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 26, 1999
Residential Asset Funding Corporation.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
North Carolina 333-64775 56-2064715
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(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
</TABLE>
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 RBMG Funding Co. Mortgage 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 RBMG Funding
Co. Mortgage Loan Trust 1999-1
Registrant
By: /s/ Shanker Merchant
-------------------------------------
Name: Shanker Merchant
Title: Managing Director
Dated: May 26, 1999
3
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above).
EXHIBIT 99.1
MARKETING MEMORANDUM
5/24/98 8:00 AM
RBMG FUNDING CO. MORTGAGE LOAN TRUST 1999-1
$75,030,000 CLASS A-1, ASSET BACKED NOTES, SERIES 1999-1
$50,000,000 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 Corp. (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 LOGO APPEARS HERE]
FIRST UNION CAPITAL MARKETS CORP.
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 2
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SUMMARY OF TERMS
$75,030,000 CLASS A-1, Asset Backed Notes, Series 1999-1
(the "Class A-1 Notes")
$50,000,000 CLASS A-2, Asset Backed Notes, Series 1999-1
(the "Class A-2 Notes")
ISSUER: RBMG Funding Co. Mortgage Loan Trust 1999-1.
COLLATERAL: Adjustable rate and fixed rate mortgage loans.
SELLER: Resource Bancshares Mortgage Group, Inc. or "RBMG".
SERVICER: RBMG
SUB-SERVICER: Ocwen Federal Bank FSB.
SECURITIES OFFERED:
<TABLE>
<CAPTION>
SECURITIES CLASS A-1 CLASS A-2
- ---------- --------- ---------
<S> <C> <C>
Amount: $75,030,000 $50,000,000
Security Type: Floating-rate Floating-rate
Cut-Off Date: June 1, 1999 June 1, 1999
Index: One month LIBOR One month LIBOR
Prepayment Assumptions (PPA): 100% PPA equals 100% PPA equals
27% CPR for Adjustable Rate 27% CPR for Adjustable Rate
Pool Pool
25% HEP for Fixed Rate Pool 25% HEP for Fixed Rate Pool
Average Life to Call: 2.729 years 2.717 years
Average Life to Maturity: 2.976 years 2.963 years
Expected Call Date: 07/25/06 07/25/06
Expected Maturity Date: 06/25/14 06/25/14
Expected Coupon: One month LIBOR + TBD One month LIBOR + TBD
Stated Maturity Date: 06/25/30 06/25/30
Payment Date: 25th of each month 25th of each month
Payment Delay: Zero Zero
Dated Date: Settlement Date Settlement Date
Day Count: Actual/360 Actual/360
Pricing Date: TBD TBD
Settlement Date (Expected) June 7, 1999 June 7, 1999
First Payment Date July 26, 1999 July 26, 1999
Ratings (S&P/Moody's) AAA/Aaa AAA/Aaa
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 3
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 4
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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) an
Interest Rate Cap Agreement which is
designed to support the level of credit
enhancement required by MBIA; (iv) the
Issuer's rights under the Depositor Sale
Agreement and the Servicing Agreement; (v)
the rights of the Indenture Trustee under
the Insurance Policy; and (vi) certain other
property.
Although the Trust will hold an Interest
Rate Cap Agreement, any payments received
under the cap agreement are not available to
increase the Available Funds Cap Rate on the
Notes, or to "uncap" the Notes. The Interest
Rate Cap Agreement is to meet MBIA's credit
enhancement requirement for the transaction
only.
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"). Payments on the Class A-1 Notes
will be made generally from Available Funds
for Group I and payments on the Class A-2
Notes will be made generally from Available
Funds for Group II.
SERVICING FEE: 44 basis points per annum.
INDENTURE TRUSTEE: The Bank of New York, a New York banking
corporation.
INDENTURE TRUSTEE FEE: 1.75 basis points per annum.
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.
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.
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 5
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CREDIT ENHANCEMENT: (a) Excess servicing cash flows
(b) Overcollateralization
(c) Note Insurance Policy
(d) Interest Rate Cap Agreement
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 related 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, the calendar month preceding
the month in which such Payment Date occurs.
PAYMENTS AHEAD: Any payment of one or more scheduled monthly
payments remitted by a mortgagor in excess
of the scheduled monthly payment during the
related Due Period.
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
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 6
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certain other amounts for which the
Indenture Trustee, the Servicer and
the Issuer are permitted to be
reimbursed;
(ii) the amount of any P&I 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;
(iii) the amount of any payments received
for such Payment Date under the
Interest Rate Cap Agreement held by
the Indenture Trustee.
ADMINISTRATIVE FEE AMOUNT: With respect to each Group of Mortgage Loans
and any Payment Date, The sum of the
Servicing Fee, the Indenture Trustee Fee,
and the Note Insurer Premium.
INTEREST CARRY-FORWARD: (a) If, on any Payment Date, the Available
Funds Cap Rate (as defined below) for
the related Class of Notes limits the
payment of the full interest rate on
the related Class, the amount of any
such shortfall will be carried forward
and be due and payable to the
Noteholder of the related Class on the
following Payment Date and shall
accrue interest at the note interest
rate until paid (the "Available Funds
Cap Carry Forward Amount") .
(b) The payment of this Available Funds
Cap Carry Forward Amount would be made
in future periods from the excess cash
flows.
(c) The Note Insurer does not cover the
Available Funds Cap Carry Forward
Amount.
AVAILABLE FUNDS CAP RATE: The Available Funds Cap Rate with respect to
each Class of Notes for any payment date is
a rate per annum equal to the fraction,
expressed as a percentage, the numerator of
which is (i) an amount equal to (A) 1/12 of
the aggregate scheduled principal balance of
the then outstanding Mortgage Loans and REO
properties in the related Group times the
weighted average of the Expense Adjusted
Coupon Rates on the then outstanding
Mortgage Loans and REO properties in such
Group minus (B) the amount of the Note
Insurer premium for such payment date
allocable to such Group, and the denominator
of which is (ii) an amount equal to (A) the
then outstanding aggregate Note Balance
multiplied by (B) the actual number of days
elapsed in the related interest period
divided by 360. Payments received by the
Indenture Trustee under the
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 7
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Interest Rate Cap Agreement do not increase
the Available Funds Cap Rate.
"Note Balance" with respect to a Class will
equal as of any Payment Date, the Original
Note Balance as of the date of issuance of
the Notes less all related Monthly Principal
and Excess Cash paid to the respective
Noteholders on previous Payment Dates.
The Expense Adjusted Coupon Rate on any
Mortgage Loan is equal to the then
applicable coupon rate minus the sum of (i)
the Minimum Spread, (ii) the Servicing Fee
Rate, and (iii) the Indenture Trustee Fee.
For any Payment Date occurring from the
Closing Date through and including the
twelfth Payment Date, the Minimum Spread is
equal to 0.00% per annum. For any Payment
Date occurring after the twelfth Payment
Date the Minimum Spread is equal to 0.50%
per annum. For any Payment Date for so long
as the Servicer is the servicer, the
Servicing Fee Rate is equal to 0.44% per
annum; PROVIDED, HOWEVER, that the Servicing
Fee Rate may increase up to 0.50% per annum
if it is necessary to appoint a successor
Servicer or a successor Sub-Servicer.
PAYMENTS OF PRINCIPAL: On each Payment Date, the Noteholders of a
Class of Notes will be entitled to payments
of Monthly Principal in reduction of the
Note Balance.
MONTHLY PRINCIPAL
The Monthly Principal with respect to each
Class of Notes and for any Payment Date will
be equal to the lesser of (a) the excess of
related Available Funds over the amounts
described in clauses (i), (ii) and (iii) of
the definition of Excess Cash below, and (b)
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 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, subject to
reduction for any Overcollateralization
Surplus with respect to such Class and the
related Payment Date.
PAYMENTS OF EXCESS CASH: With respect to each of Notes and each
Payment Date on which 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
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
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 8
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"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 either 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 Note and
Payment Date (and to the extent not covered
by Available Funds for the other Group, such
amounts with respect to the other Group),
(iii) any amounts payable for any
Overcollateralization Deficit for the other
Class; and (iv) the Monthly Principal for
the related Class and Payment Date.
