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
$308,517,000 (Approximate)
Mortgage Asset-Backed Pass-Through Certificates,
Series 2000-RS4
Residential Asset Mortgage Products, Inc.
Depositor
RAMP Series 2000-RS4 Trust
Issuer
Residential Funding Corporation
Seller and Master Servicer
December 12, 2000
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.
<PAGE>
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>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS4
Computational Materials: Preliminary Term Sheet (Page 1)
----------------------------------------------------------------------------------------------
$308,517,000 (Approximate)
<S> <C> <C>
Issuer: RAMP Series 2000-RS4 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: Lead Manager: Bear, Stearns & Co. Inc.
Co-Manager: Residential Funding Securities
Corporation
Certificate Insurer: Ambac Assurance Corporation ("Ambac")
Trustee: Bank One, National Association.
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
[69.2]% of the Fixed Rate Mortgage Loans and
approximately [77.5]% of the Adjustable Rate Mortgage
Loans, if and when they become 30 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" (or the equivalent) designation from Standard
& Poor's and Fitch, Inc. in March 1999.
Characteristics of the Offered Certificates (a), (b), (c), (d)
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Average Principal Final
Original Life Lockout/ Scheduled Expected
Offered Loan Principal to Call Window Maturity Ratings Credit
Certificates Group Balance Coupon (years) (months) Date (S&P/Mdy's) Enhancement
----------
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Class A-I-1 I $66,615,000 Fixed 1.00 0 / 5/25/15 AAA / Aaa Ambac + OC
26
Class A-I-2 I 35,434,000 Fixed 3.00 25 / 11/25/21 AAA / Aaa Ambac + OC
23
Class A-I-3 I 27,140,000 Fixed 5.00 47 12/25/25 AAA / Aaa Ambac + OC
/27
Class A-I-4 I 42,795,000 Fixed 8.38 73 / 12/25/30 AAA / Aaa Ambac + OC
38
Class A-II II 136,533,000 Floating 3.01 0 / 12/25/30 AAA / Aaa Ambac + OC
(e) 111
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Notes:
(a) Class sizes subject to a 10% variance.
(b) Pricing Prepayment Speed Assumption: 18% CPR (Fixed Rate Mortgage Loans); 25% CPR
(Adjustable Rate Mortgage Loans).
(c) Transaction priced to 10% clean-up call.
(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) The lesser of (i) One-Month LIBOR plus the related margin and (ii) 14%,
subject to the Net WAC Cap Rate.
</TABLE>
<PAGE>
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 Offered Certificates will be issued publicly from a shelf
registration.
Form of Registration: The Offered Certificates will be issued in book-entry form
through DTC, Clearstream and Euroclear.
Cut-off Date: As of December 1, 2000.
Settlement Date: On or about December 27, 2000.
Distribution Date: The 25th day of each month (or the next succeeding business
day), commencing January 25, 2001.
Pass-Through Rate: Interest will accrue on the Group I 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 Group I Mortgage Loans.
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.
<PAGE>
Net WAC Cap Rate: With respect to any Distribution Date and the Group II
Certificates, the weighted average of the Net Mortgage Rates of the Group
II Mortgage Loans.
Net Mortgage Rate: With respect to any mortgage loan, the mortgage rate thereon
minus the rates at which (a) the master servicing fee, (b) the subservicing
fee, and (c) the premium under the Policy, are paid; each 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 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)
the Policy; (v) the right to receive amounts received from any additional
collateral that has been assigned to the Trustee; and (vi) all proceeds of
the foregoing.
Collateral Description: On the Closing Date, the assets of the Trust will
consist of 1,236 fixed-rate mortgage loans (the "Group I Mortgage Loans" or
the "Fixed Rate Mortgage Loans") with an aggregate principal balance of
$171,984,026 as of the Cut-off Date and 1,100 adjustable-rate mortgage
loans (the "Group II Mortgage Loans" or the "Adjustable Rate Mortgage
Loans") with an aggregate principal balance of $139,320,255 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: 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.
<PAGE>
Program Exception Loans: Loans in this category arise from exceptions to
RFC's standard guidelines under their Jumbo A, Alt-A and Subprime Programs.
These loans may not have met a specific RFC program parameter, such as: a
loan that was originated at a 90% LTV with no mortgage insurance and
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 to 89 days. Also included in this category are loans with
document deficiencies.
Reperforming 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 either (a) made at least three aggregate scheduled
payments in the last three months or (b) the borrower has made at least
four aggregate scheduled payments in the last six months.
Credit Enhancement: Credit enhancement for the benefit of the Group I and Group
II Certificates will be as follows:
The Group I Certificates
The 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.
