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, as amended
Date of Report (Date of earliest event reported): NOVEMBER 19, 1998
CHEC ASSET RECEIVABLE CORPORATION
(Exact name of Registrant as Specified in Charter)
DELAWARE 333-54027 Applied For
- -------- --------- ----------
(State or Other (Commission (IRS Employer
Jurisdiction of Incorporation) File Number) Identification No.)
277 PARK AVENUE, NEW YORK, NEW YORK 10172
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 892-3000
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. OTHER EVENTS.
FILING OF COMPUTATIONAL MATERIALS.
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended, CHEC Asset
Receivable Corporation (the "Depositor") will file a prospectus and prospectus
supplement with the Securities and Exchange Commission relating to its Centex
Home Equity Loan Trust 1998-4, Centex Home Equity Pass-Through Certificates,
Series 1998-4 (the "Certificates").
In connection with the offering of the Certificates of the Depositor, Prudential
Securities Incorporated prepared certain materials (the "Computational
Materials") some or all of which were distributed by Prudential Securities
Incorporated and Chase Securities Inc. (the "Underwriters") to their potential
investors. Although the Depositor provided the Underwriters with certain
information regarding the characteristics of the Home Equity Loans in the
related portfolio, it did not participate in the preparation of the
Computational Materials. The Computational Materials are attached hereto as
Exhibit 99.1.
Also filed hereby is the consent of PricewaterhouseCoopers LLP, independent
accountants, attached hereto as Exhibit 23.1
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT NO.
23.1 Consent of PricewaterhouseCoopers LLP, independent accountants.
99.1 Computational Materials
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHEC ASSET RECEIVABLE CORPORATION
(Registrant)
By: /S/ ANTHONY H. BARONE
Name: Anthony H. Barone
Title: President
Date: November 19, 1998
<PAGE>
EXHIBIT INDEX
Sequentially
EXHIBIT NUMBER DESCRIPTION NUMBERED PAGE
23.1 Consent of PricewaterhouseCoopers LLP, independent accountants
99.1 Computational Materials
EXHIBIT 23.1
PRICEWATERHOUSECOOPERS LLP
1301 Avenue of the Americas
New York, NY 10019-6013
Telephone: (212) 259-1000
Facsimile: (212) 259-1301
CONSENT OF INDEPENDENT ACCOUNTANTS
----------
We consent to the incorporation by reference in the Prospectus Supplement of
Centex Home Equity Corporation relating to Centex Home Equity Loan Trust 1998-4
of our report dated January 26, 1998 on our audits of the consolidated financial
statements of Financial Security Assurance Inc. and Subsidiaries as of December
31, 1997 and 1996, and for each of the three yeasrs in the period ended December
31, 1997. We also consent to the reference to our Firm under the caption
"Experts".
/S/ PRICEWATERHOUSECOOPERS LLP
PricewaterhouseCoopers LLP
November 18, 1998
EXHIBIT 99.1
Centex Credit Corporation
d/b/a Centex Home Equity Corporation
Seller and Servicer
Centex Home Equity Loan Trust 1998-4
$[137,433,000] Class A-1 Fixed-Rate Certificates
$[ 51,423,000] Class A-2 Floating-Rate Certificates
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Seller. PSI makes no representations as to
the accuracy of such information provided to it by the Seller. All assumptions
and information in this report reflect PSI's judgment as of this date and are
subject to change. All analyses are based on certain assumptions noted herein
and different assumptions could yield substantially different results. You are
cautioned that there is no universally accepted method for analyzing financial
instruments. You should review the assumptions; there may be differences between
these assumptions and your actual business practices. Further, PSI does not
guarantee any results and there is no guarantee as to the liquidity of the
instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. PSI (or any of its affiliates) or their officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to here, and may, as principal or
agent, buy or sell such securities, commodities or derivative instruments. In
addition, PSI may make a market in the securities referred to herein. Neither
the information nor the assumptions reflected herein shall be construed to be,
or constitute, an offer to sell or buy or a solicitation of an offer to sell or
buy any securities, commodities or derivative instruments mentioned herein. No
sale of any securities, commodities or derivative instruments should be
consummated without the purchaser first having received a prospectus and, if
required, prospectus supplement. Finally, PSI has not addressed the legal,
accounting and tax implications of the analysis with respect to you, and PSI
strongly urges you to seek advice from your counsel, accountant and tax advisor.
<PAGE>
Centex Home Equity Loan Trust 1998-4
Title of Securities: Centex Home Equity Loan Asset-Backed Certificates,
Series 1998-4, Class A-1 Certificates and Class A-2
Certificates (collectively, the "Class A
Certificates").
Description of
Transaction: This approximately $[189,000,000] FSA-wrapped
transaction is supported by two collateral groups.
The Class A-1 Certificates are fixed-rate certificates
backed by closed-end fixed-rate home equity mortgage
loans ("Mortgage Loan Group I").
The Class A-2 Certificates are floating-rate
certificates backed by closed-end fixed- rate and
adjustable- rate home equity mortgage loans ("Mortgage
Loan Group II"). The Class A-2 Certificates are subject
to an Available Funds Cap and feature interest
shortfall reimbursement in which any interest shortfall
due to movements in one-month LIBOR in excess of the
Available Funds Cap will be carried forward on a
subordinate basis with accrued interest at the coupon
rate and paid from excess cash flow in a later period,
if available.
- --------------------------------------------------------------------------------
CERTIFICATE CLASS A-1 (SUPPORTED BY CLOSED-END FIXED-RATE HOME
EQUITY MORTGAGE LOANS) Group I Certificates
- --------------------------------------------------------------------------------
Class A-1
---------
Approximate Size: $[137,433,000]
Prepayment Assumption: [24]% HEP (2.4% CPR in month 1 with monthly incremental
increases of 2.4% CPR until the speed reaches 24% CPR
in month 10 based on seasoning. This means that
seasoned loans will start further up on the prepayment
curve).
Avg. Life to Maturity
(app.) [ 3.601] years
Avg. Life to Call (app.) [ 3.307] years
Coupon: [TBD]%
Coupon Day Count: 30/360
Expected Maturity
(to maturity): [17.836] years
Expected Maturity
(to call): [ 7.919] years
Stated Maturity: [12/25/2029]
Dated Date: 11/01/98
- --------------------------------------------------------------------------------
CERTIFICATE CLASS A-2 (SUPPORTED BY CLOSED-END FIXED-RATE AND
ADJUSTABLE-RATE HOME EQUITY MORTGAGE LOANS) - Group II
Certificates
- --------------------------------------------------------------------------------
Class A-2
---------
Approximate Size: $[51,423,000]
Prepayment Assumption: [28]% CPR
Avg. Life to Maturity:
(app.) [ 2.771] years
Avg. Life to Call:
(app.) [ 2.617] years
Certificate Rate: The lesser of:
1) One-Month LIBOR + [TBD] bps
2) Available Funds Cap
After the optional clean-up call, the lesser of:
1) One-Month LIBOR + 2X [TBD] bps
2) Available Funds Cap
The Class A-2 Certificates are entitled to interest
shortfall reimbursement at the Certificate Rate.
