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: September 28, 1998
(Date of earliest event reported)
Commission File No. 333-51375
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of June 1, 1998, relating to the DiTech Home Loan
Owner Trust 1998-1, Home Loan Asset Backed Notes, Series 1998-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
- --------------------------------------------------------------------------------
Delaware 06-1204982
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(212) 713-2000
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
<PAGE>
ITEM 5. Other Events
On September 28, 1998 DiTech Home Loan Owner Trust 1998-1 (the "Issuer")
completed the purchase of the Subsequent Loans pursuant to Section 2.06 of the
Sale and Servicing Agreement, dated as of June 1, 1998 (the "Sale and Servicing
Agreement") among the Issuer, PaineWebber Mortgage Acceptance Corporation IV, a
Delaware corporation (the "Registrant"), DiTech Funding Corporation (the
"Transferor"), and The Bank of New York (the "Indenture Trustee"). The
Subsequent Loans were transferred to the Issuer pursuant to the Subsequent
Transfer Agreement, dated as of September 1, 1998 (the "Subsequent Transfer
Agreement"), among the Transferor, the Issuer and the Indenture Trustee.
Attached as Exhibit 99 are certain characteristics of all the Loans as of August
31, 1998 (the "Cut-Off Date").
Capitalized terms used herein and not defined herein have the same meanings
ascribed to such terms in the Sale and Servicing Agreement.
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
99 Description of the Loans
<PAGE>
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.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
October 12, 1998
By: /s/ Barbara Dawson
----------------------------------
Barbara Dawson
Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic(E)
- ----------- ----------- -------------
99 Description of the Loans E
Exhibit 99
----------
The Loans included in the Pool have the characteristics set forth below and
in the tables beginning on the following page. Unless otherwise indicated, all
percentages and weighted averages are percentages and weighted averages of the
Cut-Off Date Pool Principal Balance.
Loan Statistics
As of August 31, 1998 (the "Cut-Off Date"), the Loans consisted of 4,415
Loans with an aggregate Principal Balance totaling $247,274,980 (the "Pool
Principal Balance"). As of the Cut-Off Date, the Loans bear interest at fixed
Loan Rates which range from 8.25% per annum to 17.99% per annum and have a
weighted average Loan Rate of approximately 12.60% per annum. As of the Cut-Off
Date, the Principal Balances of the Loans range from $13,567 to $150,000 and
average $56,008. As of the Cut-Off Date, the weighted average remaining term to
stated maturity of the Loans was approximately 267 months and the weighted
average number of months that have elapsed since origination was 4 months. As of
the Cut-Off Date, the weighted average Combined Loan-to-Value Ratio of the Loans
was approximately 112.39%, with the highest Combined Loan-to-Value Ratio being
127.71%. As of the Cut-Off Date, 3,615 of the Loans (representing approximately
85.44% of the Pool Principal Balance) had a Combined Loan-to-Value Ratio of in
excess of 100%. As of the Cut-Off Date, all of the Loans are fully amortizing
loans having original stated maturities of not more than 30 years. As of the
Cut-Off Date, no Loan is scheduled to mature later than June 1, 2028.
As of the Cut-Off Date, all of the Loans were Loans secured by Mortgaged
Properties located in 49 states and the District of Columbia. As of the Cut-Off
Date, all of the Loans were secured by Mortgaged Properties represented by the
related Obligors to be owner-occupied. As of the Cut-Off Date, approximately
0.59% of the Loans (by Pool Principal Balance) were secured by first liens on
the related Mortgaged Property and approximately 99.41% of the Loans (by Pool
Principal Balance) were secured by second liens on the related Mortgaged
Property.
As of the Cut-Off Date none of the Subsequent Loans were 30 days or more
past due. The weighted average Credit Score for the Loans as determined at
origination was 698. See "DiTech Funding Corporation-Underwriting Criteria"
herein.
The sum of the dollar amounts and percentages in the following tables may
not equal the totals due to rounding.
