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: June 23, 2000
(Date of earliest event reported)
Residential Asset Mortgage Products, Inc.
----------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-91561 41-1955181
-------- --------- -------------
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
------------------------------------------------------------------------------
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
<PAGE>
-2-
Item 5. Other Events.
On June 28, 2000, the Registrant will cause the issuance and sale
of Mortgage Asset- Backed Pass-Through Certificates, Series 2000-RS2,
Class A-I-1, Class A-I-2, Class A-I-3, Class A-I-4, Class A-II, Class
SB-I, Class SB-II, Class R-I, Class R-II and Class R-III (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of June 1, 2000, among the Registrant, Residential Funding
Corporation, as Master Servicer and Bank One, National Association, as
Trustee.
In connection with the sale of the Series 2000-RS2, Class A-I-1,
Class A-I-2, Class A-I-3, Class A-I-4 and Class A-II Certificates (the
"Underwritten Certificates"), the Registrant has been advised by Bear,
Stearns & Co. Inc. and Residential Funding Securities Corporation (the
"Underwriters"), that the Underwriters have furnished to prospective
investors certain yield tables and other computational materials (the
"Computational Materials") with respect to the Underwritten Certificates
following the effective date of Registration Statement No. 333-91561,
which Computational Materials are being filed manually as exhibits to
this report.
The Computational Materials have been provided by the
Underwriters. The information in the Computational Materials is
preliminary and may be superseded by the Prospectus Supplement relating
to the Certificates and by any other information subsequently filed with
the Securities and Exchange Commission.
The Computational Materials consist of the pages that appear
after the Form SE cover sheet and the page headed "NOTICE".
The Computational Materials were prepared by the Underwriters at
the request of certain prospective investors, based on assumptions
provided by, and satisfying the special requirements of, such
prospective investors. The Computational Materials may be based on
assumptions that differ from the assumptions set forth in the Prospectus
Supplement. The Computational Materials may not include, and do not
purport to include, information based on assumptions representing a
complete set of possible scenarios. Accordingly, the Computational
Materials may not be relevant to or appropriate for investors other than
those specifically requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Certificates (the "Mortgage
Loans") may differ from the assumptions used in the Computational
Materials, which are hypothetical in nature and which were provided to
certain investors only to give a general sense of how the yield, average
life, duration, expected maturity, interest rate sensitivity and cash
flow characteristics of a particular class of Underwritten Certificates
might vary under varying prepayment and other scenarios. Any difference
between such assumptions and the actual characteristics and performance
of the Mortgage Loans will affect the actual yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of a particular class of Underwritten Certificates.
<PAGE>
-3-
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
----------- ----------- -----------
1 99 Computational Materials
<PAGE>
-4-
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/Julie Steinhagen
Name: Julie Steinhagen
Title: Vice President
Dated: June 23, 2000
<PAGE>
-5-
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
1 99 Computational Materia Filed Electronically
<PAGE>
-6-
EXHIBIT
--------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000;
212) 272-7294 fax
--------------------------------------------------------------------------------
New Issue Computational Materials
$277,531,000 (Approximate)
Mortgage Asset-Backed Pass-Through Certificates,
Series 2000-RS1
Residential Asset Mortgage Products, Inc.
Depositor
RAMP Series 2000-RS1 Trust
Issuer
Residential Funding Corporation
Seller and Master Servicer
June 14, 2000
<PAGE>
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000;
(212) 272-7294 fax
-------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER
INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumptions and
Other Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
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, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns. and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 1 of 8)
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<TABLE>
<CAPTION>
$277,531,000
(Class sizes will be subject to a 5% variance)
<S> <C> <C>
Issuer: RAMP Series 2000-RS2 Trust (the "Trust")
Depositor: Residential Asset Mortgage Products, Inc., an affiliate
of RFC.
Seller: Residential Funding Corporation (the "Seller" or "RFC"),
an indirect, wholly-owned subsidiary of GMAC Mortgage
Group, Inc.
Underwriters:
Class A-I Certificates: Bear, Stearns & Co. Inc.
Class A-II Certificates: Bear, Stearns & Co. Inc.; Residential Funding Securities
Corporation
Certificate Insurer: Ambac Assurance Corporation ("Ambac")
Master Servicer: Residential Funding Corporation (the "Master Servicer"
or "RFC"), an affiliate of the Seller and an indirect,
wholly-owned subsidiary of GMAC Mortgage Group, Inc.
Special Servicer: RFC's Asset Resolution Division ("ARD"), a division of
HomeComings Financial Network, Inc. ("HomeComings") will
act as Special Servicer with respect to approximately
67.01% of the Fixed Rate Mortgage Loans and
approximately 78.15% of the Adjustable Rate Mortgage
Loans, if and when they become 90 days or more
delinquent. HomeComings is a wholly-owned subsidiary of
RFC. The remaining Fixed Rate and Adjustable Rate
Mortgage Loans are being subserviced by other entities
as of the Cut-Off Date. ARD was awarded a "Special
Servicer" designation from Standard & Poor's and Fitch
IBCA, Inc. in March 1999.
</TABLE>
<TABLE>
<CAPTION>
Characteristics of the Certificates (a), (b), (c), (d)
------------- ------- ------------ ----------- -------- -------- --------- ---------- --------------
Original Avg PrincipalPrincipal Final
Offered Loan Principal Life Lockout Window Sch. Ratings
Certificates Group Balance** Coupon to Call (months) (months) Maturity (S&P/Fitch)
(years) Date
------------- ------- ------------ ----------- -------- -------- --------- ---------- --------------
Option I
<S> <C> <C> <C> <C> <C>
Class I $41,985,000 Floating 1.00 None 25 [7/25/14] AAA / AAA
A-I-1 (e)
Class I 26,155,000 Fixed (g) 3.00 24 24 [6/25/19] AAA / AAA
A-I-2
Class I 21,216,000 Fixed (g) 5.00 47 27 [7/25/23] AAA / AAA
A-I-3
Class I 43,961,000 Fixed (g) 8.76 73 44 [6/25/30] AAA / AAA
A-I-4
Class A-II II 144,214,000 Floating 2.80 None 117 [6/25/30] AAA / AAA
(f)
Option II
Class A-I I $133,317,000 Fixed (g) 4.59 None 117 [6/25/30] AAA / AAA
Class A-II II 144,214,000 Floating 2.80 None 117 [6/25/30] AAA / AAA
(f)
------------- ------- ------------ ----------- -------- -------- --------- ---------- --------------
</TABLE>
<TABLE>
<CAPTION>
** Bond balances subject to a 5% variance.
Notes:
<S> <C> <C>
(a) Pricing Prepayment Speed Assumption: 15% CPR (Fixed Rate Mortgage Loans); 28% CPR
(Adjustable Rate Mortgage Loans).
