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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) March 10, 2000
Residential Asset Funding Corporation.
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(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
North Carolina 333-81721 56-2064715
--------------------------------------------- ---------------- ---------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
301 South College Street, DC-06
Charlotte, North Carolina 28202-6001
--------------------------------------------- --------------------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (704) 374-4868
------------------------
No Change
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(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events
In connection with the offering of HLIB Home Equity Loan Trust
Series 2000-1, 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 Home Loan Trust
2000-1
Registrant
By: /s/ Shanker Merchant
-------------------------------------
Name: Shanker Merchant
Title: Managing Director
Dated: March 10, 2000
3
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above).
EXHIBIT 99.1
MARKETING MEMORANDUM
MARCH 8, 2000
HLIB HOME EQUITY LOAN TRUST 2000-1
$40,610,000 CLASS A-1 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-1
$14,664,000 CLASS A-2 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-1
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 Securities, Inc. (the
"Underwriter") and not by the issuer of the Certificates identified above (the
"Certificates") or any other party. The Marketing Memorandum is based upon
information made available to the Underwriter. Neither the Underwriter, the
issuer of the Certificates, 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, 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
Certificates has been filed with the Securities and Exchange Commission and is
effective, the final prospectus supplement relating to the Certificates 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 Certificates 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 Certificates
for definitive terms of the Offered Certificates and the collateral.
Please be advised that the Certificates 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 Certificates.
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 SECURITIES, INC.
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FIRST UNION SECURITIES, INC.
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 - MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 2
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SUMMARY OF TERMS
<TABLE>
<CAPTION>
$40,610,000 CLASS A-1, Mortgage Pass-Through Certificates, Series 2000-1(the "Class A-1 Certificates")
$14,664,000 CLASS A-2, Mortgage Pass-Through Certificates, Series 2000-1 (the "Class A-2 Certificates")
CERTIFICATES
To Call*
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STATED
CLASS RATINGS APPROXIMATE AVERAGE MODIFIED PRINCIPAL LEGAL
CLASS DESCRIPTION S&P/MOODY'S SIZE COUPON LIFE DURATION WINDOW MATURITY
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 Fixed AAA/Aaa $40,610,000 TBD 3.38 2.67 4/00 - 11/09 11/29
- -----------------------------------------------------------------------------------------------------------------------------------
Class A-2 Floater AAA/Aaa $14,664,000 LIBOR +[TBD] 2.81 2.35 4/00 - 11/09 11/29
- -----------------------------------------------------------------------------------------------------------------------------------
To Maturity*
- -----------------------------------------------------------------------------------------------------------------------------------
STATED
CLASS RATINGS APPROXIMATE AVERAGE MODIFIED PRINCIPAL LEGAL
CLASS DESCRIPTION S&P/MOODY'S SIZE COUPON LIFE DURATION WINDOW MATURITY
- -----------------------------------------------------------------------------------------------------------------------------------
Class A-1 Fixed AAA/Aaa $40,610,000 TBD 3.55 2.74 4/00 - 11/28 11/29
- -----------------------------------------------------------------------------------------------------------------------------------
Class A-2 Floater AAA/Aaa $14,664,000 LIBOR +[TBD] 2.90 2.39 4/00 - 11/25 11/29
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The Monthly Pass-Through Rate on Class A-2 is capped at the Available Funds
Cap Rate.
<TABLE>
<CAPTION>
SECURITIES CLASS A-1 CLASS A-2
- ----------- --------- ----------
<S> <C> <C>
SECURITY TYPE: Fixed rate Mortgage Loans Adjustable rate Mortgage Loans (all
Prime based)
CUT-OFF DATE: February 29, 2000 February 29, 2000
INDEX: N/A 1 month LIBOR
PREPAYMENT ASSUMPTIONS (PPA): 2.4 - 24.0% CPR over 10 months, 28% CPR
and 24% CPR thereafter
EXPECTED CALL DATE: November 2009 November 2009
EXPECTED MATURITY DATE: November 2028 November 2025
PAYMENT DATE: 15th of each month 15th of each month
PAYMENT DELAY: 14 days Zero
DATED DATE: March 1, 2000 March 14, 2000
DAY COUNT: 30/360 Actual/360
PRICING DATE: TBD TBD
DAYS OF ACCRUED INTEREST: 14 days Zero
SETTLEMENT DATE: (EXPECTED) March 14, 2000 March 14, 2000
FIRST PAYMENT DATE: April 17, 2000 April 17, 2000
RATINGS: (S&P/MOODY'S) AAA/Aaa AAA/Aaa
</TABLE>
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FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM - MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 3
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ISSUER: HLIB Home Equity Loan Trust 2000-1
SELLER: Home Loan and Investment Bank, F.S.B.
DEPOSITOR: Residential Asset Funding Corporation
MASTER SERVICER: Home Loan and Investment Bank, F.S.B.
SUB-SERVICER: Home Loan Investment Corporation
SERVICING FEE: 50 basis points per annum.
TRUSTEE: Bankers Trust Company of California, N.A.
CERTIFICATE INSURER: Financial Security Assurance ("FSA"), rated
AAA/Aaa/AAA by Standard & Poor's, Moody's
Investors Service and Fitch IBCA,
respectively.
FORM OF CERTIFICATES: Book-Entry Form, delivered through the
facilities of DTC, Clearstream Banking,
societe anonyme or Euroclear against payment
in immediately available funds.
DENOMINATIONS: Minimum denominations of $25,000 and
integral multiples of $1,000 thereof.
DESCRIPTION OF THE CERTIFICATES: Two classes of Certificates (each, a
"Class") will be issued: (i) Class A-1,
secured by a pool of fixed rate Mortgage
Loans (the "Group I Mortgage Loans"), and
(ii) Class A-2, secured by a pool of
adjustable rate Mortgage Loans (the "Group
II Mortgage Loans" and, together with the
Group I Mortgage Loans, the "Mortgage
Loans"). The Group II Mortgage Loans are all
Prime based and adjust annually. In
addition, the trust will also issue a Class
R Certificate, which is not being offered
with the Class A Certificates.
TRUST FUND: The assets of the trust fund include:
(i) The Mortgage Loans, together with
the mortgage files relating
thereto and all collections
thereon and proceeds thereof
(other than payments of interest
that accrued on each Mortgage Loan
up to and including the Due Date
occurring in February 2000 and
principal payments, including
prepayments, received on or prior
to the Cut-off Date),
(ii) Assets that from time to time are
identified as REO property and
collections thereon and proceeds
thereof,
(iii) Assets that are deposited in the
certificate account, including
amounts on deposit in the
certificate account (including the
Simple Interest Excess
Sub-Account) and invested in
permitted investments,
(iv) The Trustee's rights with respect
to the Mortgage Loans under all
insurance policies required to be
maintained and any insurance
proceeds,
(v) Liquidation proceeds,
(vi) Released mortgaged property
proceeds; and
(vii) Amounts on deposit in the Spread
Account.