Group II Available
Funds Cap: For each Interest Period, a fraction equal to:
(A) (Wtd. Avg. Net Coupon Rate on Group II Mtge Loans)
* (Agg. Balance of Group II Mtge Loans)
Divided by (B) Outstanding Principal Balance of Class
A-2 Certificates
Net Coupon Rate: The Net Coupon Rate = Coupon Rate of such Mortgage Loan
- 50 bps (surety carvout; not applicable for the first
12 months) - 50 bps (Servicing Fee) - 18 bps (other
fees).
Coupon Day Count: Actual/360
Expected Maturity
(to maturity): [15.586] years
Expected Maturity
(to call): [ 7.919] years
Stated Maturity: [12/25/2029]
Dated Date: 11/24/98
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
Centex Home Equity Loan Trust, 1998-4
Pricing Date: TBD
Settlement Date: November [24], 1998
Cleanup Call: The Servicer may, at its option, purchase the
collateral and, as a result, cause the Certificates to
be called at par plus accrued interest after the
remaining balances of the loans are less than 10% of
Cut-Off Date Principal Balance of all the Mortgage
Loans (which includes both Mortgage Loan Group I and
Mortgage Loan Group II).
Form of Certificates: Book entry form, same day funds (through DTC, CEDEL or
Euroclear).
Servicer: Centex Credit Corporation d/b/a/ Centex Home Equity
Corporation
Servicing Fee: 50 basis points per annum.
Trustee: Norwest Bank Minnesota, National Association.
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on December 28, 1998.
Payment Delay: Certificate Class A-1: 24 days.
Certificate Class A-2: 0 days.
Interest Accrual
Period: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month on a
30/360 day count for the Class A-1 Certificates. For
the Class A-2 Certificates, interest will accrue from
the 25th day of the preceding month until the 24th day
of the current month based on an actual/360 day count.
The Class A-2 Certificates will accrue interest from
the Settlement Date (November 24, 1998).
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's, respectively.
Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated Aaa/AAA/AAA by Moody's,
Standard and Poor's and Fitch IBCA, respectively.
Certificate Insurance: Timely interest and eventual principal payments on the
Certificates will be 100% guaranteed by FSA. The
insurance policy does not include any Class A-2
Interest Index Carryovers or Civil Relief Act Interest
Shortfalls.
ERISA
Considerations: All of the Certificates will be ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such Certificates.
Taxation: REMIC.
Legal Investment: The Certificates will not be SMMEA eligible.
Credit Enhancement: 1) 100% wrap from FSA guarantees timely payment of
interest and eventual principal (excluding interest
shortfall reimbursement).
2) Overcollateralization.
3) Cross-Collateralization.
4) Ongoing excess spread.
Overcollateralization: The overcollaterization provisions of the Trust are
intended to provide for limited acceleration of the
Certificates relative to the amortization of the
related collateral, generally in the early months of
the transaction. The accelerated amortization is
achieved by applying certain excess interest collected
on the collateral to the payment of principal on the
Certificates. This acceleration feature is intended to
create, with respect to each Mortgage Loan Group, an
amount ("Overcollateralization") resulting from, and
equal to, the excess of the aggregate principal
balances of the Mortgage Loan Group over the principal
balance of the related Certificates. Once the required
Overcollateralization level is reached, the
acceleration feature will cease, unless necessary to
maintain the required level of Overcollateralization.
CERTIFICATE CLASS A-1 (supported by closed-end
fixed-rate home equity mortgage loans): Excess spread
will be used to build the Overcollateralization Amount
to an initial target of [3.85]% of the original
principal balance. After 30 months, the
Overcollateralization Amount requirement will be
changed to the lesser of [3.85]% of original principal
balance or [7.70]% of current principal balance,
subject to a floor of [0.50]% of original principal
balance.
CERTIFICATE CLASSES A-2 (supported by closed-end
fixed-rate and adjustable-rate home equity mortgage
loans): Excess spread will be used to build the
Overcollateralization Amount to an initial target of
[5.75]% of the original principal balance. After 30
months, the Overcollateralization Amount requirement
will be changed to the lesser of [5.75]% of original
principal balance or [11.50]% of current principal
balance, subject to a floor of [0.50]% of original
principal balance.
Cross-
Collateralization: Excess spread amounts generated from one collateral
pool will be available to fund losses and build
overcollateralization in connection with the other
collateral pool.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
Centex Home Equity Loan Trust, 1998-4
Principal Paydown: Principal payments are applied as follows:
CLASS A-1 CERTIFICATES (supported by Mortgage Loan
Group I)
1) 100% to the Class A-1 Certificates until the balance
of the Class A-1 Certificates is reduced to zero.
CLASS A-2 CERTIFICATES (supported by Mortgage Loan
Group II)
1) 100% to the Class A-2 Certificates until the balance
of the Class A-2 Certificates is reduced to zero.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consummated unless the purchaser has received
the Prospectus.
