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Previous: EQUITY INVESTOR FUND CONCEPT SER TELE GLOBAL TR 3 DEF ASSET, 485BPOS, 1999-05-26 |
Next: PROFESSIONAL DETAILING INC, 8-K, 1999-05-26 |
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 25, 1999
Residential Asset Funding Corporation.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina 333-64775 56-2064715
-------------- --------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
301 South College Street, TW-06
Charlotte, North Carolina 28202-6001
- --------------------------------------------------- -------------
(Address of Principal Executive Offices) (Zip Code)
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 1999-1, Asset Backed Notes, Series 1999-1 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 1999-1
Registrant
By:/s/Carolyn Eskridge
----------------------------
Name: Carolyn Eskridge
Title: Senior Vice President
Dated: May 25, 1999
3
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above).
EXHIBIT 99.1
------------
MARKETING MEMORANDUM
MORTGAGE LENDERS NETWORK HOME EQUITY LOAN TRUST 1999-1
$[100,538,000] CLASS A-1, ASSET BACKED NOTES, SERIES 1999-1
$[44,572,000] CLASS A-2, ASSET BACKED NOTES, SERIES 1999-1
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.
[GRAPHIC LOGO FIRST UNION APPEARS HERE]
FIRST UNION CAPITAL MARKETS CORP.
SUMMARY OF TERMS
- ----------------
$[100,538,000] Class A-1, Asset Backed Notes, Series 1999-1 (the
"Class A-1 Notes")
$[44,572,000] Class A-2, Asset Backed Notes, Series 1999-1 (the
"Class A-2 Notes")
<PAGE>
ISSUER: Mortgage Lenders Network Home Equity Loan Trust 1999-1.
COLLATERAL: Fixed rate and adjustable rate mortgage loans.
SELLER: Mortgage Lenders Network USA, Inc.
SERVICER: Mortgage Lenders Network USA, Inc.
SECURITIES OFFERED:
<TABLE>
<CAPTION>
SECURITIES CLASS A-1 CLASS A-2
---------- --------- ---------
<S> <C> <C>
Amount: $[100,538,000] $[44,572,000 ]
Security Type: Fixed-rate Fixed-rate
Cut-Off Date: June 1, 1999 June 1, 1999
Statistical Calculation Date May 20, 1999 May 20, 1999
Prepayment Assumptions: 27% HEP 27% HEP
Average Life to Call: 2.77 years 2.74 years
Average Life to Maturity: 3.01 years 2.98 years
Expected Call Date: 05/25/06 05/25/06
Expected Maturity Date: 03/25/14 02/25/14
Coupon: [TBD]% [TBD]%
Stated Maturity Date: [06/25/30] [06/25/30]
Payment Date: 25th of each month 25th of each month
Payment Delay: 24 days 24 days
Dated Date: June 1, 1999 June 1, 1999
Day Count: 30/360 30/360
Pricing Date: TBD TBD
Settlement Date (Expected) June 4, 1999 June 4, 1999
First Payment Date July 26, 1999 July 26, 1999
Ratings (S&P/Moody's/Fitch) AAA/Aaa/AAA AAA/Aaa/AAA
</TABLE>
<PAGE>
DESCRIPTION OF THE NOTES: The Notes will be secured by the assets of
the Trust created by the Indenture. The
assets of the Trust will consist primarily
of (i) a pool of two groups (each a "Group")
of fixed rate and adjustable rate 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 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.
Two classes (each, a "Class") of Notes will
be issued. The Class A-1 Notes will be
secured by Mortgage Loans in Group I (the
"Group I Mortgage Loans") and the Class A-2
Notes will be secured by the Group II
Mortgage Loans (the "Group II Mortgage
Loans").
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 the Payment
Date or, with respect to Notes in
Definitive Form, the last Business Day of
the calendar month preceding Payment Date.
NOTE INSURER: MBIA Insurance Corporation ("MBIA"), rated
AAA/Aaa/AAA by S&P, Moody's and Fitch.
NOTE INSURANCE POLICY: Timely payment of interest and ultimate
payment of principal on the Notes will be
guaranteed by MBIA.
CREDIT ENHANCEMENT: (a) Excess servicing cash flows
(b) Overcollateralization
(c) Note Insurance Policy
<PAGE>
PAYMENTS ON THE NOTES: Payments on each Class of 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 Notes, as of the last Business
Day of the month preceding the month in
which such Payment Date occurs. On each
Payment Date, each Class of 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 each Class of 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 each Class of Notes and any
Payment Date of a Mortgage Loan, the
calendar month preceding the month in which
such Payment Date occurs.
AVAILABLE FUNDS: With respect to each Group of Mortgage
Loans 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
<PAGE>
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 of the
Servicing Fee, Indenture Trustee Fee and Note Insurer
Premium relating to such Payment Date.
INTEREST PERIOD: The Interest Period in respect of any Payment
Date for each Class of Notes will be the calendar
month immediately preceding the month in which the
related Payment Date occurs. All calculations of
interest on each class of 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, each Class of Notes will be
entitled to payments in respect of interest accrued
during the related Interest Period at the related Note
Interest Rate on the outstanding aggregate principal
balance of each Class of Notes as of the preceding
Payment Date (after giving effect to the payment, if
any, in reduction of principal made on each class of
Notes on such preceding Payment Date).
COMPENSATING INTEREST
PAYMENTS: With respect to any Mortgage Loan in each Group as to
which a prepayment in whole or in part was received
during the related Collection Period, the 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 Servicer. The Note Insurer is not
required to cover any Prepayment Interest Shortfalls.
