<PAGE> 1
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) September 8, 1998
Advanta Mortgage Loan Trust 1998-3
(Exact name of registrant as specified in its charter)
New York Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Advanta Mortgage Conduit 92127
Services, Inc. (Zip Code)
Attention: Carl Forsyth
16875 West Bernardo Drive
San Diego, California
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (619) 674-1800
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
In connection with the offering of Advanta Mortgage Loan Trust 1998-3
Mortgage Loan Asset-Backed Certificates, Series 1998-3, described in a
Prospectus Supplement to be dated as of September 15, 1998, 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).
<PAGE> 3
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.
ADVANTA MORTGAGE LOAN TRUST 1998-3
By: Advanta Mortgage Conduit Services,
Inc., as Sponsor
By: /s/ Mark T. Dunsheath
-----------------------------
Name: Mark T. Dunsheath
Title: Vice President
Dated: September 10, 1998
<PAGE> 4
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
99.1 Related Computational Materials (as 5
defined in Item 5 above).
<PAGE> 1
EXHIBIT 99.1
$500,000,000
(APPROXIMATE)
ADVANTA MORTGAGE LOAN TRUST 1998-3
$500,000,000 Adjustable Rate Class A-1 Group I Certificates
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
ADVANTA MORTGAGE CONDUIT SERVICES, INC. ("ADVANTA CONDUIT")
DEPOSITOR
ADVANTA MORTGAGE CORP. USA ("ADVANTA")
SPONSOR AND MASTER SERVICER
Computational Materials
Neither the Issuer of the Certificates nor any of its affiliates make any
representation as to the accuracy or completeness of the information herein. 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 addresses only certain
aspects of the applicable security's characteristics and thus does not provide a
complete assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. The assumptions underlying the
information, including structure and collateral, may be modified from time to
time to reflect changed circumstances. The attached term sheet is not intended
to be a Prospectus and any investment decision with respect to the Certificates
should be made by you based solely upon all of the information contained in the
final Prospectus. Under no circumstances shall the information presented
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction. The securities may not be sold
nor may an offer to buy be accepted prior to the delivery of a final Prospectus
relating to the securities. All information described herein is preliminary,
limited in nature and subject to completion or amendment. No representation is
made that the above referenced securities will actually perform as described in
any scenario presented. The Depositor has not prepared, reviewed or participated
in the preparation hereof, is not responsible for the accuracy hereof and has
not authorized its dissemination. A final Prospectus and Prospectus supplement
may be obtained by contacting Salomon Smith Barney Syndicate Desk at (212)
783-3727.
<PAGE> 2
- --------------------------------------------------------------------------------
CERTIFICATES
APPROXIMATE SIZE: $500,000,000
- --------------------------------------------------------------------------------
TITLE OF SECURITIES: Advanta Mortgage Loan Trust 1998-3, Class A-1
Group I Floating Rate Certificates
DESCRIPTION OF COLLATERAL: This MBIA-wrapped transaction is supported by
a pool of adjustable rate, first and second
lien Mortgages ("ARMs"). The aggregate Cut-off
Date principal balance of the loans (initial
loans) is expected to be approximately
$400,000,000. The expected principal balance
of subsequent loans to be funded
("prefunding") is expected to be
approximately, $105,562,000.
PREPAYMENT ASSUMPTION: 25% CPR
Actual prepayments may vary
AVG. LIFE TO CALL (APP.): 2.92 years
AVG. LIFE TO MATURITY (APP.): 3.18 years
EXPECTED MATURITY (TO CALL): August 2006
EXPECTED MATURITY
(TO MATURITY): April 2016
COUPON: 1M LIBOR + [ ] bps *
COUPON DAY COUNT: Actual/360
STEP UP COUPON: If the 10% clean up call is not exercised the
Certificates spread to LIBOR steps up to 2
times its initial spread.
INTEREST CARRY FORWARD The Supplemental Interest Amount with interest
accrued at the pass through rate, may be paid
with monies' otherwise due certain R
Certificates, subject to certain limitations
described in the Prospectus supplement.
* Subject to the lesser of: 1) 1 M LIBOR + [ ] bps; and 2) Available Funds Cap
(calculated using the weighted average of the loan rates net of servicing fees,
other ongoing fees of the trust and surety carveout of 75 bps after 6 months).
Any difference (subject to the Maximum Rate) will be carried forward, i.e. the
Supplemental Interest Amount.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 3
LEGAL FINAL: [October 2029]
PRICING DATE: September 9/10, 1998
SETTLEMENT DATE: September 23, 1998
CLEAN-UP CALL: The Master Servicer will have the right to
purchase from the trust all collateral, within
certain limitations on any remittance date
after the outstanding aggregate mortgage
balances of the mortgage loans in the trust
has declined to 10% or less of the original
mortgage balance of the trust.