Overcollateralization ("OC"):
Initial (% Orig.) 0.00%
OC Target (% Orig.) 2.20%
Stepdown (% Current) 4.40%
OC Floor (% Orig.) 0.50%
Excess Spread:
Initially equal to [212] bps per annum
(before losses) and is expected to be
available to cover losses and build OC
starting on the February 2001 Distribution
Date.
<PAGE>
The Group II Certificates
The 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.
Overcollateralization ("OC"):
Initial (% Orig.) 2.00%
OC Target (% Orig.) 5.00%
Stepdown (% Current) 10.00%
OC Floor (% Orig.) 0.50%
Excess Spread:
Initially equal to [233] bps per annum
(before losses) and is expected to be
available to cover losses and build OC
starting on the February 2001 Distribution
Date.
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;
7. To pay any Basis Risk Shortfall Carry-Forward Amounts to the Class A-II
Certificates; and
8. To the holders of the Class SB Certificates and the Class R Certificates,
any remaining Excess Cash Flow.
<PAGE>
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.
BasisRisk 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 any of the Group II Certificates receive
interest based on the Net WAC Cap Rate, "Basis Risk Shortfall" is equal to
the excess, if any, of (a) accrued certificate interest on the related
Group II Certificate 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 related Group II Certificate 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 [31]st Distribution Date (or [July 2003]); and
(2) the first Distribution Date on which the current Pool Principal Balance has
been reduced to an amount equal to 50% or less of the original Pool
Principal Balance.
Advancing: The Master Servicer will be obligated to advance delinquent principal
and interest through the liquidation of REO or until deemed unrecoverable.
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.
<PAGE>
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 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
expected to be eligible for benefit plans
that are subject to ERISA.
SMMEA Treatment: The Offered Certificates will not
constitute "mortgage related securities" for
purposes of SMMEA.
<PAGE>
<TABLE>
<CAPTION>
Characteristics of the Offered Certificates (a), (b), (c), (d)
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Average Principal Final
Original Life Lockout/ Scheduled Expected
Offered Loan Principal to Call Window Maturity Ratings Credit
Certificates Group Balance Coupon (years) (months) Date (S&P/Mdy's) Enhancement
----------
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Class A-I-1 I $66,615,000 Fixed 1.00 0 / 5/25/15 AAA / Aaa Ambac + OC
26
Class A-I-2 I 35,434,000 Fixed 3.00 25 / 11/25/21 AAA / Aaa Ambac + OC
23
Class A-I-3 I 27,140,000 Fixed 5.00 47 12/25/25 AAA / Aaa Ambac + OC
/27
Class A-I-4 I 42,795,000 Fixed 8.38 73 / 12/25/30 AAA / Aaa Ambac + OC
38
Class A-II II 136,533,000 Floating 3.01 0 / 12/25/30 AAA / Aaa Ambac + OC
(e) 111
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Notes:
(a) Class sizes subject to a 10% variance.
(b) Pricing Prepayment Speed Assumption: 18% CPR (Fixed Rate Mortgage Loans); 25% CPR
(Adjustable Rate Mortgage Loans).
(c) Transaction priced to 10% clean-up call.
(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) The lesser of (i) One-Month LIBOR plus the related margin and (ii) 14%,
subject to the Net WAC Cap Rate.
Class A-I-1 (to 10% Call and to
Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
7.20 1.85 1.26 1.00 0.79 0.67
Modified Duration (years)
5.24 1.65 1.15 0.93 0.74 0.64
First Principal Distribution 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01
Last Principal Distribution 6/25/14 1/25/05 9/25/03 2/25/03 8/25/02 5/25/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 162 49 33 26 20 17
Illustrative Yield @ Par (30/360) 6.83% 6.65% 6.53% 6.43% 6.31% 6.21%
-----------------------------------------------------------------------------------------------
Class A-I-2 (to 10% Call and to
Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years) 16.49 5.63
3.82 3.00 2.33 1.96
Modified Duration (years)
9.65 4.53 3.26 2.63 2.09 1.78
First Principal Distribution 6/25/14 1/25/05 9/25/03 2/25/03 8/25/02 5/25/02
Last Principal Distribution 3/25/21 5/25/08 1/25/06 12/25/04 1/25/04 7/25/03
Principal Lockout (months) 161 48 32 25 19 16
Principal Window (months) 82 41 29 23 18 15