PAYMENTS OF PRINCIPAL: Monthly Principal with respect to each Class of Notes
and for any Payment Date will be equal to the
aggregate of all scheduled payments of principal
received or advanced with respect to the Mortgage
Loans in the related Group and due during the related
Due Period and all other amounts
<PAGE>
collected, received or otherwise recovered in respect
of principal on such 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 each Class of Notes and each Payment
Date on which the related Overcollateralization Amount
for the Notes is less than the related Required
Overcollateralization Amount for such Payment Date,
Excess Cash derived from Available Funds, if any, will
be paid on the related Class of Notes in reduction of
the Note Balance, up to the amount necessary for the
related Overcollateralization Amount to equal the
applicable Required Overcollateralization Amount
"EXCESS CASH" with respect to a Group on any Payment
Date will be equal to Available Funds for such Group
and Payment Date, reduced by the sum of (i) any
amounts payable to the Note Insurer for Insured
Payments with respect to the Group paid on prior
Payment Dates and not yet reimbursed and for any
unpaid Note Insurer Premiums for such Group 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
related Notes and Payment Date (and to the extent not
covered by Available Funds for the other Group, such
amounts with respect to the other Group), and (iii)
the Monthly Principal for the related Note 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 for either
Group that would otherwise be paid to the holder(s) of
the Residual Interest.
Any Excess Cash remaining after making required
payments on each Class of 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: Each Class of Notes may be redeemed, in full but not
in part, at the option of the Servicer or the majority
holder of the trust certificate, on or after the
Payment Date on which the related Note Balance has
declined to less than 10% of
<PAGE>
the outstanding related 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.
OVERCOLLATERALIZATION Credit enhancement with respect to each Class of Notes
will be provided in part by overcollateralization
resulting from the Aggregate Principal Balances of
each Group of Mortgage Loans as of the end of each Due
Period exceeding the related 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 related Note
Balance).
LEGAL INVESTMENT
CONSIDERATIONS: Each Class of Notes will not constitute "mortgage
related securities" for the purposes of SMMEA.
ERISA CONSIDERATIONS: The Issuer believes that each Class 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: Each Class Notes will be treated as debt obligations
of the Issuer. No REMIC election will be made.
NOTE RATINGS: AAA/Aaa/AAA by S&P, Moody's, and Fitch
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
<PAGE>
WEIGHTED AVERAGE LIFE (WAL) AND
PAYMENT WINDOWS TABLE
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
TO CALL (10%)
HEP* 0 15 25 27 30 35
----------------------------------------------------------------------------
CLASS A1 NOTE
<S> <C> <C> <C> <C> <C> <C>
WAL (in years) 15.646 4.815 2.986 2.769 2.494 2.131
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 11/25/26 10/25/11 12/25/06 05/25/06 08/25/05 08/25/04
CLASS A2 NOTE
WAL (in years) 16.008 4.811 2.959 2.741 2.463 2.097
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 11/25/26 10/25/11 12/25/06 05/25/06 08/25/05 08/25/04
TO MATURITY
HEP* 0 15 25 27 30 35
----------------------------------------------------------------------------
CLASS A1 NOTE
WAL (in years) 15.757 5.100 3.245 3.011 2.711 2.315
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 01/25/29 10/25/21 03/25/14 03/25/14 09/25/12 08/25/10
CLASS A2 NOTE
WAL (in years) 16.122 5.106 3.220 2.983 2.679 2.280
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 12/25/28 01/25/22 02/25/14 02/25/14 09/25/12 08/25/10
-------------------------------------------------------------------------------------------------------
</TABLE>
* THE NOTES WILL BE PRICED WITH RESPECT TO THE MORTGAGE LOANS, USING
27% HEP. 27% HEP ASSUMES A CONDITIONAL PREPAYMENT RATE OF 2.7% 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
2.7% 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 27%.
<PAGE>
THE FOLLOWING SUMMARIZES THE CHARACTERISTICS OF THE MORTGAGE LOANS (PERCENTAGES
ARE BASED ON THE AGGREGATE ACTUAL PRINCIPAL BALANCES AS OF THE 5/20/99
STATISTICAL CALCULATION DATE). THE CHARACTERISTICS OF THE MORTGAGE LOANS IN THE
PROSPECTUS SUPPLEMENT MAY DIFFER FROM THE CHARACTERISTICS BELOW.