The Insurance Policy does not cover the
Available Funds Cap Carry Forward Amount,
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 (a) any excess interest
resulting from the Available Funds Cap Rate
being in excess of the applicable Interest
Rate on future Payment Dates and (b) any
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 Note Insurer, on or after
the Payment Date on which the related Note
Balance has declined to less than 10% of the
outstanding related Note Balance as of the
Settlement Date.
COUPON STEP-UP: If the Class A-1 Notes are not redeemed
pursuant to the Optional Redemption, the
coupon on the Notes will be set at the
lesser of (a) one month LIBOR plus [xx]
basis points and (b) the related Available
Funds Cap Rate.
If the Class A-2 Notes are not redeemed
pursuant to the Optional Redemption, the
coupon on the Notes will be set at the
lesser of (a) one month LIBOR plus [xx]
basis points and (b) the related Available
Funds Cap Rate.
INTEREST PERIOD: Interest will accrue on each of the Notes
from Payment Date to Payment Date. For the
first Payment Date, interest will accrue
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 9
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from and including the closing date to, but
not including the first 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 Sub-Servicer on
behalf of the Servicer will be required to
remit to the Indenture Trustee, up to the
amount otherwise payable to the Sub-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 or the
Sub-Servicer. The Note Insurer is not
required to cover any Prepayment Interest
Shortfalls.
LEGAL INVESTMENT
CONSIDERATIONS: The Notes are SMMEA eligible securities.
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
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FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 10
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WEIGHTED AVERAGE LIFE (WAL) AND
PAYMENT WINDOWS TABLE
<TABLE>
<CAPTION>
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<S> <C> <C> <C> <C> <C> <C>
TO CALL (10%)
PPA* 0 75 100 125 150 175
CLASS A1 NOTE
WAL 20.100 3.686 2.729 2.129 1.717 1.359
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 4/25/28 1/25/09 7/25/06 12/25/04 11/25/03 7/25/02
CLASS A2 NOTE
WAL 20.050 3.675 2.717 2.118 1.705 1.349
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 4/25/28 1/25/09 7/25/06 12/25/04 11/25/03 7/25/02
TO MATURITY
PPA* 0 75 100 125 150 175
CLASS A1 NOTE
WAL 20.147 4.017 2.976 2.319 1.868 1.536
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 3/25/29 6/25/19 6/25/14 5/25/11 12/25/08 4/25/07
CLASS A2 NOTE
WAL 20.090 4.004 2.963 2.306 1.854 1.522
FIRST PAY 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99 7/25/99
LAST PAY 2/25/29 5/25/19 6/25/14 4/25/11 12/25/08 3/25/07
- ----------------------------------------------------------------------------------------------
</TABLE>
*100 PERCENT PREPAYMENT ASSUMPTION (PPA) REPRESENTS 27% CPR FOR THE
ARM COLLATERAL, AND 25% HEP FOR THE FIXED COLLATERAL. 25% HEP EQUALS
2.5% CPR IN MONTH 1 OF THE LIFE OF A LOAN, INCREASING EACH MONTH BY
2.5% CPR UNTIL MONTH 10 AND REMAINING CONSTANT AT 25% CPR THEREAFTER.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 11
- --------------------------------------------------------------------------------
CLASS A-1 AVAILABLE FUNDS CAP RATE*
<TABLE>
<CAPTION>
TO CALL (10%)
PERIOD DATE AFC RATE PERIOD DATE AFC RATE
------ ---- -------- ------ ---- --------
<S> <C> <C> <C> <C> <C>
1 7/25/99 5.7449% 44 2/25/03 11.1235%
2 8/25/99 8.9045% 45 3/25/03 12.3150%
3 9/25/99 8.9366% 46 4/25/03 11.1230%
4 10/25/99 9.2685% 47 5/25/03 11.4934%
5 11/25/99 9.0048% 48 6/25/03 11.1224%
6 12/25/99 9.3411% 49 7/25/03 11.4929%
7 1/25/00 9.0772% 50 8/25/03 11.1218%
8 2/25/00 9.1145% 51 9/25/03 11.1216%
9 3/25/00 9.7842% 52 10/25/03 11.4920%
10 4/25/00 9.1958% 53 11/25/03 11.1210%
11 5/25/00 9.5455% 54 12/25/03 11.4914%
12 6/25/00 9.2825% 55 1/25/04 11.1204%
13 7/25/00 9.1156% 56 2/25/04 11.1201%
14 8/25/00 8.8676% 57 3/25/04 11.8867%
15 9/25/00 8.9142% 58 4/25/04 11.1196%
16 10/25/00 9.2615% 59 5/25/04 11.4899%
17 11/25/00 9.0148% 60 6/25/04 11.1190%
18 12/25/00 9.3700% 61 7/25/04 11.4893%
19 1/25/01 9.1243% 62 8/25/04 11.1184%
20 2/25/01 9.1820% 63 9/25/04 11.1182%
21 3/25/01 10.2325% 64 10/25/04 11.4885%
22 4/25/01 9.2815% 65 11/25/04 11.1176%
23 5/25/01 9.9930% 66 12/25/04 11.4879%
24 6/25/01 9.6980% 67 1/25/05 11.1170%
25 7/25/01 10.0504% 68 2/25/05 11.1167%
26 8/25/01 9.7553% 69 3/25/05 12.3075%
27 9/25/01 9.7854% 70 4/25/05 11.1162%
28 10/25/01 10.1437% 71 5/25/05 11.4864%
29 11/25/01 9.8487% 72 6/25/05 11.1156%
30 12/25/01 10.2113% 73 7/25/05 11.4858%
31 1/25/02 9.9162% 74 8/25/05 11.1151%
32 2/25/02 9.9517% 75 9/25/05 11.1148%
33 3/25/02 11.0585% 76 10/25/05 11.4850%
34 4/25/02 10.0263% 77 11/25/05 11.1142%
35 5/25/02 10.4011% 78 12/25/05 11.4844%
36 6/25/02 11.4635% 79 1/25/06 11.1136%
37 7/25/02 11.8940% 80 2/25/06 11.1134%
38 8/25/02 11.2057% 81 3/25/06 12.3038%
39 9/25/02 11.1249% 82 4/25/06 11.1128%
40 10/25/02 11.4955% 83 5/25/06 11.4829%
41 11/25/02 11.1244% 84 6/25/06 11.1122%
42 12/25/02 11.4949% 85 7/25/06 11.4824%
43 1/25/03 11.1238% 86 8/25/06
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 12
- --------------------------------------------------------------------------------
*Derived assuming six-month LIBOR remains constant at 5.17875% using 100% of the
PPA.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 13
- --------------------------------------------------------------------------------
CLASS A-2 AVAILABLE FUNDS CAP RATE*
<TABLE>
<CAPTION>
TO CALL (10%)
PERIOD DATE AFC RATE PERIOD DATE AFC RATE
------ ---- -------- ------ ---- --------
<S> <C> <C> <C> <C> <C>
1 7/25/99 5.7434% 44 2/25/03 11.1587%
2 8/25/99 8.9010% 45 3/25/03 12.3538%
3 9/25/99 8.9361% 46 4/25/03 11.1580%
4 10/25/99 9.2671% 47 5/25/03 11.5295%
5 11/25/99 9.0025% 48 6/25/03 11.1573%
6 12/25/99 9.3379% 49 7/25/03 11.5288%
7 1/25/00 9.0734% 50 8/25/03 11.1566%
8 2/25/00 9.1101% 51 9/25/03 11.1562%
9 3/25/00 9.7792% 52 10/25/03 11.5277%
10 4/25/00 9.1908% 53 11/25/03 11.1555%
11 5/25/00 9.5400% 54 12/25/03 11.5270%
12 6/25/00 9.2768% 55 1/25/04 11.1548%
13 7/25/00 9.1094% 56 2/25/04 11.1544%
14 8/25/00 8.8612% 57 3/25/04 11.9233%
15 9/25/00 8.9074% 58 4/25/04 11.1537%
16 10/25/00 9.2542% 59 5/25/04 11.5252%
17 11/25/00 9.0072% 60 6/25/04 11.1530%
18 12/25/00 9.3617% 61 7/25/04 11.5244%
19 1/25/01 9.1159% 62 8/25/04 11.1523%
20 2/25/01 9.1731% 63 9/25/04 11.1520%
21 3/25/01 10.2221% 64 10/25/04 11.5233%
22 4/25/01 9.7443% 65 11/25/04 11.1513%
23 5/25/01 10.0968% 66 12/25/04 11.5226%
24 6/25/01 9.7988% 67 1/25/05 11.1506%
25 7/25/01 10.1549% 68 2/25/05 11.1502%
26 8/25/01 9.8568% 69 3/25/05 12.3445%
27 9/25/01 9.8873% 70 4/25/05 11.1495%
28 10/25/01 10.2494% 71 5/25/05 11.5208%
29 11/25/01 9.9513% 72 6/25/05 11.1488%
30 12/25/01 10.3178% 73 7/25/05 11.5200%