FORM OF CERTIFICATES: Book entry form, same day funds (through DTC,
CEDEL or Euroclear).
MASTER SERVICER: Advanta Mortgage Corp. USA ("Advanta")
SERVICING FEE: 50 basis points per annum.
TRUSTEE: Bankers Trust Company of California
PAYMENT DATE: The 25th day of each month or, if such day is
not a business day, the next succeeding
business day, beginning in October, 1998.
PAYMENT DELAY: No payment delay.
INTEREST ACCRUAL PERIOD: 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. For the first payment date, October,
1998, the Certificates will accrue interest
from the settlement date, to October 25, 1998.
CERTIFICATE RATINGS: The Certificates will be rated AAA/Aaa by
Standard & Poor's and Moody's, respectively.
CERTIFICATE INSURER: MBIA. MBIA's claims-paying ability is rated
AAA/Aaa by Standard and Poor's and Moody's.
CERTIFICATE: Timely interest and ultimate principal
payments on the Certificates will be 100%
guaranteed by MBIA.
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.
TRUST TAX STATUS: REMIC Trust.
LEGAL INVESTMENT: The Certificates will not be SMMEA eligible.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 4
CREDIT ENHANCEMENT: 1) Ongoing excess spread
2) Overcollateralization, if applicable (1)
3) Cross collateralization, if applicable (1)
4) 100% wrap from MBIA guarantees timely
payment of interest and ultimate payment of
principal;
(1) As required in the Pooling and
Servicing Agreement
PROSPECTUS: The Certificates are being offered pursuant to
a Prospectus supplemented by 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.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 5
Weighted Average Life Sensitivity Table
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
PREPAYMENT - CPR 0% 10% 20% 25% 30% 40% 50%
TO CALL (10%)
- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Weighted average life 20.89 7.26 3.70 2.92 2.37 1.67 1.22
Paydown window 347 228 120 95 77 54 40
Expected final Aug-27 Sep-17 Sep-08 Aug-06 Feb-05 Mar-03 Jan-02
<CAPTION>
TO MATURITY
- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Weighted average life 20.93 7.65 4.03 3.18 2.59 1.82 1.34
Paydown window 358 347 261 211 174 123 92
Expected final Jul-28 Aug-27 Jun-20 Apr-16 Mar-13 Dec-08 May-06
- ---------------------------------------------------------------------------------------------------------
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 6
STATISTICAL CALCULATION DATE -
GROUP I POOL
<TABLE>
<S> <C>
Principal Amount $275,521,082.63
Average Loan Balance $98,823.92
Max Loan Size $649,704.69
Lien Status 99.96% 1st / .04 2nd
Loan Type 99.96% Non-Balloon
0.04% Balloon Contracts
Property Type 89.21% Single Family
Occupancy 96.15% Owner Occupied
Weighted Avg. CLTV 80.71%
Coupon Range 6.38% - 16.45
Index 1.84% 12M CMT
98.16% 6M LIBOR
Weighted Average Coupon 10.16%
Gross Margin Range 2.12 - 11.40%
Average Gross Margin 6.18%
Wtd. Ave. Rem. Mat. 356.25 months
Weighted Ave. Seasoning 1.67 months
Top State Concentrations 15.56% CA, 12.44% MI,
5.78% FL, 5.57% OH, 5.06%
IL, 5.02% WA
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 7
GROUP I
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
% OF AGGREGATE
NUMBER OF MORTGAGE AGGREGATE PRINCIPLE BALANCE PRINCIPLE
STATE LOANS BALANCE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 6 $ 568,798.15 0.21%
Alaska 4 595,145.90 0.22
Arizona 66 6,068,759.94 2.20
Arkansas 9 480,994.87 0.17
California 242 42,878,146.76 15.56
Colorado 85 9,173,290.17 3.33
Connecticut 28 3,180,900.48 1.15