Illustrative Yield @ Par (30/360) 6.76% 6.71% 6.67% 6.64% 6.60% 6.56%
-----------------------------------------------------------------------------------------------
<PAGE>
Class A-I-3 (to 10% Call and to
Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
22.65 8.95 6.33 5.00 3.90 3.29
Modified Duration (years)
11.19 6.49 4.97 4.10 3.32 2.85
First Principal Distribution 3/25/21 5/25/08 1/25/06 12/25/04 1/25/04 7/25/03
Last Principal Distribution 9/25/25 6/25/11 10/25/08 2/25/07 10/25/05 1/25/05
Principal Lockout (months) 242 88 60 47 36 30
Principal Window (months) 55 38 34 27 22 19
Illustrative Yield @ Par (30/360) 6.90% 6.87% 6.85% 6.83% 6.81% 6.78%
-----------------------------------------------------------------------------------------------
Class A-I-4 (to 10% Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
26.94 14.43 10.38 8.38 6.57 5.49
Modified Duration (years)
11.53 8.65 7.05 6.07 5.06 4.38
First Principal Distribution 9/25/25 6/25/11 10/25/08 2/25/07 10/25/05 1/25/05
Last Principal Distribution 11/25/28 1/25/17 6/25/12 3/25/10 3/25/08 12/25/06
Principal Lockout (months) 296 125 93 73 57 48
Principal Window (months) 39 68 45 38 30 24
Illustrative Yield @ Par (30/360) 7.29% 7.28% 7.27% 7.26% 7.25% 7.23%
-----------------------------------------------------------------------------------------------
Class A-I-4 (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years) 6.78
27.21 16.65 12.34 10.02 7.97
Modified Duration (years)
11.56 9.20 7.73 6.75 5.75 5.09
First Principal Distribution 9/25/25 6/25/11 10/25/08 2/25/07 10/25/05 1/25/05
Last Principal Distribution 5/25/30 4/25/29 5/25/26 10/25/22 8/25/18 12/25/15
Principal Lockout (months) 296 125 93 73 57 48
Principal Window (months) 57 215 212 189 155 132
Illustrative Yield @ Par (30/360) 7.29% 7.31% 7.32% 7.32% 7.32% 7.32%
-----------------------------------------------------------------------------------------------
<PAGE>
Class A-II (to 10% Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
18.95 5.72 3.96 3.01 2.36 1.86
Modified Duration (years)
9.48 4.05 3.06 2.44 1.99 1.61
First Principal Distribution 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01
Last Principal Distribution 11/25/28 1/25/17 6/25/12 3/25/10 3/25/08 12/25/06
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 335 193 138 111 87 72
Illustrative Yield @ Par (30/360) 7.19% 7.18% 7.18% 7.18% 7.18% 7.18%
-----------------------------------------------------------------------------------------------
Class A-II (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years) 1.94
19.02 5.99 4.20 3.16 2.48
Modified Duration (years)
9.49 4.13 3.15 2.51 2.05 1.66
First Principal Distribution 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01
Last Principal Distribution 5/25/30 6/25/27 8/25/22 2/25/18 9/25/14 10/25/11
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 353 318 260 206 165 130
Illustrative Yield @ Par (30/360) 7.19% 7.19% 7.19% 7.19% 7.19% 7.19%
-----------------------------------------------------------------------------------------------
<PAGE>
Distribution Net WAC Distribution Net WAC Distribution Net WAC
Month Date Cap (%) Month Date Cap (%) Month Date Cap (%)
1 1/25/01 9.151 41 5/25/04 10.797 81 9/25/07 10.475
2 2/25/01 9.151 42 6/25/04 10.449 82 10/25/07 10.824
3 3/25/01 10.132 43 7/25/04 10.798 83 11/25/07 10.476
4 4/25/01 9.152 44 8/25/04 10.450 84 12/25/07 10.826
5 5/25/01 9.435 45 9/25/04 10.451 85 1/25/08 10.478
6 6/25/01 9.247 46 10/25/04 10.800 86 2/25/08 10.478
7 7/25/01 9.534 47 11/25/04 10.452 87 3/25/08 11.202
8 8/25/01 9.258 48 12/25/04 10.801 88 4/25/08 10.480
9 9/25/01 9.258 49 1/25/05 10.453 89 5/25/08 10.830
10 10/25/01 9.567 50 2/25/05 10.454 90 6/25/08 10.482
11 11/25/01 9.258 51 3/25/05 11.574 91 7/25/08 10.832
12 12/25/01 9.567 52 4/25/05 10.455 92 8/25/08 10.483
13 1/25/02 9.259 53 5/25/05 10.804 93 9/25/08 10.484
14 2/25/02 9.259 54 6/25/05 10.456 94 10/25/08 10.834
15 3/25/02 10.251 55 7/25/05 10.805 95 11/25/08 10.486
16 4/25/02 9.259 56 8/25/05 10.457 96 12/25/08 10.836
17 5/25/02 9.570 57 9/25/05 10.458 97 1/25/09 10.487
18 6/25/02 9.307 58 10/25/05 10.807 98 2/25/09 10.488
19 7/25/02 9.617 59 11/25/05 10.459 99 3/25/09 11.613
20 8/25/02 9.994 60 12/25/05 10.809 100 4/25/09 10.490
21 9/25/02 9.994 61 1/25/06 10.461 101 5/25/09 10.840
22 10/25/02 10.328 62 2/25/06 10.461 102 6/25/09 10.492