<PAGE>
Geographic Distribution of Loans
Aggregate
Cut-Off Date % of Pool
Number of Principal Principal
State Loans Balance Balance
- ----- ----- ------- -------
California.............................. 2,455 $149,726,794 60.55%
Florida................................. 168 9,037,609 3.65
Arizona................................. 127 7,072,098 2.86
New York................................ 113 5,639,785 2.28
Virginia................................ 102 4,862,625 1.97
Georgia................................. 75 3,776,806 1.53
Washington.............................. 69 3,600,058 1.46
North Carolina.......................... 69 3,344,299 1.35
Alabama................................. 70 3,242,870 1.31
Pennsylvania............................ 69 3,152,735 1.27
Illinois................................ 68 3,089,650 1.25
Maryland................................ 64 3,086,615 1.25
Hawaii.................................. 44 2,888,740 1.17
Michigan................................ 61 2,803,983 1.13
Colorado................................ 48 2,668,463 1.08
Kansas.................................. 47 2,232,816 0.90
Nevada.................................. 40 2,163,697 0.88
Arkansas................................ 45 2,097,245 0.85
Massachusetts........................... 41 2,068,381 0.84
Missouri................................ 43 1,976,311 0.80
Indiana................................. 37 1,847,163 0.75
Wisconsin............................... 34 1,746,905 0.71
Louisiana............................... 29 1,728,915 0.70
Ohio.................................... 42 1,719,027 0.70
Alaska.................................. 29 1,662,305 0.67
Oklahoma................................ 39 1,655,285 0.67
Minnesota............................... 32 1,627,626 0.66
Tennessee............................... 29 1,451,779 0.59
New Mexico.............................. 22 1,344,617 0.54
Utah.................................... 22 1,184,547 0.48
Kentucky................................ 29 1,170,610 0.47
Oregon.................................. 22 1,098,913 0.44
Connecticut............................. 23 1,096,957 0.44
Idaho................................... 25 1,085,451 0.44
Maine................................... 19 1,022,298 0.41
Montana................................. 18 916,586 0.37
Mississippi............................. 21 871,230 0.35
New Hampshire........................... 21 806,757 0.33
Iowa.................................... 17 745,086 0.30
Nebraska................................ 14 661,269 0.27
South Carolina.......................... 15 627,665 0.25
West Virginia........................... 11 570,922 0.23
Delaware................................ 10 433,037 0.18
South Dakota............................ 9 422,389 0.17
Vermont................................. 10 372,748 0.15
Rhode Island............................ 7 304,445 0.12
North Dakota............................ 4 246,832 0.10
Wyoming................................. 5 202,181 0.08
District of Columbia.................... 1 84,859 0.03
New Jersey.............................. 1 35,000 0.01
----- ------------ -------
Total................................ 4,415 $247,274,980 100.00%
===== ============ =======
<PAGE>
Cut-Off Date Principal Balances
Aggregate % of
Cut-Off Date Pool
Number of Principal Principal
Range of Cut-Off Date Principal Balances Loans Balance Balance
- ---------------------------------------- ----- ------- -------
$10,000.01 to $20,000.................... 267 $ 4,582,707 1.85%
$20,000.01 to $30,000.................... 662 17,441,291 7.05
$30,000.01 to $40,000.................... 742 26,548,047 10.74
$40,000.01 to $50,000.................... 674 31,373,043 12.69
$50,000.01 to $60,000.................... 485 27,162,223 10.98
$60,000.01 to $70,000.................... 363 23,882,312 9.66
$70,000.01 to $80,000.................... 331 25,001,798 10.11
$80,000.01 to $90,000.................... 396 33,598,223 13.59
$90,000.01 to $100,000................... 148 14,305,612 5.79
$100,000.01 to $110,000.................. 73 7,719,409 3.12
$110,000.01 to $120,000.................. 60 6,959,990 2.81
$120,000.01 to $130,000.................. 125 15,580,053 6.30
$130,000.01 to $140,000.................. 12 1,619,375 0.65
$140,000.01 to $150,000.................. 77 11,500,899 4.65
----- ----------- -------
Total................................. 4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the average Cut-Off Date Principal Balance of the
Loans was approximately $56,008.