31 1/25/02 10.0197% 74 8/25/05 11.1481%
32 2/25/02 10.0557% 75 9/25/05 11.1477%
33 3/25/02 11.1742% 76 10/25/05 11.5189%
34 4/25/02 10.1313% 77 11/25/05 11.1470%
35 5/25/02 11.8451% 78 12/25/05 11.5182%
36 6/25/02 11.5086% 79 1/25/06 11.1463%
37 7/25/02 11.9409% 80 2/25/06 11.1459%
38 8/25/02 11.2496% 81 3/25/06 12.3397%
39 9/25/02 11.1604% 82 4/25/06 11.1452%
40 10/25/02 11.5321% 83 5/25/06 11.5163%
41 11/25/02 11.1597% 84 6/25/06 11.1445%
42 12/25/02 11.5313% 85 7/25/06 11.5156%
43 1/25/03 11.1590% 86 8/25/06
</TABLE>
*Derived assuming six-month LIBOR remains constant at 5.17875% using 100% of the
PPA.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 14
- --------------------------------------------------------------------------------
CLASS A-1 AVAILABLE FUNDS CAP RATE*
<TABLE>
<CAPTION>
TO CALL (10%)
PERIOD DATE AFC RATE PERIOD DATE AFC RATE
------ ---- -------- ------ ---- --------
<S> <C> <C> <C> <C> <C>
1 7/25/99 5.7449% 44 2/25/03 14.0354%
2 8/25/99 8.9045% 45 3/25/03 15.5380%
3 9/25/99 8.9366% 46 4/25/03 14.0332%
4 10/25/99 9.2685% 47 5/25/03 14.4999%
5 11/25/99 9.0048% 48 6/25/03 15.0625%
6 12/25/99 9.3411% 49 7/25/03 15.5632%
7 1/25/00 9.0772% 50 8/25/03 15.0598%
8 2/25/00 9.1145% 51 9/25/03 15.0584%
9 3/25/00 9.7842% 52 10/25/03 15.5590%
10 4/25/00 9.1958% 53 11/25/03 15.0557%
11 5/25/00 9.5455% 54 12/25/03 16.2647%
12 6/25/00 9.2825% 55 1/25/04 15.7384%
13 7/25/00 9.1156% 56 2/25/04 15.7369%
14 8/25/00 8.8676% 57 3/25/04 16.8206%
15 9/25/00 8.9142% 58 4/25/04 15.7338%
16 10/25/00 9.2615% 59 5/25/04 16.2567%
17 11/25/00 9.0148% 60 6/25/04 15.7307%
18 12/25/00 9.3700% 61 7/25/04 16.2535%
19 1/25/01 9.1243% 62 8/25/04 15.7277%
20 2/25/01 9.1820% 63 9/25/04 15.7262%
21 3/25/01 10.2325% 64 10/25/04 16.2488%
22 4/25/01 9.2815% 65 11/25/04 15.7231%
23 5/25/01 10.2718% 66 12/25/04 16.2457%
24 6/25/01 9.9685% 67 1/25/05 15.7201%
25 7/25/01 10.3308% 68 2/25/05 15.7186%
26 8/25/01 10.0274% 69 3/25/05 17.4011%
27 9/25/01 10.0583% 70 4/25/05 15.7156%
28 10/25/01 10.4266% 71 5/25/05 16.2379%
29 11/25/01 10.4453% 72 6/25/05 15.7126%
30 12/25/01 10.8298% 73 7/25/05 16.2348%
31 1/25/02 10.5168% 74 8/25/05 15.7096%
32 2/25/02 10.5543% 75 9/25/05 15.7081%
33 3/25/02 11.7282% 76 10/25/05 16.2302%
34 4/25/02 10.6333% 77 11/25/05 15.7051%
35 5/25/02 11.3706% 78 12/25/05 16.2271%
36 6/25/02 13.1813% 79 1/25/06 15.7022%
37 7/25/02 13.6755% 80 2/25/06 15.7007%
38 8/25/02 12.8859% 81 3/25/06 17.3813%
39 9/25/02 12.7925% 82 4/25/06 15.6978%
40 10/25/02 13.2182% 83 5/25/06 16.2196%
41 11/25/02 13.0047% 84 6/25/06 15.6949%
42 12/25/02 14.5054% 85 7/25/06 16.2166%
43 1/25/03 14.0364% 86 8/25/06
</TABLE>
*Derived assuming six-month LIBOR increases to a level beyond the highest
maximum attainable rate on the underlying adjustable rate mortgage loans using
100% of the PPA.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 15
- --------------------------------------------------------------------------------
CLASS A-2 AVAILABLE FUNDS CAP RATE*
<TABLE>
<CAPTION>
TO CALL (10%)
PERIOD DATE AFC RATE PERIOD DATE AFC RATE
------ ---- -------- ------ ---- --------
<S> <C> <C> <C> <C> <C>
1 7/25/99 5.7434% 44 2/25/03 14.2558%
2 8/25/99 8.9010% 45 3/25/03 15.7820%
3 9/25/99 8.9374% 46 4/25/03 14.2536%
4 10/25/99 9.2684% 47 5/25/03 15.7058%
5 11/25/99 9.0038% 48 6/25/03 15.1978%
6 12/25/99 9.3392% 49 7/25/03 15.7029%
7 1/25/00 9.0747% 50 8/25/03 15.1950%
8 2/25/00 9.1114% 51 9/25/03 15.1936%
9 3/25/00 9.7864% 52 10/25/03 15.6986%
10 4/25/00 9.1976% 53 11/25/03 15.8209%
11 5/25/00 9.5471% 54 12/25/03 16.3466%
12 6/25/00 9.2838% 55 1/25/04 15.8178%
13 7/25/00 9.1167% 56 2/25/04 15.8163%
14 8/25/00 8.8684% 57 3/25/04 16.9054%
15 9/25/00 8.9203% 58 4/25/04 15.8132%
16 10/25/00 9.2677% 59 5/25/04 16.3387%
17 11/25/00 9.0205% 60 6/25/04 15.8101%
18 12/25/00 9.3757% 61 7/25/04 16.3356%
19 1/25/01 9.1296% 62 8/25/04 15.8071%
20 2/25/01 9.1870% 63 9/25/04 15.8056%
21 3/25/01 10.2442% 64 10/25/04 16.3309%
22 4/25/01 10.1273% 65 11/25/04 15.8025%
23 5/25/01 10.4935% 66 12/25/04 16.3277%
24 6/25/01 10.1837% 67 1/25/05 15.7995%
25 7/25/01 10.5538% 68 2/25/05 15.7980%
26 8/25/01 10.2440% 69 3/25/05 17.4890%
27 9/25/01 10.2774% 70 4/25/05 15.7950%
28 10/25/01 11.0885% 71 5/25/05 16.3200%
29 11/25/01 10.7659% 72 6/25/05 15.7920%
30 12/25/01 11.1622% 73 7/25/05 16.3169%
31 1/25/02 10.8396% 74 8/25/05 15.7890%
32 2/25/02 10.8784% 75 9/25/05 15.7875%
33 3/25/02 12.0883% 76 10/25/05 16.3122%
34 4/25/02 11.3893% 77 11/25/05 15.7846%
35 5/25/02 13.8314% 78 12/25/05 16.3092%
36 6/25/02 13.4377% 79 1/25/06 15.7816%
37 7/25/02 13.9418% 80 2/25/06 15.7801%
38 8/25/02 13.1367% 81 3/25/06 17.4692%
39 9/25/02 13.0324% 82 4/25/06 15.7772%
40 10/25/02 13.7550% 83 5/25/06 16.3016%
41 11/25/02 14.2591% 84 6/25/06 15.7742%
42 12/25/02 14.7333% 85 7/25/06 16.2986%
43 1/25/03 14.2569% 86 8/25/06
</TABLE>
*Derived assuming six-month LIBOR increases to a level beyond the highest
maximum attainable rate on the underlying adjustable rate mortgage loans using
100% of the PPA.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 16
- --------------------------------------------------------------------------------
Summary of Characteristics of the Group I Mortgage Loans
<TABLE>
<CAPTION>
<S> <C>
Number of Mortgage Loans 757
Principal Balance
Aggregate Principal Balance $75,033,573.66
Average Principal Balance $99,119.65
Range of Principal Balances $14,981.42 - $238,677.53
Coupon Rates
Weighted Average Coupon Rate 9.849%
Range of Coupon Rates 7.750% - 14.249%
Remaining Term to Maturity
Weighted Average Remaining Term to Maturity 346.16 months
Range of Remaining Term to Maturity 175 - 359 months
Loan-to-Value Ratio
Weighted Average Loan-to-Value Ratio 77.64%
Range of Loan-to-Value Ratios 16.13% - 90.00%
Percentage of First Lien Mortgage Loans 100.00%
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 17
- --------------------------------------------------------------------------------
Summary of Characteristics of the Group II Mortgage Loans
<TABLE>
<CAPTION>
<S> <C>
Number of Mortgage Loans 393
Principal Balance
Aggregate Principal Balance $50,002,424.38
Average Principal Balance $127,232.63
Range of Principal Balances $24,942.19 - $499,479.58
Coupon Rates
Weighted Average Coupon Rate 9.847%
Range of Coupon Rates 7.750% - 14.125%
Remaining Term to Maturity
Weighted Average Remaining Term to Maturity 344.85 months
Range of Remaining Term to Maturity 170 - 358 months
Loan-to-Value Ratio
Weighted Average Loan-to-Value Ratio 77.92%
Range of Loan-to-Value Ratios 16.90% - 90.00%
Percentage of First Lien Mortgage Loans 100.00%
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 18
- --------------------------------------------------------------------------------
Group I Adjustable Rate Loans
All Adjustable Rate Loans
----------------------------------
Number of Group I Adjustable Rate Loans 612
Percentage of All Group I Mortgage Loans 80.85%
(by number of loans)