23 11/25/02 9.995 63 3/25/06 11.583 103 7/25/09 10.842
24 12/25/02 10.329 64 4/25/06 10.463 104 8/25/09 10.493
25 1/25/03 9.996 65 5/25/06 10.812 105 9/25/09 10.494
26 2/25/03 9.996 66 6/25/06 10.464 106 10/25/09 10.845
27 3/25/03 11.068 67 7/25/06 10.813 107 11/25/09 10.496
28 4/25/03 9.997 68 8/25/06 10.465 108 12/25/09 10.847
29 5/25/03 10.339 69 9/25/06 10.466 109 1/25/10 10.498
30 6/25/03 10.397 70 10/25/06 10.816 110 2/25/10 10.499
31 7/25/03 10.787 71 11/25/06 10.467
32 8/25/03 10.439 72 12/25/06 10.817
33 9/25/03 10.444 73 1/25/07 10.469
34 10/25/03 10.793 74 2/25/07 10.469
35 11/25/03 10.445 75 3/25/07 11.592
36 12/25/03 10.794 76 4/25/07 10.471
37 1/25/04 10.446 77 5/25/07 10.821
38 2/25/04 10.447 78 6/25/07 10.472
39 3/25/04 11.168 79 7/25/07 10.822
40 4/25/04 10.448 80 8/25/07 10.474
<PAGE>
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Group I Mortgage Loans (Fixed Rate)
Preliminary Characteristics as of the Cut-off Date
<PAGE>
------------------------------------------------------------------------------------------------------
Collateral Subprime* Alt A* Seasoned Jumbo A* Multi- Home Re- Total
Sub-Group Family Solution Performing
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Percent of Total 25.28% 24.07% 22.45% 19.88% 7.30% 0.92% 0.10% 100.00%
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Current Balance $43,765,85$41,655,45$38,860,192$34,406,729$12,644,109$1,584,362 $178,358 $173,095,066
Loan Count 502 211 403 112 28 13 3 1,272
Average Balance $87,183 $197,419 $96,427 $307,203 $451,575 $121,874.03 $59,453 $136,081
%>$200,000 24.98% 65.44% 32.92% 91.45% 98.59% 20.01% 0.00% 55.02%
%>$500,000 1.60% 8.56% 7.59% 8.27% 39.22% 0.00% 0.00% 8.67%
------------------------------------------------------------------------------------------------------
Gross WAC (%) 11.194% 9.496% 8.953% 8.628% 8.188% 10.511% 9.887% 9.545%
WAM (mos) 327 339 229 349 272 358 349 308
WA Age (mos) 5 2 49 4 25 2 11 15
WA Orig. Term 333 341 278 353 297 360 360 324
(mos)
------------------------------------------------------------------------------------------------------
Balloon 21.48% 0.83% 6.01% --- 100.00% --- --- 14.28%
Fully 78.52% 99.17% 93.99% 100.00% 0.00% 100.00% 100.00% 85.72%
Amortizing
------------------------------------------------------------------------------------------------------
First Lien 99.78% 100.00% 91.62% 100.00% 100.00% 100.00% 100.00% 98.06%
Second Lien 0.22% --- 8.38% --- --- --- --- 1.94%
------------------------------------------------------------------------------------------------------
WA FICO 602 694 670 697 701 709 585 664
% below 640 70.93% 14.85% 33.00% 7.36% --- 19.84% 100.00% 30.67%
Current CLTV 80.98% 81.11% 72.05% 81.42% 73.16% 101.55% 68.73% 78.70%
------------------------------------------------------------------------------------------------------
Loan Type
Single Family 88.22% 72.48% 86.78% 79.84% --- 69.65% 100.00% 75.84%
PUD 4.15% 20.87% 9.36% 16.39% --- 16.07% --- 11.58%
Condo 1.43% 6.48% 2.71% 3.77% --- 14.28% --- 3.41%
Manuf. Housing 5.58% 0.17% 0.97% --- --- --- --- 1.67%
Other 0.62% --- 0.17% --- 100.00% --- --- 7.50%
------------------------------------------------------------------------------------------------------
Occupancy Status
Owner Occupied 89.11% 96.10% 96.02% 95.35% --- 92.82% 100.00% 87.12%
Investor 10.89% 3.90% 3.98% 4.65% 100.00% 7.18% --- 12.88%
Property
-------------------------------------------------------------------------------------
-----------------
Loan Purpose
Purchase Money 29.27% 72.48% 24.37% 79.06% 43.63% 100.00% --- 50.13%
Cash Out/Refi 61.36% 13.52% 35.25% 7.40% --- --- 46.67% 28.20%
Rate Term/Refi 8.11% 12.81% 27.03% 9.69% 56.37% --- 53.33% 17.30%
Other 1.26% 1.18% 13.35% 3.84% --- --- --- 4.37%
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
States > 5%
California 9.58% 17.03% 15.01% 37.64% 11.12% 26.27% --- 18.42%
New York 11.54% 1.64% 9.85% 3.70% 21.69% --- --- 7.84%
Florida 8.40% 7.68% 6.19% 1.03% 11.75% --- 32.87% 6.46%
North Carolina 3.63% 1.06% 12.95% 8.08% --- --- --- 5.69%
------------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Group II Mortgage Loans (ARMs)
Preliminary Characteristics as of the Cut-off Date
<PAGE>
-----------------------------------------------------------------------------------------------------
Collateral Subprime* Seasoned Alt A* Jumbo A* Reperforming Total