(b) Transaction priced to 10% clean-up call.
(c) 100% P&I guaranty by Ambac.
(d) The coupon on the Class A-I-4 Certificates will increase by 0.50% and the
margin on the Class A-II Certificates will double if the 10% clean-up
call is not exercised.
(e) One-Month LIBOR plus 0._ % per annum, subject to the Net WAC Cap Rate.
(f) The lesser of (i) One-Month LIBOR plus 0._ % per annum (prior to the Step-Down Date) and
(ii) 14%, subject to the Net WAC Cap Rate.
(g) Subject to the Net WAC Cap Rate.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 2 of 8)
--------------------------------------------------------------------------------
<S> <C>
Trustee: Bank One, National Association.
Custodian: Norwest Bank Minnesota, National Association.
The Certificates: The Trust will issue several classes of senior
Certificates (namely, the Class A-I-1 Certificates, the
Class A-I-2 Certificates, the Class A-I-3 Certificates,
and the Class A-I-4 Certificates (together, the "Group I
Certificates") and the Class A-II Certificates (together
with the Group I Certificates, the "Class A
Certificates")) and multiple subordinated and residual
certificates (the "Class SB Certificates" and the "Class
R Certificates," respectively). Neither the Class SB
Certificates nor the Class R Certificates will be
offered hereby.
Offering: The Class A Certificates will be issued publicly from a
shelf registration.
Form of Registration: The Class A Certificates will be issued in book-entry
form through DTC, Clearstream and Euroclear.
Cut-off Date: As of June 1, 2000.
Settlement Date: On or about June 28, 2000.
Distribution Date: The 25th day of each month (or the next succeeding
business day), commencing July 25, 2000.
Pass-Through Rate: With respect to the Class A-I Certificates, other than
the Class A-I-1 Certificates, the lesser of (a) the
related Certificate Rate per annum and (b) the Net WAC
Cap Rate. Interest will accrue on the Class A-I
Certificates, other than the Class A-I-1 Certificates,
during the month prior to the month of the related
Distribution Date (or from the Cut-off Date to the end
of such month in the case of the first Distribution
Date) on a 30/360-day basis.
The Pass-Through Rate on Class A-I-4
Certificates will increase by 0.50% after
the Step-Up Date. The "Step-Up Date" is the
first Distribution Date after the
Distribution Date on which the current Pool
Principal Balance declines to 10% or less of
the original Pool Principal Balance of the
aggregate Mortgage Loans.
On each Distribution Date, the Class A-I-1
Pass-Through Rate will be a per annum rate
equal to One-Month LIBOR plus __% (the
"Class A-I-1 Margin"), subject to the Net
WAC Cap Rate. Interest will accrue on the
Class A-I-1 Certificates on an actual/360
basis.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 3 of 8)
-------------------------------------------------------------------------------
<S> <C>
On each Distribution Date, the Class A-II
Pass-Through Rate will be a per annum rate
equal to the lesser of (x) with respect to
any Distribution Date which occurs prior to
the Step-Up Date, One-Month LIBOR plus __%
(the "Class A-II Margin"), and for any
Distribution Date thereafter, One-Month
LIBOR plus 2.0 times the Class A-II Margin,
and (y) 14%, subject to the Net WAC Cap
Rate. Interest will accrue on the Class A-II
Certificates on an actual/360 basis.
Net WAC Cap Rate: With respect to any
Distribution Date and the Class A-I
Certificates and the Class A-II
Certificates, the weighted average of the
Net Mortgage Rates of the Group I Mortgage
Loans and Group II Mortgage Loans,
respectively.
Net Mortgage Rate: With respect to any mortgage loan, the mortgage rate
thereon minus (i) the rates at which the master
servicing and subservicing fees are paid and (ii) the
rates at which the related premium for the certificate
guaranty insurance policy and the limited reimbursement
agreement are paid, in each case, expressed as a
percentage of the Stated Principal Balance of the
mortgage loans in the related loan group.
Assets of the Trust: On the Closing Date, the assets of the Trust are
expected to include: (i) the Mortgage Loans (consisting
of the Group I Mortgage Loans and the Group II Mortgage
Loans); (ii) such assets as from time to time are
identified as deposited in respect of the Mortgage Loans
in the Custodial Account and in the Certificate Account
and belonging to the Trust; (iii) property acquired by
foreclosure of such Mortgage Loans or deed in lieu of
foreclosure; (iv) any applicable Primary Insurance
Policies and standard hazard insurance policies; (v) the
Policy; (vi) the right to receive amounts received from
any additional collateral that has been assigned to the
Trustee; and (vii) all proceeds of the foregoing.
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 4 of 8)
--------------------------------------------------------------------------------
Collateral Description: On the Closing Date, the assets of the Trust will
consist of 1,213 fixed-rate mortgage loans (the "Group I
Mortgage Loans" or the "Fixed Rate Mortgage Loans") with
an aggregate principal balance of $133,317,102 as of the
Cut-off Date and 986 adjustable-rate mortgage loans (the
"Group II Mortgage Loans" or the "Adjustable Rate
Mortgage Loans") with an aggregate principal balance of
$144,214,204 as of the Cut-off Date, and the mortgage
notes relating thereto (as described more fully herein).
The Mortgage Loans were underwritten to a
wide variety of underwriting standards under
several different programs, as more fully
described in the Prospectus Supplement. The
Group I and Group II Mortgage Loans will
consist of the following subgroups:
------------------------------ --------------- -------------
------------------------------ --------------- -------------
Seasoned Loans 23.72% 58.95%
------------------------------ --------------- -------------
------------------------------ --------------- -------------
Program Violation Loans 72.18% 35.49%
------------------------------ --------------- -------------
------------------------------ --------------- -------------
Re-Performing Loans 4.11% 5.62%
------------------------------ --------------- -------------
----------------------------------------------------------------------------------------------
Seasoned Loans: Loans that are seasoned
longer than 13 months. They are typically
not purchased through RFC's standard conduit
guidelines due to the need to rely on
origination information related to the
mortgagor's credit and the property value.
Seasoned loans may also include loans
previously securitized, where the optional
termination has been exercised.
Program Violations: Loans that are
exceptions to standard Agency or RFC
guidelines. Program Violations can be
further segmented into either technical
program error or a fundamental violation. A
technical error is defined as a loan that
did not meet a specific program parameter,
such as origination of an uninsured 90% LTV
targeted for a secondary program specifying
a maximum 80% LTV, a higher ARM margin than
that required by a particular program or a
contractual delinquency of 30-89 days. A
fundamental violation is one that describes
violations of general lending and/or
secondary market standards and practices,
such as document deficiencies.
