONNECTICUT 60 4,674,463.34 4.07
<PAGE>
DELAWARE 5 381,017.45 0.33
DISTRICT OF COL 4 232,242.89 0.20
FLORIDA 82 4,338,544.03 3.78
GEORGIA 74 4,416,716.80 3.84
IDAHO 17 1,100,366.25 0.96
ILLINOIS 187 12,441,650.51 10.83
INDIANA 42 2,044,686.38 1.78
IOWA 21 977,365.43 0.85
KANSAS 20 887,283.59 0.77
KENTUCKY 79 4,348,964.63 3.78
LOUISIANA 13 823,845.94 0.72
MAINE 12 681,476.66 0.59
MARYLAND 76 4,657,065.78 4.05
MASSACHUSETTS 48 4,473,927.04 3.89
MICHIGAN 50 3,004,805.05 2.61
MINNESOTA 5 283,809.69 0.25
MISSISSIPPI 16 797,909.63 0.69
MISSOURI 53 2,861,240.72 2.49
MONTANA 2 178,762.23 0.16
NEBRASKA 2 114,900.00 0.10
NEVADA 4 262,525.40 0.23
NEW HAMPSHIRE 8 533,997.92 0.46
NEW JERSEY 11 1,024,193.83 0.89
NEW MEXICO 45 2,869,271.65 2.50
NEW YORK 111 9,034,962.47 7.86
NORTH CAROLINA 66 4,242,910.09 3.69
OHIO 215 13,094,541.89 11.39
OKLAHOMA 27 1,283,011.58 1.12
OREGON 6 776,623.40 0.68
PENNSYLVANIA 75 3,640,224.51 3.17
RHODE ISLAND 16 954,492.54 0.83
SOUTH CAROLINA 87 4,739,239.55 4.12
TENNESSEE 61 3,607,545.44 3.14
TEXAS 11 733,828.14 0.64
UTAH 3 281,685.01 0.25
VERMONT 19 1,180,811.02 1.03
VIRGINIA 41 2,493,299.78 2.17
WASHINGTON 27 2,703,157.91 2.35
WEST VIRGINIA 7 308,951.19 0.27
WISCONSIN 30 1,593,688.75 1.39
WYOMING 1 86,158.84 0.07
------------- ---------------- ----------------
Total 1,849 $114,925,787.66 100.00%
MORTGAGE LOAN PURPOSE OF THE MORTGAGE LOANS
<PAGE>
Number of Aggregate
Mortgage Unpaid Principal Percentage of
Loan Purpose Loans Balance Pool Balance
- - --------------------- ------------- --------------- ----------------
Purchase 212 $14,836,890.67 12.91%
Refi Cash Out 1,597 97,489,055.99 84.83
Refi Rate/Term 40 2,599,841.00 2.26
------------- ---------------- ---------------
Total 1,849 $114,925,787.66 100.00%
MORTGAGE LOAN DOCUMENTATION TYPES OF THE MORTGAGE LOANS
Number of Aggregate
Mortgage Unpaid Principal Percentage of
Documentation Loans Balance Pool Balance
- - --------------------- ------------- --------------- ----------------
Full Documentation 1,651 $100,700,136.65 87.62%
Limited 81 6,962,291.35 6.06
Documentation
No Income 117 7,263,359.66 6.32
Verification
------------- ---------------- ----------------
Total 1,849 $114,925,787.66 100.00%
OCCUPANCY STATUS OF THE MORTGAGE LOANS
Number of Aggregate
Mortgage Unpaid Principal Percentage of
Occupancy Loans Balance Pool Balance
- - --------------------- ------------- --------------- ----------------
Investment 142 $7,642,882.72 6.65%
Owner Occupied 1,698 106,841,472.77 92.97
Second Home 9 441,432.17 0.38
------------- ---------------- ------------
Total 1,849 $114,925,787.66 100.00%
<PAGE>
MORTGAGED PROPERTY TYPE OF THE MORTGAGE LOANS
Number of Aggregate
Mortgage Unpaid Principal Percentage of
Property Type Loans Balance Pool Balance
- - --------------------- ------------- --------------- ----------------
2-4 Family 126 $10,213,675.59 8.89%
Condo 41 2,208,908.80 1.92