Available Funds information on Class A-2 Floating Rate
Certificates:
- --------------------------------------------------------------------
DATE CAP (%) (expressed in 30/360 basis)
------- ----------
12/25/98 9.987
1/25/99 9.987
2/25/99 9.987
3/25/99 9.987
4/25/99 9.987
5/25/99 9.987
6/25/99 10.076
7/25/99 10.142
8/25/99 10.142
9/25/99 10.142
10/25/99 10.142
11/25/99 10.142
12/25/99 9.682
1/25/00 9.739
2/25/00 9.739
3/25/00 9.740
4/25/00 9.740
5/25/00 9.740
6/25/00 9.740
7/25/00 9.740
8/25/00 9.740
9/25/00 9.740
10/25/00 9.740
11/25/00 9.848
12/25/00 10.050
1/25/01 10.237
2/25/01 10.237
3/25/01 10.237
4/25/01 10.237
5/25/01 10.237
6/25/01 10.237
7/25/01 10.238
8/25/01 10.238
9/25/01 10.238
10/25/01 10.238
11/25/01 10.238 and thereafter
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------------------------------------------------------------
CURRENT BALANCE: $137,433,000.00 DATED DATE: 11/01/98
COUPON: TBD% ctxch984 FIRST PAYMENT: 12/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $137,433,000.00 BOND A-1 YIELD TABLE DATE:
11/24/98
***** TO 10% CALL *****
<TABLE>
<CAPTION>
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
G-I HEP 24.0% 10.00% 15.00% 20.00% 24.00% 30.00% 40.00% 50.00%
PRICE G-IICPR 28.0% 7.00% 14.00% 21.00% 28.00% 35.00% 49.00% 56.00%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 6.722 6.754 6.743 6.732 6.722 6.709 6.684 6.660
99-24+ 6.717 6.751 6.739 6.727 6.717 6.702 6.675 6.649
99-25 6.711 6.748 6.735 6.722 6.711 6.695 6.667 6.638
99-25+ 6.705 6.745 6.731 6.717 6.705 6.688 6.658 6.628
99-26 6.700 6.742 6.727 6.712 6.700 6.681 6.649 6.617
99-26+ 6.694 6.738 6.723 6.707 6.694 6.675 6.641 6.606
99-27 6.688 6.735 6.719 6.702 6.688 6.668 6.632 6.596
99-27+ 6.682 6.732 6.715 6.697 6.682 6.661 6.623 6.585
99-28 6.677 6.729 6.711 6.692 6.677 6.654 6.614 6.575
99-28+ 6.671 6.726 6.707 6.687 6.671 6.647 6.606 6.564
99-29 6.665 6.723 6.703 6.682 6.665 6.641 6.597 6.553
99-29+ 6.660 6.719 6.699 6.677 6.660 6.634 6.588 6.543
99-30 6.654 6.716 6.695 6.672 6.654 6.627 6.580 6.532
99-30+ 6.648 6.713 6.691 6.668 6.648 6.620 6.571 6.521
99-31 6.643 6.710 6.687 6.663 6.643 6.613 6.562 6.511
99-31+ 6.637 6.707 6.683 6.658 6.637 6.607 6.554 6.500
100-00 6.631 6.704 6.679 6.653 6.631 6.600 6.545 6.490
100-00+ 6.626 6.700 6.675 6.648 6.626 6.593 6.536 6.479
100-01 6.620 6.697 6.671 6.643 6.620 6.586 6.528 6.468
100-01+ 6.614 6.694 6.667 6.638 6.614 6.580 6.519 6.458
100-02 6.609 6.691 6.663 6.633 6.609 6.573 6.510 6.447
100-02+ 6.603 6.688 6.659 6.628 6.603 6.566 6.501 6.436
100-03 6.597 6.685 6.655 6.623 6.597 6.559 6.493 6.426
100-03+ 6.592 6.681 6.651 6.618 6.592 6.553 6.484 6.415
100-04 6.586 6.678 6.647 6.613 6.586 6.546 6.475 6.405
100-04+ 6.580 6.675 6.643 6.608 6.580 6.539 6.467 6.394
100-05 6.575 6.672 6.638 6.604 6.575 6.532 6.458 6.383
100-05+ 6.569 6.669 6.634 6.599 6.569 6.526 6.449 6.373
100-06 6.563 6.666 6.630 6.594 6.563 6.519 6.441 6.362
100-06+ 6.558 6.663 6.626 6.589 6.558 6.512 6.432 6.352
100-07 6.552 6.659 6.622 6.584 6.552 6.505 6.423 6.341
100-07+ 6.546 6.656 6.618 6.579 6.546 6.499 6.415 6.331
First Payment 0.086 0.086 0.086 0.086 0.086 0.086 0.086 0.086
Average Life 3.307 7.148 5.106 3.934 3.307 2.687 2.021 1.619
Last Payment 7.919 19.419 13.169 9.753 7.919 6.336 4.503 3.503
Mod.Dur. @ 100-00 2.740 4.926 3.865 3.156 2.740 2.298 1.791 1.465
Accrued Interest 0.428 0.428 0.428 0.428 0.428 0.428 0.428 0.428
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- --------------------------------------------------------------------------------
CURRENT BALANCE: $51,423,000.00 DATED DATE: 11/24/98
CURRENT COUPON: LIBOR-1M + [TBD] bps ctxch984 FIRST PAYMENT: 12/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $51,423,000.00 BOND A-2 DISCOUNT
MARGIN ACT/360 TABLE YIELD TABLE DATE:
11/24/98
***** TO 10% CALL *****
<TABLE>
<CAPTION>
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
G-I HEP 24.0% 10.00% 15.00% 20.00% 24.00% 30.00% 40.00% 50.00%
PRICE G-IICPR 28.0% 7.00% 14.00% 21.00% 28.00% 35.00% 49.00% 56.00%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 65.785 59.012 61.123 63.399 65.785 68.470 74.756 78.919
99-24+ 65.110 58.760 60.740 62.873 65.110 67.626 73.518 77.421
99-25 64.434 58.509 60.356 62.347 64.434 66.783 72.281 75.924
99-25+ 63.759 58.258 59.973 61.822 63.759 65.939 71.045 74.426
99-26 63.084 58.007 59.590 61.296 63.084 65.096 69.808 72.930
99-26+ 62.410 57.756 59.207 60.770 62.410 64.254 68.572 71.433
99-27 61.735 57.505 58.824 60.245 61.735 63.411 67.337 69.937
99-27+ 61.061 57.254 58.441 59.720 61.061 62.569 66.101 68.442
99-28 60.386 57.004 58.058 59.195 60.386 61.727 64.866 66.946
99-28+ 59.712 56.753 57.675 58.670 59.712 60.885 63.632 65.452
99-29 59.039 56.502 57.293 58.145 59.039 60.044 62.398 63.957
99-29+ 58.365 56.252 56.911 57.621 58.365 59.203 61.164 62.463
99-30 57.692 56.001 56.528 57.096 57.692 58.362 59.930 60.970
99-30+ 57.018 55.751 56.146 56.572 57.018 57.521 58.697 59.477
99-31 56.345 55.500 55.764 56.048 56.345 56.680 57.464 57.984
99-31+ 55.673 55.250 55.382 55.524 55.673 55.840 56.232 56.492
100-00 55.000 55.000 55.000 55.000 55.000 55.000 55.000 55.000
100-00+ 54.328 54.750 54.618 54.476 54.328 54.160 53.768 53.509
100-01 53.655 54.500 54.237 53.953 53.655 53.321 52.537 52.018
100-01+ 52.983 54.250 53.855 53.429 52.983 52.481 51.306 50.527
100-02 52.312 54.000 53.474 52.906 52.312 51.642 50.075 49.037
100-02+ 51.640 53.750 53.092 52.383 51.640 50.804 48.845 47.547
100-03 50.968 53.500 52.711 51.860 50.968 49.965 47.615 46.058
100-03+ 50.297 53.251 52.330 51.337 50.297 49.127 46.386 44.569
100-04 49.626 53.001 51.949 50.815 49.626 48.289 45.156 43.080
100-04+ 48.955 52.751 51.568 50.292 48.955 47.451 43.927 41.592
100-05 48.285 52.502 51.187 49.770 48.285 46.613 42.699 40.104
100-05+ 47.614 52.253 50.807 49.248 47.614 45.776 41.471 38.617
100-06 46.944 52.003 50.426 48.726 46.944 44.939 40.243 37.130