Re-Performing Loans: Loans that have a
default history and are characterized as at
least 90 days delinquent because the
borrower still has prior scheduled principal
due. However, the loans are considered
Re-Performing because the borrower has made
at least three aggregate scheduled payments
in the last three months.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 5 of 8)
-------------------------------------------------------------------------------
<S> <C>
Priority of Distributions: On each Distribution Date, amounts available for
distribution will be allocated in the following order of
priority:
1. To pay accrued interest due on the Class A Certificates;
2. To pay principal to the holders of the Class A Certificates in an amount equal to
scheduled principal and principal prepayments
received or advances in respect of the related
Mortgage Loans;
3. To pay as principal to the Class A Certificates an amount necessary to cover Realized
Losses on the related Mortgage Loans;
4. To pay permitted reimbursements to the Certificate Insurer for prior draws on the
Policy;
5. To pay as additional principal on the Class A Certificates, the amount necessary to
bring the amount of overcollateralization up to the
Required Overcollateralization Amount;
6. To pay prepayment interest shortfalls on the Class A Certificates; and
7. To pay any Group I and Group II Basis Risk Shortfall Amounts to the Class A-I-1 and
A-II Certificates, respectively;
8. To the holders of the Class SB Certificates and the Class R Certificates, any
remaining Excess Cash Flow.
Principal Distributions: The principal distribution amount with respect to the
Group I Mortgage Loans will be distributed to the Class
A-I-1, Class A-I-2, Class A-I-3 and Class A-I-4
Certificates, in that order, until paid in full. The
principal distribution amount with respect to the Group
II Mortgage Loans will be distributed to the Class A-II
Certificates until paid in full.
Basis Risk Shortfall
Carry-Forward Amount: The "Basis Risk Shortfall
Carry-Forward Amount" is equal to the
aggregate amount of Basis Risk Shortfall on
such Distribution Date, plus any unpaid
Basis Risk Shortfall from prior Distribution
Dates, plus interest thereon to the extent
previously unreimbursed.
On any Distribution Date on which the Class
A-I-1 Certificates receive interest based on
the Net WAC Cap Rate, "Group I Basis Risk
Shortfall" is equal to the excess, if any,
of (a) accrued certificate interest on the
Class A-I-1 Certificates calculated pursuant
to the lesser of (i) clause (x) of the
definition of Pass-Through Rate thereof and
(ii) 10% over (b) accrued certificate
interest on the Class A-I-1 Certificates
calculated pursuant to the Net WAC Cap Rate.
Basis Risk Shortfall will only be
recoverable from Net Monthly Excess Cash
Flow, and not from the Policy or otherwise.
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 6 of 8)
-------------------------------------------------------------------------------
On any Distribution Date on which the Class
A-II Certificates receive interest based on
the Net WAC Cap Rate, "Group II Basis Risk
Shortfall" is equal to the excess, if any,
of (a) accrued certificate interest on the
Class A-II Certificates calculated pursuant
to the lesser of (i) clause (x) of the
definition of Pass-Through Rate thereof and
(ii) 14% over (b) accrued certificate
interest on the Class A-II Certificates
calculated pursuant to the Net WAC Cap Rate.
Basis Risk Shortfall will only be
recoverable from Excess Cash Flow, and not
from the Policy or otherwise.
Stepdown Date: The Stepdown Date is the Distribution Date occurring on
the later of:
(1) the 31st Distribution Date (or January 2003); and
(2) the first Distribution Date on which
the current Pool Principal Balance
has been reduced to an amount equal
to 50% of the original Pool
Principal Balance.
Allocation of Losses: Realized Losses with respect to each Mortgage Loan Group
will be covered as follows:
1. By the amount of Excess Cash Flow available;
2. By decreasing the amount of overcollateralization in the Trust.
To the extent not covered as described
above, Realized Losses on the Mortgage Loans
will be allocated to the Class A
Certificates related to that Mortgage Loan
Group. Any such loss will be covered by the
Policy.
Advancing: The Master Servicer will be obligated to advance
delinquent principal and interest through the
liquidation of REO or until deemed unrecoverable.
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 7 of 8)
----------------------------------------------------------------------------------------------
Credit Enhancement: Credit enhancement with respect to the Certificates will
be provided by (1) excess cash flow, (2)
overcollateralization, and (3) the Policy.
Excess Cash Flow: The interest due on the
Mortgage Loans is generally expected to be
higher than the interest due on the
Certificates and other fees and expenses of
the Trust, thus creating excess interest
collections ("Excess Cash Flow"), which will
be available to fund distributions on the
Certificates, commencing with the
Distribution Date in August 2000. Such
amount can vary over time based on the
prepayment and default experience of the
Mortgage Loans. On each Distribution Date,
excess spread that arises during the related
collection period will be available to cover
losses and build overcollateralization on
such Distribution Date.
Overcollateralization: The initial
overcollateralization amount will be equal
to 0.00% of the Original Pool Principal
Balance on the Closing Date. Thereafter,
excess spread will be applied, to the extent
available, to make accelerated payments of
principal to the Class A Certificates; such
application will cause the aggregate
principal balance of the Class A
Certificates to amortize more rapidly than
the Mortgage Loans, resulting in
overcollateralization. Prior to the Stepdown
Date, the "Required Overcollateralization
Amount," which will be a separate amount for
each Mortgage Loan Group, will be equal to
[1.00]% of the original Pool Principal
Balance of the Group I Mortgage Loans and
[1.00]% of the original Pool Principal
Balance of the Group II Mortgage Loans. On
or after the Stepdown Date, the "Required
Overcollateralization Amount" will be
permitted, subject to certain performance
triggers being satisfied, to decrease to (a)
[2.00]% of current Pool Principal Balance of
the Group I Mortgage Loans, subject to a
floor of 0.50% of the original Pool
Principal Balance of the Group I Mortgage
Loans, and (b) [2.00]% of current Pool
Principal Balance of the Group II Mortgage
Loans, subject to a floor of 0.50% of the
original Pool Principal Balance of the Group
II Mortgage Loans. The Required
Overcollateralization Amount may be reduced
in the future with the consent of the
Certificate Insurer.
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Preliminary Term Sheet (Page 8 of 8)
-------------------------------------------------------------------------------
Ambac Insurance Policy: Ambac Assurance
Corporation (the "Certificate Insurer") will
unconditionally and irrevocably guarantee:
(a) timely payment of interest, (b) the
amount of any losses not covered by excess
spread or overcollateralization, and (c) the
payment of principal on the Class A
Certificates by no later than their
respective final scheduled maturity date
(the "Policy"). The Policy is not revocable
for any reason. In addition, the Certificate
Insurer will be entitled to payments under a
limited reimbursement agreement.