Summary of Characteristics of the Group I Mortgage Loans
<TABLE>
<CAPTION>
<S> <C>
Number of Initial Mortgage Loans 1,544
Principal Balance
Aggregate Principal Balance $100,605,417.18
Average Principal Balance $65,158.95
$10,600.99 -
Range of Principal Balances $239,645.36
Coupon Rates
Weighted Average Coupon Rate 10.443%
Range of Coupon Rates 7.100% - 16.500%
Remaining Term to Maturity
Weighted Average Remaining Term to Maturity 268.80
Range of Remaining Term to Maturity 56.00 - 360.00
Combined Loan-to-Value Ratio at Origination
Weighted Average Combined Loan-to-Value Ratio 79.15%
Range of Combined Loan-to-Value Ratios 17.30% - 119.28%
Percentage of First Lien Mortgage Loans 95.73%
Percentage of Second Lien Mortgage Loans 4.27%
</TABLE>
<PAGE>
Group I Adjustable Rate Loans
<TABLE>
<CAPTION>
All Adjustable Rate Loans
----------------------------------
<S> <C>
Number of Adjustable Rate Loans 152
Percentage of All Mortgage Loans 9.84%
(by number of loans)
Aggregate Principal Balance $12,261,453.48
Percentage of All Mortgage Loans 12.19%
(by aggregate principal balance)
Principal Balance as of the Cut-Off Date
Average $80,667.46
Range $15,945.98 - $226,595.74
Coupon Rates
Weighted Average 10.448%
Range 7.100% - 13.000%
Remaining Term to Maturity
(in months)
Weighted Average 356.07
Range 237.00 - 360.00
Combined Loan-to-Value Ratio at Origination
Weighted Average Combined Loan-to-Value Ratio 79.74%
Range of Combined Loan-to-Value Ratios 56.44% - 90.00%
</TABLE>
<PAGE>
Group I Fixed Rate Loans
<TABLE>
<CAPTION>
All Fixed Rate Loans
-------------------------------------
<S> <C>
Number of Fixed Rate Loans 1,392
Percentage of All Mortgage Loans 90.16%
(by number of loans)
Aggregate Principal Balance $88,343,963.70
Percentage of All Mortgage Loans 87.81%
(by aggregate principal balance)
Principal Balance as of the Cut-Off Date
Average $63,465.49
Range $10,600.99 - $239,645.36
Coupon Rates
Weighted Average 10.443%
Range 7.500% - 16.500%
Remaining Term to Maturity
(in months)
Weighted Average 256.69
Range 56.00 - 360.00
Combined Loan-to-Value Ratio at Origination
Weighted Average Combined Loan-to-Value Ratio 79.07%
Range of Combined Loan-to-Value Ratios 17.30% - 119.28%
</TABLE>
<PAGE>
Summary of Characteristics of the Group II Mortgage Loans
<TABLE>
<CAPTION>
<S> <C>
Number of Initial Mortgage Loans 566
Principal Balance
Aggregate Principal Balance $44,599,179.52
Average Principal Balance $78,797.14
Range of Principal Balances $9,861.27 - $398,688.68
Coupon Rates
Weighted Average Coupon Rate 10.463%
Range of Coupon Rates 7.250% - 14.450%
Remaining Term to Maturity
Weighted Average Remaining Term to Maturity 273.51
Range of Remaining Term to Maturity 59.00 - 360.00
Combined Loan-to-Value Ratio at Origination
Weighted Average Combined Loan-to-Value Ratio 79.57%
Range of Combined Loan-to-Value Ratios 16.46% - 122.11%
Percentage of First Lien Mortgage Loans 94.99%
Percentage of Second Lien Mortgage Loans 5.01%
</TABLE>
<PAGE>
Group II Adjustable Rate Loans
<TABLE>
<CAPTION>
All Adjustable Rate Loans
----------------------------------
<S> <C>
Number of Adjustable Rate Loans 54
Percentage of All Mortgage Loans 9.54%
(by number of loans)
Aggregate Principal Balance $5,781,557.37
Percentage of All Mortgage Loans 12.96%
(by aggregate principal balance)
Principal Balance as of the Cut-Off Date
Average $107,065.88
$22,471,.74 -
Range $382,782.17
Coupon Rates
Weighted Average 10.712%
Range 8.800% - 13.550%
Remaining Term to Maturity
(in months)
Weighted Average 355.08
Range 340.00 - 360.00
Cumulative Loan-to-Value Ratio at Origination
Weighted Average Combined Loan-to-Value Ratio 81.19%
Range of Combined Loan-to-Value Ratios 48.00% - 90.00%
</TABLE>
<PAGE>
Group II Fixed Rate Loans
<TABLE>
<CAPTION>
All Fixed Rate Loans
----------------------------------
<S> <C>
Number of Fixed Rate Loans 512
Percentage of All Mortgage Loans 90.46%
(by number of loans)
Aggregate Principal Balance $38,817,622.15
Percentage of All Mortgage Loans 87.04
(by aggregate principal balance)
Principal Balance as of the Cut-Off Date
Average $75,815.67
Range $9,861.27-
$398,688.68
Coupon Rates
Weighted Average 10.425%
Range 7.250% - 14.450%
Remaining Term to Maturity
(in months)
Weighted Average 261.36
Range 59.00 - 360.00
Combined Loan-to-Value Ratio at Origination
Weighted Average Combined Loan-to-Value Ratio 79.33%
Range of Combined Loan-to-Value Ratios 16.46% - 122.11%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE RATES OF THE FIXED RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MORTGAGE RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 1 $35,241.13 0.04 %
7.51 - 8.00 20 1,601,500.83 1.81
8.01 - 8.50 64 4,700,598.50 5.32
8.51 - 9.00 109 7,197,461.66 8.15
9.01 - 9.50 113 7,150,520.03 8.09
9.51 - 10.00 176 12,395,230.02 14.03
10.01 - 10.50 218 14,096,681.21 15.96
10.51 - 11.00 262 16,739,226.84 18.95
11.01 - 11.50 146 9,051,962.47 10.25