Delaware 10 1,134,849.74 0.41
District of Columbia 2 183,378.59 0.07
Florida 177 15,929,986.69 5.78
Georgia 37 3,473,817.52 1.26
Idaho 31 2,697,000.00 0.98
Illinois 135 13,955,122.62 5.06
Indiana 97 6,266,783.03 2.27
Iowa 8 427,041.15 0.15
Kansas 15 1,117,671.40 0.41
Kentucky 21 1,584,407.04 0.58
Louisiana 14 1,564,561.57 0.57
Maine 10 767,967.43 0.28
Maryland 60 6,431,994.45 2.33
Massachusetts 35 4,076,526.86 1.48
Michigan 459 34,287,727.88 12.44
Minnesota 18 1,570,877.85 0.57
Mississippi 9 595,243.93 0.22
Missouri 40 2,680,723.50 0.97
Montana 8 840,096.33 0.30
Nebraska 1 54,000.00 0.02
Nevada 86 10,415,774.63 3.78
New Hampshire 5 431,062.18 0.16
New Jersey 89 11,616,729.04 4.22
New Mexico 16 1,243,827.10 0.45
New York 56 7,045,986.83 2.56
North Carolina 49 3,931,099.26 1.43
North Dakota 2 154,878.00 0.06
Ohio 212 15,356,363.15 5.57
Oklahoma 31 2,353,593.74 0.85
Oregon 70 7,941,302.80 2.88
Pennsylvania 133 11,209,391.43 4.07
Rhode Island 15 1,162,325.85 0.42
South Carolina 16 1,707,561.03 0.62
South Dakota 1 39,968.75 0.01
Tennessee 29 2,707,601.28 0.98
Texas 53 4,820,405.84 1.75
Utah 62 7,220,197.24 2.62
Vermont 1 202,630.41 0.07
Virginia 38 3,988,881.34 1.45
Washington 114 13,820,382.40 5.02
West Virginia 7 459,003.87 0.17
Wisconsin 74 4,995,883.00 1.81
Wyoming 2 110,418.61 0.04
- ----------------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
275,521,081.63
</TABLE>
(1) Values may not equal 100% due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 8
GROUP I POOL
DISTRIBUTION OF PRINCIPLE BALANCES
<TABLE>
<CAPTION>
RANGE ON PRINCIPLE NUMBER OF MORTGAGE LOANS % OF AGGREGATE
BALANCES BALANCE PRINCIPLE BALANCE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
14 - 5,000 1 $ 14.56 0.00%
10,001 - 15,000 3 44,486.59 0.02
15,001 - 20,000 15 269,754.55 0.10
20,001 - 25,000 33 758,162.07 0.28
25,001 - 30,000 62 1,744,510.35 0.63
30,001 - 35,000 69 2,253,562.66 0.82
35,001 - 40,000 105 3,980,244.41 1.44
40,001 - 45,000 118 5,061,938.79 1.84
45,001 - 50,000 136 6,517,995.97 2.37
50,001 - 55,000 123 6,479,790.90 2.35
55,001 - 60,000 132 7,585,506.93 2.75
60,001 - 65,000 158 9,933,429.67 3.61
65,001 - 70,000 120 8,135,939.23 2.95
70,001 - 75,000 134 9,727,882.63 3.53
75,001 - 80,000 142 11,010,354.17 4.00
80,001 - 85,000 109 9,033,096.57 3.28
85,001 - 90,000 110 9,622,304.05 3.49
90,001 - 95,000 104 9,635,803.17 3.50
95,001 - 100,000 106 10,363,398.17 3.76
100,001 - 150,000 614 74,444,654.34 27.02
150,001 - 200,000 193 33,156,247.10 12.03
200,001 - 250,000 99 22,017,066.12 7.99
250,001 - 300,000 47 12,710,498.62 4.61
300,001 - 350,000 27 8,725,534.74 3.17
350,001 - 400,000 13 4,933,016.34 1.79
400,001 - 450,000 7 3,004,497.50 1.09
450,001 - 500,000 4 1,895,884.63 0.69
500,001 - 550,000 1 527,200.00 0.19
600,001 - 649,705 3 1,948,306.80 0.71
- -----------------------------------------------------------------------------------
Totals 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
Minimum: $14.56
Maximum: $649,704.69
Weighted Average by Current Balance: $98,823.92
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 9
GROUP I POOL
DISTRIBUTION OF COUPON RATES
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PRINCIPLE % OF AGGREGATE
RANGE OF COUPON RATES MORTGAGE LOANS BALANCE PRINCIPLE BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
6.375 - 7.000 3 $ 379,010.05 0.14%
7.001 - 8.000 71 8,287,530.52 3.01
8.001 - 9.000 401 47,860,631.16 17.37
9.001 - 10.000 752 84,107,745.63 30.53
10.001 - 11.000 810 76,052,316.19 27.60