Compensating Interest: The Master Servicer will be required to cover interest
shortfalls as a result of principal prepayments in full
up to the lesser of (a) one-twelfth of 0.125% and (b)
the sum of the Master Servicing Fee payable to the
Master Servicer plus reinvestment income for such
distribution date.
Minimum Denominations: $25,000 and integral multiples of $1 in excess thereof.
Optional Call: The Master Servicer may, at its option, effect an early
redemption or termination of the Class A Certificates on
the first Distribution Date after the Distribution Date
on which the current Pool Principal Balance declines to
10% or less of the original Pool Principal Balance of
the Mortgage Loans.
Tax Status: The Trust will be established as a REMIC for tax
purposes.
ERISA Eligibility: The Class A Certificates are
not expected to be eligible for benefit
plans that are subject to ERISA.
SMMEA Treatment: The Class A Certificates will not
constitute "mortgage related securities" for
purposes of SMMEA.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Certificates (Page 1 of 4)
----------------------------------------------------------------------------------------------
Characteristics of the Certificates (a), (b), (c), (d)
------------- ------- ------------ ----------- -------- -------- --------- ---------- --------------
Original Avg PrincipalPrincipal Final
Offered Loan Principal Life Lockout Window Sch. Ratings
Certificates Group Balance** Coupon to Call (months) (months) Maturity (S&P/Fitch)
(years) Date
------------- ------- ------------ ----------- -------- -------- --------- ---------- --------------
Option I
<S> <C> <C> <C> <C> <C> <C>
Class A-I-1 I $41,985,000 Floating 1.00 None 25 [7/25/14] AAA / AAA
(e)
Class A-I-2 I 26,155,000 Fixed (g) 3.00 24 24 [6/25/19] AAA / AAA
Class A-I-3 I 21,216,000 Fixed (g) 5.00 47 27 [7/25/23] AAA / AAA
Class A-I-4 I 43,961,000 Fixed (g) 8.76 73 44 [6/25/30] AAA / AAA
Class A-II II 144,214,000 Floating 2.80 None 117 [6/25/30] AAA / AAA
(f)
Option II
Class A-I I $133,317,000 Fixed (g) 4.59 None 117 [6/25/30] AAA / AAA
Class A-II II 144,214,000 Floating 2.80 None 117 [6/25/30] AAA / AAA
(f)
------------- ------- ------------ ----------- -------- -------- --------- ---------- --------------
** Bond balances subject to a 10% variance.
Notes:
(a) Pricing Prepayment Speed Assumption: 15% CPR (Fixed Rate Mortgage Loans); 28% CPR
(Adjustable Rate Mortgage Loans).
(b) Transaction priced to 10% clean-up call.
(c) 100% P&I guaranty by Ambac.
(d) The coupon on the Class A-I-4 Certificates will increase
by 0.50% and the margin on the Class A-II Certificates will double if the 10%
clean-up call is not exercised.
(e) One-Month LIBOR plus 0._ % per annum, subject to the Net WAC Cap Rate.
(f) The lesser of (i) One-Month LIBOR plus 0._ % per annum (prior to the Step-Down Date) and
(ii) 14%, subject to the Net WAC Cap Rate.
(g) Subject to the Net WAC Cap Rate.
Class A-I-1 (to 10% Clean-up Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
8.12 1.78 1.34 1.00 0.80 0.66
Modified Duration (years)
5.71 1.59 1.22 0.93 0.74 0.62
First Principal Distribution 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00
Last Principal Distribution 2/25/14 4/25/04 4/25/03 7/25/02 2/25/02 10/25/01
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 164 46 34 25 20 16
Illustrative Yield @ Par (30/360) 6.974% 6.974% 6.975% 6.976% 6.980% 6.979%
-----------------------------------------------------------------------------------------------
Class A-I-2 (to 10% Clean-up Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
15.79 5.33 4.03 3.00 2.37 1.94
Modified Duration (years)
8.65 4.17 3.31 2.57 2.07 1.73
First Principal Distribution 2/25/14 4/25/04 4/25/03 7/25/02 2/25/02 10/25/01
Last Principal Distribution 3/25/19 6/25/07 10/25/05 6/25/04 8/25/03 1/25/03
Principal Lockout (months) 163 45 33 24 19 15
Principal Window (months) 62 39 31 24 19 16
Illustrative Yield @ Par (30/360) 8.063% 7.997% 7.964% 7.917% 7.868% 7.817%
-----------------------------------------------------------------------------------------------
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Certificates (Page 2 of 4)
----------------------------------------------------------------------------------------------
Class A-I-3 (to 10% Clean-up Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
20.96 8.67 6.66 5.00 3.95 3.24
Modified Duration (years)
9.73 5.99 4.95 3.95 3.25 2.74
First Principal Distribution 3/25/19 6/25/07 10/25/05 6/25/04 8/25/03 1/25/03
Last Principal Distribution 5/25/23 12/25/10 8/25/08 8/25/06 5/25/05 6/25/04
Principal Lockout (months) 224 83 63 47 37 30
Principal Window (months) 51 43 35 27 22 18
Illustrative Yield @ Par (30/360) 8.213% 8.179% 8.160% 8.132% 8.103% 8.072%
-----------------------------------------------------------------------------------------------
Class A-I-4 (to 10% Clean-up Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
25.84 14.61 11.52 8.76 6.97 5.70
Modified Duration (years)
10.20 8.08 7.09 5.95 5.06 4.35
First Principal Distribution 5/25/23 12/25/10 8/25/08 8/25/06 5/25/05 6/25/04
Last Principal Distribution 12/25/27 12/25/16 4/25/13 3/25/10 3/25/08 10/25/06
Principal Lockout (months) 274 125 97 73 58 47
Principal Window (months) 56 73 57 44 35 29
Illustrative Yield @ Par (30/360) 8.483% 8.469% 8.459% 8.444% 8.428% 8.410%
-----------------------------------------------------------------------------------------------
Class A-I-4 (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
25.96 16.63 13.75 10.85 8.78 7.28
Modified Duration (years)
10.22 8.47 7.65 6.65 5.80 5.09
First Principal Distribution 5/25/23 12/25/10 8/25/08 8/25/06 5/25/05 6/25/04
Last Principal Distribution 2/25/29 5/25/28 5/25/27 11/25/24 6/25/21 4/25/18
Principal Lockout (months) 274 125 97 73 58 47