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FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 4
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CREDIT ENHANCEMENT: Credit enhancement with respect to the
Class A Certificates will include the
following:
(i) Excess interest
(ii) Cross-collateralization
(iii) Spread Account
(iv) Certificate Insurance Policy
In addition to the foregoing, an account
(the "Simple Interest Excess Sub-Account")
will be established as part of the trust to
cover certain interest shortfalls as
described below in "Simple Interest Excess
Sub-Account"
Furthermore, the Class A-2 Certificates are
subject to an "Available Funds Cap" under
certain circumstances described in "Class
A-2 Available Funds Cap" below. Holders of
Class A-2 Certificates may be entitled to
payment of interest deficiencies that arise
as a result of the application of the Class
A-2 Available Funds Cap under circumstances
described in "Class A-2 Available Funds Cap
Carryover Amount" below.
EXCESS INTEREST: Excess interest from each Group of
Mortgage Loans may be utilized to cover
credit losses and certain shortfalls on the
Class of Certificates relating to such Group
of Mortgage Loans as described under
"Priority of Distributions" herein.
CROSS-COLLATERALIZATION: To the extent excess cashflow for a group is
not needed to make required payments on the
related Class of Certificates, it may be
used to make payments on the other Class of
Certificates as described under "Priority of
Distribution".
SPREAD ACCOUNT: The Trustee shall establish and maintain a
Spread Account and deposit on each Payment
Date into the Spread Account a percentage of
the excess cashflow. This percentage is
initially 100% and may be reduced by FSA.
The Spread Account will not be part of the
REMIC.
SPREAD ACCOUNT REQUIREMENT: No initial deposit will be made into the
Spread Account upon the issuance of the
Certificates. Following such issuance, on
each Payment Date, excess amounts not
otherwise required to be
distributed in accordance with the
"Priority of Distributions" described below
shall be deposited into the Spread Account
until such time as the Spread Account
reaches an amount equal to (i) for the
first thirty (30) months following the
Settlement Date, two (2) percent of the
principal balance of the Mortgage Loans as
of the Cut-off Date, and (ii) thereafter,
the lesser of such amount and four (4)
percent of the current principal balance of
the Mortgage Loans. Such amounts may be
increased or decreased by FSA depending on
the occurrence or absence of certain loss
and delinquency trigger events.
CERTIFICATE INSURANCE POLICY: Payment of minimum required monthly amounts
to the holders of the Class A Certificates
will be guaranteed by FSA. Under the
Certificate Insurance Policy, FSA will
unconditionally and irrevocably guarantee to
the Trustee, on each Payment Date, for the
benefit of each holder the full and complete
payment of (i) Scheduled Payments on the
Class A Certificates and (ii) the amount of
any Scheduled Payment which subsequently is
avoided in whole or in part as a preference
payment under applicable law.
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FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 5
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FSA will be subrogated to the rights of the
holders of the Class A Certificates to the
extent of any payment to the respective
holders under the Certificate Insurance
Policy.
PAYMENTS ON THE CERTIFICATES: Interest and principal on each Class of
Certificates is scheduled to be paid monthly
on the 15th day of the month or, if such day
is not a business day, the next succeeding
business day (each, a "Payment Date") to
holders of record on the related Record
Date. The first scheduled Payment Date is
April 17, 2000.
RECORD DATE: With respect to (i) the Class A-1
Certificates, the last day of the calendar
month preceding a Payment Date, and (ii) the
Class A-2 Certificates, the last business
day prior to a Payment Date. For all Classes
of Certificates, the Record Date for the
first Payment Date shall be the Closing
Date.
DUE PERIOD: With respect to each Payment Date, the
calendar month preceding the month in
which such Payment Date occurs.
GROUP AVAILABLE FUNDS: The amount for each group available to the
Trustee for distribution to the holders on a
Payment Date, and from the certificate
account, the Spread Account, and after
deducting the servicing fees and certain
other amounts reimbursable to the Master
Servicer, trustee's fees and the premiums
due to FSA on that Payment Date, plus, with
respect to items (i) through (iv) below, any
amount drawn on the Certificate Insurance
Policy. Group Available Funds include "Group
I Available Funds", relating to amounts
available from the Group I Mortgage Loans,
and "Group II Available Funds", relating to
amounts available from the Group II Mortgage
Loans.
PRIORITY OF DISTRIBUTIONS: Group Available Funds shall be applied in
the following order of priority:
(i) To the payment of the Interest
Distribution Amount for the related
Class of Certificates;
(ii) To the payment of the unpaid Interest
Distribution Amount relating to the
other Class, to the extent the Group
Available Funds for such other Class
are insufficient to pay that amount
in full;
(iii) To the payment of the Principal
Distribution Amount in reduction of
the certificate balance of the
related Class of Certificates;
(iv) To the payment of the Principal
Distribution Amount with respect to
the other Class, to the extent the
Group Available Funds for such other
Class are insufficient to pay that
amount in full;
(v) To reimburse the Certificate Insurer
for amounts owed to it in respect of
that group;
(vi) To reimburse the Certificate Insurer
for amounts owed to it in respect of
the other group, to the extent the
Group Available Funds for the other
group are insufficient to pay that
amount in full;
(vii) To the Spread Account until the
Spread Account Requirement is
satisfied;
(viii) To reimburse the Master Servicer for
any reimbursable advances and
expenses not previously reimbursed;
(ix) To pay the holders of the Class A-2
Certificates the Class A-2 Available
Funds Cap Carryover Amount and
(x) To the holder of the Class R
Certificate.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 6
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SCHEDULED PAYMENTS: Payments which are required to be made on
the Class A Certificates during the term of
the Certificate Insurance Policy in
accordance with the original terms of the
Class A Certificates when issued and without
regard to any subsequent amendment or
modification of the Class A Certificates
that has not been consented to by FSA, which
payments, with respect to any Payment Date,
are (i) the Interest Distribution Amount for
each Class, with respect to the related
Payment Date, (ii) the Principal
Distribution Amount with respect to the
related Payment Date, and (iii) with respect
to the final scheduled distribution date for
any Class of Certificates, without
duplication of clause (ii) the outstanding
principal amount of such Class, after taking
into account reductions on such date of such
outstanding principal amount from all
sources other than the Certificate Insurance
Policy. Scheduled Payments do not include
prepayment interest shortfalls, Civil Relief
Act shortfalls, or any reduction in the
Class A-2 interest resulting from
application of the Class A-2 Available Funds
Cap Rate.