<PAGE>
Loan Rates
Aggregate
Cut-Off % of
Date Pool
Number of Principal Principal
Range of Loan Rates Loans Balance Balance
- ------------------- ----- ------- -------
8.001% to 8.500%.................... 29 $ 1,315,285 0.53%
8.501% to 9.000%.................... 41 2,134,927 0.86
9.001% to 9.500%.................... 194 9,579,098 3.87
9.501% to 10.000%................... 276 14,561,159 5.89
10.001% to 10.500%................... 198 9,900,745 4.00
10.501% to 11.000%................... 212 11,099,101 4.49
11.001% to 11.500%................... 253 14,494,399 5.86
11.501% to 12.000%................... 484 27,172,547 10.99
12.001% to 12.500%................... 484 28,154,455 11.39
12.501% to 13.000%................... 474 29,951,642 12.11
13.001% to 13.500%................... 499 28,980,190 11.72
13.501% to 14.000%................... 464 29,492,981 11.93
14.001% to 14.500%................... 256 14,255,149 5.76
14.501% to 15.000%................... 300 14,146,743 5.72
15.001% to 15.500%................... 69 3,699,500 1.50
15.501% to 16.000%................... 80 4,379,389 1.77
16.001% to 16.500%................... 56 2,600,299 1.05
16.501% to 17.000%................... 15 523,847 0.21
17.001% to 17.500%................... 22 627,207 0.25
17.501% to 18.000%................... 9 206,316 0.08
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the weighted average Loan Rate of the Loans was
approximately 12.60% per annum.
Lien Priority
Aggregate
Cut-Off % of
Date Pool
Number of Principal Principal
Lien Priority Loans Balance Balance
- ------------- ----- ------- -------
First Lien............................ 23 1,465,392 0.59%
Second Lien........................... 4,392 $245,809,588 99.41
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
<PAGE>
Combined Loan-To-Value Ratios
Aggregate
Cut-Off % of
Date Pool
Number of Principal Principal
Range of Combined Loan-to-Value Ratios Loans Balance Balance
- -------------------------------------- ----- ------- -------
10.01% to 15.00%..................... 1 $ 27,069 0.01%
20.01% to 25.00%..................... 5 195,711 0.08
25.01% to 30.00%..................... 3 93,794 0.04
30.01% to 35.00%..................... 3 102,256 0.04
35.01% to 40.00%..................... 3 236,464 0.10
40.01% to 45.00%..................... 4 222,997 0.09
45.01% to 50.00%..................... 7 441,067 0.18
50.01% to 55.00%..................... 4 200,571 0.08
55.01% to 60.00%..................... 7 239,002 0.10
60.01% to 65.00%..................... 17 729,667 0.30
65.01% to 70.00%..................... 13 782,861 0.32
70.01% to 75.00%..................... 9 399,011 0.16
75.01% to 80.00%..................... 32 1,516,850 0.61
80.01% to 85.00%..................... 57 2,358,372 0.95
85.01% to 90.00%..................... 125 5,363,391 2.17
90.01% to 95.00%..................... 191 8,040,993 3.25
95.01% to 100.00%.................... 319 15,055,841 6.09
100.01% to 105.00%.................... 410 20,192,042 8.17
105.01% to 110.00%.................... 508 26,145,565 10.57
110.01% to 115.00%.................... 640 35,724,263 14.45
115.01% to 120.00%.................... 772 45,606,730 18.44
120.01% to 125.00%.................... 1,283 83,456,815 33.75
125.01% or greater.................... 2 143,646 0.06
----- ------------ -------
4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the weighted average Combined Loan-to-Value Ratio
of the Loans was approximately 112.39%.