11.001 - 12.000 442 36,644,688.43 13.30
12.001 - 13.000 218 16,319,558.53 5.92
13.001 - 14.000 71 4,429,560.83 1.61
14.001 - 15.000 13 939,622.00 0.34
15.001 - 16.000 5 427,648.98 0.16
16.001 - 16.450 2 72,769.31 0.03
- --------------------------------------------------------------------------------
Totals 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
Minimum: 6.375%
Maximum: 16.450%
Weighted Average by Current Balance: 10.16%
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 10
GROUP I POOL
DISTRIBUTION OF CLTV
<TABLE>
<CAPTION>
RANGE OF CLTV RATIOS NUMBER OF AGGREGATE PRINCIPLE % OF AGGREGATE PRINCIPLE
MORTGAGE LOANS BALANCE BALANCE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
20.45 - 50.00 60 $ 3,233,496.58 1.17%
50.01 - 55.00 30 2,088,552.20 0.76
55.01 - 60.00 59 3,972,123.34 1.44
60.01 - 65.00 81 6,397,142.19 2.32
65.01 - 70.00 167 13,173,413.31 4.78
70.01 - 75.00 309 29,585,693.33 10.74
75.01 - 80.00 798 77,320,958.19 28.06
80.01 - 85.00 806 83,216,935.46 30.20
85.01 - 90.00 464 54,724,307.49 19.86
90.01 - 95.00 14 1,808,459.54 0.66
- --------------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
Minimum: 20.45%
Maximum: 95.00%
Weighted Average by Current Balance: 80.71%
GROUP I POOL
DISTRIBUTION OF LTV
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PRINCIPLE % OF AGGREGATE PRINCIPLE
RANGE OF LTV RATIOS MORTGAGE LOANS BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
20.45 - 50.00 62 $ 3,339,060.13 1.21%
50.01 - 55.00 30 2,088,552.20 0.76
55.01 - 60.00 59 3,972,123.34 1.44
60.01 - 65.00 81 6,397,142.19 2.32
65.01 - 70.00 167 13,173,413.31 4.78
70.01 - 75.00 309 29,585,693.33 10.74
75.01 - 80.00 797 77,298,574.92 28.06
80.01 - 85.00 806 83,216,935.46 30.20
85.01 - 90.00 463 54,641,127.21 19.83
90.01 - 95.00 14 1,808,459.54 0.66
- ------------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
Minimum: 20.45%
Maximum: 95.00%
Weighted Average by Current Balance: 80.70%
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 11
GROUP I POOL
REMAINING TERM TO MATURITY DISTRIBUTION
<TABLE>
<CAPTION>
RANGE TERM NUMBER OF MORTGAGE AGGREGATE PRINCIPLE % OF AGGREGATE
TO MATURITY LOANS BALANCE PRINCIPLE BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
132 - 132 1 $ 22,383.27 0.01%
169 - 180 26 1,599,238.20 0.58
217 - 228 3 180,893.80 0.07
229 - 240 27 1,726,749.28 0.63
253 - 264 1 64,600.00 0.02
277 - 288 1 64,500.00 0.02
289 - 300 7 659,139.28 0.24
325 - 336 1 68,355.72 0.02
337 - 348 3 184,620.13 0.07
349 - 360 2,718 270,950,601.95 98.34
- --------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
Minimum: 132.00
Maximum: 360.00
Weighted Average by Current Balance: 356.25
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 12
GROUP I POOL
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PRINCIPLE % OF AGGREGATE PRINCIPLE
SEASONING MORTGAGE LOANS BALANCE BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
0 - 6 2,767 $273,507,341.06 99.27%
7 - 12 17 1,806,737.17 0.66
13 - 18 3 184,620.13 0.07
163 - 168 1 22,383.27 0.01
- --------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
Minimum: 0.00
Maximum: 168.00
Weighted Average by Current Balance: 1.67
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 13
GROUP I POOL
MARGIN DISTRIBUTION
<TABLE>
<CAPTION>
MARGIN RANGE NUMBER OF MORTGAGE AGGREGATE PRINCIPLE % OF AGGREGATE
LOANS BALANCE PRINCIPLE BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
2.12 - 3.00 74 $ 7,719,429.15 2.80%
3.01 - 4.00 98 10,967,687.13 3.98
4.01 - 5.00 408 42,783,091.28 15.53