Sub-Group
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Percent of Total 45.17% 37.39% 11.37% 5.53% 0.55% 100.00%
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Current Balance $66,215,297 $54,811,193 $16,672,777 $8,106,223 $799,936 $146,605,426
Loan Count 681 363 63 36 7 1,150
Average Balance $97,232 $150,995 $264,647 $225,173 $114,277 $127,483
%>$200,000 19.68% 52.48% 78.34% 74.76% 0.00% 41.55%
%>$500,000 0.90% 12.25% 37.01% 15.04% 0.00% 10.03%
-----------------------------------------------------------------------------------------------------
Gross WAC (%) 10.790% 9.699% 8.461% 8.109% 11.116% 9.971%
WAM (mos) 354 299 350 352 349 333
WA Age (mos) 6 64 5 7 11 28
WA Orig. Term 360 362 355 360 360 361
(mos)
-----------------------------------------------------------------------------------------------------
Balloon --- --- --- --- --- ---
Fully Amortizing 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
First Lien 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Second Lien --- --- --- --- --- ---
-----------------------------------------------------------------------------------------------------
WA FICO 583 621 694 710 518 616
% below 640 86.57% 63.41% 19.22% 5.48% 100.00% 65.68%
Current CLTV 82.17% 77.69% 70.84% 76.17% 74.19% 78.83%
-----------------------------------------------------------------------------------------------------
WA Margin 6.689% 3.878% 3.137% 3.016% 6.947% 5.032%
WA Lifetime Cap 17.318% 14.368% 13.847% 13.868% 17.452% 15.630%
WA Next Rate 22 9 12 22 15 16
Adj.
WA Reset 6 9 11 10 6 8
Frequency
-----------------------------------------------------------------------------------------------------
Loan Type
Single Family 89.54% 81.86% 82.58% 77.71% 100.00% 85.28%
PUD 4.28% 10.95% 11.12% 11.05% --- 7.90%
Condo 3.56% 6.35% 6.31% 11.24% --- 5.32%
Manuf. Housing 1.86% 0.10% 0.00% 0.00% --- 0.88%
Other 0.76% 0.74% --- --- --- 0.62%
-----------------------------------------------------------------------------------------------------
Occupancy Status
Owner Occupied 92.18% 95.06% 93.01% 87.89% 85.94% 93.08%
Investor 7.82% 4.94% 6.99% 12.11% 14.06% 6.92%
Property
-----------------------------------------------------------------------------------------------------
Loan Purpose
Purchase Money 38.89% 44.94% 37.15% 61.96% 20.94% 42.13%
Cash Out/Refi 52.78% 31.73% 11.38% 21.36% 63.38% 38.53%
Rate Term/Refi 8.22% 20.23% 18.45% 4.28% 15.69% 13.70%
Other 0.11% 3.10% 33.01% 12.40% --- 5.65%
-----------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Group II Mortgage Loans (ARMs)
Preliminary Characteristics as of the Cut-off Date
(cont'd)
<PAGE>
----------------------------------------------------------------------------------------------------
Collateral Subprime* Seasoned Alt A* Jumbo A* Reperforming Total
Sub-Group
----------------------------------------------------------------------------------------------------
Percent of Total 45.17% 37.39% 11.37% 5.53% 0.55% 100.00%
----------------------------------------------------------------------------------------------------
States > 4%
California 19.88% 25.19% 27.86% 29.97% 14.06% 23.30%
Maryland 2.42% 8.82% --- --- --- 4.39%
Illinois 6.67% 4.66% 0.64% --- --- 4.83%
New York 4.00% 7.32% --- --- --- 4.54%
Colorado 3.61% 4.86% 7.46% 4.08% --- 4.52%
Ohio 7.62% 1.22% 0.99% 3.44% --- 4.20%
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Index
6 month LIBOR 100.00% 48.24% 10.62% 39.28% 100.00% 67.13%
1 Year UST 0.00% 48.67% 89.38% 60.72% --- 31.72%
COFI --- 0.45% --- --- --- 0.17%
Other --- 2.64% --- --- --- 0.99%
----------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
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 40.00 14 $595,378.18 0.41%
40.01 to 50.00 16 3,088,293.30 2.11%
50.01 to 60.00 65 9,657,900.97 6.59%
60.01 to 70.00 182 21,216,507.30 14.47%
70.01 to 80.00 457 58,268,022.54 39.74%
80.01 to 90.00 305 39,476,135.80 26.93%
90.01 to 100.00 79 10,138,948.38 6.92%
100.01 to 110.00 29 3,558,018.01 2.43%
110.01 to 120.00 3 606,221.36 0.41%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
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 126 13,348,685.15 9.11%
500 to 519 113 11,387,899.30 7.77%
520 to 539 149 16,130,868.25 11.00%
540 to 559 112 14,510,294.55 9.90%
560 to 579 135 15,417,494.02 10.52%
580 to 599 105 11,789,733.00 8.04%