Aggregate Principal Balance $64,209,300.98
Percentage of All Mortgage Loans 85.57%
(by aggregate principal balance)
Principal Balance of Mortgage Loans as
of the Cut-Off Date
Average $104,917.16
Range $24,477.03 - $238,677.53
Coupon Rates
Weighted Average 9.718%
Range 7.750% - 14.249%
Remaining Term to Maturity
(in months)
Weighted Average 357.64
Range 339 - 359
Loan-to-Value Ratio at Origination
Weighted Average 77.83%
Range 29.63% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 19
- --------------------------------------------------------------------------------
Group I Fixed Rate Loans
All Fixed Rate Loans
----------------------------------
Number of Group I Fixed Rate Loans 145
Percentage of All Group I Mortgage Loans 19.15%
(by number of loans)
Aggregate Principal Balance $10,824,272.68
Percentage of All Mortgage Loans 14.43%
(by aggregate principal balance)
Principal Balance of Mortgage Loans as
of the Cut-Off Date
Average $74,650.16
Range $14,981.42 - $238,232.67
Coupon Rates
Weighted Average 10.626%
Range 8.250% - 13.875%
Remaining Term to Maturity
(in months)
Weighted Average 278.06
Range 175 - 358
Loan-to-Value Ratio at Origination
Weighted Average 76.56%
Range 16.13% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 20
- --------------------------------------------------------------------------------
MORTGAGE RATES OF THE GROUP I FIXED RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Fixed Rate Loans by
Number of Fixed Rate Aggregate
Range of Mortgage Rates (%) Loans Aggregate Principal Balance Principal Balance
- --------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
8.001 - 8.500 1 $51,384.15 0.47 %
8.501 - 9.000 6 $636,443.11 5.88
9.001 - 9.500 15 $1,142,840.53 10.56
9.501 - 10.000 20 $1,534,181.14 14.17
10.001 - 10.500 22 $1,774,647.45 16.40
10.501 - 11.000 29 $2,283,333.48 21.09
11.001 - 11.500 20 $1,451,573.60 13.41
11.501 - 12.000 13 $891,678.24 8.24
12.001 - 12.500 9 $640,739.33 5.92
12.501 - 13.000 6 $262,616.02 2.43
13.001 - 13.500 1 $14,981.42 0.14
13.501 - 14.000 3 $139,854.21 1.29
--- ----------- ----
Totals 145 $10,824,272.68 100.00 %
=== ============== ======
</TABLE>
PRINCIPAL BALANCES OF THE GROUP I FIXED RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Fixed Rate Loans by
Number of Fixed Rate Aggregate
Range of Principal Balances ($) Loans Aggregate Principal Balance Principal Balance
- ------------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
0.01 - 25,000.00 4 $86,824.20 0.80 %
25,000.01 - 50,000.00 33 $1,328,560.03 12.27
50,000.01 - 75,000.00 46 $2,778,478.55 25.67
75,000.01 - 100,000.00 36 $3,055,996.82 28.23
100,000.01 - 125,000.00 14 $1,609,669.02 14.87
125,000.01 - 150,000.00 7 $952,942.89 8.80
175,000.01 - 200,000.00 3 $551,425.36 5.09
200,000.01 - 225,000.00 1 $222,143.14 2.05
225,000.01 - 250,000.00 1 $238,232.67 2.20
--- ----------- ----
Totals 145 $10,824,272.68 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 21
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY OF THE GROUP I FIXED RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Fixed Rate Loans by
Number of Fixed Rate Aggregate
Remaining Term (months) Loans Aggregate Principal Balance Principal Balance
- ----------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
171 - 175 2 $97,220.00 0.90 %
176 - 180 67 $4,689,844.79 43.33
351 - 355 1 $31,461.07 0.29
357 25 $1,979,011.08 18.28
358 50 $4,026,735.74 37.20
-- ------------- -----
Totals 145 $10,824,272.68 100.00 %
=== ============== ======
</TABLE>
0
MORTGAGE RATES OF THE GROUP I ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans
Number of Adjustable by Aggregate Principal
Range of Mortgage Rates (%) Rate Loans Aggregate Principal Balance Balance
- --------------------------- ---------- --------------------------- -------
<S> <C> <C> <C>
7.501 - 8.000 31 $4,494,491.73 7.00 %
8.001 - 8.500 80 $9,496,642.03 14.79
8.501 - 9.000 59 $7,058,942.36 10.99
9.001 - 9.500 86 $8,467,205.54 13.19
9.501 - 10.000 105 $11,771,899.03 18.33
10.001 - 10.500 92 $9,745,627.41 15.18
10.501 - 11.000 75 $6,671,657.14 10.39
11.001 - 11.500 37 $3,030,158.90 4.72
11.501 - 12.000 13 $1,088,761.78 1.70
12.001 - 12.500 13 $921,203.60 1.43
12.501 - 13.000 14 $1,000,139.20 1.56
13.001 - 13.500 6 $433,992.78 0.68
14.001 - 14.500 1 $28,579.48 0.04
--- ---------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 22
- --------------------------------------------------------------------------------
PRINCIPAL BALANCES OF THE GROUP I ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans
Number of Adjustable by Aggregate
Range of Principal Balances ($) Rate Loans Aggregate Principal Balance Principal Balance
------------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
15,000.01 - 25,000.00 2 $49,464.51 0.08 %
25,000.01 - 50,000.00 55 $2,157,650.21 3.36
50,000.01 - 75,000.00 134 $8,449,642.96 13.16
75,000.01 - 100,000.00 136 $11,911,672.59 18.55
100,000.01 - 125,000.00 109 $12,143,223.19 18.91
125,000.01 - 150,000.00 70 $9,635,449.91 15.01
150,000.01 - 175,000.00 40 $6,470,605.47 10.08
175,000.01 - 200,000.00 34 $6,378,294.48 9.93
200,000.01 - 225,000.00 20 $4,217,146.61 6.57
225,000.01 - 250,000.00 12 $2,796,151.05 4.35
-- ------------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
REMAINING TERMS TO MATURITY OF THE GROUP I INITIAL ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans
Number of Adjustable by Aggregate
Remaining Term (months) Rate Loans Aggregate Principal Balance Principal Balance
- ----------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
336 - 340 1 $99,976.69 0.16 %
346 - 350 1 $90,138.08 0.14
351 - 355 5 $454,396.99 0.71
356 5 $342,744.65 0.53
357 178 $18,446,119.53 28.73
358 419 $44,570,686.82 69.41
359 3 $205,238.22 0.32
--- ----------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 23
- --------------------------------------------------------------------------------
GROSS MARGINS OF THE GROUP I ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans
Number of Adjustable by Aggregate
Range of Gross Margins (%) Rate Loans Aggregate Principal Balance Principal Balance
- -------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
5.001 - 5.500 17 $1,977,525.34 3.08 %
5.501 - 6.000 142 $16,782,652.60 26.14
6.001 - 6.500 181 $19,180,868.33 29.87
6.501 - 7.000 185 $18,763,158.00 29.22
7.001 - 7.500 66 $5,758,703.11 8.97
7.501 - 8.000 14 $1,090,988.40 1.70
8.001 - 8.500 5 $598,806.78 0.93
8.501 - 9.000 2 $56,598.42 0.09
--- --------------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
MAXIMUM RATES OF THE GROUP I ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans by
Number of Adjustable Aggregate
Range of Maximum Rates (%) Rate Loans Aggregate Principal Balance Principal Balance
- -------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
14.501 - 15.000 31 $4,494,491.73 7.00 %
15.001 - 15.500 80 $9,496,642.03 14.79
15.501 - 16.000 59 $7,058,942.36 10.99
16.001 - 16.500 86 $8,467,205.54 13.19