11.51 - 12.00 105 6,809,593.90 7.71
12.01 - 12.50 75 4,104,933.49 4.65
12.51 - 13.00 39 2,072,088.51 2.35
13.01 - 13.50 24 943,866.37 1.07
13.51 - 14.00 24 821,205.00 0.93
14.01 - 14.50 9 317,684.31 0.36
14.51 - 15.00 3 131,083.92 0.15
15.01 - 15.50 3 125,341.93 0.14
16.01 - 16.50 1 49,743.58 0.06
-------------------------------------------------------------------
1,392 $88,343,963.70 100.00 %
PRINCIPAL BALANCES OF THE FIXED RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
0.01 - 25,000.00 124 $2,353,509.50 2.66 %
25,000.01 - 50,000.00 461 17,802,127.67 20.15
50,000.01 - 75,000.00 438 26,858,160.71 30.4
75,000.01 - 100,000.00 192 16,386,606.30 18.55
100,000.01 - 125,000.00 77 8,541,685.04 9.67
125,000.01 - 150,000.00 43 5,817,238.29 6.58
150,000.01 - 175,000.00 26 4,204,269.06 4.76
175,000.01 - 200,000.00 13 2,404,614.59 2.72
200,000.01 - 225,000.00 13 2,805,592.03 3.18
225,000.01 - 250,000.00 5 1,170,160.51 1.32
-------------------------------------------------------------------
1,392 $88,343,963.70 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE RATES OF THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MORTGAGE RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 1 $15,945.98 0.13 %
7.51 - 8.00 2 135,532.91 1.11
8.01 - 8.50 2 184,352.84 1.5
8.51 - 9.00 10 950,716.46 7.75
9.01 - 9.50 10 941,393.39 7.68
9.51 - 10.00 24 1,996,240.26 16.28
10.01 - 10.50 24 2,107,206.37 17.19
10.51 - 11.00 34 2,886,159.08 23.54
11.01 - 11.50 15 1,117,383.74 9.11
11.51 - 12.00 16 1,063,326.28 8.67
12.01 - 12.50 9 513,716.09 4.19
12.51 - 13.00 5 349,480.08 2.85
-------------------------------------------------------------------
152 $12,261,453.48 100.00 %
PRINCIPAL BALANCES OF THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
0.01 - 25,000.00 4 $75,889.27 0.62 %
25,000.01 - 50,000.00 26 1,042,402.96 8.5
50,000.01 - 75,000.00 55 3,502,742.08 28.57
75,000.01 - 100,000.00 30 2,597,987.77 21.19
100,000.01 - 125,000.00 20 2,184,313.42 17.81
125,000.01 - 150,000.00 5 661,828.30 5.4
150,000.01 - 175,000.00 5 789,980.34 6.44
175,000.01 - 200,000.00 4 755,594.01 6.16
200,000.01 - 225,000.00 2 424,119.59 3.46
225,000.01 - 250,000.00 1 226,595.74 1.85
-------------------------------------------------------------------
152 $12,261,453.48 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GROSS MARGINS ON THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF GROSS MARGINS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
4.51 - 5.00 2 $33,584.01 0.27 %
5.01 - 5.50 5 377,719.27 3.08
5.51 - 6.00 10 972,737.10 7.93
6.01 - 6.50 21 1,899,896.21 15.49
6.51 - 7.00 24 1,824,501.43 14.88
7.01 - 7.50 33 3,020,944.92 24.64
7.51 - 8.00 22 1,792,307.19 14.62
8.01 - 8.50 16 1,259,407.75 10.27
8.51 - 9.00 9 553,190.77 4.51
9.01 - 9.50 9 481,439.06 3.93
9.51 - 10.00 1 45,725.77 0.37
-------------------------------------------------------------------
152 $12,261,453.48 100.00 %
ARM TYPES OF THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
ARM TYPES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
ARM 2/28 131 $10,533,353.90 85.91 %
ARM 6MO 21 1,728,099.58 14.09
-------------------------------------------------------------------
152 $12,261,453.48 100.00 %
MAXIMUM RATES ON THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MAXIMUM RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
14.01 - 14.50 1 $15,945.98 0.13 %
14.51 - 15.00 2 135,532.91 1.11
15.01 - 15.50 2 184,352.84 1.5
15.51 - 16.00 10 950,716.46 7.75
16.01 - 16.50 10 941,393.39 7.68
16.51 - 17.00 24 1,996,240.26 16.28
17.01 - 17.50 24 2,107,206.37 17.19
17.51 - 18.00 34 2,886,159.08 23.54
18.01 - 18.50 15 1,117,383.74 9.11
18.51 - 19.00 16 1,063,326.28 8.67
19.01 - 19.50 9 513,716.09 4.19
19.51 - 20.00 5 349,480.08 2.85
-------------------------------------------------------------------
152 12,261,453.48 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MINIMUM RATES ON THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MININUM RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 1 15,945.98 0.13 %
7.51 - 8.00 2 135,532.91 1.11
8.01 - 8.50 2 184,352.84 1.5
8.51 - 9.00 10 950,716.46 7.75
9.01 - 9.50 10 941,393.39 7.68
9.51 - 10.00 24 1,996,240.26 16.28
10.01 - 10.50 24 2,107,206.37 17.19
10.51 - 11.00 34 2,886,159.08 23.54
11.01 - 11.50 15 1,117,383.74 9.11
11.51 - 12.00 16 1,063,326.28 8.67
12.01 - 12.50 9 513,716.09 4.19
12.51 - 13.00 5 349,480.08 2.85
-------------------------------------------------------------------
152 $12,261,453.48 100.00 %
<CAPTION>
NEXT INTEREST ADJUSTMENT DATE OF THE ADJUSTABLE RATE GROUP I MORTGAGE LOANS
NEXT INTEREST RATE NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
ADJUSTMENT DATE LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
05/99 4 $294,558.14 2.40 %
06/99 2 227,660.51 1.86
08/99 1 59,114.68 0.48
09/99 4 378,549.55 3.09
10/99 6 527,571.91 4.30
11/99 4 240,644.79 1.96
08/00 1 40,334.25 0.33