Manufactured Homes 80 4,676,856.53 4.07
Mixed Use 2 210,168.36 0.18
Multi-Family Home 4 351,676.26 0.31
PUD 7 520,590.03 0.45
Single Family Home 1,589 96,743,912.09 84.18
------------- ---------------- ---------------
Total 1,849 $114,925,787.66 100.00%
ORIGINAL TERM TO MATURITY OF THE MORTGAGE LOANS
Number of Aggregate
Original Term to Mortgage Unpaid Principal Percentage of
Maturity Loans Balance Pool Balance
- - --------------------- ------------- --------------- ------------
56 - 60 4 $80,294.67 0.07%
71 - 75 3 84,077.28 0.07
81 - 85 1 36,085.00 0.03
96 - 100 1 26,514.71 0.02
116 - 120 45 1,253,335.18 1.09
141 - 145 1 37,950.00 0.03
176 - 180 848 51,773,526.07 45.05
236 - 240 300 14,952,877.73 13.01
296 - 300 116 6,325,229.21 5.50
360 530 40,355,897.81 35.11
------------- ---------------- ------------
Total 1,849 $114,925,787.66 100.00%
<PAGE>
REMAINING TERMS TO MATURITY OF THE MORTGAGE LOANS
Number of Aggregate
Months Remaining Mortgage Unpaid Principal Percentage of
to Maturity Loans Balance Pool Balance
- - -------------------- ------------- --------------- ----------------
56 - 60 4 $80,294.67 0.07%
71 - 75 3 84,077.28 0.07
81 - 85 1 36,085.00 0.03
91 - 95 1 26,514.71 0.02
106 - 110 1 21,882.61 0.02
111 - 115 4 81,365.05 0.07
116 - 120 40 1,150,087.52 1.00
141 - 145 1 37,950.00 0.03
161 - 165 2 84,427.20 0.07
166 - 170 9 324,365.53 0.28
171 - 175 46 2,422,097.40 2.11
176 - 180 791 48,942,635.94 42.59
221 - 225 2 86,013.35 0.07
226 - 230 4 316,425.72 0.28
231 - 235 37 1,620,356.28 1.41
236 - 240 257 12,930,082.38 11.25
286 - 290 1 40,300.69 0.04
291 - 295 4 240,000.17 0.21
296 - 300 111 6,044,928.35 5.26
341 - 345 2 183,126.12 0.16
346 - 350 6 409,115.30 0.36
351 - 355 37 3,080,237.48 2.68
356 24 2,095,241.26 1.82
357 43 2,985,418.41 2.60
358 98 7,348,904.43 6.39
359 122 9,068,314.54 7.89
360 198 15,185,540.27 13.21
------------- ---------------- ---------------
Total 1,849 $114,925,787.66 100.00%
SEASONING OF THE MORTGAGE LOANS
Number of Aggregate
Mortgage Unpaid Principal Percentage of
Months of Seasoning Loans Balance Pool Balance
- - --------------------- ------------- --------------- ---------------
0 647 $43,830,492.82 38.14%
1 - 12 1,192 70,402,460.93 61.26
13 - 24 10 692,833.91 0.60
------------- ---------------- ---------------
1,849 $114,925,787.66 100.00%
<PAGE>
MAXIMUM INTEREST RATES OF THE ADJUSTABLE RATE MORTGAGE LOANS
Number of Aggregate
Range of Maximum Mortgage Unpaid Principal Percentage of
Interest Rates Loans Balance Pool Balance
- - -------------------- ------------- --------------- ---------------
15.51 - 16.00 4 $282,388.28 5.78%
16.01 - 16.50 13 1,296,112.50 26.52
16.51 - 17.00 10 721,562.16 14.76
17.01 - 17.50 9 674,632.86 13.80
17.51 - 18.00 5 475,049.84 9.72
18.01 - 18.50 8 474,721.11 9.71
18.51 - 19.00 7 341,690.46 6.99
19.01 - 19.50 5 484,460.30 9.91
19.51 - 20.00 1 137,185.45 2.81