100-06+ 46.274 51.754 50.046 48.204 46.274 44.102 39.016 35.643
100-07 45.604 51.505 49.665 47.682 45.604 43.265 37.788 34.157
100-07+ 44.934 51.256 49.285 47.161 44.934 42.429 36.562 32.672
First Payment 0.086 0.086 0.086 0.086 0.086 0.086 0.086 0.086
Average Life 2.617 8.924 5.124 3.491 2.617 2.038 1.343 1.093
Last Payment 7.919 19.419 13.169 9.753 7.919 6.336 4.503 3.503
Mod.Dur. @ 100-00 2.236 6.008 3.937 2.871 2.236 1.791 1.221 1.009
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
- CENTEX 98-4
- Cut Off Date of Tape is 10/31/98
- Mortgage Loan Group I
- $137,433,091.63
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,275
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $137,433,091.63
Aggregate Original Principal Balance: $137,495,697.12
Weighted Average Gross Coupon: 10.949%
Gross Coupon Range: 7.000% - 17.550%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $60,410.15
Average Original Principal Balance: $60,437.67
Maximum Unpaid Principal Balance: $225,000.00
Minimum Unpaid Principal Balance: $9,548.16
Maximum Original Principal Balance: $225,000.00
Minimum Original Principal Balance: $9,589.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 313.547
Stated Rem Term Range: 59.000 - 360.000
Weighted Avg. Amortized Rem. Term: 313.794
Amortized Rem Term Range: 58.926 - 360.000
Weighted Average Age (First Pay thru Last Pay): 0.360
Age Range: 0.000 - 12.000
Weighted Average Original Term: 313.907
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 77.824
Original LTV Range: 5.010% - 98.430%
Weighted Average Combined LTV: 80.396
Combined LTV Range: 11.150% - 98.430%
Weighted Average Debt to Income Ratio: 37.263
Debt to Income Ratio Range: 5.140% - 55.440%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 68 3,988,786.26 2.90
Arkansas 3 91,550.00 0.07
California 16 1,492,657.28 1.09
Colorado 83 7,564,332.02 5.50
Connecticut 11 991,587.99 0.72
Dist of Col 3 362,100.00 0.26
Florida 186 11,601,946.05 8.44
Georgia 88 5,694,337.38 4.14
Idaho 19 1,089,460.52 0.79
Illinois 101 6,540,871.92 4.76
Indiana 67 3,768,642.77 2.74
Iowa 63 3,087,013.79 2.25
Kansas 58 2,718,327.05 1.98
Kentucky 12 772,683.14 0.56
Louisiana 14 758,501.64 0.55
Maryland 49 2,148,506.21 1.56
Massachusetts 7 386,334.23 0.28
Michigan 37 2,175,622.87 1.58
Minnesota 26 1,378,579.32 1.00
Mississippi 75 3,174,992.12 2.31
Missouri 171 8,505,327.21 6.19
Nebraska 59 3,487,599.20 2.54
Nevada 20 1,855,748.71 1.35
New Hampshire 2 43,242.29 0.03
New Jersey 8 549,433.27 0.40
New Mexico 28 1,687,891.43 1.23
New York 60 5,025,965.44 3.66
North Carolina 56 3,755,738.52 2.73
North Dakota 1 23,000.00 0.02
Ohio 116 7,327,883.01 5.33
Oklahoma 77 3,352,014.97 2.44
Oregon 51 3,771,323.77 2.74
Pennsylvania 60 2,844,660.70 2.07
Rhode Island 1 42,000.00 0.03
South Carolina 45 2,483,543.37 1.81
South Dakota 4 138,470.00 0.10
Tennessee 77 5,324,543.19 3.87
Texas 243 13,041,693.37 9.49
Utah 33 2,554,427.76 1.86
Vermont 1 40,190.47 0.03
Virginia 59 3,985,659.64 2.90
Washington 65 5,363,422.16 3.90
West Virgina 6 249,410.37 0.18
Wisconsin 37 1,900,589.59 1.38
Wyoming 9 292,480.63 0.21
- -------------------------------------------------------------------------
Total............... 2275 $137,433,091.63 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
10.000 * CLTV *= 15.000 1 10,000.00 0.01
15.000 * CLTV *= 20.000 4 72,914.10 0.05
20.000 * CLTV *= 25.000 6 134,103.25 0.10
25.000 * CLTV *= 30.000 8 221,592.04 0.16
30.000 * CLTV *= 35.000 16 414,856.94 0.30
35.000 * CLTV *= 40.000 21 523,445.14 0.38
40.000 * CLTV *= 45.000 24 800,028.40 0.58
45.000 * CLTV *= 50.000 32 1,188,237.56 0.86
50.000 * CLTV *= 55.000 22 817,675.10 0.59
55.000 * CLTV *= 60.000 65 3,036,384.99 2.21
60.000 * CLTV *= 65.000 77 3,258,389.75 2.37
65.000 * CLTV *= 70.000 171 8,164,208.92 5.94
70.000 * CLTV *= 75.000 249 13,260,604.48 9.65
75.000 * CLTV *= 80.000 656 39,036,476.02 28.40
80.000 * CLTV *= 85.000 403 24,519,995.55 17.84
85.000 * CLTV *= 90.000 510 41,508,932.43 30.20
90.000 * CLTV *= 95.000 3 115,304.00 0.08
95.000 * CLTV *= 100.000 7 349,942.96 0.25
- --------------------------------------------------------------------------
Total.................... 2,275 $137,433,091.63 100.00%
==========================================================================
- -----------
* = Less than
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% * Gross Coupon *= 7.00% 1 46,000.00 0.03
7.00% * Gross Coupon *= 7.50% 5 554,900.00 0.40
7.50% * Gross Coupon *= 7.75% 3 204,485.18 0.15
7.75% * Gross Coupon *= 8.00% 16 1,317,852.11 0.96
8.00% * Gross Coupon *= 8.25% 12 1,052,426.54 0.77
8.25% * Gross Coupon *= 8.50% 38 2,788,975.42 2.03
8.50% * Gross Coupon *= 8.75% 25 1,701,306.37 1.24
8.75% * Gross Coupon *= 9.00% 69 4,828,384.23 3.51
9.00% * Gross Coupon *= 9.25% 46 3,439,424.52 2.50
9.25% * Gross Coupon *= 9.50% 64 4,492,569.60 3.27
9.50% * Gross Coupon *= 9.75% 83 5,993,489.92 4.36
9.75% * Gross Coupon *= 10.00% 178 12,995,824.60 9.46
10.00% * Gross Coupon *= 10.25% 79 5,537,154.84 4.03
10.25% * Gross Coupon *= 10.50% 118 9,114,014.77 6.63
10.50% * Gross Coupon *= 10.75% 158 11,044,441.77 8.04
10.75% * Gross Coupon *= 11.00% 234 15,155,988.36 11.03
11.00% * Gross Coupon *= 11.25% 91 5,888,718.09 4.28
11.25% * Gross Coupon *= 11.50% 175 9,870,004.69 7.18
11.50% * Gross Coupon *= 11.75% 115 6,209,170.02 4.52
11.75% * Gross Coupon *= 12.00% 168 9,443,378.62 6.87
12.00% * Gross Coupon *= 12.25% 72 3,359,115.23 2.44
12.25% * Gross Coupon *= 12.50% 86 3,965,458.59 2.89
12.50% * Gross Coupon *= 12.75% 55 2,499,223.15 1.82
12.75% * Gross Coupon *= 13.00% 101 4,828,227.39 3.51
13.00% * Gross Coupon *= 13.25% 44 1,940,607.66 1.41
13.25% * Gross Coupon *= 13.50% 63 2,489,904.42 1.81
13.50% * Gross Coupon *= 13.75% 32 1,140,649.07 0.83
13.75% * Gross Coupon *= 14.00% 54 2,005,237.12 1.46
14.00% * Gross Coupon *= 14.25% 18 761,786.21 0.55
14.25% * Gross Coupon *= 14.50% 33 1,260,539.35 0.92