16.501 - 17.000 105 $11,771,899.03 18.33
17.001 - 17.500 92 $9,745,627.41 15.18
17.501 - 18.000 76 $6,730,122.55 10.48
18.001 - 18.500 37 $3,030,158.90 4.72
18.501 - 19.000 12 $1,030,296.37 1.60
19.001 - 19.500 13 $921,203.60 1.43
19.501 - 20.000 14 $1,000,139.20 1.56
20.001 - 20.500 6 $433,992.78 0.68
21.001 - 21.500 1 $28,579.48 0.04
--- ---------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 24
- --------------------------------------------------------------------------------
MINIMUM RATES OF THE GROUP I ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans by
Number of Adjustable Aggregate
Range of Minimum Rates (%) Rate Loans Aggregate Principal Balance Principal Balance
- -------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
7.501 - 8.000 31 $4,494,491.73 7.00 %
8.001 - 8.500 80 $9,496,642.03 14.79
8.501 - 9.000 59 $7,058,942.36 10.99
9.001 - 9.500 86 $8,467,205.54 13.19
9.501 - 10.000 105 $11,771,899.03 18.33
10.001 - 10.500 92 $9,745,627.41 15.18
10.501 - 11.000 75 $6,671,657.14 10.39
11.001 - 11.500 37 $3,030,158.90 4.72
11.501 - 12.000 13 $1,088,761.78 1.70
12.001 - 12.500 13 $921,203.60 1.43
12.501 - 13.000 14 $1,000,139.20 1.56
13.001 - 13.500 6 $433,992.78 0.68
14.001 - 14.500 1 $28,579.48 0.04
- ---------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
NEXT INTEREST ADJUSTMENT DATE OF THE GROUP I ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Adjustable Rate Loans
Number of Adjustable by Aggregate
Next Adjustment Date Rate Loans Aggregate Principal Balance Principal Balance
- -------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
10/01/99 1 $99,976.69 0.16 %
09/01/00 1 $90,138.08 0.14
02/01/01 4 $229,864.29 0.36
03/01/01 2 $105,584.40 0.16
04/01/01 45 $4,647,802.23 7.24
05/01/01 102 $9,904,210.26 15.42
06/01/01 1 $35,986.44 0.06
02/01/02 1 $224,532.70 0.35
03/01/02 3 $237,160.25 0.37
04/01/02 133 $13,798,317.30 21.49
05/01/02 317 $34,666,476.56 53.99
06/01/02 2 $169,251.78 0.26
- ----------- ----
Totals 612 $64,209,300.98 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 25
- --------------------------------------------------------------------------------
MORTGAGE RATES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Range of Mortgage Rates (%) Loans Aggregate Principal Balance Principal Balance
- --------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
7.501 - 8.000 31 $4,494,491.73 5.99 %
8.001 - 8.500 81 $9,548,026.18 12.73
8.501 - 9.000 65 $7,695,385.47 10.26
9.001 - 9.500 101 $9,610,046.07 12.81
9.501 - 10.000 125 $13,306,080.17 17.73
10.001 - 10.500 114 $11,520,274.86 15.35
10.501 - 11.000 104 $8,954,990.62 11.93
11.001 - 11.500 57 $4,481,732.50 5.97
11.501 - 12.000 26 $1,980,440.02 2.64
12.001 - 12.500 22 $1,561,942.93 2.08
12.501 - 13.000 20 $1,262,755.22 1.68
13.001 - 13.500 7 $448,974.20 0.60
13.501 - 14.000 3 $139,854.21 0.19
14.001 - 14.500 1 $28,579.48 0.04
- ---------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
PRINCIPAL BALANCES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Range of Principal Balances ($) Loans Aggregate Principal Balance Principal Balance
- ------------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
0.01 - 25,000.00 6 $136,288.71 0.18 %
25,000.01 - 50,000.00 88 $3,486,210.24 4.65
50,000.01 - 75,000.00 180 $11,228,121.51 14.96
75,000.01 - 100,000.00 172 $14,967,669.41 19.95
100,000.01 - 125,000.00 123 $13,752,892.21 18.33
125,000.01 - 150,000.00 77 $10,588,392.80 14.11
150,000.01 - 175,000.00 40 $6,470,605.47 8.62
175,000.01 - 200,000.00 37 $6,929,719.84 9.24
200,000.01 - 225,000.00 21 $4,439,289.75 5.92
225,000.01 - 250,000.00 13 $3,034,383.72 4.04
-- ------------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 26
- --------------------------------------------------------------------------------
RISK CLASSIFICATIONS OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Risk Classification Loans Aggregate Principal Balance Principal Balance
- ------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
A 352 $38,993,188.40 51.97 %
A- 171 $16,631,641.64 22.17
B 136 $12,422,531.94 16.56
C 60 $4,382,703.47 5.84
C- 1 $79,967.16 0.11
D 37 $2,523,541.05 3.36
-- ------------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
LOAN TO VALUE RATIOS OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Range of Loan-to-Value Number of Aggregate Mortgage Loans by Aggregate Weighted
Ratios at Origination (%) Mortgage Loans Principal Balance Principal Balance Average LTV
- ------------------------- -------------- ----------------- ----------------- -----------
<S> <C> <C> <C> <C>
15.01 - 20.00 1 $14,981.42 0.02 % 16.13 %
25.01 - 30.00 1 $39,967.18 0.05 29.63
30.01 - 35.00 4 $170,756.22 0.23 33.18
35.01 - 40.00 4 $217,237.45 0.29 37.42
40.01 - 45.00 4 $152,999.42 0.20 41.88
45.01 - 50.00 12 $757,944.64 1.01 48.86
50.01 - 55.00 10 $679,607.56 0.91 53.67
55.01 - 60.00 17 $1,841,254.13 2.45 58.41
60.01 - 65.00 54 $3,760,289.63 5.01 64.02
65.01 - 70.00 47 $3,639,232.69 4.85 68.83
70.01 - 75.00 178 $19,628,904.01 26.16 74.71
75.01 - 80.00 205 $21,735,028.02 28.97 79.74
80.01 - 85.00 159 $16,097,039.80 21.45 84.85
85.01 - 90.00 61 $6,298,331.49 8.39 89.97
-- ------------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 27
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Remaining Term (months) Loans Aggregate Principal Balance Principal Balance
- ----------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
171 - 175 2 $97,220.00 0.13 %
176 - 180 67 $4,689,844.79 6.25
336 - 340 1 $99,976.69 0.13
346 - 350 1 $90,138.08 0.12
351 - 355 6 $485,858.06 0.65
356 5 $342,744.65 0.46
357 203 $20,425,130.61 27.22
358 469 $48,597,422.56 64.77
359 3 $205,238.22 0.27
- ----------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 28
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGE PROPERTIES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
State Loans Aggregate Principal Balance Principal Balance
----- ----- --------------------------- -----------------
<S> <C> <C> <C>
Alabama 49 $3,489,404.09 4.65 %
Arizona 49 $4,331,416.46 5.77
California 94 $14,240,371.31 18.98
Colorado 72 $8,208,660.12 10.94
District of Columbia 1 $81,538.26 0.11
Florida 22 $1,829,681.67 2.44
Georgia 10 $867,644.01 1.16
Idaho 11 $1,056,171.99 1.41
Illinois 59 $4,644,351.80 6.19
Indiana 17 $918,218.40 1.22
Kansas 8 $507,152.94 0.68
Kentucky 8 $555,557.90 0.74
Louisiana 2 $168,328.71 0.22
Maryland 17 $1,617,213.12 2.16
Michigan 10 $794,314.72 1.06
Minnesota 10 $1,026,973.67 1.37
Missouri 19 $1,264,241.58 1.68
Nevada 18 $2,108,161.57 2.81
New Mexico 18 $1,316,491.04 1.75
North Carolina 21 $1,745,569.50 2.33
Ohio 28 $2,141,811.10 2.85
Oklahoma 1 $31,461.07 0.04
Oregon 98 $10,658,660.64 14.21
South Carolina 5 $583,571.17 0.78
Tennessee 13 $961,529.99 1.28
Texas 6 $350,512.47 0.47
Utah 21 $2,165,317.15 2.89
Virginia 9 $683,823.28 0.91
Washington 54 $6,263,259.48 8.35
West Virginia 1 $57,141.99 0.08
Wisconsin 6 $365,022.46 0.49