PRINCIPAL DISTRIBUTION AMOUNT: As of any Payment Date for each Class, the
sum of:
(i) Each payment of principal on a
Mortgage Loan received by the Master
Servicer (exclusive of amounts
described in clauses (ii) and (iii)
below) in the related Due Period,
(ii) All curtailments and all principal
prepayments received with respect to
the Mortgage Loans during the related
Due Period,
(iii) The principal portion of all
insurance proceeds, released
mortgaged property proceeds and net
liquidation proceeds received with
respect to the Mortgage Loans during
the related Due Period,
(iv) An amount equal to the excess, if
any, of the principal balance of any
Mortgage Loans liquidated during the
related Due Period over the principal
portion of net liquidation proceeds
which will be distributed to Class A
holders, and
(v) The sum of (a) that portion of the
purchase price paid by Home Loan Bank
for any deleted Mortgage Loans which
represents principal and (b) any
substitution adjustments required to
be deposited in the certificate
account as of the related
determination date.
INTEREST DISTRIBUTION AMOUNT: For each Payment Date, an amount equal to
(i) for Class A-1, 30 days' interest
(calculated on the basis of a 360-day year
consisting of twelve 30-day months) at the
related interest rate (the "Class A-1
Pass-Through Rate") on the related
certificate balance immediately prior to
such Payment Date, and (ii) for Class A-2,
interest accruing at the related interest
rate (the "Class A-2 Pass-Through Rate")
during the period from the preceding Payment
Date to but not including such Payment Date,
reduced by its allocable share of any
prepayment shortfalls, interest shortfalls
and Civil Relief Act shortfalls for such
Payment Date and the related group, to the
extent not covered by payments by the Master
Servicer of compensating interest plus any
Interest Carry-Forwards relating to the
applicable Class.
INTEREST CARRY-FORWARD: As of any Payment Date and with respect to
the Class A Certificates, the sum of:
(i) The amount, if any, by which (A) the
related Interest Distribution Amount
as of the preceding Payment Date
exceeded (B) the amount of the actual
distribution made to the related
Certificate holders thereon; and
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 7
- --------------------------------------------------------------------------------
(ii) (a) For Class A-1, 30 days' interest
on the amount of such shortfall
(calculated on the basis of a 360-day
year consisting of twelve 30 day
months) and (b) for Class A-2,
interest accruing during the period
from the preceding Payment Date to
but not including such Payment Date,
in each case at an interest rate
equal to the related Pass-Through
Rate.
COMPENSATING INTEREST: The Master Servicer is obligated to pay as
compensating interest, without any right of
reimbursement, those shortfalls in interest
collections payable on the Class A
Certificates that are attributable to
prepayment interest shortfalls and net
Simple Interest Shortfalls (defined below),
but only to the extent of the Servicing Fee
for the related Due Period.
SIMPLE INTEREST EXCESS
SUB-ACCOUNT: The Trustee will establish and maintain the
Simple Interest Excess Sub-Account of the
certificate account. On each Payment Date,
the Trustee will transfer to the Simple
Interest Excess Sub-Account all net Simple
Interest Excess, which is any excess of the
aggregate amount of Simple Interest Excess
over the aggregate amount of Simple Interest
Shortfall. The amount on deposit in the
Simple Interest Excess Sub-Account will be
available to cover Simple Interest
Shortfalls on a Payment Date.
SIMPLE INTEREST EXCESS: As of any Payment Date, the excess, if any,
of (i) the amount of interest actually paid
on a Mortgage Loan with respect to the
related Due Period net of the Servicing Fee,
over (ii) 30 days' interest (calculated on
the basis of a 360-day year consisting of
twelve 30 day months) on the Principal
Balance of such Mortgage Loan at the related
Mortgage Interest Rate net of the Servicing
Fee.
SIMPLE INTEREST SHORTFALL: As of any Payment Date, the excess, if any,
of (i) 30 days' interest (calculated on the
basis of a 360-day year consisting of twelve
30 day months) on the Principal Balance of a
Mortgage Loan at the related Mortgage
Interest Rate net of the Servicing Fee, over
(ii) the amount of interest actually paid on
such Mortgage Loan with respect to the
related Due Period net of the Servicing Fee,
CLASS A-2 AVAILABLE FUNDS CAP: The rate of interest on the Class A-2
Certificates is subject to an Available
Funds Cap Rate. If the Class A-2
Pass-Through Rate would exceed the weighted
average coupon for the Mortgage Loans in the
related group net of certain fees of the
trust allocated to such Class, then the
Pass-Through Rate will be accordingly
reduced to equal the Class A-2 Available
Funds Cap Rate (defined below).
CLASS A-2 AVAILABLE FUNDS
CAP RATE: With respect to the Class A-2 Certificates
for any Payment Date, a rate per annum equal
to the fraction, expressed as a percentage,
the numerator and denominator of which are
as follows:
(i) The numerator of which is an amount
equal to the product of (x) 1/12 of
the net weighted average Mortgage
Rate on the Group II Mortgage Loans
minus (a) 15 basis points for the
first twelve (12) months, and (b) 65
basis points thereafter, and (y) the
aggregate Principal Balance of the
Group II Mortgage Loans; and
(ii) The denominator of which is an amount
equal to the product of the Class A-2
Certificate Balance and the number of
days elapsed in the related Due
Period divided by 360.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 8
- --------------------------------------------------------------------------------
CLASS A-2 AVAILABLE FUNDS CAP
CARRYOVER AMOUNT: On any Payment Date on which the Spread
Account Requirement is satisfied and the
Class A-2 Pass-Through Rate is capped by the
Class A-2 Available Funds Cap Rate, excess
cashflows shall be used to pay holders of
the Class A-2 Certificates an amount (the
"Class A-2 Available Funds Cap Carryover
Amount") equal to the sum of (A) the excess
of (i) the amount of interest the Class A-2
Certificates would otherwise be entitled to
receive on such Payment Date had the Class
A-2 Pass-Through Rate not been capped at the
Class A-2 Available Funds Cap Rate , over
(ii) the amount of interest payable on the
Class A-2 Certificates at the Class A-2
Available Funds Cap Rate for such Payment
Date, (B) the Class A-2 Available Funds Cap
Carryover Amount, together with accrued
interest thereon, for all previous Payment
Dates not previously paid, and (C) one
month's interest on the amount calculated in
(B) at the Class A-2 Pass-Through Rate for
such Payment Date (without giving effect to
the Class A-2 Available Funds Cap Rate).
Payment of the Class A-2 Available Funds Cap
Carryover Amount shall only be made
immediately prior to the distribution of any
amounts to the holder of the Class R
Certificate as described under "Priority of
Distributions" herein.