14.50% * Gross Coupon *= 14.75% 9 335,737.69 0.24
14.75% * Gross Coupon *= 15.00% 16 690,257.19 0.50
15.25% * Gross Coupon *= 15.50% 2 64,075.00 0.05
15.50% * Gross Coupon *= 15.75% 1 49,000.00 0.04
15.75% * Gross Coupon *= 16.00% 4 144,097.34 0.10
16.25% * Gross Coupon *= 16.50% 3 85,232.56 0.06
16.50% * Gross Coupon *= 16.75% 3 102,234.01 0.07
17.50% * Gross Coupon *= 18.00% 1 33,200.00 0.02
- --------------------------------------------------------------------------------
Total.......... 2275 $137,433,091.63 100.00%
===============================================================================
- -------------
* = Less than
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 * Balance *= 10,000 9 89,475.63 0.07
10,000 * Balance *= 15,000 62 824,569.14 0.60
15,000 * Balance *= 20,000 92 1,688,588.08 1.23
20,000 * Balance *= 25,000 118 2,697,602.25 1.96
25,000 * Balance *= 30,000 164 4,600,619.23 3.35
30,000 * Balance *= 35,000 181 5,968,634.06 4.34
35,000 * Balance *= 40,000 159 6,016,399.81 4.38
40,000 * Balance *= 45,000 194 8,276,469.19 6.02
45,000 * Balance *= 50,000 157 7,512,647.23 5.47
50,000 * Balance *= 55,000 114 6,016,677.34 4.38
55,000 * Balance *= 60,000 148 8,528,712.64 6.21
60,000 * Balance *= 65,000 111 6,957,098.97 5.06
65,000 * Balance *= 70,000 100 6,775,697.10 4.93
70,000 * Balance *= 75,000 100 7,278,312.28 5.30
75,000 * Balance *= 80,000 64 4,958,435.92 3.61
80,000 * Balance *= 85,000 57 4,717,406.82 3.43
85,000 * Balance *= 90,000 42 3,680,118.11 2.68
90,000 * Balance *= 95,000 42 3,882,940.64 2.83
95,000 * Balance *= 100,000 41 4,009,161.75 2.92
100,000 * Balance *= 105,000 40 4,087,803.67 2.97
105,000 * Balance *= 110,000 30 3,209,712.81 2.34
110,000 * Balance *= 115,000 33 3,718,769.15 2.71
115,000 * Balance *= 120,000 41 4,827,687.71 3.51
120,000 * Balance *= 125,000 21 2,588,307.48 1.88
125,000 * Balance *= 130,000 18 2,298,162.16 1.67
130,000 * Balance *= 135,000 15 1,993,030.95 1.45
135,000 * Balance *= 140,000 18 2,488,591.55 1.81
140,000 * Balance *= 145,000 16 2,288,196.71 1.66
145,000 * Balance *= 150,000 9 1,330,961.42 0.97
150,000 * Balance *= 200,000 64 10,910,301.59 7.94
200,000 * Balance *= 250,000 15 3,212,000.24 2.34
- -------------------------------------------------------------------------
Total.................... 2275 $137,433,091.63 100.00%
==========================================================================
- -------------
* = Less than
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 2011 119,985,272.66 87.30
Manufactured Housing 47 2,593,853.19 1.89
PUD 74 5,988,343.91 4.36
Townhouses 18 1,000,919.82 0.73
2-4 Family 77 5,278,856.98 3.84
Condominiums 27 1,695,112.80 1.23
Other 21 890,732.27 0.65
- -------------------------------------------------------------------------
Total............... 2275 $137,433,091.63 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
48 * Orig. Term *= 60 23 618,416.35 0.45%
60 * Orig. Term *= 72 2 78,987.00 0.06%
72 * Orig. Term *= 84 4 118,409.50 0.09%
84 * Orig. Term *= 96 1 27,300.00 0.02%
108 * Orig. Term *= 120 145 4,712,553.79 3.43%
132 * Orig. Term *= 144 2 109,200.00 0.08%
168 * Orig. Term *= 180 395 16,946,865.36 12.33%
192 * Orig. Term *= 204 1 56,800.00 0.04%
228 * Orig. Term *= 240 286 15,403,507.84 11.21%
288 * Orig. Term *= 300 6 360,200.00 0.26%
312 * Orig. Term *= 324 1 72,468.75 0.05%
348 * Orig. Term *= 360 1,409 98,928,383.04 71.98%
- -------------------------------------------------------------------
Total............ 2,275 137,433,091.63 100.00%
===================================================================
- ----------------
* = Less than
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 * Rem Term *= 60 23 618,416.35 0.45%
60 * Rem Term *= 72 2 78,987.00 0.06%
72 * Rem Term *= 84 4 118,409.50 0.09%
84 * Rem Term *= 96 1 27,300.00 0.02%
108 * Rem Term *= 120 145 4,712,553.79 3.43%
132 * Rem Term *= 144 2 109,200.00 0.08%
156 * Rem Term *= 168 1 176,631.41 0.13%
168 * Rem Term *= 180 394 16,770,233.95 12.20%
192 * Rem Term *= 204 1 56,800.00 0.04%
228 * Rem Term *= 240 286 15,403,507.84 11.21%
288 * Rem Term *= 300 6 360,200.00 0.26%
312 * Rem Term *= 324 1 72,468.75 0.05%
336 * Rem Term *= 348 1 84,686.42 0.06%
348 * Rem Term *= 360 1,408 98,843,696.62 71.92%
- -------------------------------------------------------------------
Total............ 2,275 137,433,091.63 100.00%
===================================================================
- ----------------------
* = Less than
AGE OF LOAN
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 1,609 97,409,163.18 70.88%
0 * Age *= 12 666 40,023,928.45 29.12%
- -------------------------------------------------------------------
Total............ 2,275 137,433,091.63 100.00%
===================================================================
- ----------------------
* = Less than
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 2106 129,831,156.83 94.47
Investor 152 6,642,356.32 4.83
Second Home 17 959,578.48 0.70
- --------------------------------------------------------------------------
Total.................. 2275 $ 137,433,091.63 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 2011 119,838,166.53 87.20
Limited Income Doc. 89 6,199,646.42 4.51
No Income Verification 175 11,395,278.68 8.29
- --------------------------------------------------------------------------------
Total.......... 2275 $137,433,091.63 100.00%
================================================================================
LOAN GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Grade of Loan Loans Balance Balance
A+ 207 13,752,163.91 10.006
A1 656 44,785,240.83 32.587
A2 757 46,707,804.28 33.986
B 300 15,439,654.18 11.234
C1 204 9,644,863.90 7.018
C2 95 4,398,545.18 3.200
D 56 2,704,819.35 1.968
- -----------------------------------------------------------------
Total.......... 2275 $137,433,091.63 100.00%
