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Exhibit 99.1
ABS Term Sheet
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All information in this Term Sheet, whether regarding assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in the final prospectus.
June 19, 2000
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Preliminary Structural and Collateral Term Sheet
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$167,125,500 (approximate) of Senior Certificates
First Horizon Asset Securities, Inc., Depositor
First Horizon Mortgage Pass-Through Trust Series 2000-3
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Features of the Transaction
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. Offering consists of $167,125,000 of senior securities with a
Certificate Interest Rate of 7.75% expected to be rated AAA by two of
three rating agencies: Moody's, S&P, or Fitch
. The expected amount of credit support for the senior certificates is
4.5% 0.50% in the form of subordination with a shifting interest
structure and a five year prepayment lockout.
. All collateral consists of single family, 20-year to 30-year, fixed-rate
residential, first mortgages originated or acquired by First Horizon.
. Substantially all mortgage loans with original loan-to-value
ratios greater than 80% have private mortgage insurance.
. The amount of senior certificates is approximate and may vary by up to
5%.
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Preliminary Mortgage Pool Data (approximate)
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<S> <C>
Total Outstanding Principal Balance: $175,000,000
Number of Mortgage Loans: 446/1/
Average Principal Balance of the Mortgage Loans: $ 359,000/1/
Weighted Average Annual Mortgage Interest Rate: 8.33 .1%/2/
Expected Servicing Fees for the Mortgage Loans (including Trustee Fee):
0.25%
Weighted Average Maturity: 355 2 mos/2/
Weighted Average Seasoning: 5 2 mos/2/
Weighted Average Original Loan-To-Value Ratio: 78%/1/
Owner Occupied: 94%/1/
Originated Under the Full or Alternative Documentation Program:
98%/1/
Geographic Distribution*:/1/ Type of Dwelling*:/1/
California 21% Single-Family 73%
Virginia 8 PUD 24
Washington 7 Condominium 2
Arizona 6 Two-Family 1
Maryland 6 Total 100%
Texas 6
Georgia 5
Colorado 5
Other States 37
</TABLE>
* Column totals may not add due to rounding.
/1/ Based on approximately $160mm currently available pools
/2/ Based on approximately $160mm currently available pools, plus a $25mm plug
of 8.50% wac, 360 wam, 0 wala
<TABLE>
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Key Terms
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Issuer: First Horizon Mortgage Pass-Through
Trust 2000-3
Underwriters: Goldman, Sachs & Co.
First Tennessee Securities Corp.
Depositor/Servicer: First Horizon Asset Securities, Inc.
("FHASI")
Trustee: Bank of New York
Type of Issuance: Public
Servicer Advancing: Yes, subject to recoverability
Compensating Interest: Yes, to the extent of the lesser of (i)
1/12th of 0.10% of the Pool Scheduled
Principal Balance for such Distribution
Date
Legal Investment: The senior certificates are SMMEA
eligible at settlement
Interest Accrual: Prior calendar month
Clean Up Call: 10% of the Cut-off Date principal
balance of the Mortgage Loans
ERISA Eligible: Underwriter's exemption may apply to
senior certificates, however prospective
purchasers should consult their own
counsel
Tax Treatment: Single REMIC; senior certificates are
regular interests
Structure: Senior/Subordinate; shifting interest
with a five year prepayment lockout to
junior certificates
Expected Subordination: 4.5% 0.50%
Expected Rating Agencies: Two of three : Fitch IBCA, Inc.
("Fitch"), Standard & Poor's ("S&P"),
and Moody's ("Moody's")
Minimum Denomination: Senior certificates - $25,000
Delivery: Senior certificates - DTC
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Time Table
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Expected Settlement: July 26, 2000
Cut-off Date: July 1, 2000
First Distribution Date: August 25, 2000
Distribution Date: 25th or next business day
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the securities and the assets backing any securities discussed herein
supersedes all prior information regarding such securities and assets. Any
information in the material, whether regarding the assets backing any securities
discussed herein or otherwise, will be superseded by the information included in
the final prospectus for any securities actually sold to you.
This material is furnished to you solely by Goldman, Sachs & Co., acting as
underwriter and not as agent of the issuer.
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