The Certificate Insurance Policy does not
cover the payment of any Class A-2 Available
Funds Cap Carryover Amount.
OPTIONAL REDEMPTION: The Master Servicer may, at its option,
terminate the trust and cause the Class A
Certificates to be paid in full on any date
on which the aggregate principal balance of
the Mortgage Loans is less than 5% of the
aggregate principal balance of the Mortgage
Loans as of the cut-off date by purchasing
from the trust fund, on the next succeeding
Payment Date, all of the Mortgage Loans and
REO properties.
COUPON STEP-UP: The pass-through rates will increase by
0.50% on the class A-1 certificates and two
times spread to one-month LIBOR on the Class
A-2 certificates if the right to effect an
Optional Redemption is not exercised.
LEGAL INVESTMENT
CONSIDERATIONS: The Certificates are not SMMEA eligible
securities.
ERISA CONSIDERATIONS: Subject to the important conditions and
considerations described in the prospectus
supplement and in the accompanying
prospectus, the Class A Certificates may be
purchased by pension, profit-sharing and
other employee benefit plans, as well as
individual retirement arrangements.
TAXATION: A REMIC election will be made for tax
purposes. The Class A Certificates will be
designated as the REGULAR INTERESTS in the
REMIC and will be treated as debt
instruments for federal income tax purposes.
RATINGS: AAA/Aaa by Standard & Poor's and Moody's
Investors Service.
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
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 9
- --------------------------------------------------------------------------------
WEIGHTED AVERAGE LIFE (WAL) AND
PAYMENT WINDOWS TABLE
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
TO CALL (5%)
PPA* 0 50 75 100 125 150
CLASS A1 BOND
WAL 15.602 6.106 4.420 3.384 2.712 2.240
FIRST PAY 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00
LAST PAY 11/15/28 8/15/16 10/15/12 11/15/09 12/15/07 7/15/06
CLASS A2 BOND
WAL 16.615 5.400 3.770 2.813 2.198 1.769
FIRST PAY 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00
LAST PAY 11/15/28 8/15/16 10/15/12 11/15/09 12/15/07 7/15/06
TO MATURITY
PPA* 0 50 75 100 125 150
CLASS A1 BOND
WAL 15.626 6.318 4.601 3.548 2.849 2.355
FIRST PAY 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00
LAST PAY 11/15/29 11/15/29 10/15/29 11/15/28 10/15/25 10/15/21
CLASS A2 BOND
WAL 16.647 5.567 3.879 2.896 2.260 1.817
FIRST PAY 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00 4/15/00
LAST PAY 11/15/29 11/15/29 3/15/29 11/15/25 1/15/21 5/15/17
</TABLE>
*100 PERCENT PREPAYMENT ASSUMPTION (PPA) REPRESENTS 28%
CPR FOR THE ARM COLLATERAL, AND FOR THE FIXED
COLLATERAL, 2.4% CPR IN MONTH 1 OF THE LIFE OF A LOAN,
INCREASING EACH MONTH BY 2.4% CPR UNTIL MONTH 10 AND
REMAINING CONSTANT AT 24% CPR THEREAFTER.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 10
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A-2 AVAILABLE FUNDS CAP RATE*
-----------------------------
To Call @ 5%
Period Date AFC Rate Period Date AFC Rate Period Date AFC Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 3/14/00 35 2/15/03 9.45% 69 12/15/05 9.78%
1 4/15/00 7.55% 36 3/15/03 10.47% 70 1/15/06 9.46%
2 5/15/00 8.05% 37 4/15/03 9.45% 71 2/15/06 9.46%
3 6/15/00 7.79% 38 5/15/03 9.77% 72 3/15/06 10.47%
4 7/15/00 8.05% 39 6/15/03 9.45% 73 4/15/06 9.46%
5 8/15/00 7.79% 40 7/15/03 9.77% 74 5/15/06 9.78%
6 9/15/00 7.79% 41 8/15/03 9.45% 75 6/15/06 9.46%
7 10/15/00 8.05% 42 9/15/03 9.45% 76 7/15/06 9.78%
8 11/15/00 7.79% 43 10/15/03 9.77% 77 8/15/06 9.46%
9 12/15/00 9.80% 44 11/15/03 9.45% 78 9/15/06 9.46%
10 1/15/01 9.73% 45 12/15/03 9.77% 79 10/15/06 9.78%
11 2/15/01 9.73% 46 1/15/04 9.45% 80 11/15/06 9.46%
12 3/15/01 10.77% 47 2/15/04 9.46% 81 12/15/06 9.78%
13 4/15/01 9.25% 48 3/15/04 10.11% 82 1/15/07 9.46%
14 5/15/01 9.55% 49 4/15/04 9.46% 83 2/15/07 9.46%
15 6/15/01 9.25% 50 5/15/04 9.77% 84 3/15/07 10.48%
16 7/15/01 9.55% 51 6/15/04 9.46% 85 4/15/07 9.47%
17 8/15/01 9.25% 52 7/15/04 9.77% 86 5/15/07 9.78%
18 9/15/01 9.25% 53 8/15/04 9.46% 87 6/15/07 9.47%
19 10/15/01 9.55% 54 9/15/04 9.46% 88 7/15/07 9.78%
20 11/15/01 9.25% 55 10/15/04 9.77% 89 8/15/07 9.47%
21 12/15/01 9.76% 56 11/15/04 9.46% 90 9/15/07 9.47%
22 1/15/02 9.45% 57 12/15/04 9.77% 91 10/15/07 9.78%
23 2/15/02 9.45% 58 1/15/05 9.46% 92 11/15/07 9.47%
24 3/15/02 10.46% 59 2/15/05 9.46% 93 12/15/07 9.78%
25 4/15/02 9.45% 60 3/15/05 10.47% 94 1/15/08 9.47%
26 5/15/02 9.77% 61 4/15/05 9.46% 95 2/15/08 9.47%
27 6/15/02 9.45% 62 5/15/05 9.77% 96 3/15/08 10.12%
28 7/15/02 9.77% 63 6/15/05 9.46% 97 4/15/08 9.47%
29 8/15/02 9.45% 64 7/15/05 9.77% 98 5/15/08 9.79%
30 9/15/02 9.45% 65 8/15/05 9.46% 99 6/15/08 9.47%
31 10/15/02 9.77% 66 9/15/05 9.46% 100 7/15/08 9.79%
32 11/15/02 9.45% 67 10/15/05 9.77% 101 8/15/08 9.47%
33 12/15/02 9.77% 68 11/15/05 9.46% 102 9/15/08 9.47%
34 1/15/03 9.45%
</TABLE>
*Derived assuming Prime remains constant at 8.750% using 100% of the PPA.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 11
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A-2 AVAILABLE FUNDS CAP RATE*
-----------------------------
To Call @ 5%
Period Date AFC Rate Period Date AFC Rate Period Date AFC Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 03/14/00 35 2/15/03 13.36% 70 1/15/06 13.38%
1 04/15/00 7.55% 36 3/15/03 14.80% 71 2/15/06 13.38%
2 05/15/00 8.05% 37 4/15/03 13.37% 72 3/15/06 14.82%
3 06/15/00 7.79% 38 5/15/03 13.81% 73 4/15/06 13.39%
4 07/15/00 8.05% 39 6/15/03 13.37% 74 5/15/06 13.83%
5 08/15/00 7.79% 40 7/15/03 13.81% 75 6/15/06 13.39%
6 09/15/00 7.79% 41 8/15/03 13.37% 76 7/15/06 13.83%