--- ----------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 29
- --------------------------------------------------------------------------------
NUMBER OF MONTHS ELAPSED FROM THE DATE OF ORIGINATION
OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Range of Months Loans Aggregate Principal Balance Principal Balance
- --------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
1 2 $61,753.59 0.08 %
2 520 $51,339,482.06 68.42
3 218 $22,346,952.53 29.78
4 - 11 16 $1,185,408.79 1.58
12 - 23 1 $99,976.69 0.13
--- ---------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
OCCUPANCY STATUS OF THE MORTGAGED PROPERTIES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Occupancy Status Loans Aggregate Principal Balance Principal Balance
- ---------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Investment 42 $2,789,932.02 3.72 %
Owner Occupied 712 $72,014,642.34 95.98
Second Home 3 $228,999.30 0.31
- ----------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
TYPES OF MORTGAGED PROPERTIES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Property Type Loans Aggregate Principal Balance Principal Balance
- ------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Condominium 16 $1,691,830.11 2.25 %
Manufactured Homes 40 $3,536,738.43 4.71
Multi-Family Home 26 $2,802,864.93 3.74
Single Family Home 675 $67,002,140.19 89.30
--- -------------- -----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 30
- --------------------------------------------------------------------------------
USE OF PROCEEDS OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Use of Proceeds Loans Aggregate Principal Balance Principal Balance
- --------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Purchase 306 $30,857,071.19 41.12 %
Refi Cash Out 294 $28,342,685.74 37.77
Refi Rate/Term 157 $15,833,816.73 21.10
--- -------------- -----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
PROGRAM CLASSIFICATIONS OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Documentation Loans Aggregate Principal Balance Principal Balance
- ------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Alternate 22 $2,525,249.15 3.37 %
Full 567 $55,507,563.41 73.98
No Income Verification 168 $17,000,761.10 22.66
--- -------------- -----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
PREPAYMENT PENALTIES WITH RESPECT TO THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Mortgage by Aggregate
Prepayment Penalty Loans Aggregate Principal Balance Principal Balance
- ------------------ ----- --------------------------- -----------------
<S> <C> <C> <C>
1 Year 17 $1,919,299.22 2.56 %
2 Year 71 $7,888,562.28 10.51
3 Year 664 $64,667,738.74 86.19
5 Year 3 $402,924.54 0.54
None 2 $155,048.88 0.21
--- ----------- ----
Totals 757 $75,033,573.66 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 31
- --------------------------------------------------------------------------------
Group II Adjustable Rate Loans
All Adjustable Rate Loans
----------------------------------
Number of Group II Adjustable Rate Loans 307
Percentage of All Group II Mortgage Loans 78.12%
(by number of loans)
Aggregate Principal Balance $43,185,285.10
Percentage of All Mortgage Loans 86.37%
(by aggregate principal balance)
Principal Balance of Mortgage Loans as
of the Cut-Off Date
Average $140,668.68
Range $24,950.20 - $499,479.58
Coupon Rates
Weighted Average 9.753%
Range 7.750% - 13.250%
Remaining Term to Maturity
(in months)
Weighted Average 356.57
Range 348 - 358
Loan-to-Value Ratio at Origination
Weighted Average 78.33%
Range 16.90% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 32
- --------------------------------------------------------------------------------
Group II Fixed Rate Loans
All Fixed Rate Loans
----------------------------------
Number of Group II Fixed Rate Loans 86
Percentage of All Group II Mortgage Loans 21.88%
(by number of loans)
Aggregate Principal Balance $6,817,139.28
Percentage of All Mortgage Loans 13.63%
(by aggregate principal balance)
Principal Balance of Mortgage Loans as
of the Cut-Off Date
Average $79,269.06
Range $24,942.19 - $319,115.76
Coupon Rates
Weighted Average 10.440%
Range 8.500% - 14.125%
Remaining Term to Maturity
(in months)
Weighted Average 270.57
Range 170 - 358
Loan-to-Value Ratio at Origination
Weighted Average 75.34%
Range 29.07% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 33
- --------------------------------------------------------------------------------
MORTGAGE RATES OF THE GROUP II FIXED RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Fixed Rate Loans by
Number of Fixed Rate Aggregate
Range of Mortgage Rates (%) Loans Aggregate Principal Balance Principal Balance
- --------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
8.001 - 8.500 1 $43,129.52 0.63 %
8.501 - 9.000 4 $423,384.54 6.21
9.001 - 9.500 11 $1,180,904.19 17.32
9.501 - 10.000 9 $702,900.94 10.31
10.001 - 10.500 16 $1,736,872.06 25.48
10.501 - 11.000 17 $1,075,203.53 15.77
11.001 - 11.500 7 $420,665.40 6.17
11.501 - 12.000 13 $893,017.72 13.10
12.001 - 12.500 6 $284,442.92 4.17
13.001 - 13.500 1 $29,987.67 0.44
14.001 - 14.500 1 $26,630.79 0.39
- ---------- ----
Totals 86 $6,817,139.28 100.00 %
== ============= ======
</TABLE>
PRINCIPAL BALANCES OF THE GROUP II FIXED RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Fixed Rate Loans by
Number of Fixed Rate Aggregate
Range of Principal Balances ($) Loans Aggregate Principal Balance Principal Balance
------------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
15,000.01 - 25,000.00 1 $24,942.19 0.37 %
25,000.01 - 50,000.00 35 $1,330,678.91 19.52
50,000.01 - 75,000.00 21 $1,238,514.75 18.17
75,000.01 - 100,000.00 11 $974,061.88 14.29
100,000.01 - 125,000.00 5 $542,087.25 7.95
125,000.01 - 150,000.00 4 $562,839.98 8.26
150,000.01 - 175,000.00 3 $494,454.18 7.25
200,000.01 - 225,000.00 1 $211,699.21 3.11
250,000.01 - 275,000.00 1 $259,331.71 3.80
275,000.01 - 300,000.00 3 $859,413.46 12.61
300,000.01 - 325,000.00 1 $319,115.76 4.68
- ----------- ----
Totals 86 $6,817,139.28 100.00 %
== ============= ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 34
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY OF THE GROUP II FIXED RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Fixed Rate Loans by
Number of Fixed Rate Aggregate
Remaining Term (months) Loans Aggregate Principal Balance Principal Balance
----------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
166 - 170 1 $58,561.89 0.86 %
171 - 175 12 $1,172,246.95 17.20
176 - 180 35 $2,015,077.21 29.56
346 - 350 1 $41,847.96 0.61
351 - 355 10 $704,095.47 10.33
356 5 $488,950.50 7.17
357 12 $1,103,278.08 16.18
358 10 $1,233,081.22 18.09
-- ------------- -----
Totals 86 $6,817,139.28 100.00 %
== ============= ======
</TABLE>
MORTGAGE RATES OF THE GROUP II ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans
Number of Adjustable by Aggregate Principal
Range of Mortgage Rates (%) Rate Loans Aggregate Principal Balance Balance