=================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 2015 130,069,580.69 94.64
2 260 7,363,510.94 5.36
- --------------------------------------------------------------------------
Total............... 2275 $137,433,091.63 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
PREPAYMENT PENALTY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
No 818 41,059,125.80 29.88
Yes 1457 96,373,965.83 70.12
- --------------------------------------------------------------------------
Total.................. 2275 $137,433,091.63 100.00%
==========================================================================
PREPAYMENT PENALTY TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
0 * Term *= 12 912 49,928,287.79 36.33%
12 * Term *= 24 32 2,974,492.09 2.16%
24 * Term *= 36 279 19,908,384.75 14.49%
36 * Term *= 48 3 235,789.00 0.17%
48 * Term *= 60 1,049 64,386,138.00 46.85%
- -----------------------------------------------------------------------
Total............ 2,275 137,433,091.63 100.00%
=======================================================================
- ----------------------
* = Less than
JUNIOR LOAN RATIOS *
(Second Lien Loans Only)
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
5.000 * RATIO *= 10.0 4 46,173.48 0.63
10.000 * RATIO *= 15.0 24 404,795.70 5.50
15.000 * RATIO *= 20.0 42 788,262.41 10.70
20.000 * RATIO *= 25.0 38 855,356.12 11.62
25.000 * RATIO *= 30.0 37 999,764.44 13.58
30.000 * RATIO *= 35.0 16 465,825.53 6.33
35.000 * RATIO *= 40.0 27 931,386.40 12.65
40.000 * RATIO *= 45.0 21 674,886.22 9.17
45.000 * RATIO *= 50.0 15 630,633.78 8.56
50.000 * RATIO *= 55.0 6 191,405.86 2.60
55.000 * RATIO *= 60.0 4 173,172.54 2.35
60.000 * RATIO *= 65.0 9 394,000.00 5.35
65.000 * RATIO *= 70.0 4 139,732.10 1.90
70.000 * RATIO *= 75.0 3 145,805.05 1.98
75.000 * RATIO *= 80.0 2 108,984.97 1.48
80.000 * RATIO *= 85.0 2 96,492.00 1.31
85.000 * RATIO *= 90.0 1 39,000.00 0.53
90.000 * RATIO *= 95.0 3 125,645.34 1.71
95.000 * RATIO *=100.0 2 152,189.00 2.07
- --------------------------------------------------------------------------
Total.................... 260 $ 7,363,510.94 100.00%
==========================================================================
* Calculated as (original balance / (original balance + senior lien balance)) *
100.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
- --------------------------------------------------------
- CENTEX 98-4
- Cut Off Date of Tape is 10/31/98
- Mortgage Loan Group II
- $51,423,432.53
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 528
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $51,423,432.53
Aggregate Original Principal Balance: $51,432,350.97
- --------------------------------------------------------------------------------
Weighted Average Gross Coupon: 10.667%
Gross Coupon Range: 7.850% - 14.600%
Weighted Average Margin (Gross): 6.334% (1)
Gross Margin Range: 2.000% - 9.850%
Weighted Average Life Cap (Gross): 17.683% (1)
Gross Life Cap Range: 14.850% - 21.600%
Weighted Average Life Floor (Gross): 6.334% (1)
Gross Life Floor Range: 2.000% - 9.850%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $97,392.86
Average Original Principal Balance: $97,409.76
Maximum Unpaid Principal Balance: $415,595.47
Minimum Unpaid Principal Balance: $14,000.00
Maximum Original Principal Balance: $415,800.00
Minimum Original Principal Balance: $14,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 357.197
Stated Rem Term Range: 179.000 - 360.000
Weighted Avg. Amortized Rem. Term: 357.164
Amortized Rem Term Range: 178.803 - 360.000
Weighted Average Age (First Pay thru Last Pay): 0.410
Age Range: 0.000 - 13.000
Weighted Average Original Term: 357.607
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 82.043
Original LTV Range: 5.500% - 95.340%
Weighted Average Combined LTV: 82.870
Combined LTV Range: 17.730% - 95.340%
Weighted Average Debt to Income Ratio: 39.596
Debt to Income Ratio Range: 6.850% - 55.420%
Weighted Average Periodic Interest Cap: 1.000% (1)
Periodic Interest Cap Range: 1.000% - 1.000%
Weighted Average Months to Interest Roll: 20.488 (1)
Months to Interest Roll Range: 4 - 24
Weighted Average Interest Roll Frequency: 6.000 (1)
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
(1) Adjustable Rate Loans only.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
LOAN TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
2/28 ARM 413 37,728,156.16 73.37
ARM 86 7,913,935.58 15.39
Fixed 29 5,781,340.79 11.24
- --------------------------------------------------------------------------
Total............... 528 $ 51,423,432.53 100.00%
==========================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 10 848,844.05 1.65
Arkansas 2 120,712.16 0.23
California 29 4,730,126.24 9.20
Colorado 17 1,760,001.21 3.42
Connecticut 17 1,714,897.53 3.33
Delaware 2 190,800.00 0.37
Dist of Col 2 136,383.81 0.27
Florida 21 2,252,579.21 4.38
Georgia 9 899,871.42 1.75
Idaho 4 516,950.00 1.01
Illinois 37 3,650,323.01 7.10
Indiana 10 514,499.56 1.00
Iowa 6 280,774.77 0.55
Kansas 13 1,107,649.56 2.15
Kentucky 5 431,261.37 0.84
Maryland 3 169,439.99 0.33
Massachusetts 15 1,951,248.49 3.79
Michigan 5 385,800.00 0.75
Minnesota 30 2,420,653.79 4.71
Missouri 29 2,099,759.62 4.08
Montana 1 57,952.00 0.11
Nebraska 7 531,082.46 1.03
Nevada 7 829,731.42 1.61
New Hampshire 1 66,725.00 0.13
New Jersey 7 691,011.51 1.34
New Mexico 7 660,550.00 1.28
New York 31 3,350,392.72 6.52
North Carolina 28 2,464,711.94 4.79
North Dakota 1 53,000.00 0.10
Ohio 35 3,165,526.04 6.16
Oklahoma 8 389,897.55 0.76
Oregon 10 1,050,536.36 2.04
Pennsylvania 21 1,280,435.65 2.49
Rhode Island 3 117,476.75 0.23
South Carolina 10 1,120,365.00 2.18
South Dakota 1 26,000.00 0.05
Tennessee 10 1,161,627.86 2.26
Texas 10 1,007,682.84 1.96
Utah 14 1,508,317.56 2.93
Virginia 1 76,050.00 0.15
Washington 29 4,006,276.48 7.79
West Virgina 2 105,716.02 0.21
Wisconsin 16 1,347,712.66 2.62