7 10/15/00 8.05% 42 9/15/03 13.37% 77 8/15/06 13.39%
8 11/15/00 7.79% 43 10/15/03 13.81% 78 9/15/06 13.39%
9 12/15/00 9.87% 44 11/15/03 13.37% 79 10/15/06 13.83%
10 01/15/01 9.85% 45 12/15/03 13.82% 80 11/15/06 13.39%
11 02/15/01 9.85% 46 1/15/04 13.37% 81 12/15/06 13.84%
12 03/15/01 10.90% 47 2/15/04 13.38% 82 1/15/07 13.39%
13 04/15/01 9.37% 48 3/15/04 14.30% 83 2/15/07 13.39%
14 05/15/01 9.68% 49 4/15/04 13.38% 84 3/15/07 14.83%
15 06/15/01 9.37% 50 5/15/04 13.82% 85 4/15/07 13.39%
16 07/15/01 9.68% 51 6/15/04 13.38% 86 5/15/07 13.84%
17 08/15/01 9.37% 52 7/15/04 13.82% 87 6/15/07 13.39%
18 09/15/01 9.37% 53 8/15/04 13.38% 88 7/15/07 13.84%
19 10/15/01 9.68% 54 9/15/04 13.38% 89 8/15/07 13.39%
20 11/15/01 9.37% 55 10/15/04 13.82% 90 9/15/07 13.39%
21 12/15/01 11.50% 56 11/15/04 13.38% 91 10/15/07 13.84%
22 01/15/02 11.43% 57 12/15/04 13.82% 92 11/15/07 13.40%
23 02/15/02 11.43% 58 1/15/05 13.38% 93 12/15/07 13.84%
24 03/15/02 12.65% 59 2/15/05 13.38% 94 1/15/08 13.40%
25 04/15/02 11.43% 60 3/15/05 14.81% 95 2/15/08 13.40%
26 05/15/02 11.81% 61 4/15/05 13.38% 96 3/15/08 14.32%
27 06/15/02 11.43% 62 5/15/05 13.83% 97 4/15/08 13.40%
28 07/15/02 11.81% 63 6/15/05 13.38% 98 5/15/08 13.85%
29 08/15/02 11.43% 64 7/15/05 13.83% 99 6/15/08 13.40%
30 09/15/02 11.43% 65 8/15/05 13.38% 100 7/15/08 13.85%
31 10/15/02 11.81% 66 9/15/05 13.38% 101 8/15/08 13.40%
32 11/15/02 11.43% 67 10/15/05 13.83% 102 9/15/08 13.40%
33 12/15/02 13.58% 68 11/15/05 13.38% 103 10/15/08 13.85%
34 01/15/03 13.36% 69 12/15/05 13.83%
</TABLE>
*Derived assuming Prime increases to a level beyond the highest maximum
attainable rate on the underlying adjustable rate Mortgage Loans using 100% of
the PPA.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 12
- --------------------------------------------------------------------------------
Group I Mortgage Loans*
-----------------------
<TABLE>
<CAPTION>
<S> <C>
Number of Fixed Rate Mortgage Loans: 838
Aggregate Principal Balance: $40,610,733.39
Principal Balance as of the Cut-Off Date:
Average: $48,461.50
Range: $9,677.64 - $337,779.05
Coupon Rates:
Weighted Average: 10.81%
Range: 8.42% - 15.98%
Weighted Average Original Term to Maturity (months): 267
Remaining Term to Maturity (months):
Weighted Average: 263
Range: 55 - 360
Loan-to-Value Ratio at Origination:
Weighted Average: 59.41%
Range: 5.00% - 90.00%
Combined Loan-to-Value Ratio at Origination:
Weighted Average: 73.94%
Range: 8.00% - 100.00%
Cash-Out Refinances: 100%
Full Documentation: 100%
Weighted Average FICO: 600
</TABLE>
* Percentages set forth in the following tables may not total 100% due to
rounding.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 13
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES
OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Number of Mortgage Loans
Mortgage by Aggregate
Location Loans Aggregate Principal Balance Principal Balance
- -------- --------- --------------------------- -----------------
<S> <C> <C> <C>
Arizona 18 $781,207.69 1.92 %
California 7 408,126.89 1.00
Colorado 7 356,754.47 0.88
Connecticut 24 1,488,125.52 3.66
Delaware 1 55,000.00 0.14
Florida 7 345,385.76 0.85
Georgia 19 1,033,992.76 2.55
Illinois 63 2,365,164.90 5.82
Indiana 11 572,623.78 1.41
Maine 35 1,606,950.36 3.96
Maryland 4 166,120.51 0.41
Massachusetts 68 3,467,447.05 8.54
Michigan 125 5,158,042.37 12.70
Nevada 1 69,541.92 0.17
New Hampshire 33 1,718,174.69 4.23
New Jersey 68 4,695,822.00 11.56
New Mexico 4 144,342.50 0.36
New York 140 7,717,398.38 19.00
Ohio 9 466,898.16 1.15
Oregon 8 344,672.26 0.85
Pennsylvania 75 2,803,357.27 6.90
Rhode Island 27 1,247,947.55 3.07
Texas 63 2,506,611.51 6.17
Virginia 10 418,844.80 1.03
Washington 3 224,929.50 0.55
Wisconsin 8 447,250.79 1.10
--- ---------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 14
- --------------------------------------------------------------------------------
LOAN-TO-VALUE RATIOS OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans by
Range of Loan-to-Value Number of Aggregate Aggregate
Ratios at Origination (%) Mortgage Loans Principal Balance Principal Balance
- ------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0.01 - 5.00 3 $45,212.56 0.11 %
5.01 - 10.00 28 484,303.62 1.19
10.01 - 15.00 84 2,118,158.64 5.22
15.01 - 20.00 109 3,114,301.11 7.67
20.01 - 25.00 57 1,992,059.67 4.91
25.01 - 30.00 45 1,632,031.29 4.02
30.01 - 35.00 32 1,189,937.97 2.93
35.01 - 40.00 20 811,193.02 2.00
40.01 - 45.00 23 859,827.86 2.12
45.01 - 50.00 26 1,224,365.33 3.01
50.01 - 55.00 23 1,370,700.17 3.38
55.01 - 60.00 16 633,785.34 1.56
60.01 - 65.00 40 2,005,511.94 4.94
65.01 - 70.00 60 2,884,789.53 7.10
70.01 - 75.00 61 4,542,859.90 11.19
75.01 - 80.00 124 8,753,935.41 21.56
80.01 - 85.00 79 6,257,401.37 15.41
85.01 - 90.00 8 690,358.66 1.70
--- ------------ -----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 15
- --------------------------------------------------------------------------------
COMBINED LOAN-TO-VALUE RATIOS OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans by
Range of Combined Loan-to-Value Number of Aggregate Aggregate
Ratios at Origination (%) Mortgage Loans Principal Balance Principal Balance
- ------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C> <C>
5.01 - 10.00 1 $26,925.35 0.07 %
10.01 - 15.00 2 119,989.35 0.30
15.01 - 20.00 6 112,108.63 0.28
20.01 - 25.00 5 132,492.40 0.33
25.01 - 30.00 8 284,205.82 0.70
30.01 - 35.00 8 223,335.50 0.55
35.01 - 40.00 14 487,186.17 1.20
40.01 - 45.00 21 613,195.26 1.51
45.01 - 50.00 26 879,231.33 2.17