<PAGE>
Superior Lien Balance*
Aggregate % of
Number Cut-Off Date Pool
of Principal Principal
Range of Superior Lien Balance Loans Balance Balance
- ------------------------------ ----- ------- --------
Not applicable.......................... 23 $ 1,465,392 0.59%
$ 50,000 or Less........................ 313 14,348,490 5.80
$ 50,000.01 to $100,000 ................ 1,351 64,327,790 26.01
$100,000.01 to $150,000 ................ 1,325 71,291,446 28.83
$150,000.01 to $200,000 ................ 875 54,162,777 21.90
$200,000.01 to $250,000 ................ 298 21,004,753 8.49
$250,000.01 to $300,000 ................ 111 8,823,860 3.57
$300,000.01 or greater ................. 119 11,850,473 4.79
----- ------------ ------
Total................................ 4,415 $247,274,980 100.00%
===== ============ ======
- ----------
* Determined as of the date of origination of the Loan.
As of the Cut-Off Date, the weighted average balance of the superior liens on
the Mortgaged Properties was approximately $144,043.
Months Since Origination
Aggregate
Cut-Off % of
Number Date Pool
Range of of Principal Principal
Loan Age (in months) Loans Balance Balance
- -------------------- ----- ------- -------
Less than one......................... 252 $ 13,493,400 5.46%
1 to 3................................ 1,516 90,535,946 36.61
4 to 6................................ 1,685 92,716,154 37.50
7 or greater.......................... 962 50,529,480 20.43
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the weighted average number of months since
origination of the Loans was approximately 4 months.
Remaining Terms to Maturity
Aggregate
Cut-Off % of
Number Date Pool
Range of Remaining of Principal Principal
Terms to Maturity (in months) Loans Balance Balance
- ----------------------------- ----- ------- -------
91 to 120.............................. 11 $ 464,378 0.19%
151 to 180............................. 1,044 45,615,611 18.45
211 to 240............................. 418 24,838,204 10.04
271 to 300............................. 2,940 176,279,651 71.29
331 to 360............................. 2 77,136 0.03
----- ------------ -------
Total............................... 4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the weighted average remaining term to maturity of
the Loans was approximately 267 months.
<PAGE>
Original Terms to Maturity
Aggregate
Cut-Off % of
Range of Number Date Pool
Original Term of Principal Principal
to Maturity (in months) Loans Balance Balance
- ----------------------- ----- ------- -------
91 to 120............................. 11 $ 464,378 0.19%
151 to 180............................ 1,044 45,615,611 18.45
211 to 240............................ 418 24,838,204 10.04
271 to 300............................ 2,940 176,279,651 71.29
331 to 360............................ 2 77,136 0.03
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the weighted average original term to maturity of the
Loans was approximately 272 months.
Credit Score
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Range of Credit Scores Loans Balance Balance
- ---------------------- ----- ------- -------
620 to 639............................ 29 $ 860,561 0.35%
640 to 659............................ 396 14,122,791 5.71
660 to 679............................ 1,062 61,067,776 24.70
680 to 699............................ 1,016 63,718,306 25.77
700 to 719............................ 826 48,203,246 19.49
720 to 739............................ 616 35,030,498 14.17
740 to 759............................ 303 15,831,659 6.40
760 to 779............................ 127 6,645,162 2.69
780 to 799............................ 38 1,751,408 0.71
800 to 819............................ 2 43,572 0.02
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
As of the Cut-Off Date, the weighted average Credit Score as determined at
origination of the Loans was approximately 698.
<PAGE>
Debt-to-Income Ratio
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Range of Debt-to-Income Ratios Loans Balance Balance
- ------------------------------ ----- ------- -------
20.00 or less.......................... 51 $3,108,597 1.26%
20.01 to 25.00......................... 107 4,763,000 1.93
25.01 to 30.00......................... 275 14,132,997 5.72
30.01 to 35.00......................... 531 27,065,853 10.95
35.01 to 40.00......................... 743 39,690,632 16.05
40.01 to 45.00......................... 1,136 61,687,414 24.95
45.01 to 50.00......................... 1,538 94,677,226 38.29
Greater than 50.00..................... 34 2,149,261 0.87
------ ------------ -------
Total............................... 4,415 $247,274,980 100.00%
====== ============ =======
As of the Cut-Off Date, the weighted average debt-to-income ratio as
calculated at origination of the Loans was approximately 41.30%.