------------- ---------------- ---------------
Total 62 $4,887,802.96 100.00%
MINIMUM INTEREST RATES OF THE ADJUSTABLE RATE MORTGAGE LOANS
Number of Aggregate
Range of Minimum Mortgage Unpaid Principal Percentage of
Interest Rates Loans Balance Pool Balance
- - -------------------- ------------- --------------- ----------------
8.51 - 9.00 4 $282,388.28 5.78%
9.01 - 9.50 13 1,296,112.50 26.52
9.51 - 10.00 10 721,562.16 14.76
10.01 - 10.50 9 674,632.86 13.80
10.51 - 11.00 5 475,049.84 9.72
11.01 - 11.50 8 474,721.11 9.71
11.51 - 12.00 7 341,690.46 6.99
12.01 - 12.50 5 484,460.30 9.91
12.51 - 13.00 1 137,185.45 2.81
------------- ---------------- ---------------
Total 62 $4,887,802.96 100.00%
<PAGE>
NEXT INTEREST RATE ADJUSTMENT DATE OF THE ADJUSTABLE RATE MORTGAGE LOANS
Number of Aggregate
Month of Next Interest Mortgage Unpaid Principal Percentage of
Rate Adjustment Loans Balance Pool Balance
- - -------------------- ------------- --------------- ---------------
01/00 1 $27,890.92 0.57%
01/99 2 187,207.61 3.83
02/00 3 223,707.37 4.58
02/99 1 55,120.08 1.13
03/00 3 199,567.90 4.08
03/99 3 278,658.14 5.70
04/00 3 298,145.99 6.10
04/99 3 211,217.88 4.32
05/00 4 353,000.89 7.22
05/99 4 352,916.16 7.22
06/00 3 216,161.58 4.42
06/99 1 50,297.70 1.03
07/00 5 301,672.45 6.17
08/00 10 726,259.86 14.86
09/00 5 387,673.71 7.93
09/99 1 121,208.90 2.48
10/00 5 533,832.01 10.92
10/99 1 112,781.38 2.31
12/00 1 65,000.00 1.33
12/98 3 185,482.43 3.79
------------- ---------------- ---------------
Total 62 $4,887,802.96 100.00%
<PAGE>
PRELIMINARY SUMMARY INFORMATION - HYPOTHETICAL MORTGAGE LOAN POOL
PRELIMINARY COMBINED COLLATERAL POOL
Total Principal Balance: $115,247,542
Fixed Rate Loans: 95.21%
Floating Rate Loans: 4.79%
Number of Loans: 1,778
Average Principal Balance: $64,819
Weighted Average Mortgage Rate: 10.46%
Weighted Average Remaining Term to
Maturity: 256.74
Weighted Average Loan-to-Value Ratio: 79.77%
Weighted Average FICO Score 580
First-lien Mortgage Loans 89.87%
Second-lien Mortgage Loans 10.13%
PRELIMINARY FIXED RATE COLLATERAL POOL
Total Principal Balance: $109,728,339.84
Number of Loans: 1,714
Average Principal Balance: $64,018.87
Weighted Average Mortgage Rate: 10.46%
Weighted Average Remaining Term to
Maturity: 251.90
Weighted Average Loan-to-Value Ratio: 79.70%
PRELIMINARY ADJUSTABLE RATE COLLATERAL POOL
Total Principal Balance: $5,519,202.46
Number of Loans: 64
Average Principal Balance: $86,237.54
Weighted Average Mortgage Rate: 10.39%
Weighted Average Remaining Term to
Maturity: 352.98
Weighted Average Loan-to-Value Ratio: 81.12%
<PAGE>
FIXED RATE COLLATERAL - MORTGAGE RATES
MORTGAGE RATES COUNT BALANCE PERCENT
--------------------------------------------------------
7.001 - 7.500 1 97,837.85 0.09
7.501 - 8.000 15 1,637,807.21 1.49
8.001 - 8.500 126 8,378,277.88 7.64
8.501 - 9.000 144 10,383,043.92 9.46
9.001 - 9.500 145 10,775,038.50 9.82