- --------------------------- ---------- --------------------------- -------
<S> <C> <C> <C>
7.501 - 8.000 8 $1,825,416.39 4.23 %
8.001 - 8.500 24 $5,023,415.89 11.63
8.501 - 9.000 31 $4,449,887.86 10.30
9.001 - 9.500 37 $6,819,179.07 15.79
9.501 - 10.000 73 $10,247,875.30 23.73
10.001 - 10.500 47 $5,616,702.76 13.01
10.501 - 11.000 38 $4,626,846.77 10.71
11.001 - 11.500 27 $2,887,932.36 6.69
11.501 - 12.000 12 $1,152,241.85 2.67
12.001 - 12.500 6 $366,780.77 0.85
12.501 - 13.000 3 $136,553.57 0.32
13.001 - 13.500 1 $32,452.51 0.08
- ---------- ----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 35
- --------------------------------------------------------------------------------
PRINCIPAL BALANCES OF THE GROUP II ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans
Number of Adjustable by Aggregate
Range of Principal Balances ($) Rate Loans Aggregate Principal Balance Principal Balance
------------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
15,000.01 - 25,000.00 2 $49,900.95 0.12 %
25,000.01 - 50,000.00 31 $1,271,901.96 2.95
50,000.01 - 75,000.00 60 $3,806,335.61 8.81
75,000.01 - 100,000.00 46 $4,004,865.25 9.27
100,000.01 - 125,000.00 49 $5,425,937.53 12.56
125,000.01 - 150,000.00 22 $2,991,985.14 6.93
150,000.01 - 175,000.00 14 $2,272,314.22 5.26
175,000.01 - 200,000.00 11 $2,055,974.49 4.76
200,000.01 - 225,000.00 8 $1,684,800.71 3.90
225,000.01 - 250,000.00 11 $2,664,340.53 6.17
250,000.01 - 275,000.00 14 $3,666,167.93 8.49
275,000.01 - 300,000.00 14 $4,015,849.90 9.30
300,000.01 - 325,000.00 7 $2,211,325.22 5.12
325,000.01 - 350,000.00 5 $1,711,989.61 3.96
350,000.01 - 375,000.00 4 $1,450,556.70 3.36
375,000.01 - 400,000.00 5 $1,963,738.99 4.55
425,000.01 - 450,000.00 1 $439,272.03 1.02
475,000.01 - 500,000.00 3 $1,498,028.33 3.47
- ------------- ----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 36
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY OF THE GROUP II INITIAL ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans
Number of Adjustable by Aggregate
Remaining Term (months) Rate Loans Aggregate Principal Balance Principal Balance
- ----------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
346 - 350 5 $388,118.48 0.90 %
351 - 355 85 $9,075,467.26 21.02
356 62 $6,992,675.27 16.19
357 96 $13,258,395.59 30.70
358 59 $13,470,628.50 31.19
-- -------------- -----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
GROSS MARGINS OF THE GROUP II ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans
Number of Adjustable by Aggregate
Range of Gross Margins (%) Rate Loans Aggregate Principal Balance Principal Balance
- -------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
5.001 - 5.500 21 $2,918,877.12 6.76 %
5.501 - 6.000 46 $8,752,434.45 20.27
6.001 - 6.500 69 $11,653,914.24 26.99
6.501 - 7.000 106 $13,081,669.72 30.29
7.001 - 7.500 43 $5,232,455.48 12.12
7.501 - 8.000 19 $1,399,563.38 3.24
8.001 - 8.500 3 $146,370.71 0.34
- ----------- ----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 37
- --------------------------------------------------------------------------------
MAXIMUM RATES OF THE GROUP II ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans by
Number of Adjustable Aggregate
Range of Maximum Rates (%) Rate Loans Aggregate Principal Balance Principal Balance
-------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
14.501 - 15.000 8 $1,825,416.39 4.23 %
15.001 - 15.500 24 $5,023,415.89 11.63
15.501 - 16.000 31 $4,449,887.86 10.30
16.001 - 16.500 37 $6,819,179.07 15.79
16.501 - 17.000 73 $10,247,875.30 23.73
17.001 - 17.500 48 $5,680,654.23 13.15
17.501 - 18.000 38 $4,626,846.77 10.71
18.001 - 18.500 27 $2,887,932.36 6.69
18.501 - 19.000 11 $1,088,290.38 2.52
19.001 - 19.500 6 $366,780.77 0.85
19.501 - 20.000 3 $136,553.57 0.32
20.001 - 20.500 1 $32,452.51 0.08
- ---------- ----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
MINIMUM RATES OF THE GROUP II ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans by
Number of Adjustable Aggregate
Range of Minimum Rates (%) Rate Loans Aggregate Principal Balance Principal Balance
- -------------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
7.501 - 8.000 8 $1,825,416.39 4.23 %
8.001 - 8.500 24 $5,023,415.89 11.63
8.501 - 9.000 31 $4,449,887.86 10.30
9.001 - 9.500 37 $6,819,179.07 15.79
9.501 - 10.000 73 $10,247,875.30 23.73
10.001 - 10.500 48 $5,680,654.23 13.15
10.501 - 11.000 38 $4,626,846.77 10.71
11.001 - 11.500 27 $2,887,932.36 6.69
11.501 - 12.000 11 $1,088,290.38 2.52
12.001 - 12.500 6 $366,780.77 0.85
12.501 - 13.000 3 $136,553.57 0.32
13.001 - 13.500 1 $32,452.51 0.08
- ---------- ----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 38
- --------------------------------------------------------------------------------
NEXT INTEREST ADJUSTMENT DATE OF THE GROUP II ADJUSTABLE RATE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Adjustable Rate Loans
Number of Adjustable by Aggregate
Next Adjustment Date Rate Loans Aggregate Principal Balance Principal Balance
- -------------------- ---------- --------------------------- -----------------
<S> <C> <C> <C>
08/01/99 1 $119,614.02 0.28 %
09/01/99 1 $63,951.47 0.15
07/01/00 1 $102,263.15 0.24
08/01/00 2 $157,333.58 0.36
09/01/00 1 $64,570.28 0.15
10/01/00 1 $67,657.69 0.16
12/01/00 2 $522,032.27 1.21
01/01/01 9 $966,979.76 2.24
02/01/01 29 $2,826,683.28 6.55
03/01/01 23 $2,458,074.21 5.69
04/01/01 30 $4,271,683.93 9.89
05/01/01 9 $1,686,500.03 3.91
01/01/02 10 $1,126,673.92 2.61
02/01/02 33 $3,445,826.32 7.98
03/01/02 39 $4,534,601.06 10.50
04/01/02 65 $8,736,184.92 20.23
05/01/02 51 $12,034,655.21 27.87
-- -------------- -----
Totals 307 $43,185,285.10 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 39
- --------------------------------------------------------------------------------
MORTGAGE RATES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Range of Mortgage Rates (%) Loans Aggregate Principal Balance Principal Balance
- --------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
7.501 - 8.000 8 $1,825,416.39 3.65 %
8.001 - 8.500 25 $5,066,545.41 10.13
8.501 - 9.000 35 $4,873,272.40 9.75
9.001 - 9.500 48 $8,000,083.26 16.00
9.501 - 10.000 82 $10,950,776.24 21.90
10.001 - 10.500 63 $7,353,574.82 14.71
10.501 - 11.000 55 $5,702,050.30 11.40
11.001 - 11.500 34 $3,308,597.76 6.62
11.501 - 12.000 25 $2,045,259.57 4.09
12.001 - 12.500 12 $651,223.69 1.30
12.501 - 13.000 3 $136,553.57 0.27
13.001 - 13.500 2 $62,440.18 0.12
14.001 - 14.500 1 $26,630.79 0.05
- ---------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 40
- --------------------------------------------------------------------------------
PRINCIPAL BALANCES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Range of Principal Balances ($) Loans Aggregate Principal Balance Principal Balance
------------------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
15,000.01 - 25,000.00 3 $74,843.14 0.15 %