Principal Window (months) 70 210 226 220 194 167
Illustrative Yield @ Par (30/360) 8.484% 8.495% 8.502% 8.507% 8.506% 8.502%
-----------------------------------------------------------------------------------------------
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Certificates (Page 3 of 4)
----------------------------------------------------------------------------------------------
Class A-I (to 10% Clean-up Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
17.51 7.80 6.07 4.59 3.64 2.98
Modified Duration (years)
8.34 4.96 4.18 3.41 2.84 2.42
First Principal Distribution 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00
Last Principal Distribution 12/25/27 12/25/16 4/25/13 3/25/10 3/25/08 10/25/06
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 330 198 154 117 93 76
Illustrative Yield @ Par (30/360) 8.276% 8.231% 8.211% 8.181% 8.149% 8.116%
-----------------------------------------------------------------------------------------------
Class A-I (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
17.55 8.47 6.81 5.28 4.24 3.50
Modified Duration (years)
8.34 5.10 4.38 3.65 3.10 2.67
First Principal Distribution 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00
Last Principal Distribution 2/25/29 5/25/28 5/25/27 11/25/24 6/25/21 4/25/18
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 344 335 323 293 252 214
Illustrative Yield @ Par (30/360) 8.276% 8.247% 8.239% 8.224% 8.206% 8.184%
-----------------------------------------------------------------------------------------------
Class A-II (to 10% Clean-up Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
19.37 5.57 3.80 2.80 2.17 1.74
Modified Duration (years)
9.67 4.00 2.96 2.30 1.84 1.51
First Principal Distribution 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00
Last Principal Distribution 12/25/27 12/25/16 4/25/13 3/25/10 3/25/08 10/25/06
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 330 198 154 117 93 76
Illustrative Yield @ Par (30/360) 7.105% 7.105% 7.105% 7.105% 7.105% 7.106%
-----------------------------------------------------------------------------------------------
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Certificates (Page 4 of 4)
----------------------------------------------------------------------------------------------
Class A-II (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 8% 11% 15% 19% 23%
Adjustable Rate Mortgage Loans 0% 14% 21% 28% 35% 42%
-----------------------------------------------------------------------------------------------
Average Life (years)
19.47 5.76 3.89 2.85 2.21 1.76
Modified Duration (years)
9.68 4.05 2.99 2.32 1.86 1.53
First Principal Distribution 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00 7/25/00
Last Principal Distribution 12/25/29 3/25/26 8/25/20 9/25/15 5/25/12 12/25/09
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 354 309 242 183 143 114
Illustrative Yield @ Par (30/360) 7.105% 7.108% 7.107% 7.108% 7.108% 7.109%
-----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Group II Net WAC Cap Rate (Page 1 of 1)
----------------------------------------------------------------------------------------------
Distribution Net WAC Distribution Net WAC Distribution Net WAC
Month Date Cap (%) Month Date Cap (%) Month Date Cap (%)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 7/25/00 8.410 41 11/25/03 10.290 81 3/25/07 11.440
2 8/25/00 8.140 42 12/25/03 10.640 82 4/25/07 10.330
3 9/25/00 8.140 43 1/25/04 10.290 83 5/25/07 10.680
4 10/25/00 8.730 44 2/25/04 10.290 84 6/25/07 10.340
5 11/25/00 8.580 45 3/25/04 11.010 85 7/25/07 10.680
6 12/25/00 8.870 46 4/25/04 10.300 86 8/25/07 10.340
7 1/25/01 8.580 47 5/25/04 10.640 87 9/25/07 10.340
8 2/25/01 8.580 48 6/25/04 10.300 88 10/25/07 10.690
9 3/25/01 9.500 49 7/25/04 10.640 89 11/25/07 10.340
10 4/25/01 8.620 50 8/25/04 10.300 90 12/25/07 10.690
11 5/25/01 9.430 51 9/25/04 10.300 91 1/25/08 10.350
12 6/25/01 9.130 52 10/25/04 10.650 92 2/25/08 10.350
13 7/25/01 9.430 53 11/25/04 10.300 93 3/25/08 11.060
14 8/25/01 9.130 54 12/25/04 10.650 94 4/25/08 10.350
15 9/25/01 9.130 55 1/25/05 10.310 95 5/25/08 10.700
16 10/25/01 9.430 56 2/25/05 10.310 96 6/25/08 10.360
17 11/25/01 9.420 57 3/25/05 11.410 97 7/25/08 10.700
18 12/25/01 9.740 58 4/25/05 10.310 98 8/25/08 10.360
19 1/25/02 9.420 59 5/25/05 10.650 99 9/25/08 10.360
20 2/25/02 9.420 60 6/25/05 10.310 100 10/25/08 10.710
21 3/25/02 10.680 61 7/25/05 10.650 101 11/25/08 10.360
22 4/25/02 9.650 62 8/25/05 10.310 102 12/25/08 10.710
23 5/25/02 10.010 63 9/25/05 10.310 103 1/25/09 10.370
24 6/25/02 9.690 64 10/25/05 10.660 104 2/25/09 10.370
25 7/25/02 10.010 65 11/25/05 10.320 105 3/25/09 11.480
26 8/25/02 9.690 66 12/25/05 10.660 106 4/25/09 10.370
27 9/25/02 9.720 67 1/25/06 10.320 107 5/25/09 10.720
28 10/25/02 10.040 68 2/25/06 10.320 108 6/25/09 10.380
29 11/25/02 9.720 69 3/25/06 11.430 109 7/25/09 10.720
30 12/25/02 10.350 70 4/25/06 10.320 110 8/25/09 10.380
31 1/25/03 10.020 71 5/25/06 10.670 111 9/25/09 10.380
32 2/25/03 10.020 72 6/25/06 10.320 112 10/25/09 10.730
33 3/25/03 11.260 73 7/25/06 10.670 113 11/25/09 10.390
34 4/25/03 10.170 74 8/25/06 10.330 114 12/25/09 10.740
35 5/25/03 10.510 75 9/25/06 10.330 115 1/25/10 10.390
36 6/25/03 10.270 76 10/25/06 10.670 116 2/25/10 10.390
37 7/25/03 10.610 77 11/25/06 10.330 117 3/25/10 11.510
38 8/25/03 10.270 78 12/25/06 10.670
39 9/25/03 10.290 79 1/25/07 10.330
40 10/25/03 10.630 80 2/25/07 10.330
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 1 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
<S> <C>
Total Number of Loans: 1,213
Initial Principal Balance: $133,317,102
Average Loan Balance: $109,907
WA Loan Rate: 9.542%
Range of Loan Rates: (6.125% - 18.375%)
WA Remaining Term (months): 302
WA Original Term (months): 320
WA Seasoning (months): 18