9.501 - 10.000 254 18,320,688.75 16.7
10.001 - 10.500 190 15,381,665.02 14.02
10.501 - 11.000 244 15,715,490.40 14.32
11.001 - 11.500 131 8,299,622.86 7.56
11.501 - 12.000 112 6,353,382.38 5.79
12.001 - 12.500 61 3,196,983.94 2.91
12.501 - 13.000 65 3,407,700.10 3.11
13.001 - 13.500 52 1,985,688.57 1.81
13.501 - 14.000 63 2,011,155.46 1.83
14.001 - 14.500 21 904,739.60 0.82
14.501 - 15.000 25 814,102.67 0.74
15.001 - 15.500 19 661,656.10 0.6
15.501 - 16.000 18 603,932.79 0.55
16.001 - 16.500 16 441,851.89 0.4
16.501 - 17.000 6 197,276.18 0.18
17.001 - 17.500 6 160,397.77 0.15
--------------------------------------------------------
1,714 109,728,339.84 100.00
FIXED RATE COLLATERAL - PRINCIPAL BALANCES
PRINCIPAL BALANCES COUNT BALANCE PERCENT
--------------------------------------------------------
1.00 - 24,999 33 414,453.19 0.38
15,000.01 - 25,000 161 3,329,103.73 3.03
25,000.00 - 49,999 620 23,974,114.87 21.85
50,000.00 - 74,999 430 26,244,472.07 23.92
75,000.00 - 99,999 225 19,339,366.03 17.62
100,000.00 - 124,999 109 12,197,549.04 11.12
125,000.00 - 149,999 47 6,339,050.42 5.78
150,000.00 - 174,999 41 6,566,553.46 5.98
175,000.00 - 199,999 15 2,789,797.25 2.54
<PAGE>
200,000.00 - 224,999 8 1,676,089.73 1.53
225,000.00 - 249,999 12 2,832,862.77 2.58
250,000.00 - 274,999 2 547,062.77 0.5
275,000.00 - 299,999 5 1,419,394.45 1.29
300,000.00 - 324,999 3 958,712.94 0.87
325,000.00 - 349,999 1 334,967.00 0.31
350,000.00 - 374,999 1 365,271.18 0.33
375,000.00 - 399,999 1 399,518.94 0.36
--------------------------------------------------------
1,714 109,728,339.84 100.00
FIXED RATE COLLATERAL - REMAINING TERM TO MATURITY
REAMING TERM TO
MATURITY COUNT BALANCE PERCENT
--------------------------------------------------------
56 - 60 3 58,880.38 0.05
71 - 75 2 46,978.35 0.04
81 - 85 1 36,085.00 0.03
91 - 95 1 26,514.71 0.02
106 - 110 1 21,882.61 0.02
111 - 115 4 81,365.05 0.07
116 - 120 38 1,105,087.52 1.01
141 - 145 1 37,950.00 0.03
161 - 165 2 84,427.20 0.08
166 - 170 10 550,260.21 0.5
171 - 175 45 2,339,492.56 2.13
176 - 180 755 48,352,836.52 44.07
221 - 225 2 86,013.35 0.08
226 - 230 4 316,425.72 0.29
231 - 235 38 1,847,485.06 1.68
236 - 240 245 12,167,767.57 11.09
286 - 290 1 40,300.69 0.04
291 - 295 4 240,000.17 0.22
296 - 300 111 6,081,759.83 5.54
351 - 355 11 1,288,318.81 1.17
356 15 1,711,064.95 1.56
357 34 2,529,157.15 2.3
358 95 7,421,523.46 6.76
359 116 9,351,445.70 8.52
360 175 13,905,317.27 12.67
--------------------------------------------------------
1,714 109,728,339.84 100.00
FIXED RATE COLLATERAL - ORIGINAL TERM TO MATURITY
<PAGE>
ORIGINAL TERM TO
MATURITY COUNT BALANCE PERCENT
--------------------------------------------------------
51 - 60 3 58,880.38 0.05
71 - 80 2 46,978.35 0.04
81 - 90 1 36,085.00 0.03
91 - 100 1 26,514.71 0.02
111 - 120 43 1,208,335.18 1.1
141 - 150 1 37,950.00 0.03
171 - 180 811 51,276,427.64 46.73