600 to 619 109 13,702,768.86 9.35%
620 to 639 50 6,698,067.92 4.57%
640 to 659 48 7,465,928.85 5.09%
660 to 679 39 6,569,782.60 4.48%
680 to 699 37 8,310,480.50 5.67%
700 to 719 32 4,695,656.18 3.20%
720 to 739 21 4,621,959.08 3.15%
740 to 759 26 6,473,068.19 4.42%
760 to 799 14 2,279,725.08 1.56%
800 to 819 6 1,211,310.23 0.83%
Not Available 28 1,991,704.08 1.36%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Debt-to-Income
Range of Number of Cut-Off Date Percentage of
Debt-to-Income Loans Principal Loan Pool
Ratio Balance
-------------------- ----------------------------------------------
Not Available 472 $59,114,335.84 40.32%
10.0001% to 20.000% 23 1,534,821.20 1.05%
20.001% to 30.000% 81 10,283,124.14 7.01%
30.001% to 40.000% 194 26,382,690.95 18.00%
40.001% to 50.000% 232 31,507,837.35 21.49%
50.001% to 60.000% 124 15,271,339.23 10.42%
60.001% or greater 24 2,511,277.13 1.71%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
Mortgage Loan Group II
Documentation
Range of Number of Cut-Off Date Percentage of
Documentation Type Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Full 812 $98,546,710.65 67.22%
Limited 338 $48,058,715.19 32.78%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
Mortgage Loan Group II
Prepay Penalties
Range of Number of Cut-Off Date Percentage of
Prepay Penalty Loans Principal Loan Pool
Terms Balance
-------------------- ----------------------------------------------
None 430 $71,815,000.00 48.99%
12 months 19 $2,391,916.97 1.63%
24 months 106 $10,671,177.78 7.28%
36 months 297 $33,782,868.34 23.04%
60 months 298 $27,944,462.75 19.06%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
<PAGE>
Mortgage Loan Group II
Delinquency Status
Range of Number of Cut-Off Date Percentage of
Delinquency Status Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Current 2,363 99.08%
$316,697,041.78
30 to 59 days 29 2,067,284.71 0.77%
60 to 89 days 2 230,163.79 0.16%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
Mortgage Loan Group II
High Cost Loans
Number of Cut-Off Date Percentage of
High Cost Loans Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Section 32 57 $5,776,286.55 3.94%
Non-Section 32 1,093 $140,829,139.29 96.06%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
</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>
SECOND REVISED PRELIMINARY TERM SHEET
GMAC RFC
$308,517,000 (Approximate)
RAMP Series 2000-RS4 Trust
Residential Asset Mortgage Product, Inc.
Depositor
Residential Funding Corporation
Seller and Master Servicer
The following is a revised preliminary Term Sheet. All terms and statements
are subject to change.
RESIDENTIAL FUNDING SECURITIES
A GMAC COMPANY
as Underwriter
December 15, 2000
This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, 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.
Worldwide Capital Partner
<PAGE>
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information
--------------------------------------------------------------------------------
The information herein has been provided solely by Residential Funding
Securities Corporation ("RFSC") based on information with respect to the
mortgage loans provided by Residential Funding Corporation ("RFC") and its
affiliates. Neither RFC nor any of its affiliates makes any representation as to
the accuracy or completeness of the information herein.
The information herein is preliminary and supersedes any prior information and
will be superseded by the prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commissions (SEC). All
assumptions and information in this report reflect RFSC's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, RFSC does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. RFSC (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, and
may, as principal or agent, buy or sell such securities, commodities or
derivative instruments.
In addition, RFSC may make a market in the securities referred to herein.
Neither the information nor the assumptions reflected herein shall be construed
to be, or constitute, an offer to sell or buy or a solicitation of an offer to
sell or buy any securities, commodities or derivative instruments mentioned
herein. No sale of any securities, commodities or derivative instruments should
be consummated without the purchaser first having received a prospectus and, if
required prospectus supplement.