Credit Score:
WA 649
< 640 37.70%
640 - 679 22.17%
680 - 719 16.67%
>= 720 18.63%
Not Available 4.84%
CLTV:
WA 77.87%
> 100% 1.01%
Geographic Concentration: California:
18.50%
(Based on states representing at least Florida: 7.71%
5% of the aggregate principal balance of Illinois: 7.12%
the
Group I Mortgage Loans) Texas: 5.70%
First Liens: 96.40%
Percent with Prepayment Penalties: 25.70%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 2 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
Loan Rates
Range of Number of Cut-Off Date Percentage of
Loan Rates (%) Loans Principal Balance Loan Pool
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6.000 to 6.499 7 $688,531 0.52%
6.500 to 6.999 4 1,206,557 0.91%
7.000 to 7.499 20 5,300,336 3.98%
7.500 to 7.999 51 9,172,835 6.88%
8.000 to 8.499 70 13,516,872 10.14%
8.500 to 8.999 154 29,525,418 22.15%
9.000 to 9.499 137 19,724,706 14.80%
9.500 to 9.999 149 15,838,735 11.88%
10.000 to 10.499 71 6,920,440 5.19%
10.500 to 10.999 105 8,713,838 6.54%
11.000 to 11.499 74 6,145,359 4.61%
11.500 to 11.999 88 5,279,635 3.96%
12.000 to 12.499 39 2,150,579 1.61%
12.500 to 12.999 61 3,473,982 2.61%
13.000 to 13.499 30 1,328,213 1.00%
13.500 to 13.999 43 1,407,332 1.06%
14.000 to 14.499 14 471,277 0.35%
14.500 to 14.999 45 1,113,230 0.84%
15.000 to 15.499 15 407,609 0.31%
15.500 to 15.999 22 544,629 0.41%
16.000 to 16.499 3 95,905 0.07%
16.500 to 16.999 7 137,209 0.10%
17.000 to 17.499 1 64,263 0.05%
18.000 to 18.499 3 89,612 0.07%
-------------------------------------------------
Total 1,213 $133,317,102 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 3 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
Current Loan Principal Balances
Range of Current Number of Cut-Off Date Percentage
of
Loan Amounts ($) Loans Principal Loan Pool
Balance
-------------------- ---------------------------------------------
0.00 to 50,000.00 440 $13,377,851 10.03%
50,000.01 to 353 25,277,605 18.96%
100,000.00
100,000.01 to 169 20,509,515 15.38%
150,000.00
150,000.01 to 71 12,374,827 9.28%
200,000.00
200,000.01 to 72 16,314,513 12.24%
250,000.00
250,000.01 to 32 8,795,289 6.60%
300,000.00
300,000.01 to 18 5,830,407 4.37%
350,000.00
350,000.01 to 17 6,443,037 4.83%
400,000.00
400,000.01 to 8 3,440,744 2.58%
450,000.00
450,000.01 to 9 4,317,452 3.24%
500,000.00
500,000.01 to 5 2,606,400 1.96%
550,000.00
550,000.01 to 8 4,580,902 3.44%
600,000.00
600,000.01 to 2 1,293,363 0.97%
650,000.00
650,000.01 to 2 1,348,984 1.01%
700,000.00
800,000.01 to 1 823,664 0.62%
850,000.00
850,000.01 to 2 1,768,234 1.33%
900,000.00
950,000.01 to 2 1,977,804 1.48%
1,000,000.00
1,050,000.01 to 1 1,080,984 0.81%
1,100,000.00
1,150,000.01 to 1 1,155,528 0.87%
1,200,000.00
---------------------------------------------
Total 1,213 $133,317,102 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 4 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
Loan-to-Value Ratios
Range of Number of Cut-Off Date Percentage of
Loan-to-Value Loans Principal Loan Pool
Ratios (%) Balance
-------------------- ----------------------------------------------
0.01 to 50.00 197 $7,163,383 5.37%
50.01 to 55.00 17 2,361,659 1.77%
55.01 to 60.00 27 1,729,789 1.30%
60.01 to 65.00 66 6,258,220 4.69%
65.01 to 70.00 100 12,023,801 9.02%
70.01 to 75.00 145 20,299,957 15.23%
75.01 to 80.00 258 36,820,137 27.62%
80.01 to 85.00 87 9,634,716 7.23%
85.01 to 90.00 210 24,807,397 18.61%
90.01 to 95.00 57 7,233,188 5.43%
95.01 to 100.00 36 3,633,325 2.73%
100.01 to 105.00 2 124,509 0.09%
105.01 to 110.00 6 877,410 0.66%
110.01 to 115.00 2 117,336 0.09%
115.01 to 120.00 1 123,499 0.09%
Greater than 120.00 2 108,776 0.08%
----------------------------------------------
Total 1,213 $133,317,102 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 5 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
Geographic Distribution of Mortgaged Properties
Number of Cut-Off Date Percentage of
State Loans Principal Loan Pool
Balance
--------------------------------------------------------------------
California 130 $4,660,680 18.50%
Florida 104 10,281,431 7.71%
Illinois 69 9,488,573 7.12%
Texas 75 7,603,922 5.70%
Michigan 70 5,839,958 4.38%
Arizona 42 5,205,223 3.90%
Maryland 34 5,145,343 3.86%
New York 34 4,495,385 3.37%
Colorado 28 4,456,400 3.34%
Georgia 50 4,363,394 3.27%
North Carolina 48 4,248,431 3.19%
Virginia 28 4,126,116 3.09%
New Jersey 39 3,311,959 2.48%
Tennessee 41 3,090,667 2.32%
Oregon 24 2,885,976 2.16%
Pennsylvania 42 2,796,054 2.10%
Other (<2%) 355 31,317,589 23.49%
------------------------------------------------
Total 1,213 $133,317,102 100.00%
Occupancy Status
Number of Cut-Off Date Percentage of
Occupancy Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Owner Occupied 1,000 $113,810,168 85.37%
Non-owner Occupied 213 19,506,934 14.63%
----------------------------------------------
Total 1,213 $133,317,102 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 6 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
Mortgaged Property Type
Number of Cut-Off Date Percentage of
Property Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Single Family 984 $98,904,909 74.19%
Residence
PUD 122 24,357,961 18.27%
Condo 59 6,844,507 5.13%
Manufactured 32 1,631,332 1.22%
Housing
Multifamily (2-4) 1 39,241 0.03%
Townhouse 12 1,027,255 0.77%
Other 3 511,897 0.38%
----------------------------------------------
Total 1,213 $133,317,102 100.00%
Loan Purpose
Number of Cut-Off Date Percentage of
Purpose Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Purchase Money 518 $70,883,897 53.17%
Equity Refinance 541 37,780,884 28.34%
Rate/Term Refinance 143 20,194,875 15.15%
Other 11 4,457,446 3.34%
----------------------------------------------
Total 1,213 $133,317,102 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 7 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group I