231 - 240 289 14,417,691.70 13.14
291 - 300 116 6,362,060.69 5.8
351 - 360 447 36,257,416.19 33.04
--------------------------------------------------------
1,714 109,728,3394 100.00
ADJUSTABLE RATE COLLATERAL - MORTGAGE RATES
MORTGAGE RATES COUNT BALANCE PERCENT
--------------------------------------------------------
8.501 - 9.000 4 282,388.28 5.12
9.001 - 9.500 13 1,296,112.50 23.48
9.501 - 10.000 10 721,562.16 13.07
10.001 - 10.500 11 1,306,032.36 23.66
10.501 - 11.000 5 475,049.84 8.61
11.001 - 11.500 8 474,721.11 8.6
11.501 - 12.000 7 341,690.46 6.19
12.001 - 12.500 5 484,460.30 8.78
12.501 - 13.000 1 137,185.45 2.49
--------------------------------------------------------
64 5,519,202.46 100.00
ADJUSTABLE RATE COLLATERAL - PRINCIPAL BALANCES
PRINCIPAL BALANCES COUNT BALANCE PERCENT
--------------------------------------------------------
15,000.01 - 25,000 2 32,195.62 0.58
25,000.00 - 49,999 12 487,640.69 8.84
50,000.00 - 74,999 21 1,284,790.33 23.28
75,000.00 - 99,999 11 966,687.07 17.51
100,000.00 - 124,999 9 994,878.64 18.03
125,000.00 - 149,999 4 557,840.10 10.11
150,000.00 - 174,999 1 158,758.83 2.88
175,000.00 - 199,999 1 187,813.92 3.4
200,000.00 - 224,999 1 217,197.76 3.94
225,000.00 - 249,999 1 245,914.10 4.46
<PAGE>
375,000.00 - 399,999 1 385,485.40 6.98
--------------------------------------------------------
64 5,519,202.46 100.00
ADJUSTABLE RATE COLLATERAL - REMAINING TERM TO MATURITY
REMAINING TERM COUNT BALANCE PERCENT
--------------------------------------------------------
176 - 180 1 16,799.03 0.3
341 - 345 3 429,040.22 7.77
346 - 350 7 794,600.70 14.4
351 - 355 27 2,157,189.85 39.09
356 9 627,395.46 11.37
357 9 787,880.30 14.28
358 6 579,833.03 10.51
359 1 61,463.87 1.11
360 1 65,000.00 1.18
--------------------------------------------------------
64 5,519,202.46 100.00
ADJUSTABLE RATE COLLATERAL - ORIGINAL TERM TO MATURITY
ORIGINAL TERM COUNT BALANCE PERCENT
--------------------------------------------------------
171 - 180 1 16,799.03 0.3
351 - 360 63 5,502,403.43 99.7
--------------------------------------------------------
64 5,519,202.46 100.00
Adjustable Rate Collateral - Gross Margin
Gross Margin Count Balance Percent
--------------------------------------------------------
5.001 - 5.500 1 65,000.00 1.18
5.501 - 6.000 8 881,002.12 15.96
6.001 - 6.500 11 985,418.19 17.85
6.501 - 7.000 11 893,837.43 16.2
7.001 - 7.500 9 935,444.25 16.95
7.501 - 8.000 8 578,166.23 10.48
8.001 - 8.500 6 406,271.42 7.36
8.501 - 9.000 7 633,472.74 11.48
9.001 - 9.500 3 140,590.08 2.55
--------------------------------------------------------
64 5,519,202.46 100.00
ADJUSTABLE RATE COLLATERAL - MAXIMUM RATES
MAXIMUM RATES COUNT BALANCE PERCENT
--------------------------------------------------------
<PAGE>
15.501 - 16.000 4 282,388.28 5.12
16.001 - 16.500 13 1,296,112.50 23.48
16.501 - 17.000 10 721,562.16 13.07
17.001 - 17.500 11 1,306,032.36 23.66