Prepayment Penalty
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Prepayment Penalty Loans Balance Balance
- ------------------ ----- ------- -------
Prepayment Penalty.................... 3,295 $190,013,197 76.84%
No Prepayment Penalty................. 1,120 57,261,784 23.16
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
Program Type
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Program Type Loans Balance Balance
- ------------ ----- ------- -------
Cash Out.............................. 4,084 $236,047,870 95.46%
Debt Consolidation.................... 271 9,436,093 3.82
Home Improvement...................... 60 1,791,017 0.72
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
<PAGE>
Age of Borrower*
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Range of Age of Borrower Loans Balance Balance
- ------------------------ ----- ------- -------
0 to 19................................ 1 $14,995 0.01%
20 to 29............................... 438 18,316,207 7.41
30 to 39............................... 1,622 84,835,550 34.31
40 to 49............................... 1,456 87,021,640 35.19
50 to 59............................... 669 42,872,565 17.34
60 or greater.......................... 229 14,214,023 5.75
----- ------------ -------
Total............................... 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
As of the Cut-Off Date, the weighted average age of the borrowers under the
Loans was approximately 42.54 years.
Years at Present Job*
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Range of Years Borrower at Present Job Loans Balance Balance
- -------------------------------------- ----- ------- -------
0.000 to 2.000......................... 906 $ 45,471,336 18.39%
2.001 to 4.000......................... 639 34,209,271 13.83
4.001 to 6.000......................... 474 25,255,825 10.21
6.001 to 8.000......................... 397 22,393,897 9.06
8.001 to 10.000........................ 453 26,303,145 10.64
10.001 to 12.000....................... 277 16,639,745 6.73
12.001 to 14.000....................... 210 11,641,300 4.71
14.001 to 16.000....................... 199 11,406,717 4.61
16.001 to 18.000....................... 149 9,122,602 3.69
18.001 to 20.000....................... 165 10,328,588 4.18
Greater than 20.000.................... 354 24,180,580 9.78
Not applicable......................... 33 1,519,418 0.61
Retired................................ 159 8,802,557 3.56
----- ------------ -------
Total............................... 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
As of the Cut-Off Date, the weighted average number of years the borrowers
were employed at present job was approximately 9.00 years.
<PAGE>
Borrower Employment Types*
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Borrower Employment Types Loans Balance Balance
- ------------------------- ----- ------- -------
Salaried.............................. 4,194 $231,447,461 93.60%
Self Employed......................... 221 15,827,519 6.40
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
Years Borrower Residing at Mortgaged Property*
Aggregate
Cut-Off % of
Range of Years Number Date Pool
Borrower Residing at of Principal Principal
Mortgaged Property Loans Balance Balance
- ------------------ ----- ------- -------
0.000 to 1.000........................ 978 $45,731,810 18.49%
1.001 to 2.000........................ 623 31,554,897 12.76
2.001 to 3.000........................ 453 23,680,815 9.58
3.001 to 4.000........................ 382 21,460,618 8.68
4.001 to 5.000........................ 330 20,032,541 8.10
5.001 to 6.000........................ 244 14,017,511 5.67
6.001 to 7.000........................ 204 13,015,832 5.26
7.001 to 8.000........................ 209 12,713,620 5.14
8.001 to 9.000........................ 177 11,051,277 4.47
9.001 to 10.000....................... 178 11,264,918 4.56
10.001 to 11.000...................... 109 7,806,738 3.16
11.001 to 12.000...................... 95 5,811,788 2.35
12.001 to 13.000...................... 53 3,514,290 1.42
Greater than 13.000 .................. 380 25,618,325 10.36
----- ------------ -------
Total ............................. 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
As of the Cut-Off Date, the weighted average number of years the borrowers
were residing at the Mortgaged Property was approximately 6.25 years.