Credit Scores
Range of Number of Cut-Off Date Percentage of
Credit Scores Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
499 or Less 42 $2,980,765 2.24%
500 to 519 62 3,713,928 2.79%
520 to 539 88 6,119,763 4.59%
540 to 559 97 6,667,507 5.00%
560 to 579 91 7,135,440 5.35%
580 to 599 79 6,846,639 5.14%
600 to 619 67 7,037,392 5.28%
620 to 639 87 9,758,833 7.32%
640 to 659 113 15,002,558 11.25%
660 to 679 105 14,555,585 10.92%
680 to 699 105 14,475,343 10.86%
700 to 719 55 7,745,302 5.81%
720 to 739 62 9,641,261 7.23%
740 to 759 48 8,294,067 6.22%
760 or Greater 46 6,895,441 5.17%
Not Available 66 6,447,278 4.84%
----------------------------------------------
Total 1,213 $133,317,102 100.00%
Amortization Type
Number of Cut-Off Date Percentage of
Amortization Type Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Fully Amortizing 1,065 $120,156,001 90.13%
Balloon 148 13,161,102 9.87%
----------------------------------------------
Total 1,213 $133,317,102 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 8 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Total Number of Loans: 986
Initial Principal Balance: $144,214,203.51
Average Loan Balance: $146,262
WA Loan Rate: 9.063%
Range of Loan Rates: (5.250% - 15.250%)
WA Margin: 4.658%
WA Initial Periodic Cap: 3.157%
WA Periodic Cap: 1.619%
WA Lifetime Cap: 14.648%
WA Months to Next Rate Reset: 13 months
WA Rate Adjustment Frequency: 9 months
WA Remaining Term (months): 327
WA Original Term (months): 349
WA Seasoning (months): 22
Credit Score:
WA 639
< 640 46.45%
640 - 679 14.23%
680 - 719 14.95%
>= 720 21.92%
Not available 2.46%
LTV:
WA 76.30%
> 100% 0.35%
Geographic Concentration: California:
16.77%
(Based on states representing at least Michigan: 12.56%
5% of the aggregate principal balance of Illinois: 10.92%
the
Group II Mortgage Loans) Hawaii: 5.59%
First Liens: 100.00%
Percent with Prepayment Penalties: 36.29%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 9 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Loan Rates
Range of Number of Cut-Off Date Percentage of
Loan Rates (%) Loans Principal Balance Loan Pool
----------------------------------------------------------------------
5.000 to 5.499 1 $267,531 0.19%
5.500 to 5.999 1 59,758 0.04%
6.500 to 6.999 23 6,494,277 4.50%
7.000 to 7.499 63 21,722,518 15.06%
7.500 to 7.999 69 12,847,778 8.91%
8.000 to 8.499 116 21,408,716 14.85%
8.500 to 8.999 74 12,194,288 8.46%
9.000 to 9.499 87 12,383,662 8.59%
9.500 to 9.999 126 16,000,005 11.09%
10.000 to 10.499 92 11,114,722 7.71%
10.500 to 10.999 125 12,391,493 8.59%
11.000 to 11.499 58 4,910,839 3.41%
11.500 to 11.999 65 5,582,705 3.87%
12.000 to 12.499 30 2,327,629 1.61%
12.500 to 12.999 34 2,790,180 1.93%
13.000 to 13.499 9 797,148 0.55%
13.500 to 13.999 9 374,238 0.26%
14.000 to 14.499 3 445,437 0.31%
15.000 to 15.499 1 101,280 0.07%
-------------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 10 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Current Loan Principal Balances
Range of Current Number of Cut-Off Date Percentage of
Loan Amounts ($) Loans Principal Balance Loan Pool
-------------------- ------------------------------------------------
0.00 to 50,000.00 162 $5,966,207 4.14%
50,000.01 to 299 21,958,875 15.23%
100,000.00
100,000.01 to 195 23,870,401 16.55%
150,000.00
150,000.01 to 95 16,490,364 11.43%
200,000.00
200,000.01 to 66 14,741,399 10.22%
250,000.00
250,000.01 to 57 15,612,514 10.83%
300,000.00
300,000.01 to 32 10,407,337 7.22%
350,000.00
350,000.01 to 25 9,346,940 6.48%
400,000.00
400,000.01 to 29 12,305,657 8.53%
450,000.00
450,000.01 to 14 6,688,953 4.64%
500,000.00
500,000.01 to 6 3,112,958 2.16%
550,000.00
550,000.01 to 2 1,176,634 0.82%
600,000.00
600,000.01 to 4 2,535,965 1.76%
650,000.00
------------------------------------------------
Total 986 $144,214,204 100.00%
Loan-to-Value Ratios
Range of Number of Cut-Off Date Percentage of
Loan-to-Value Loans Principal Loan Pool
Ratios (%) Balance
-------------------- ----------------------------------------------
0.01 to 50.00 43 $7,084,961 4.91%
50.01 to 55.00 10 1,702,612 1.18%
55.01 to 60.00 39 5,951,631 4.13%
60.01 to 65.00 57 8,461,454 5.87%
65.01 to 70.00 93 13,952,748 9.68%
70.01 to 75.00 154 24,129,484 16.73%
75.01 to 80.00 289 43,458,538 30.13%
80.01 to 85.00 94 11,697,670 8.11%
85.01 to 90.00 150 20,374,768 14.13%
90.01 to 95.00 39 5,482,971 3.80%
95.01 to 100.00 14 1,412,371 0.98%
100.01 to 105.00 2 291,390 0.20%
105.01 to 110.00 1 180,828 0.13%
110.01 to 115.00 1 32,777 0.02%
----------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 11 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Geographic Distribution of Mortgaged Properties
Number of Cut-Off Date Percentage
of
State Loans Principal Loan Pool
Balance
-----------------------------------------------------------------
California 130 $24,179,013 16.77%
Michigan 137 18,113,063 12.56%
Illinois 69 15,747,084 10.92%
Hawaii 43 8,058,346 5.59%
Florida 48 6,028,718 4.18%
Texas 43 5,100,812 3.54%
Minnesota 22 4,595,647 3.19%
Missouri 31 4,348,226 3.02%
New York 34 4,281,787 2.97%
Utah 25 4,122,940 2.86%
Colorado 21 4,079,712 2.83%
Washington 28 4,057,386 2.81%
Massachusetts 15 3,640,989 2.52%
Arizona 24 3,449,857 2.39%
Georgia 19 3,051,419 2.12%
New Jersey 21 2,971,958 2.06%
Other (<2%) 276 28,387,247 19.68%
---------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 12 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Occupancy Status
Number of Cut-Off Date Percentage of
Occupancy Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Owner Occupied 892 $136,936,796 94.95%
Non-owner Occupied 94 7,277,407 5.05%
----------------------------------------------
Total 986 $144,214,204 100.00%
Mortgaged Property Type
Number of Cut-Off Date Percentage of