17.501 - 18.000 5 475,049.84 8.61
18.001 - 18.500 8 474,721.11 8.6
18.501 - 19.000 7 341,690.46 6.19
19.001 - 19.500 5 484,460.30 8.78
19.501 - 20.000 1 137,185.45 2.49
--------------------------------------------------------
64 5,519,202.46 100.00
ADJUSTABLE RATE COLLATERAL - MINIMUM RATES
MINIMUM RATES COUNT BALANCE PERCENT
--------------------------------------------------------
8.501 - 9.000 4 282,388.28 5.12
9.001 - 9.500 13 1,296,112.50 23.48
9.501 - 10.000 10 721,562.16 13.07
10.001 - 10.500 11 1,306,032.36 23.66
10.501 - 11.000 5 475,049.84 8.61
11.001 - 11.500 8 474,721.11 8.6
11.501 - 12.000 7 341,690.46 6.19
12.001 - 12.500 5 484,460.30 8.78
12.501 - 13.000 1 137,185.45 2.49
--------------------------------------------------------
64 5,519,202.46 100.00
COMBINED COLLATERAL - MORTGAGE RATE
MORTGAGE RATE COUNT BALANCE PERCENT
--------------------------------------------------------
7.001 - 7.500 1 97,837.85 0.08
7.501 - 8.000 15 1,637,807.21 1.42
8.001 - 8.500 126 8,378,277.88 7.27
8.501 - 9.000 148 10,665,432.20 9.25
9.001 - 9.500 158 12,071,151.00 10.47
9.501 - 10.000 264 19,042,250.91 16.52
10.001 - 10.500 201 16,687,697.38 14.48
10.501 - 11.000 249 16,190,540.24 14.05
11.001 - 11.500 139 8,774,343.97 7.61
11.501 - 12.000 119 6,695,072.84 5.81
12.001 - 12.500 66 3,681,444.24 3.19
12.501 - 13.000 66 3,544,885.55 3.08
13.001 - 13.500 52 1,985,688.57 1.72
13.501 - 14.000 63 2,011,155.46 1.75
14.001 - 14.500 21 904,739.60 0.79
14.501 - 15.000 25 814,102.67 0.71
15.001 - 15.500 19 661,656.10 0.57
<PAGE>
15.501 - 16.000 18 603,932.79 0.52
16.001 - 16.500 16 441,851.89 0.38
16.501 - 17.000 6 197,276.18 0.17
17.001 - 17.500 6 160,397.77 0.14
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - PRINCIPAL BALANCES
PRINCIPAL BALANCES COUNT BALANCE PERCENT
--------------------------------------------------------
1.00 - 24,999 33 414,453.19 0.36
15,000.01 - 25,000 163 3,361,299.35 2.92
25,000.00 - 49,999 632 24,461,755.56 21.23
50,000.00 - 74,999 451 27,529,262.40 23.89
75,000.00 - 99,999 236 20,306,053.10 17.62
100,000.00 - 124,999 118 13,192,427.68 11.45
125,000.00 - 149,999 51 6,896,890.52 5.98
150,000.00 - 174,999 42 6,725,312.29 5.84
175,000.00 - 199,999 16 2,977,611.17 2.58
200,000.00 - 224,999 9 1,893,287.49 1.64
225,000.00 - 249,999 13 3,078,776.87 2.67
250,000.00 - 274,999 2 547,062.77 0.47
275,000.00 - 299,999 5 1,419,394.45 1.23
300,000.00 - 324,999 3 958,712.94 0.83
325,000.00 - 349,999 1 334,967.00 0.29
350,000.00 - 374,999 1 365,271.18 0.32
375,000.00 - 399,999 2 785,004.34 0.68
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - REMAINING TERM TO MATURITY
REMAINING TERM COUNT BALANCE PERCENT
--------------------------------------------------------
56 - 60 3 58,880.38 0.05
71 - 75 2 46,978.35 0.04
81 - 85 1 36,085.00 0.03
91 - 95 1 26,514.71 0.02
106 - 110 1 21,882.61 0.02
111 - 115 4 81,365.05 0.07
116 - 120 38 1,105,087.52 0.96