09/00 6 504,933.28 4.12
10/00 7 561,463.32 4.58
11/00 9 572,347.71 4.67
12/00 14 1,286,601.06 10.49
01/01 21 1,844,715.41 15.04
02/01 25 1,891,031.01 15.42
03/01 17 1,429,409.30 11.66
04/01 28 2,205,268.56 17.99
05/01 3 197,250.00 1.61
-------------------------------------------------------------------
152 $12,261,453.48 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE RATES ON ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MORTGAGE RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 2 $51,187.11 0.05 %
7.51 - 8.00 22 1,737,033.74 1.73
8.01 - 8.50 66 4,884,951.34 4.86
8.51 - 9.00 119 8,148,178.12 8.1
9.01 - 9.50 123 8,091,913.42 8.04
9.51 - 10.00 200 14,391,470.28 14.3
10.01 - 10.50 242 16,203,887.58 16.11
10.51 - 11.00 296 19,625,385.92 19.51
11.01 - 11.50 161 10,169,346.21 10.11
11.51 - 12.00 121 7,872,920.18 7.83
12.01 - 12.50 84 4,618,649.58 4.59
12.51 - 13.00 44 2,421,568.59 2.41
13.01 - 13.50 24 943,866.37 0.94
13.51 - 14.00 24 821,205.00 0.82
14.01 - 14.50 9 317,684.31 0.32
14.51 - 15.00 3 131,083.92 0.13
15.01 - 15.50 3 125,341.93 0.12
16.01 - 16.50 1 49,743.58 0.05
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
<CAPTION>
PRINCIPAL BALANCES OF ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
0.01 - 25,000.00 128 $2,429,398.77 2.41 %
25,000.01 - 50,000.00 487 18,844,530.63 18.73
50,000.01 - 75,000.00 493 30,360,902.79 30.18
75,000.01 - 100,000.00 222 18,984,594.07 18.87
100,000.01 - 125,000.00 97 10,725,998.46 10.66
125,000.01 - 150,000.00 48 6,479,066.59 6.44
150,000.01 - 175,000.00 31 4,994,249.40 4.96
175,000.01 - 200,000.00 17 3,160,208.60 3.14
200,000.01 - 225,000.00 15 3,229,711.62 3.21
225,000.01 - 250,000.00 6 1,396,756.25 1.39
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY OF ALL OF THE GROUP I MORTGAGE LOANS
RANGE OF REMAING TERMS TO NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
MATURITY LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
56 - 60 5 $105,542.86 0.1 %
81 - 85 1 28,889.23 0.03
111 - 115 3 72,537.36 0.07
116 - 120 27 816,299.67 0.81
131 - 135 1 47,529.10 0.05
166 - 170 4 325,639.91 0.32
171 - 175 57 3,715,360.16 3.69
176 - 180 634 38,074,848.76 37.85
221 - 225 1 36,583.65 0.04
226 - 230 2 25,817.89 0.03
231 - 235 8 267,119.08 0.27
236 - 240 138 7,042,659.28 7
291 - 295 8 495,463.01 0.49
296 - 300 45 2,862,338.89 2.85
341 - 345 1 35,926.29 0.04
351 - 355 66 5,282,339.11 5.25
356 79 6,155,754.92 6.12
357 121 8,912,844.65 8.86
358 148 11,305,794.01 11.24
359 125 9,751,233.72 9.69
360 70 5,244,895.63 5.21
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
SEASONING OF ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF SEASONING LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
0 12 $491,570.00 0.49 %
1 - 6 1,462 95,125,542.76 94.55
7 - 12 69 4,951,720.77 4.92
19 - 24 1 36,583.65 0.04
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ORIGINAL TERM TO MATURITY OF ALL OF THE GROUP I MORTGAGE LOANS
RANGE OF ORIGINAL TERMS TO NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
MATURITY LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
56 - 60 5 $105,542.86 0.1 %
81 - 85 1 28,889.23 0.03
116 - 120 30 888,837.03 0.88
131 - 135 1 47,529.10 0.05
176 - 180 695 42,115,848.83 41.86
236 - 240 149 7,372,179.90 7.33
296 - 300 53 3,357,801.90 3.34
346 - 350 1 35,926.29 0.04
360 609 46,652,862.04 46.37
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
<CAPTION>
COMBINED LOAN TO VALUE RATIOS OF ALL OF THE GROUP I MORTGAGE LOANS
RANGE OF COMBINED LOAN TO NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
VALUE RATIOS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
10.01 - 20.00 2 $51,724.36 0.05 %
20.01 - 30.00 7 199,928.66 0.2
30.01 - 40.00 18 665,511.54 0.66
40.01 - 50.00 40 1,689,071.63 1.68
50.01 - 60.00 61 2,813,189.37 2.8
60.01 - 70.00 176 9,469,634.56 9.41
70.01 - 80.00 754 48,302,637.82 48.01
80.01 - 90.00 440 36,127,536.90 35.91
90.01 - 100.00 38 895,212.95 0.89
100.01 - 110.00 3 159,508.67 0.16
110.01 - 120.00 5 231,460.72 0.23
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
<CAPTION>
LOAN TO VALUE RATIOS OF ALL OF THE GROUP I MORTGAGE LOANS
RANGE OF LOAN TO VALUE NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RATIOS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.00 - 10.00 3 $80,834.18 0.08 %
11.00 - 20.00 81 1,759,137.27 1.75
21.00 - 30.00 43 1,597,122.62 1.59
31.00 - 40.00 34 1,356,242.66 1.35
41.00 - 50.00 43 1,909,945.52 1.9
51.00 - 60.00 53 2,506,038.75 2.49
61.00 - 70.00 166 9,155,796.68 9.1
71.00 - 80.00 701 46,689,647.84 46.41
81.00 - 90.00 418 35,379,710.48 35.17
91.00 - 100.00 2 170,941.18 0.17
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTIRBUTION OF ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
GEOGRAPHIC DISTRIBUTION LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 85 $4,906,990.81 4.88 %
Alaska 2 139,724.65 0.14
Arizona 35 2,404,667.55 2.39