25,000.01 - 50,000.00 66 $2,602,580.87 5.20
50,000.01 - 75,000.00 81 $5,044,850.36 10.09
75,000.01 - 100,000.00 57 $4,978,927.13 9.96
100,000.01 - 125,000.00 54 $5,968,024.78 11.94
125,000.01 - 150,000.00 26 $3,554,825.12 7.11
150,000.01 - 175,000.00 17 $2,766,768.40 5.53
175,000.01 - 200,000.00 11 $2,055,974.49 4.11
200,000.01 - 225,000.00 9 $1,896,499.92 3.79
225,000.01 - 250,000.00 11 $2,664,340.53 5.33
250,000.01 - 275,000.00 15 $3,925,499.64 7.85
275,000.01 - 300,000.00 17 $4,875,263.36 9.75
300,000.01 - 325,000.00 8 $2,530,440.98 5.06
325,000.01 - 350,000.00 5 $1,711,989.61 3.42
350,000.01 - 375,000.00 4 $1,450,556.70 2.90
375,000.01 - 400,000.00 5 $1,963,738.99 3.93
425,000.01 - 450,000.00 1 $439,272.03 0.88
475,000.01 - 500,000.00 3 $1,498,028.33 3.00
- ------------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
RISK CLASSIFICATIONS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Risk Classification Loans Aggregate Principal Balance Principal Balance
- ------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
A 169 $25,603,765.09 51.21 %
A- 87 $11,805,390.03 23.61
B 82 $8,329,061.15 16.66
C 39 $3,116,746.77 6.23
D 16 $1,147,461.34 2.29
-- ------------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 41
- --------------------------------------------------------------------------------
LOAN TO VALUE RATIOS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Range of Loan-to-Value Number of Aggregate Mortgage Loans by Aggregate Weighted
Ratios at Origination (%) Mortgage Loans Principal Balance Principal Balance Average LTV
------------------------- -------------- ----------------- ----------------- -----------
<S> <C> <C> <C> <C>
15.01 - 20.00 1 $59,784.93 0.12 % 16.90 %
25.01 - 30.00 3 $181,578.54 0.36 29.04
30.01 - 35.00 3 $114,822.74 0.23 33.28
35.01 - 40.00 2 $209,606.54 0.42 38.37
40.01 - 45.00 1 $67,396.98 0.13 45.00
45.01 - 50.00 9 $399,644.35 0.80 48.73
50.01 - 55.00 9 $462,720.74 0.93 53.67
55.01 - 60.00 11 $920,448.68 1.84 58.94
60.01 - 65.00 27 $2,671,891.27 5.34 64.65
65.01 - 70.00 26 $2,408,934.67 4.82 69.40
70.01 - 75.00 78 $10,516,778.89 21.03 74.68
75.01 - 80.00 105 $16,138,761.27 32.28 79.44
80.01 - 85.00 82 $10,795,366.55 21.59 84.84
85.01 - 90.00 36 $5,054,688.23 10.11 89.68
-- ------------- -----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
REMAINING TERMS TO MATURITY OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Remaining Term (months) Loans Aggregate Principal Balance Principal Balance
- ----------------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
166 - 170 1 $58,561.89 0.12 %
171 - 175 12 $1,172,246.95 2.34
176 - 180 35 $2,015,077.21 4.03
346 - 350 6 $429,966.44 0.86
351 - 355 95 $9,779,562.73 19.56
356 67 $7,481,625.77 14.96
357 108 $14,361,673.67 28.72
358 69 $14,703,709.72 29.41
-- -------------- -----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 42
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGE PROPERTIES
OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
State Loans Aggregate Principal Balance Principal Balance
----- ----- --------------------------- -----------------
<S> <C> <C> <C>
Alabama 42 $3,249,645.96 6.50 %
Arizona 29 $3,538,878.73 7.08
California 66 $14,295,183.28 28.59
Colorado 32 $4,595,513.05 9.19
Delaware 2 $140,621.12 0.28
District of Columbia 3 $352,276.25 0.70
Florida 17 $1,361,857.89 2.72
Georgia 4 $904,558.72 1.81
Idaho 11 $843,706.76 1.69
Illinois 20 $2,057,473.12 4.11
Indiana 12 $816,296.48 1.63
Kansas 1 $87,213.14 0.17
Louisiana 1 $33,677.99 0.07
Maryland 13 $1,608,178.11 3.22
Minnesota 5 $419,150.09 0.84
Missouri 9 $1,229,791.48 2.46
Nevada 5 $687,699.85 1.38
New Mexico 5 $890,029.70 1.78
New York 1 $42,932.58 0.09
North Carolina 10 $824,944.92 1.65
Ohio 13 $848,347.86 1.70
Oregon 31 $4,327,958.15 8.66
Tennessee 10 $585,457.38 1.17
Texas 5 $683,592.91 1.37
Utah 13 $1,606,515.62 3.21
Virginia 6 $554,053.19 1.11
Washington 24 $3,168,133.15 6.34
West Virginia 2 $140,975.27 0.28
Wyoming 1 $107,761.63 0.22
- ----------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 43
- --------------------------------------------------------------------------------
NUMBER OF MONTHS ELAPSED FROM THE DATE OF
ORIGINATION OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Range of Months Loans Aggregate Principal Balance Principal Balance
- --------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
1 1 $62,056.66 0.12 %
2 74 $14,964,729.14 29.93
3 122 $15,151,285.01 30.30
4 - 11 195 $19,722,090.42 39.44
12 - 23 1 $102,263.15 0.20
- ----------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
OCCUPANCY STATUS OF THE MORTGAGED PROPERTIES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Occupancy Status Loans Aggregate Principal Balance Principal Balance
- ---------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Investment 19 $1,798,427.79 3.60 %
Owner Occupied 371 $47,996,001.55 95.99
Second Home 3 $207,995.04 0.42
- ----------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
TYPES OF MORTGAGED PROPERTIES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Property Type Loans Aggregate Principal Balance Principal Balance
- ------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Condominium 9 $1,148,242.05 2.30 %
Manufactured Homes 16 $1,197,137.57 2.39
Multi-Family Home 21 $2,958,755.15 5.92
Single Family Home 347 $44,698,289.61 89.39
--- -------------- -----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
<PAGE>
MARKETING MEMORANDUM - 5/24/99 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1999-1 Page 44
- --------------------------------------------------------------------------------
USE OF PROCEEDS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Use of Proceeds Loans Aggregate Principal Balance Principal Balance
- --------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Purchase 128 $17,291,914.37 34.58 %
Refi Cash Out 166 $19,100,811.03 38.20
Refi Rate/Term 99 $13,609,698.98 27.22
-- -------------- -----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
PROGRAM CLASSIFICATIONS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Documentation Loans Aggregate Principal Balance Principal Balance
- ------------- ----- --------------------------- -----------------
<S> <C> <C> <C>
Alternate 21 $3,169,662.34 6.34 %
Full 259 $33,597,144.31 67.19
No Income Verification 113 $13,235,617.73 26.47
--- -------------- -----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
PREPAYMENT PENALTIES WITH RESPECT TO THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Mortgage by Aggregate
Prepayment Penalty Loans Aggregate Principal Balance Principal Balance
- ------------------ ----- --------------------------- -----------------
<S> <C> <C> <C>
1 Year 6 $954,733.13 1.91 %
2 Year 56 $8,417,226.56 16.83
3 Year 320 $39,710,301.35 79.42
5 Year 7 $717,689.02 1.44
None 4 $202,474.32 0.40
- ----------- ----
Totals 393 $50,002,424.38 100.00 %
=== ============== ======
</TABLE>