Finally, RFSC has not addressed the legal, accounting and tax implications of
the analysis with respect to you, and RFSC strongly urges you to seek advice
from your counsel, accountant and tax advisor.
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Corporation
RAMP 2000-RS4
Computational Materials: Preliminary Term Sheet (Page 1)
----------------------------------------------------------------------------------------------
$308,517,000 (Approximate)
<S> <C> <C>
Issuer: RAMP Series 2000-RS4 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: Lead Manager: Bear, Stearns & Co. Inc.
Co-Manager: Residential Funding Securities
Corporation
Certificate Insurer: Ambac Assurance Corporation ("Ambac")
Trustee: Bank One, National Association.
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
[69.2]% of the Fixed Rate Mortgage Loans and
approximately [77.5]% of the Adjustable Rate Mortgage
Loans, if and when they become 30 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" (or the equivalent) designation from Standard
& Poor's and Fitch, Inc. in March 1999.
Characteristics of the Offered Certificates (a), (b), (c), (d)
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Average Principal Final
Original Life Lockout/ Scheduled Expected
Offered Loan Principal to Call Window Maturity Ratings Credit
Certificates Group Balance Coupon (years) (months) Date (S&P/Mdy's) Enhancement
----------
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Class A-I-1 I $66,615,000 Fixed 1.00 0 / 5/25/15 AAA / Aaa Ambac + OC
26
Class A-I-2 I 35,434,000 Fixed 3.00 25 / 11/25/21 AAA / Aaa Ambac + OC
23
Class A-I-3 I 27,140,000 Fixed 5.00 47 12/25/25 AAA / Aaa Ambac + OC
/27
Class A-I-4 I 42,795,000 Fixed 8.38 73 / 12/25/30 AAA / Aaa Ambac + OC
38
Class A-II II 136,533,000 Floating 3.01 0 / 12/25/30 AAA / Aaa Ambac + OC
(e) 111
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Notes:
(a) Class sizes subject to a 10% variance.
(b) Pricing Prepayment Speed Assumption: 18% CPR (Fixed Rate Mortgage Loans); 25% CPR
(Adjustable Rate Mortgage Loans).
(c) Transaction priced to 10% clean-up call.
(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) The lesser of (i) One-Month LIBOR plus the related margin and (ii) 14%,
subject to the Net WAC Cap Rate.
</TABLE>
<PAGE>
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 Offered Certificates will be issued publicly from a shelf
registration.
Form of Registration: The Offered Certificates will be issued in book-entry form
through DTC, Clearstream and Euroclear.
Cut-off Date: As of December 1, 2000.
Settlement Date: On or about December 27, 2000.
Distribution Date: The 25th day of each month (or the next succeeding business
day), commencing January 25, 2001.
Pass-Through Rate: Interest will accrue on the Group I 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 Group I Mortgage Loans.
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.
<PAGE>
Net WAC Cap Rate: With respect to any Distribution Date and the Group II
Certificates, the weighted average of the Net Mortgage Rates of the Group
II Mortgage Loans.
Net Mortgage Rate: With respect to any mortgage loan, the mortgage rate thereon
minus the rates at which (a) the master servicing fee, (b) the subservicing
fee, and (c) the premium under the Policy, are paid; each 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 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)
the Policy; (v) the right to receive amounts received from any additional
collateral that has been assigned to the Trustee; and (vi) all proceeds of
the foregoing.
Collateral Description: On the Closing Date, the assets of the Trust will
consist of 1,236 fixed-rate mortgage loans (the "Group I Mortgage Loans" or
the "Fixed Rate Mortgage Loans") with an aggregate principal balance of
$171,984,026 as of the Cut-off Date and 1,100 adjustable-rate mortgage
loans (the "Group II Mortgage Loans" or the "Adjustable Rate Mortgage
Loans") with an aggregate principal balance of $139,320,255 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: 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.
<PAGE>
Program Exception Loans: Loans in this category arise from exceptions to
RFC's standard guidelines under their Jumbo A, Alt-A and Subprime Programs.
These loans may not have met a specific RFC program parameter, such as: a
loan that was originated at a 90% LTV with no mortgage insurance and
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 to 89 days. Also included in this category are loans with
document deficiencies.
Reperforming 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 either (a) made at least three aggregate scheduled
payments in the last three months or (b) the borrower has made at least
four aggregate scheduled payments in the last six months.
Credit Enhancement: Credit enhancement for the benefit of the Group I and Group
II Certificates will be as follows:
The Group I Certificates
The 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.