Arkansas 8 451,169.86 0.45
Colorado 27 2,520,748.34 2.51
Connecticut 32 3,107,209.25 3.09
Florida 75 4,225,652.28 4.2
Georgia 74 4,865,752.04 4.84
Idaho 5 312,272.32 0.31
Illinois 127 8,736,660.10 8.68
Indiana 47 2,471,369.83 2.46
Iowa 20 1,026,022.48 1.02
Kansas 17 732,640.13 0.73
Kentucky 49 2,623,124.58 2.61
Louisiana 16 1,052,669.84 1.05
Maine 11 817,079.04 0.81
Maryland 13 970,136.92 0.96
Massachusetts 18 1,240,307.61 1.23
Michigan 56 3,619,483.77 3.6
Minnesota 1 77,957.56 0.08
Mississippi 21 1,101,395.69 1.09
Missouri 51 3,222,395.36 3.2
Nevada 3 206,878.03 0.21 %
New Hampshire 1 63,781.38 0.06 %
New Jersey 2 218,632.72 0.22
New Mexico 32 1,634,012.89 1.62
New York 66 6,622,283.26 6.58
North Carolina 97 6,385,575.02 6.35
Ohio 193 12,766,794.77 12.69
Oklahoma 31 1,811,658.98 1.8
Oregon 3 334,775.18 0.33
Pennsylvania 22 1,552,407.36 1.54
South Carolina 126 6,340,353.37 6.3
Tennessee 83 4,824,440.50 4.8
Texas 16 1,093,690.83 1.09
Utah 4 304,811.72 0.3
Vermont 6 431,463.89 0.43
Virginia 25 1,766,081.05 1.76
Washington 26 2,749,945.65 2.73
West Virginia 4 385,636.19 0.38
Wisconsin 14 486,764.38 0.48
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OCCUPANCY STATUS OF ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
OCCUPANCY STATUS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment 129 $6,537,858.48 6.5 %
Owner Occupied 1,413 93,970,985.33 93.41
Second Home 2 96,573.37 0.1
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
TYPES OF MORTGAGED PROPERTIES OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
2-4 Family 94 $7,265,263.91 7.22 %
Condo 33 2,245,295.93 2.23
Manufactured Homes 144 8,299,665.09 8.25
Mixed Use 1 180,890.90 0.18
PUD 14 1,114,958.00 1.11
Single Family Home 1,258 81,499,343.35 81.01
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
USE OF PROCEEDS OF ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
USE OF PROCEEDS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
Purchase 229 $18,013,722.28 17.91 %
Refi Cash Out 1,274 79,610,498.07 79.13
Refi Rate/Term 41 2,981,196.83 2.96
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
MORTGAGE LOAN DOCUMENTATION TYPES OF ALL OF THE GROUP I MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
Full Documentation 1,305 $84,925,263.12 84.41 %
Limited Documentation 104 7,144,760.76 7.1
No Income Verification 135 8,535,393.30 8.48
-------------------------------------------------------------------
1,544 $100,605,417.18 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE RATES OF THE FIXED RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MORTGAGE RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 1 $52,882.75 0.14 %
7.51 - 8.00 9 689,005.73 1.77
8.01 - 8.50 18 1,090,841.62 2.81
8.51 - 9.00 30 2,406,473.89 6.2
9.01 - 9.50 30 2,713,498.10 6.99
9.51 - 10.00 93 8,049,318.12 20.74
10.01 - 10.50 75 6,527,810.76 16.82
10.51 - 11.00 107 8,197,499.60 21.12
11.01 - 11.50 54 3,748,615.82 9.66
11.51 - 12.00 40 2,735,748.20 7.05
12.01 - 12.50 28 1,407,932.09 3.63
12.51 - 13.00 9 327,461.50 0.84
13.01 - 13.50 10 522,245.66 1.35
13.51 - 14.00 6 263,891.22 0.68
14.01 - 14.50 2 84,397.09 0.22
-------------------------------------------------------------------
512 $38,817,622.15 100.00 %
PRINCIPAL BALANCES OF THE FIXED RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
0.01 - 25,000.00 38 $726,191.79 1.87 %
25,000.01 - 50,000.00 147 5,770,614.93 14.87
50,000.01 - 75,000.00 160 9,767,475.81 25.16
75,000.01 - 100,000.00 57 4,918,845.63 12.67
100,000.01 - 125,000.00 48 5,302,079.25 13.66
125,000.01 - 150,000.00 24 3,268,268.49 8.42
150,000.01 - 175,000.00 5 804,667.92 2.07
175,000.01 - 200,000.00 8 1,498,662.65 3.86
200,000.01 - 225,000.00 3 618,284.13 1.59
225,000.01 - 250,000.00 10 2,409,008.28 6.21
250,000.01 - 275,000.00 3 808,121.33 2.08
275,000.01 - 300,000.00 3 881,659.53 2.27
300,000.01 - 325,000.00 2 617,644.36 1.59
325,000.01 - 350,000.00 3 1,027,409.37 2.65
375,000.01 - 400,000.00 1 398,688.68 1.03
-------------------------------------------------------------------
512 $38,817,622.15 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE RATES OF THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MORTGAGE RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
8.51 - 9.00 1 $49,614.47 0.86 %
9.01 - 9.50 5 372,832.75 6.45
9.51 - 10.00 10 949,511.42 16.42
10.01 - 10.50 9 1,567,894.58 27.12
10.51 - 11.00 7 952,394.90 16.47
11.01 - 11.50 9 972,933.61 16.83
11.51 - 12.00 8 580,320.15 10.04
12.01 - 12.50 3 193,402.20 3.35
13.01 - 13.50 1 80,391.45 1.39
13.51 - 14.00 1 62,261.84 1.08
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
<CAPTION>
PRINCIPAL BALANCES OF THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.01 - 25,000.00 2 $46,433.87 0.8 %
25,000.01 - 50,000.00 7 269,296.94 4.66
50,000.01 - 75,000.00 19 1,193,376.88 20.64
75,000.01 - 100,000.00 6 532,558.27 9.21
100,000.01 - 125,000.00 10 1,133,027.64 19.6