<PAGE>
Marital Status*
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Marital Status Loans Balance Balance
- -------------- ----- ------- -------
Married............................... 3,492 $200,445,905 81.06%
Not Married........................... 923 46,829,076 18.94
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
Number of Dependents*
Aggregate
Cut-Off % of
Number Date Pool
Number of Dependents of Principal Principal
of Borrower Loans Balance Balance
- ----------- ----- ------- -------
0..................................... 3,015 $167,091,045 67.57%
1..................................... 508 28,265,391 11.43
2..................................... 591 34,006,630 13.75
3..................................... 232 13,483,010 5.45
Greater than 3........................ 69 4,428,905 1.79
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
As of the Cut-Off Date, the weighted average number of dependents of the
borrowers is approximately 0.63.
<PAGE>
Borrower's Income*
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Range of Borrower's Monthly Income Loans Balance Balance
- ---------------------------------- ----- ------- -------
$2,000 or less...................... 58 $ 1,526,028 0.62%
$2,000.01 to $3,000................. 356 12,087,755 4.89
$3,000.01 to $4,000................. 706 29,238,803 11.82
$4,000.01 to $5,000................. 842 41,929,868 16.96
$5,000.01 to $6,000................. 734 40,799,441 16.50
$6,000.01 to $7,000................. 576 35,169,875 14.22
$7,000.01 to $8,000................. 390 25,140,507 10.17
$8,000.01 to $9,000................. 263 19,444,724 7.86
$9,000.01 to $10,000................ 157 12,273,006 4.96
Greater than $10,000................ 333 29,664,973 12.00
----- ------------ -------
Total............................ 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Based on information provided by the borrower in the borrower's loan
application.
As of the Cut-Off Date, the weighted average monthly income of the
borrowers is approximately $6,733.
Disposable Income of Borrower*
Aggregate
Cut-Off % of
Number Date Pool
Range of Disposable Monthly Income of Principal Principal
of Borrower Loans Balance Balance
- ----------- ----- ------- -------
$2,000 or less........................ 761 $29,114,764 11.77%
$2,000.01 to $3,000................... 1,358 67,755,435 27.40
$3,000.01 to $4,000................... 994 57,641,377 23.31
$4,000.01 to $5,000................... 573 37,496,269 15.16
$5,000.01 to $6,000................... 309 21,082,909 8.53
$6,000.01 to $7,000................... 181 13,415,811 5.43
$7,000.01 to $8,000................... 82 6,740,683 2.73
$8,000.01 to $9,000................... 54 4,215,956 1.70
$9,000.01 to $10,000.................. 26 2,296,680 0.93
Greater than $10,000.................. 77 7,515,097 3.04
----- ------------ -------
Total.............................. 4,415 $247,274,980 100.00%
===== ============ =======
- ----------
* Determined on a pretax basis by subtracting the borrower's monthly debt
service on outstanding debt from the borrower's monthly income.
As of the Cut-Off Date, the weighted average disposable monthly income of
the borrowers is approximately $4,034.
<PAGE>
Remittance Type
Aggregate
Cut-Off % of
Number Date Pool
of Principal Principal
Remittance Type Loans Balance Balance
- --------------- ----- ------- -------
Electronic Funds Transfer............. 4,031 $226,275,256 91.51%
Non-Electronic Funds Transfer......... 384 20,999,725 8.49
----- ------------ -------
4,415 $247,274,980 100.00%
===== ============ =======
Origination Method
Aggregate % of
Cut-Off Original
Number Date Pool
of Principal Principal
Origination Method Loans Balance Balance
- ------------------ ----- ------- -------
Retail................................ 3,128 $156,696,424 63.37%
Correspondent......................... 880 60,209,439 24.35
Wholesale............................. 407 30,369,117 12.28
----- ------------ -------
4,415 $247,274,980 100.00%
===== ============ =======
To the extent that the above information was provided by the borrower in the
borrower's loan application, no representation is made as to the accuracy of
such information by DiTech, the Depositor or any other person.