141 - 145 1 37,950.00 0.03
161 - 165 2 84,427.20 0.07
166 - 170 10 550,260.21 0.48
171 - 175 45 2,339,492.56 2.03
176 - 180 756 48,369,635.55 41.97
<PAGE>
221 - 225 2 86,013.35 0.07
226 - 230 4 316,425.72 0.27
231 - 235 38 1,847,485.06 1.6
236 - 240 245 12,167,767.57 10.56
286 - 290 1 40,300.69 0.03
291 - 295 4 240,000.17 0.21
296 - 300 111 6,081,759.83 5.28
341 - 345 3 429,040.22 0.37
346 - 350 7 794,600.70 0.69
351 - 355 38 3,445,508.66 2.99
356 24 2,338,460.41 2.03
357 43 3,317,037.45 2.88
358 101 8,001,356.49 6.94
359 117 9,412,909.57 8.17
360 176 13,970,317.27 12.12
--------------------------------------------------------
1,778 115,247,542.00 100.00
COMBINED COLLATERAL - CUMULATIVE LOAN TO VALUE RATIO
CLTV COUNT BALANCE PERCENT
--------------------------------------------------------
0.001 - 10.000 1 35,000.00 0.03
10.001 - 20.000 8 215,705.37 0.19
20.001 - 30.000 13 309,317.89 0.27
30.001 - 40.000 20 949,376.36 0.82
40.001 - 50.000 34 1,552,188.57 1.35
50.001 - 60.000 71 3,751,520.14 3.26
<PAGE>
60.001 - 70.000 247 15,408,250.32 13.37
70.001 - 80.000 720 50,049,113.13 43.43
80.001 - 90.000 418 35,231,129.31 30.57
90.001 - 100.000 103 2,866,729.80 2.49
100.001 - 110.000 29 829,970.15 0.72
110.001 - 120.000 47 1,657,356.03 1.44
120.001 - 130.000 67 2,391,885.23 2.08
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - RISK CLASSIFICATION
RISK CLASSIFICATION COUNT BALANCE PERCENT
--------------------------------------------------------
A 375 29,469,978.54 25.57
A+ 430 21,267,559.86 18.45
B 251 18,234,353.12 15.82
B+ 147 10,319,077.66 8.95
C 376 24,428,147.20 21.2
C- 129 7,462,566.74 6.48
D 70 4,065,859.18 3.53
--------------------------------------------------------
1,778 115,247,542.30 100.00
<PAGE>
COMBINED COLLATERAL - GEOGRAPHIC BREAKDOWN
GEOGRAPHIC BREAKDOWN COUNT BALANCE PERCENT
--------------------------------------------------------
ALABAMA 45 2,463,241.24 2.14
ALASKA 3 218,249.38 0.19
ARIZONA 41 2,013,716.45 1.75
<PAGE>
ARKANSAS 5 191,969.76 0.17
CALIFORNIA 1 39,912.56 0.03
COLORADO 16 1,318,978.79 1.14
CONNECTICUT 64 5,401,166.21 4.69
DELAWARE 6 677,242.45 0.59
DISTRICT OF COL 4 232,242.89 0.2
FLORIDA 79 4,185,791.52 3.63
GEORGIA 66 3,801,541.88 3.3
IDAHO 16 996,666.25 0.86
ILLINOIS 177 12,242,106.55 10.62
INDIANA 38 1,780,686.38 1.55
IOWA 20 938,935.43 0.81
KANSAS 20 887,283.59 0.77
KENTUCKY 76 4,193,677.08 3.64
LOUISIANA 13 823,845.94 0.71
MAINE 11 602,511.66 0.52
MARYLAND 69 4,874,277.54 4.23
MASSACHUSETTS 45 4,487,098.09 3.89
MICHIGAN 47 2,823,080.05 2.45
MINNESOTA 5 283,809.69 0.25
MISSISSIPPI 15 757,109.63 0.66
MISSOURI 50 2,650,462.71 2.3
MONTANA 2 178,762.23 0.16
NEBRASKA 2 114,900.00 0.1
NEVADA 4 262,525.40 0.23
NEW HAMPSHIRE 8 494,132.92 0.43
NEW JERSEY 10 945,193.83 0.82
NEW MEXICO 40 2,579,321.75 2.24
NEW YORK 110 10,102,807.70 8.77
NORTH CAROLINA 60 3,677,456.46 3.19
OHIO 207 12,528,015.25 10.87