5.01 - 6.00 717 71,929,714.99 26.11
6.01 - 7.00 695 67,941,939.30 24.66
7.01 - 8.00 461 46,292,300.14 16.80
8.01 - 9.00 219 18,227,761.31 6.62
9.01 - 10.00 96 8,043,849.93 2.92
10.01 - 11.00 19 1,576,829.29 0.57
11.01 - 11.40 1 38,479.11 0.01
- --------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 14
GROUP I POOL
LIFETIME FLOOR DISTRIBUTION
<TABLE>
<CAPTION>
LIFETIME FLOOR RANGE NUMBER OF MORTGAGE AGGREGATE PRINCIPLE % OF AGGREGATE
LOANS BALANCE PRINCIPLE BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
2.700 - 2.999 1 $ 31,365.00 0.01%
3.500 - 3.999 2 186,145.99 0.07
4.000 - 4.499 26 2,649,566.19 0.96
4.500 - 4.999 51 5,030,077.40 1.83
5.000 - 5.499 102 9,597,449.51 3.48
5.500 - 5.999 134 11,971,639.27 4.35
6.000 - 6.499 40 3,574,286.79 1.30
6.500 - 6.999 43 3,214,652.42 1.17
7.000 - 7.499 31 2,801,617.10 1.02
7.500 - 7.999 260 25,920,356.21 9.41
8.000 - 8.499 73 8,205,371.99 2.98
8.500 - 8.999 229 26,883,611.44 9.76
9.000 - 9.499 188 21,752,482.80 7.90
9.500 - 9.999 340 40,555,128.10 14.72
10.000 - 10.499 274 27,455,697.07 9.97
10.500 - 10.999 359 35,395,472.43 12.85
11.000 - 11.499 210 17,055,338.70 6.19
11.500 - 11.999 170 14,584,298.31 5.29
12.000 - 12.499 105 8,257,616.79 3.00
12.500 - 12.999 76 5,509,553.78 2.00
13.000 - 13.499 40 2,572,514.74 0.93
13.500 - 13.999 21 1,346,734.47 0.49
14.000 - 14.499 8 678,457.32 0.25
14.500 - 14.999 2 36,878.50 0.01
15.000 - 15.499 1 182,000.00 0.07
16.000 - 16.450 2 72,769.31 0.03
- -------------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 15
GROUP I POOL
NEXT RATE ADJUSTMENT DATE
<TABLE>
<CAPTION>
DATE NUMBER OF MORTGAGE AGGREGATE PRINCIPLE % OF AGGREGATE
LOANS BALANCE PRINCIPLE BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Aug-98 1 $ 22,383.27 0.01%
Sep-98 1 38,984.87 0.01
Oct-98 13 1,687,343.29 0.61
Nov-98 25 3,043,072.03 1.10
Dec-98 18 1,931,580.83 0.70
Jan-99 13 1,875,650.24 0.68
Feb-99 4 339,304.40 0.12
Jun-99 1 57,768.25 0.02
Jul-99 1 74,593.83 0.03
Sep-99 2 320,075.92 0.12
Oct-99 1 78,673.81 0.03
Dec-99 1 39,771.12 0.01
Jan-00 4 486,391.53 0.18
Feb-00 11 1,169,290.31 0.42
Mar-00 14 896,231.36 0.33
Apr-00 149 14,719,841.56 5.34
May-00 187 20,222,182.26 7.34
Jun-00 357 39,036,246.00 14.17
Jul-00 400 45,164,270.75 16.39
Aug-00 144 16,317,503.84 5.92
Dec-00 1 33,526.11 0.01
Jan-01 3 462,921.40 0.17
Feb-01 10 993,942.35 0.36
Mar-01 13 1,419,908.42 0.52
Apr-01 51 5,138,681.90 1.87
May-01 80 9,886,723.38 3.59
Jun-01 294 24,847,893.90 9.02
Jul-01 485 40,363,687.51 14.65
Aug-01 242 19,563,920.14 7.10
Jan-03 1 114,512.43 0.04
Feb-03 1 66,932.29 0.02
Mar-03 2 218,223.54 0.08
Apr-03 7 641,934.85 0.23
May-03 12 931,525.10 0.34
Jun-03 60 5,062,759.03 1.84
Jul-03 116 11,591,413.79 4.21
Aug-03 63 6,661,416.02 2.42
- --------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
<PAGE> 16
GROUP I POOL
PROPERTY TYPE DISTRIBUTION
<TABLE>
<CAPTION>
PROPERTY TYPE NUMBER OF AGGREGATE PRINCIPLE % OF AGGREGATE PRINCIPLE
MORTGAGE LOANS BALANCE BALANCE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
2 Unit 75 $ 7,185,361.25 2.61%
3-4 Unit 21 2,517,329.47 0.91
Blanket Mortgages (<3) 4 524,414.92 0.19
Blanket Mortgages (3+) 1 254,766.36 0.09
Condo 101 9,892,166.85 3.59
Manufactured 86 6,596,896.86 2.39
SFR 2,458 245,801,066.08 89.21
Townhouse 42 2,749,079.84 1.00
- ----------------------------------------------------------------------------------------
Total 2,788 $275,521,081.63 100.00%(1)
</TABLE>
(1) Values may not equal 100% due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