50.01 - 55.00 30 1,419,741.35 3.50
55.01 - 60.00 30 1,129,732.81 2.78
60.01 - 65.00 49 2,452,786.00 6.04
65.01 - 70.00 96 3,991,526.89 9.83
70.01 - 75.00 104 6,000,507.22 14.78
75.01 - 80.00 220 11,622,755.83 28.62
80.01 - 85.00 196 9,942,689.14 24.48
85.01 - 90.00 21 1,150,799.89 2.83
95.01 - 100.00 1 21,524.45 0.05
- --------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 16
- --------------------------------------------------------------------------------
MORTGAGE RATES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Aggregate Aggregate
Range of Mortgage Rates (%) Mortgage Loans Principal Balance Principal Balance
- --------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
8.001 - 8.500 1 $193,996.13 0.48 %
8.501 - 9.000 10 709,230.80 1.75
9.001 - 9.500 28 1,697,080.69 4.18
9.501 - 10.000 149 9,203,443.06 22.66
10.001 - 10.500 161 8,021,218.99 19.75
10.501 - 11.000 121 5,786,513.71 14.25
11.001 - 11.500 126 4,978,679.03 12.26
11.501 - 12.000 111 5,134,350.30 12.64
12.001 - 12.500 51 2,206,515.01 5.43
12.501 - 13.000 27 890,018.95 2.19
13.001 - 13.500 22 622,594.05 1.53
13.501 - 14.000 8 521,398.63 1.28
14.001 - 14.500 9 297,265.40 0.73
14.501 - 15.000 8 204,725.19 0.50
15.001 - 15.500 5 122,572.45 0.30
15.501 - 16.000 1 21,131.00 0.05
- --------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 17
- --------------------------------------------------------------------------------
PRINCIPAL BALANCES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans by
Number of Aggregate Aggregate
Range of Principal Balances ($) Mortgage Loans Principal Balance Principal Balance
- ------------------------------- ---------------- ----------------- -----------------
<S> <C> <C> <C>
9,000.00 - 15,000.00 58 $748,281.26 1.84 %
15,000.01 - 25,000.00 160 3,288,059.50 8.10
25,000.01 - 50,000.00 333 11,958,658.26 29.45
50,000.01 - 75,000.00 162 9,774,032.37 24.07
75,000.01 - 100,000.00 65 5,687,523.06 14.00
100,000.01 - 125,000.00 18 2,046,662.30 5.04
125,000.01 - 150,000.00 22 2,995,493.02 7.38
150,000.01 - 175,000.00 7 1,099,223.71 2.71
175,000.01 - 200,000.00 4 765,480.87 1.88
200,000.01 - 225,000.00 2 420,500.68 1.04
225,000.01 - 250,000.00 4 941,872.82 2.32
250,000.01 - 275,000.00 1 251,816.61 0.62
275,000.01 - 300,000.00 1 295,349.88 0.73
325,000.01 - 350,000.00 1 337,779.05 0.83
- ---------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 18
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans by
Number of Aggregate Aggregate
Remaining Term (months) Mortgage Loans Principal Balance Principal Balance
- ----------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
51 - 55 2 $92,576.72 0.23 %
56 - 60 4 107,147.65 0.26
76 - 80 1 31,472.08 0.08
81 - 85 1 12,000.00 0.03
106 - 110 1 16,498.47 0.04
111 - 115 18 449,559.41 1.11
116 - 120 62 1,655,544.74 4.08
166 - 170 5 202,770.34 0.50
171 - 175 64 1,980,210.34 4.88
176 - 180 197 8,108,383.66 19.97
226 - 230 6 295,861.07 0.73
231 - 235 75 3,256,321.24 8.02
236 - 240 185 7,812,439.33 19.24
346 - 350 2 174,192.41 0.43
351 - 355 81 6,064,627.54 14.93
356 40 3,158,155.03 7.78
357 39 2,856,760.47 7.03
358 28 1,929,163.13 4.75
359 16 1,651,646.76 4.07
360 11 755,403.00 1.86
-- ---------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
TYPES OF MORTGAGED PROPERTIES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Aggregate by Aggregate
Property Type Mortgaeg Loans Principal Balance Principal Balance
- ------------- -------------- ------------------ -----------------
<S> <C> <C> <C>
Condominium 12 $533,200.56 1.31 %
Multifamily 77 4,996,962.78 12.30
Manufactured Housing 5 211,003.81 0.52
PUD 18 913,877.63 2.25
Single Family 723 33,876,150.61 83.42
Townhouse 3 79,538.00 0.20
- --------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 19
- --------------------------------------------------------------------------------
MONTHS OF SEASONING OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans by
Months of Number of Aggregate Aggregate
Seasoning Mortgage Loans Principal Balance Principal Balance
- --------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0 88 $3,980,405.55 9.80 %
1 106 4,947,993.71 12.18
2 164 7,259,249.03 17.88
3 123 6,187,330.00 15.24
4 102 5,671,665.48 13.97
5 110 5,381,655.56 13.25
6 83 3,985,834.71 9.81
7 19 974,182.66 2.40
8 16 897,760.33 2.21
9 13 635,334.07 1.56
10 8 428,195.58 1.05
11 4 158,288.81 0.39
12 2 102,837.90 0.25
- ---------- ----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
OCCUPANCY STATUS OF THE MORTGAGED PROPERTIES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Aggregate by Aggregate
Occupancy Status Mortgage Loans Principal Balance Principal Balance
- ---------------- -------------- ------------------ -----------------
<S> <C> <C> <C>
Investment 28 $1,274,622.26 3.14 %
Primary 810 39,336,111.13 96.86
--- ------------- -----
Totals 838 $40,610,733.39 100.00 %
</TABLE>
LIEN POSITION OF THE MORTGAGED PROPERTIES OF THE GROUP I MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group I
Mortgage Loans
Number of Aggreate by Aggregate
Lien Position Mortgage Loans Principal Balance Principal Balance
- ------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
First 476 $29,209,182.85 71.92 %
Second 362 11,401,550.54 28.08
--- ------------- -----
Totals 838 $40,610,733,.39 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 20
- --------------------------------------------------------------------------------
Group II Mortgage Loans*
------------------------
<TABLE>
<CAPTION>
<S> <C>
Number of Adjustable Rate Mortgage Loans: 253
Aggregate Principal Balance: $14,664,643.67