Wyoming 2 172,078.92 0.33
- -------------------------------------------------------------------------
Total............... 528 $ 51,423,432.53 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
15.000 * CLTV *= 20.000 1 14,000.00 0.03
30.000 * CLTV *= 35.000 1 50,000.00 0.10
40.000 * CLTV *= 45.000 1 65,952.22 0.13
45.000 * CLTV *= 50.000 4 403,900.00 0.79
50.000 * CLTV *= 55.000 1 20,895.73 0.04
55.000 * CLTV *= 60.000 8 317,135.01 0.62
60.000 * CLTV *= 65.000 15 1,059,322.19 2.06
65.000 * CLTV *= 70.000 23 1,834,269.03 3.57
70.000 * CLTV *= 75.000 56 4,518,582.98 8.79
75.000 * CLTV *= 80.000 145 13,069,715.76 25.42
80.000 * CLTV *= 85.000 107 10,951,353.89 21.30
85.000 * CLTV *= 90.000 163 18,920,855.79 36.79
90.000 * CLTV *= 95.000 2 145,014.27 0.28
95.000 * CLTV *= 100.000 1 52,435.66 0.10
- --------------------------------------------------------------------------
Total.................... 528 $ 51,423,432.53 100.00%
==========================================================================
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.75% * Gross Coupon *= 8.00% 3 269,225.81 0.52
8.00% * Gross Coupon *= 8.25% 2 94,550.00 0.18
8.25% * Gross Coupon *= 8.50% 1 268,000.00 0.52
8.50% * Gross Coupon *= 8.75% 3 174,637.15 0.34
8.75% * Gross Coupon *= 9.00% 10 1,246,446.79 2.42
9.00% * Gross Coupon *= 9.25% 5 573,125.00 1.11
9.25% * Gross Coupon *= 9.50% 20 3,077,490.44 5.98
9.50% * Gross Coupon *= 9.75% 33 3,834,352.46 7.46
9.75% * Gross Coupon *= 10.00% 57 6,308,195.21 12.27
10.00% * Gross Coupon *= 10.25% 25 2,591,222.04 5.04
10.25% * Gross Coupon *= 10.50% 59 6,707,795.46 13.04
10.50% * Gross Coupon *= 10.75% 48 4,678,795.48 9.10
10.75% * Gross Coupon *= 11.00% 69 6,779,742.30 13.18
11.00% * Gross Coupon *= 11.25% 30 2,628,613.55 5.11
11.25% * Gross Coupon *= 11.50% 28 2,786,754.24 5.42
11.50% * Gross Coupon *= 11.75% 29 2,435,430.79 4.74
11.75% * Gross Coupon *= 12.00% 41 3,528,093.66 6.86
12.00% * Gross Coupon *= 12.25% 5 239,955.05 0.47
12.25% * Gross Coupon *= 12.50% 11 552,933.05 1.08
12.50% * Gross Coupon *= 12.75% 11 713,619.34 1.39
12.75% * Gross Coupon *= 13.00% 18 962,991.34 1.87
13.00% * Gross Coupon *= 13.25% 1 55,987.62 0.11
13.25% * Gross Coupon *= 13.50% 6 193,022.27 0.38
13.50% * Gross Coupon *= 13.75% 8 511,902.74 1.00
13.75% * Gross Coupon *= 14.00% 2 77,839.27 0.15
14.00% * Gross Coupon *= 14.25% 2 85,911.47 0.17
14.50% * Gross Coupon *= 14.75% 1 46,800.00 0.09
- -------------------------------------------------------------------------------
Total.......... 528 $51,423,432.53 100.00%
===============================================================================
- ----------------------
* = Less than
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
10,000 * Balance *= 15,000 2 29,000.00 0.06
15,000 * Balance *= 20,000 5 92,090.00 0.18
20,000 * Balance *= 25,000 6 140,960.00 0.27
25,000 * Balance *= 30,000 14 387,209.30 0.75
30,000 * Balance *= 35,000 11 353,008.86 0.69
35,000 * Balance *= 40,000 15 563,382.17 1.10
40,000 * Balance *= 45,000 17 733,149.34 1.43
45,000 * Balance *= 50,000 22 1,058,541.13 2.06
50,000 * Balance *= 55,000 28 1,480,496.60 2.88
55,000 * Balance *= 60,000 48 2,771,223.00 5.39
60,000 * Balance *= 65,000 19 1,189,341.85 2.31
65,000 * Balance *= 70,000 34 2,295,398.74 4.46
70,000 * Balance *= 75,000 19 1,383,733.32 2.69
75,000 * Balance *= 80,000 30 2,320,065.90 4.51
80,000 * Balance *= 85,000 22 1,833,000.14 3.56
85,000 * Balance *= 90,000 13 1,143,550.46 2.22
90,000 * Balance *= 95,000 19 1,772,908.84 3.45
95,000 * Balance *= 100,000 16 1,557,603.04 3.03
100,000 * Balance *= 105,000 15 1,539,157.46 2.99
105,000 * Balance *= 110,000 14 1,507,533.94 2.93
110,000 * Balance *= 115,000 21 2,359,399.23 4.59
115,000 * Balance *= 120,000 12 1,412,590.01 2.75
120,000 * Balance *= 125,000 12 1,474,877.14 2.87
125,000 * Balance *= 130,000 10 1,272,858.11 2.48
130,000 * Balance *= 135,000 6 793,736.06 1.54
135,000 * Balance *= 140,000 9 1,230,870.28 2.39
140,000 * Balance *= 145,000 9 1,273,671.28 2.48
145,000 * Balance *= 150,000 7 1,035,561.77 2.01
150,000 * Balance *= 200,000 34 5,775,020.10 11.23
200,000 * Balance *= 250,000 18 4,143,335.88 8.06
250,000 * Balance *= 300,000 12 3,334,366.73 6.48
300,000 * Balance *= 350,000 4 1,288,331.04 2.51
350,000 * Balance *= 400,000 4 1,461,865.34 2.84
400,000 * Balance *= 450,000 1 415,595.47 0.81
- --------------------------------------------------------------------------
Total.................... 528 $51,423,432.53 100.00%
==========================================================================
- ----------------------
* = Less than
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 440 41,580,232.22 80.86
Manufactured Housing 13 856,282.08 1.67
PUD 25 4,217,053.44 8.20
Townhouses 3 244,300.00 0.48
2-4 Family 27 2,819,420.56 5.48
Condominiums 17 1,570,384.05 3.05
Other 3 135,760.18 0.26
- --------------------------------------------------------------------------
Total............... 528 $ 51,423,432.53 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
168 * Orig. Term *= 180 7 421,286.41 0.82%
228 * Orig. Term *= 240 3 393,576.82 0.77%
348 * Orig. Term *= 360 518 50,608,569.30 98.42%
- -------------------------------------------------------------------
Total............ 528 51,423,432.53 100.00%
===================================================================
- ----------------------
* = Less than
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
168 * Rem Term *= 180 7 421,286.41 0.82%
228 * Rem Term *= 240 3 393,576.82 0.77%
336 * Rem Term *= 348 2 108,304.53 0.21%
348 * Rem Term *= 360 516 50,500,264.77 98.20%
- -------------------------------------------------------------------
Total............ 528 51,423,432.53 100.00%
===================================================================
- ----------------------
* = Less than
AGE OF LOAN
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 374 35,368,078.55 68.78%