OKLAHOMA 25 1,503,040.26 1.3
OREGON 6 776,623.40 0.67
PENNSYLVANIA 74 3,788,663.79 3.29
RHODE ISLAND 17 1,017,003.83 0.88
SOUTH CAROLINA 82 4,538,750.80 3.94
TENNESSEE 59 3,508,771.72 3.04
TEXAS 11 733,828.14 0.64
UTAH 3 281,685.01 0.24
VERMONT 19 1,180,811.02 1.02
VIRGINIA 39 2,519,175.92 2.19
WASHINGTON 31 3,755,570.37 3.26
WEST VIRGINIA 7 308,951.19 0.27
WISCONSIN 29 1,479,788.75 1.28
WYOMING 1 86,158.84 0.07
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - OCCUPANCY TYPE
OCCUPANCY COUNT BALANCE PERCENT
--------------------------------------------------------
Investment 118 6,405,690.59 5.56
Owner Occupied 1,651 108,400,419.54 94.06
Second Home 9 441,432.17 0.38
--------------------------------------------------------
<PAGE>
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - PROPERTY TYPE
PROPERTY TYPE COUNT BALANCE PERCENT
--------------------------------------------------------
2-4 Family 120 10,390,674.32 9.02
Condo 37 1,849,548.90 1.6
Manufactured Homes 73 4,317,319.24 3.75
Mixed Use 2 210,168.36 0.18
Multi-Family Home 5 577,570.94 0.5
PUD 10 1,143,805.73 0.99
Single Family Home 1,531 96,758,454.81 83.96
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - PURPOSE
PURPOSE COUNT BALANCE PERCENT
--------------------------------------------------------
Purchase 193 14,449,669.19 12.54
Refi Cash Out 1,547 98,116,407.37 85.14
Refi Rate/Term 38 2,681,465.74 2.33
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - DOCUMENTATION
DOCUMENTATION COUNT BALANCE PERCENT
--------------------------------------------------------
F 1,595 101,328,653.40 87.92
L 71 6,526,305.56 5.66
N 112 7,392,583.34 6.41
--------------------------------------------------------
1,778 115,247,542.30 100.00
<PAGE>
COMBINED COLLATERAL - FICO SCORE BREAKDOWN
FICO SCORE COUNT BALANCE PERCENT
--------------------------------------------------------
n/a 195 12,929,005.11 11.22
401 - 420 1 27,138.78 0.02
421 - 440 3 132,810.51 0.12
441 - 460 19 1,098,030.71 0.95
461 - 480 44 2,864,086.76 2.49
481 - 500 88 6,554,327.76 5.69
501 - 520 122 8,853,988.42 7.68
521 - 540 175 12,969,736.64 11.25
541 - 560 193 13,451,601.79 11.67
561 - 580 152 10,936,794.27 9.49
581 - 600 117 7,314,132.45 6.35
601 - 620 144 9,862,155.99 8.56
621 - 640 130 8,100,723.23 7.03
641 - 660 141 6,881,796.18 5.97
661 - 680 101 5,255,645.55 4.56
681 - 700 53 2,115,761.54 1.84
701 - 720 44 2,584,473.69 2.24
721 - 740 32 1,876,776.39 1.63
741 - 760 15 846,269.55 0.73
761 - 780 6 308,553.95 0.27
781 - 800 2 99,733.03 0.09
841 - 860 1 184,000.00 0.16
--------------------------------------------------------
1,778 115,247,542.30 100.00
COMBINED COLLATERAL - LIEN POSITION
LIEN POSITION COUNT BALANCE PERCENT
--------------------------------------------------------
1 1,420 103,567,919.60 89.87
2 358 11,679,622.70 10.13
--------------------------------------------------------
1,778 115,247,542.30 100.00