Property Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Single Family 791 $110,946,420 76.93%
Residence
Condo 55 6,707,528 4.65%
PUD 97 21,652,379 15.01%
Manufactured 27 2,067,203 1.43%
Housing
Townhouse 10 904,044 0.63%
Unknown 6 1,936,630 1.34%
----------------------------------------------
----------------------------------------------
Total 986 $144,214,204 100.00%
Loan Purpose
Number of Cut-Off Date Percentage of
Purpose Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Purchase 423 $58,279,876 40.41%
Equity Refinance 375 44,636,429 30.95%
Rate/Term Refinance 168 36,865,424 25.56%
Other 20 4,432,475 3.07%
----------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 13 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Credit Scores
Range of Number of Cut-Off Date Percentage of
Credit Scores Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
499 or Less 51 $5,083,510 3.52%
500 to 519 68 6,385,144 4.43%
520 to 539 91 9,897,784 6.86%
540 to 559 112 13,115,933 9.09%
560 to 579 81 9,302,665 6.45%
580 to 599 75 8,366,173 5.80%
600 to 619 61 7,816,439 5.42%
620 to 639 55 7,019,050 4.87%
640 to 659 59 10,308,881 7.15%
660 to 679 54 10,206,229 7.08%
680 to 699 68 12,671,073 8.79%
700 to 719 38 8,884,568 6.16%
720 to 739 43 8,504,828 5.90%
740 to 759 36 9,744,420 6.76%
760 or Greater 57 13,364,944 9.27%
Not Available 37 3,542,561 2.46%
----------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 14 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Margins
Range of Number of Cut-Off Date Percentage of
Margins (%) Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
0.500 to 0.999 1 $220,520 0.15%
1.000 to 1.499 1 42,355 0.03%
2.000 to 2.499 4 427,765 0.30%
2.500 to 2.999 202 51,521,121 35.73%
3.000 to 3.499 148 22,018,448 15.27%
3.500 to 3.999 12 1,767,175 1.23%
4.000 to 4.499 6 1,183,579 0.82%
4.500 to 4.999 19 2,800,754 1.94%
5.000 to 5.499 21 2,521,338 1.75%
5.500 to 5.999 72 7,636,476 5.30%
6.000 to 6.499 117 13,406,792 9.30%
6.500 to 6.999 115 12,779,336 8.86%
7.000 to 7.499 163 16,871,206 11.70%
7.500 to 7.999 67 7,431,968 5.15%
8.000 to 8.499 24 2,117,442 1.47%
8.500 to 8.999 7 504,004 0.35%
9.000 to 9.499 5 498,441 0.35%
9.500 to 9.999 2 465,481 0.32%
----------------------------------------------
Total 986 $144,214,204 100.00%
Lifetime Cap
Range of Number of Cut-Off Date Percentage of
Lifetime Caps (%) Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
10.000 to 10.999 24 $4,980,803 3.45%
11.000 to 11.999 49 11,186,508 7.76%
12.000 to 12.999 81 17,924,034 12.43%
13.000 to 13.999 149 35,478,467 24.60%
14.000 to 14.999 91 11,181,507 7.75%
15.000 to 15.999 144 18,881,424 13.09%
16.000 to 16.999 179 20,834,735 14.45%
17.000 to 17.999 152 13,758,839 9.54%
18.000 to 18.999 71 6,312,009 4.38%
19.000 or Greater 46 3,675,879 2.55%
----------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 15 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Periodic Rate Caps
Number of Cut-Off Date Percentage of
Periodic Rate Cap Loans Principal Loan Pool
(%) Balance
-------------------- ----------------------------------------------
0.500 1 $129,824 0.09%
1.000 482 53,358,829 37.00%
1.500 110 10,354,202 7.18%
2.000 380 78,414,737 54.37%
3.000 7 1,341,226 0.93%
3.500 1 125,928 0.09%
4.500 1 14,345 0.01%
4.910 1 81,667 0.06%
6.625 1 142,830 0.10%
7.150 1 208,261 0.14%
8.250 1 42,355 0.03%
----------------------------------------------
Total 986 $144,214,204 100.00%
Index Type
Number of Cut-Off Date Percentage of
Index Type Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
6 Mo. LIBOR 596 $64,015,904 44.39%
COFI 1 125,928 0.09%
1 Yr. Treasury 385 79,577,861 55.18%
3 Yr. Treasury 1 152,416 0.11%
Prime 3 342,094 0.24%
----------------------------------------------
----------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 16 of 17)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Next Rate Change Date
Number of Cut-Off Date Percentage of
Date Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
July 2000 63 $8,559,827 5.94%
August 2000 56 9,138,231 6.34%
September 2000 31 3,735,694 2.59%
October 2000 43 6,299,306 4.37%
November 2000 29 4,143,875 2.87%
December 2000 55 8,353,394 5.79%
January 2001 46 8,182,740 5.67%
February 2001 23 3,744,653 2.60%
March 2001 34 6,963,531 4.83%
April 2001 77 19,492,177 13.52%
May 2001 40 11,455,711 7.94%
June 2001 27 4,669,156 3.24%
July 2001 3 407,464 0.28%
August 2001 13 1,299,229 0.90%
September 2001 21 2,387,634 1.66%
October 2001 30 3,174,751 2.20%
November 2001 45 4,856,528 3.37%
December 2001 37 3,063,007 2.12%
January 2002 58 5,927,240 4.11%
February 2002 25 2,165,269 1.50%
March 2002 20 2,295,908 1.59%
April 2002 12 846,308 0.59%
May 2002 2 211,480 0.15%
July 2002 1 73,723 0.05%
August 2002 5 619,269 0.43%
September 2002 4 753,041 0.52%
October 2002 24 2,679,945 1.86%
November 2002 29 3,658,289 2.54%
December 2002 61 7,192,337 4.99%
January 2003 36 3,389,814 2.35%
February 2003 21 2,715,829 1.88%
March 2003 6 726,781 0.50%
April 2003 5 531,542 0.37%
May 2003 3 348,105 0.24%
June 2003 1 152,416 0.11%
----------------------------------------------
Total 986 $144,214,204 100.00%
<PAGE>
Residential Funding Corporation
RAMP 2000-RS2
Computational Materials: Information Relating to the Collateral (Page 17 of 17)
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Rate Adjustment Frequency
Number of Cut-Off Date Percentage of
Frequency Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
1 7 $543,397 0.38%
6 590 63,477,354 44.02%
12 389 80,193,452 55.61%
----------------------------------------------
Total 986 $144,214,204 100.00%
</TABLE>
<PAGE>
***********************************************************************
Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
***********************************************************************
<PAGE>