0 * Age *= 12 153 15,998,680.94 31.11%
12 * Age *= 24 1 56,673.04 0.11%
- -------------------------------------------------------------------
Total............ 528 51,423,432.53 100.00%
===================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 501 49,668,097.55 96.59
Investor 25 1,432,321.03 2.79
Second Home 2 323,013.95 0.63
- --------------------------------------------------------------------------
Total.................. 528 $ 51,423,432.53 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 461 43,958,227.33 85.48
Limited Income Doc. 26 3,088,963.65 6.01
No Income Verification 41 4,376,241.55 8.51
- -------------------------------------------------------------------------------
Total.......... 528 $51,423,432.53 100.00%
===============================================================================
LOAN GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
A+ 4 420,045.42 0.817
A1 97 11,697,493.18 22.747
A2 214 21,388,615.32 41.593
B 119 10,684,678.82 20.778
C1 68 5,268,975.24 10.246
C2 26 1,963,624.55 3.819
- -----------------------------------------------------------------
Total.......... 528 $ 51,423,432.53 100.00%
=================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 516 50,674,435.21 98.54
2 12 748,997.32 1.46
- --------------------------------------------------------------------------
Total............... 528 $ 51,423,432.53 100.00%
==========================================================================
PREPAYMENT PENALTY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
No 216 18,059,393.97 35.12
Yes 312 33,364,038.56 64.88
- --------------------------------------------------------------------------
Total.................. 528 $ 51,423,432.53 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
PREPAYMENT TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
0 * Term *= 12 248 22,312,820.32 43.39%
12 * Term *= 24 54 6,407,616.97 12.46%
24 * Term *= 36 81 9,104,346.67 17.70%
36 * Term *= 48 3 214,450.00 0.42%
48 * Term *= 60 142 13,384,198.57 26.03%
- ---------------------------------------------------------------------
Total....... 528 51,423,432.53 100.00%
=====================================================================
- ----------------------
* = Less than
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
============================= ARM PARAMETERS ===================================
LOAN SUMMARY STRATIFIED BY
Gross Margin
ARMs Only
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
1.000 * Gross Margin *= 2.00 1 83,466.79 0.18
3.000 * Gross Margin *= 4.00 4 272,295.81 0.60
4.000 * Gross Margin *= 5.00 35 3,106,177.00 6.81
5.000 * Gross Margin *= 6.00 138 14,379,565.76 31.51
6.000 * Gross Margin *= 7.00 174 17,564,636.80 38.48
7.000 * Gross Margin *= 8.00 100 7,662,223.02 16.79
8.000 * Gross Margin *= 9.00 37 2,152,824.85 4.72
9.000 * Gross Margin *= 10.00 10 420,901.71 0.92
- --------------------------------------------------------------------------
Total................. 499 $45,642,091.74 100.00%
==========================================================================
- ----------------------
* = Less than
LOAN SUMMARY STRATIFIED BY
LIFE CAP
ARMs Only
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
14.500 * LIFE CAP *= 15.000 3 269,225.81 0.59
15.000 * LIFE CAP *= 15.500 3 362,550.00 0.79
15.500 * LIFE CAP *= 16.000 12 1,188,083.94 2.60
16.000 * LIFE CAP *= 16.500 22 2,649,885.52 5.81
16.500 * LIFE CAP *= 17.000 85 8,978,494.24 19.67
17.000 * LIFE CAP *= 17.500 81 8,907,366.50 19.52
17.500 * LIFE CAP *= 18.000 110 10,324,240.70 22.62
18.000 * LIFE CAP *= 18.500 53 4,410,492.49 9.66
18.500 * LIFE CAP *= 19.000 68 5,215,053.39 11.43
19.000 * LIFE CAP *= 19.500 16 792,888.10 1.74
19.500 * LIFE CAP *= 20.000 28 1,646,722.68 3.61
20.000 * LIFE CAP *= 20.500 7 249,009.89 0.55
20.500 * LIFE CAP *= 21.000 9 553,367.01 1.21
21.000 * LIFE CAP *= 21.500 1 47,911.47 0.10
21.500 * LIFE CAP *= 22.000 1 46,800.00 0.10
- --------------------------------------------------------------------------
Total................. 499 $45,642,091.74 100.00%
==========================================================================
- ----------------------
* = Less than
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
ARMs Only
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
1.500 * Life Floor *= 2.000 1 83,466.79 0.18
3.000 * Life Floor *= 3.500 2 152,975.81 0.34
3.500 * Life Floor *= 4.000 2 119,320.00 0.26
4.000 * Life Floor *= 4.500 5 387,850.00 0.85
4.500 * Life Floor *= 5.000 30 2,718,327.00 5.96
5.000 * Life Floor *= 5.500 54 5,840,939.44 12.80
5.500 * Life Floor *= 6.000 84 8,538,626.32 18.71
6.000 * Life Floor *= 6.500 94 9,595,505.01 21.02
6.500 * Life Floor *= 7.000 80 7,969,131.79 17.46
7.000 * Life Floor *= 7.500 57 4,611,301.21 10.10
7.500 * Life Floor *= 8.000 43 3,050,921.81 6.68
8.000 * Life Floor *= 8.500 22 1,305,490.96 2.86
8.500 * Life Floor *= 9.000 15 847,333.89 1.86
9.000 * Life Floor *= 9.500 7 261,327.28 0.57
9.500 * Life Floor *= 10.000 3 159,574.43 0.35
- -------------------------------------------------------------------------
Total................. 499 $45,642,091.74 100.00%
==========================================================================
NEXT INTEREST ROLLDATE DATE
ARM's Only
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
02/01/99 2 $122,143.41 00.27
03/01/99 19 $1,600,337.56 03.51
04/01/99 29 $2,863,944.61 06.27
05/01/99 36 $3,327,510.00 07.29
09/01/99 2 $108,304.53 00.24
11/01/99 1 $83,466.79 00.18
02/01/00 1 $173,229.18 00.38
06/01/00 1 $140,188.88 00.31
07/01/00 3 $148,109.70 00.32
08/01/00 1 $135,809.79 00.30
09/01/00 114 $10,996,606.35 24.09
10/01/00 182 $16,156,439.00 35.40
11/01/00 108 $9,786,001.94 21.44
- --------------------------------------------------------------------------
Total........ 499 $45,642,091.74 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