Principal Balance as of the Cut-Off Date:
Average: $57,963.02
Range: $10,935.37 - $302,722.76
Coupon Rates:
Weighted Average: 8.88%
Range: 5.99% - 14.99%
Gross Margin:
Weighted Average: 2.343%
Range: 1.00% - 7.50%
Periodic Caps:
Weighted Average: 2.126%
Range: 2.000% - 3.000%
Lifetime Caps:
Weighted Average: 15.138%
Range: 11.990% - 22.990%
Weighted Average Original Term to Maturity (months): 287
Remaining Term to Maturity (months):
Weighted Average: 283
Range: 58 - 360
Loan-to-Value Ratio at Origination:
Weighted Average: 58.39%
Range: 4.00% - 90.00%
Combined Loan-to-Value Ratio at Origination:
Weighted Average: 67.26%
Range: 10.00% - 90.00%
Cash-Out Refinances: 100%
Full Documentation: 100%
Index: Prime 100%
Percent with Annual Adjustment Date: 100%
Weighted Average FICO: 597
</TABLE>
* Percentages set forth in the following tables may not total 100% due to
rounding.
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 21
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES
OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Location Mortgage Loans Principal Balance Principal Balance
- -------- -------------- ----------------- -----------------
<S> <C> <C> <C>
California 2 $455,841.45 3.11 %
Connecticut 3 207,907.32 1.42
Delaware 3 315,948.73 2.15
Florida 2 69,653.65 0.47
Georgia 5 310,414.94 2.12
Illinois 8 256,362.26 1.75
Indiana 5 221,599.53 1.51
Maine 9 523,476.73 3.57
Maryland 2 91,167.86 0.62
Massachusetts 19 795,243.75 5.42
Michigan 50 3,035,294.52 20.70
New Hampshire 11 603,124.44 4.11
New Jersey 23 1,866,831.28 12.73
New York 48 2,744,686.76 18.72
Ohio 5 195,167.09 1.33
Oregon 3 159,088.30 1.08
Pennsylvania 39 1,810,041.01 12.34
Rhode Island 11 621,587.06 4.24
Virginia 5 381,206.99 2.60
- ---------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 22
- --------------------------------------------------------------------------------
LOAN-TO-VALUE RATIOS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans by
Range of Loan-to-Value Number of Aggregate Aggregate
Ratios at Origination (%) Mortgage Loans Principal Balance Principal Balance
- ------------------------- -------------- ---------------- -----------------
<S> <C> <C> <C>
0.01 - 5.00 1 $19,446.11 0.13 %
5.01 - 10.00 11 210,154.69 1.43
10.01 - 15.00 16 426,537.08 2.91
15.01 - 20.00 18 686,248.45 4.68
20.01 - 25.00 12 412,730.29 2.81
25.01 - 30.00 12 599,398.42 4.09
30.01 - 35.00 11 678,013.69 4.62
35.01 - 40.00 7 360,144.29 2.46
40.01 - 45.00 10 565,415.24 3.86
45.01 - 50.00 11 497,424.39 3.39
50.01 - 55.00 7 517,923.18 3.53
55.01 - 60.00 14 921,650.74 6.28
60.01 - 65.00 18 984,590.96 6.71
65.01 - 70.00 29 2,032,082.05 13.86
70.01 - 75.00 34 2,473,025.10 16.86
75.01 - 80.00 41 3,188,087.99 21.74
85.01 - 90.00 1 91,771.00 0.63
- --------- -----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 23
- --------------------------------------------------------------------------------
COMBINED LOAN-TO-VALUE RATIOS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans by
Range of Combined Loan-to-Value Number of Aggregate Aggregate
Ratios at Origination (%) Mortgage Loans Principal Balance Principal Balance
- ------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
5.01 - 10.00 1 $10,957.14 0.07 %
10.01 - 15.00 1 32,869.12 0.22
15.01 - 20.00 4 139,700.24 0.95
20.01 - 25.00 3 64,578.50 0.44
25.01 - 30.00 2 61,831.12 0.42
30.01 - 35.00 8 285,942.69 1.95
35.01 - 40.00 6 335,034.03 2.28
40.01 - 45.00 8 392,539.62 2.68
45.01 - 50.00 13 542,005.45 3.70
50.01 - 55.00 8 654,450.50 4.46
55.01 - 60.00 15 903,962.65 6.16
60.01 - 65.00 27 1,275,771.65 8.70
65.01 - 70.00 44 2,575,097.29 17.56
70.01 - 75.00 53 3,341,985.88 22.79
75.01 - 80.00 59 3,956,146.79 26.98
85.01 - 90.00 1 91,771.00 0.63
- --------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 24
- --------------------------------------------------------------------------------
MORTGAGE RATES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate By Aggregate
Range of Mortgage Rates (%) Mortgage Loans Principal Balance Principal Balance
- --------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
5.900 - 6.000 1 $141,343.85 0.96 %
7.501 - 8.000 14 1,007,207.10 6.87
8.001 - 8.500 99 5,659,918.11 38.60
8.501 - 9.000 76 4,528,621.73 30.88
9.001 - 9.500 16 1,070,746.95 7.30
9.501 - 10.000 26 1,203,055.93 8.20
10.001 - 10.500 7 404,227.49 2.76
10.501 - 11.000 5 159,576.97 1.09
11.001 - 11.500 2 108,537.01 0.74
11.501 - 12.000 3 103,954.43 0.71
12.001 - 12.500 3 185,683.10 1.27
14.501 - 15.000 1 91,771.00 0.63
- --------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
PRINCIPAL BALANCES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans by
Number of Aggregate Aggregate
Range of Principal Balances ($) Mortgage Loans Principal Balance Principal Balance
- ------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
10,000.00 - 15,000.00 9 $116,685.28 0.80 %
15,000.01 - 25,000.00 29 599,285.05 4.09
25,000.01 - 50,000.00 94 3,449,876.13 23.53
50,000.01 - 75,000.00 63 3,812,621.26 26.00
75,000.01 - 100,000.00 34 2,898,340.27 19.76
100,000.01 - 125,000.00 10 1,129,037.49 7.70
125,000.01 - 150,000.00 4 537,371.68 3.66
150,000.01 - 175,000.00 2 333,728.11 2.28
175,000.01 - 200,000.00 4 722,692.92 4.93
225,000.01 - 250,000.00 1 227,113.68 1.55
250,000.01 - 275,000.00 1 256,458.92 1.75
275,000.01 - 300,000.00 1 278,710.12 1.90
300,000.01 - 325,000.00 1 302,722.76 2.06
- ---------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 25
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans by
Number of Aggregate Aggregate
Remaining Term (months) Mortgage Loans Principal Balance Principal Balance