125,000.01 - 150,000.00 1 139,951.25 2.42
175,000.01 - 200,000.00 2 387,513.39 6.7
225,000.01 - 250,000.00 2 486,669.54 8.42
250,000.01 - 275,000.00 1 251,724.98 4.35
300,000.01 - 325,000.00 2 626,118.62 10.83
325,000.01 - 350,000.00 1 330,103.82 5.71
375,000.01 - 400,000.00 1 384,782.17 6.66
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
<CAPTION>
GROSS MARGINS ON THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF GROSS MARGINS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5.51 - 6.00 2 $364,910.35 6.31 %
6.01 - 6.50 9 653,735.07 11.31
6.51 - 7.00 8 604,255.99 10.45
7.01 - 7.50 8 1,525,474.40 26.39
7.51 - 8.00 9 1,251,889.85 21.65
8.01 - 8.50 12 982,126.56 16.99
8.51 - 9.00 1 71,980.73 1.25
9.01 - 9.50 4 264,922.58 4.58
9.51 - 10.00 1 62,261.84 1.08
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ARM TYPES OF THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
ARM TYPES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARM 2/28 45 $4,881,192.25 84.43 %
ARM 6MO 9 900,365.12 15.57
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
<CAPTION>
MAXIMUM RATES ON THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MAXIMUM RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
15.51 - 16.00 1 $49,614.47 0.86 %
16.01 - 16.50 5 372,832.75 6.45
16.51 - 17.00 10 949,511.42 16.42
17.01 - 17.50 9 1,567,894.58 27.12
17.51 - 18.00 7 952,394.90 16.47
18.01 - 18.50 9 972,933.61 16.83
18.51 - 19.00 8 580,320.15 10.04
19.01 - 19.50 3 193,402.20 3.35
20.01 - 20.50 1 80,391.45 1.39
20.51 - 21.00 1 62,261.84 1.08
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
<CAPTION>
MINIMUM RATES ON THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MININUM RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
8.51 - 9.00 1 $49,614.47 0.86 %
9.01 - 9.50 5 372,832.75 6.45
9.51 - 10.00 10 949,511.42 16.42
10.01 - 10.50 9 1,567,894.58 27.12
10.51 - 11.00 7 952,394.90 16.47
11.01 - 11.50 9 972,933.61 16.83
11.51 - 12.00 8 580,320.15 10.04
12.01 - 12.50 3 193,402.20 3.35
13.01 - 13.50 1 80,391.45 1.39
13.51 - 14.00 1 62,261.84 1.08
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NEXT INTEREST ADJUSTMENT DATE OF THE ADJUSTABLE RATE GROUP II MORTGAGE LOANS
NEXT INTEREST RATE NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
ADJUSTMENT DATE LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
06/99 1 $245,337.97 4.24 %
07/99 2 114,507.49 1.98
09/99 2 186,574.20 3.23
10/99 1 105,337.08 1.82
11/99 4 493,946.35 8.54
12/99 1 384,782.17 6.66
08/00 1 66,213.62 1.15
09/00 2 192,215.29 3.32
10/00 4 1,021,260.07 17.66
11/00 5 354,304.20 6.13
12/00 3 377,096.48 6.52
01/01 4 225,529.75 3.90
02/01 7 694,451.58 12.01
03/01 9 707,958.36 12.25
04/01 6 447,142.76 7.73
05/01 2 164,900.00 2.85
-------------------------------------------------------------------
54 $5,781,557.37 100.00 %
<CAPTION>
MORTGAGE RATES ON ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF MORTGAGE RATES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 1 $52,882.75 0.12 %
7.51 - 8.00 9 689,005.73 1.54
8.01 - 8.50 18 1,090,841.62 2.45
8.51 - 9.00 31 2,456,088.36 5.51
9.01 - 9.50 35 3,086,330.85 6.92
9.51 - 10.00 103 8,998,829.54 20.18
10.01 - 10.50 84 8,095,705.34 18.15
10.51 - 11.00 114 9,149,894.50 20.52
11.01 - 11.50 63 4,721,549.43 10.59
11.51 - 12.00 48 3,316,068.35 7.44
12.01 - 12.50 31 1,601,334.29 3.59
12.51 - 13.00 9 327,461.50 0.73
13.01 - 13.50 11 602,637.11 1.35
13.51 - 14.00 7 326,153.06 0.73
14.01 - 14.50 2 84,397.09 0.19
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCES OF ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.01 - 25,000.00 40 $772,625.66 1.73 %
25,000.01 - 50,000.00 154 6,039,911.87 13.54
50,000.01 - 75,000.00 179 10,960,852.69 24.58
75,000.01 - 100,000.00 63 5,451,403.90 12.22
100,000.01 - 125,000.00 58 6,435,106.89 14.43
125,000.01 - 150,000.00 25 3,408,219.74 7.64
150,000.01 - 175,000.00 5 804,667.92 1.8
175,000.01 - 200,000.00 10 1,886,176.04 4.23
200,000.01 - 225,000.00 3 618,284.13 1.39
225,000.01 - 250,000.00 12 2,895,677.82 6.49
250,000.01 - 275,000.00 4 1,059,846.31 2.38
275,000.01 - 300,000.00 3 881,659.53 1.98
300,000.01 - 325,000.00 4 1,243,762.98 2.79
325,000.01 - 350,000.00 4 1,357,513.19 3.04
375,000.01 - 400,000.00 2 783,470.85 1.76
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
REMAINING TERM TO MATURITY OF ALL OF THE GROUP II MORTGAGE LOANS
RANGE OF REMAING TERMS TO NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
MATURITY LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
56 - 60 1 $10,863.13 0.02 %
116 - 120 10 242,383.43 0.54
161 - 165 1 32,083.40 0.07
171 - 175 23 1,885,490.84 4.23
176 - 180 230 16,593,227.34 37.21
226 - 230 2 262,349.33 0.59
231 - 235 5 256,886.32 0.58
236 - 240 40 2,063,544.80 4.63
291 - 295 3 140,965.74 0.32
296 - 300 5 268,889.76 0.6
336 - 340 1 245,337.97 0.55
346 - 350 1 384,782.17 0.86
351 - 355 38 4,103,155.05 9.2