- ----------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
58 - 60 2 $41,557.88 0.28 %
111 - 115 12 339,919.08 2.32
116 - 120 12 625,448.13 4.27
171 - 175 24 870,862.93 5.94
176 - 180 33 1,174,486.11 8.01
231 - 235 25 1,320,147.83 9.00
236 - 240 49 2,537,937.89 17.31
351 - 355 38 2,504,455.71 17.08
356 15 1,355,239.65 9.24
357 18 1,644,689.75 11.22
358 12 943,176.88 6.43
359 9 943,891.79 6.44
360 4 362,830.04 2.47
--- ---------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
TYPES OF MORTGAGED PROPERTIES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Property Type Mortgage Loans Principal Balance Principal Balance
- ------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Condominium 2 $73,680.58 0.50 %
Multifamily 20 1,268,032.50 8.65
Manufactured Housing 3 120,459.09 0.82
PUD 1 17,000.00 0.12
Single Family 225 3,087,112.15 89.24
Townhouse 2 98,359.35 0.67
- --------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 26
- --------------------------------------------------------------------------------
MONTHS OF SEASONING OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Months of Seasoning Mortgage Loans Principal Balance Principal Balance
- ------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0 6 $459,519.56 3.13 %
1 32 2,268,677.33 15.47
2 28 1,636,542.16 11.16
3 41 2,514,268.24 17.15
4 47 2,750,250.83 18.75
5 41 2,155,037.41 14.70
6 38 1,915,638.01 13.06
7 20 964,710.13 6.58
-- ---------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
OCCUPANCY STATUS OF THE MORTGAGED PROPERTIES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Occupancy Status Mortgage Loans Principal Balance Principal Balance
- ---------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Investment 5 $149,180.71 1.02 %
Primary 248 14,515,462.96 98.98
--- ------------- -----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
LIEN POSITION OF THE MORTGAGED PROPERTIES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Lien Position Mortgage Loans Principal Balance Principal Balance
- ------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
First 175 $11,383,430.37 77.63 %
Second 78 3,281,213.30 22.37
-- ------------ -----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 27
- --------------------------------------------------------------------------------
MONTHS TO ROLL OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Months to Roll Mortgage Loans Principal Balance Principal Balance
- -------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 - 5 20 $964,710.13 6.58 %
6 - 10 195 10,971,736.65 74.82
11 - 12 38 2,728,196.89 18.60
-- ------------ -----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
MAXIMUM RATES OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Range of Maximum Rates (%) Mortgage Loans Principal Balance Principal Balance
- ------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
11.900 - 12.000 1 $141,343.85 0.96 %
13.501 - 14.000 14 1,007,207.10 6.87
14.001 - 14.500 98 5,627,065.65 38.37
14.501 - 15.000 75 4,503,715.97 30.71
15.001 - 15.500 16 1,070,746.95 7.30
15.501 - 16.000 4 161,835.34 1.10
16.001 - 16.500 2 97,852.46 0.67
16.501 - 17.000 3 138,078.39 0.94
17.501 - 18.000 22 1,041,220.59 7.10
18.001 - 18.500 7 406,264.72 2.77
18.501 - 19.000 3 46,404.34 0.32
19.001 - 19.500 2 108,537.01 0.74
19.501 - 20.000 3 103,954.43 0.71
20.001 - 20.500 2 118,645.87 0.81
22.501 - 23.000 1 91,771.00 0.63
- --------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 28
- --------------------------------------------------------------------------------
NEXT INTEREST ADJUSTMENT DATE OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Next Adjustment Date Mortgage Loans Principal Balance Principal Balance
- -------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
July 2000 20 $964,710.13 6.58 %
August 2000 38 1,915,638.01 13.06
September 2000 41 2,155,037.41 14.70
October 2000 47 2,750,250.83 18.75
November 2000 41 2,514,268.24 17.15
December 2000 28 1,636,542.16 11.16
January 2001 32 2,268,677.33 15.47
February 2001 6 459,519.56 3.13
- ---------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
GROSS MARGINS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Range of Gross Margins (%) Mortgage Loans Principal Balance Principal Balance
- -------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1.000 1 $141,343.85 0.96 %
1.001 - 1.500 21 1,281,478.85 8.74
1.501 - 2.000 119 7,433,717.26 50.69
2.001 - 2.500 54 3,066,413.24 20.91
2.501 - 3.000 15 682,160.68 4.65
3.001 - 3.500 30 1,472,395.23 10.04
3.501 - 4.000 1 17,000.00 0.12
4.001 - 4.500 7 288,927.45 1.97
4.501 - 5.000 3 122,398.88 0.83
5.501 - 6.000 1 67,037.23 0.46
7.001 - 7.500 1 91,771.00 0.63
- --------- ----
Totals 253 $14,664,643.67 100.00 %
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
<PAGE>
MARKETING MEMORANDUM-MARCH 8, 2000
HOME LOAN TRUST 2000-1 PAGE 29
- --------------------------------------------------------------------------------
PERIODIC CAPS OF THE GROUP II MORTGAGE LOANS
<TABLE>
<CAPTION>
Percentage of Group II
Mortgage Loans
Number of Aggregate by Aggregate
Periodic Cap (%) Mortgage Loans Principal Balance Principal Balance
- ------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
2.000 214 $12,814,882.94 87.39
3.000 39 1,849,760.73 12.61%
--- -------------- -----
Totals 253 $14,664,643.67 100.00%
- --------------------------------------------------------------------------------
FIRST UNION SECURITIES, INC.
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT FIRST UNION SECURITIES, INC. IMMEDIATELY.
</TABLE>