356 33 3,275,706.52 7.34
357 51 4,360,316.82 9.78
358 49 4,454,674.92 9.99
359 50 4,148,488.98 9.3
360 23 1,870,033.00 4.19
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMBINED LOAN TO VALUE RATIOS OF ALL OF GROUP II MORTGAGE LOANS
RANGE OF COMBINED LOAN TO NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
VALUE RATIOS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
10.01 - 20.00 1 $39,500.00 0.09 %
20.01 - 30.00 4 204,703.92 0.46
30.01 - 40.00 4 88,845.90 0.2
40.01 - 50.00 8 557,387.77 1.25
50.01 - 60.00 20 991,058.11 2.22
60.01 - 70.00 85 4,807,751.95 10.78
70.01 - 80.00 266 19,584,407.55 43.91
80.01 - 90.00 157 17,561,713.83 39.38
90.01 - 100.00 17 516,764.42 1.16
100.01 - 110.00 1 109,474.46 0.25
110.01 - 120.00 2 101,051.33 0.23
120.01 - 130.00 1 36,520.28 0.08
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
LOAN TO VALUE RATIOS OF ALL OF THE GROUP II MORTGAGE LOANS
RANGE OF LOAN TO VALUE NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RATIOS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.00 - 10.00 2 $38,475.00 0.09 %
11.00 - 20.00 36 961,349.25 2.16
21.00 - 30.00 18 869,595.23 1.95
31.00 - 40.00 7 325,085.22 0.73
41.00 - 50.00 10 640,093.73 1.44
51.00 - 60.00 19 967,682.48 2.17
61.00 - 70.00 78 4,670,941.50 10.47
71.00 - 80.00 246 18,768,792.37 42.08
81.00 - 90.00 148 17,237,765.34 38.65
91.00 - 100.00 1 82,887.18 0.19
111.00 - 120.00 1 36,512.22 0.08
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
ORIGINAL TERM TO MATURITY OF ALL OF THE GROUP II MORTGAGE LOANS
RANGE OF ORIGINAL TERMS TO NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
MATURITY LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
56 - 60 1 $10,863.13 0.02 %
116 - 120 10 242,383.43 0.54
176 - 180 254 18,510,801.58 41.5
236 - 240 47 2,582,780.45 5.79
296 - 300 8 409,855.50 0.92
360 246 22,842,495.43 51.22
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SEASONING OF ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
RANGE OF SEASONING LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0 14 $700,975.00 1.57 %
1 - 6 524 39,914,514.55 89.5
7 - 12 24 3,284,966.15 7.37
13 - 18 3 453,385.85 1.02
19 - 24 1 245,337.97 0.55
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
GEOGRAPHIC DISTRIBUTION OF ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
GEOGRAPHIC DISTRIBUTION LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 5 $197,575.23 0.44 %
Alaska 1 80,391.45 0.18
Arizona 3 505,852.39 1.13
Arkansas 1 29,937.83 0.07
Colorado 2 514,647.23 1.15
Connecticut 15 1,547,389.46 3.47
Delaware 5 823,176.37 1.85
Florida 10 857,300.27 1.92
Georgia 8 945,732.60 2.12
Idaho 4 271,860.58 0.61
Illinois 44 4,077,314.37 9.14
Indiana 18 997,113.79 2.24
Iowa 5 151,443.26 0.34
Kansas 2 143,526.68 0.32
Kentucky 15 846,506.41 1.9
Louisiana 2 249,648.74 0.56
Maryland 104 8,479,138.45 19.01
Massachusetts 39 3,743,641.72 8.39
Michigan 16 1,247,391.41 2.8
Missouri 8 564,755.21 1.27
Nebraska 1 85,433.91 0.19
New Hampshire 2 104,196.50 0.23
New Jersey 8 782,116.92 1.75
New Mexico 3 363,112.00 0.81
New York 31 2,271,565.05 5.09
North Carolina 22 1,542,430.41 3.46
Ohio 34 2,016,226.52 4.52
Oklahoma 1 36,512.22 0.08
Pennsylvania 79 5,488,486.27 12.31
Rhode Island 3 296,170.56 0.66
South Carolina 14 734,900.48 1.65
Tennessee 21 1,494,233.33 3.35
Texas 2 136,388.23 0.31
Utah 1 139,754.41 0.31
Virginia 21 1,521,317.71 3.41
Washington 3 665,851.46 1.49
West Virginia 10 493,057.23 1.11
Wisconsin 3 153,082.86 0.34
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OCCUPANCY STATUS OF ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
OCCUPANCY STATUS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment 50 $2,466,628.51 5.53 %
Owner Occupied 516 42,132,551.01 94.47
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
TYPES OF MORTGAGED PROPERTIES OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2-4 Family 42 $3,393,844.23 7.61 %
Condo 12 972,541.76 2.18
Manufactured Homes 19 1,158,506.30 2.6
Mixed Use 1 29,982.84 0.07
PUD 1 321,270.55 0.72
Single Family Home 491 38,723,033.84 86.82
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
USE OF PROCEEDS OF ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
USE OF PROCEEDS LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 71 $6,139,342.96 13.77 %
Refi Cash Out 490 38,084,625.07 85.39
Refi Rate/Term 5 375,211.49 0.84
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
<CAPTION>
MORTGAGE LOAN DOCUMENTATION TYPES OF ALL OF THE GROUP II MORTGAGE LOANS
NUMBER OF MORTGAGE AGGREGATE UNPAID PERCENTAGE OF POOL
DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Full Documentation 471 $35,048,237.76 78.58 %
Limited Documentation 45 5,680,862.26 12.74
No Income Verification 50 3,870,079.50 8.68
-------------------------------------------------------------------
566 $44,599,179.52 100.00 %
</TABLE>
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