Overcollateralization ("OC"):
Initial (% Orig.) 0.00%
OC Target (% Orig.) 2.20%
Stepdown (% Current) 4.40%
OC Floor (% Orig.) 0.50%
Excess Spread:
Initially equal to [212] bps per annum
(before losses) and is expected to be
available to cover losses and build OC
starting on the February 2001 Distribution
Date.
<PAGE>
The Group II Certificates
The 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.
Overcollateralization ("OC"):
Initial (% Orig.) 2.00%
OC Target (% Orig.) 5.00%
Stepdown (% Current) 10.00%
OC Floor (% Orig.) 0.50%
Excess Spread:
Initially equal to [233] bps per annum
(before losses) and is expected to be
available to cover losses and build OC
starting on the February 2001 Distribution
Date.
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;
7. To pay any Basis Risk Shortfall Carry-Forward Amounts to the Class A-II
Certificates; and
8. To the holders of the Class SB Certificates and the Class R Certificates,
any remaining Excess Cash Flow.
<PAGE>
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 any of the
Group II Certificates receive interest based
on the Net WAC Cap Rate, "Basis Risk
Shortfall" is equal to the excess, if any,
of (a) accrued certificate interest on the
related Group II Certificate 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 related Group II Certificate
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 [31]st Distribution Date (or [July 2003]); and
(2) the first Distribution Date on which the current Pool Principal Balance has
been reduced to an amount equal to 50% or less of the original Pool
Principal Balance.
Advancing: The Master Servicer will be obligated to advance delinquent principal
and interest through the liquidation of REO or until deemed unrecoverable.
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.
<PAGE>
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 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.
ERISAEligibility: The Class A Certificates are expected to be eligible for
benefit plans that are subject to ERISA.
SMMEATreatment: The Offered Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
<PAGE>
<TABLE>
<CAPTION>
Characteristics of the Offered Certificates (a), (b), (c), (d)
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Average Principal Final
Original Life Lockout/ Scheduled Expected
Offered Loan Principal to Call Window Maturity Ratings Credit
Certificates Group Balance Coupon (years) (months) Date (S&P/Mdy's) Enhancement
----------
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Class A-I-1 I $66,615,000 Fixed 1.00 0 / 5/25/15 AAA / Aaa Ambac + OC
26
Class A-I-2 I 35,434,000 Fixed 3.00 25 / 11/25/21 AAA / Aaa Ambac + OC
23
Class A-I-3 I 27,140,000 Fixed 5.00 47 12/25/25 AAA / Aaa Ambac + OC
/27
Class A-I-4 I 42,795,000 Fixed 8.38 73 / 12/25/30 AAA / Aaa Ambac + OC
38
Class A-II II 136,533,000 Floating 3.01 0 / 12/25/30 AAA / Aaa Ambac + OC
(e) 111
-------------- ------- ----------- ----------- -------- -------- ---------- ------------ -------------
Notes:
(a) Class sizes subject to a 10% variance.
(b) Pricing Prepayment Speed Assumption: 18% CPR (Fixed Rate Mortgage Loans); 25% CPR
(Adjustable Rate Mortgage Loans).
(c) Transaction priced to 10% clean-up call.
(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) The lesser of (i) One-Month LIBOR plus the related margin and (ii) 14%,
subject to the Net WAC Cap Rate.
Class A-I-1 (to 10% Call and to
Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
7.20 1.85 1.26 1.00 0.79 0.67
Modified Duration (years)
5.24 1.65 1.15 0.93 0.74 0.64
First Principal Distribution 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01
Last Principal Distribution 6/25/14 1/25/05 9/25/03 2/25/03 8/25/02 5/25/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 162 49 33 26 20 17
Illustrative Yield @ Par (30/360) 6.83% 6.65% 6.53% 6.43% 6.31% 6.21%
-----------------------------------------------------------------------------------------------
Class A-I-2 (to 10% Call and to
Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years) 16.49 5.63
3.82 3.00 2.33 1.96
Modified Duration (years)
9.65 4.53 3.26 2.63 2.09 1.78
First Principal Distribution 6/25/14 1/25/05 9/25/03 2/25/03 8/25/02 5/25/02
Last Principal Distribution 3/25/21 5/25/08 1/25/06 12/25/04 1/25/04 7/25/03
Principal Lockout (months) 161 48 32 25 19 16
Principal Window (months) 82 41 29 23 18 15
Illustrative Yield @ Par (30/360) 6.76% 6.71% 6.67% 6.64% 6.60% 6.56%
-----------------------------------------------------------------------------------------------
<PAGE>
Class A-I-3 (to 10% Call and to
Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
22.65 8.95 6.33 5.00 3.90 3.29
Modified Duration (years)
11.19 6.49 4.97 4.10 3.32 2.85
First Principal Distribution 3/25/21 5/25/08 1/25/06 12/25/04 1/25/04 7/25/03
Last Principal Distribution 9/25/25 6/25/11 10/25/08 2/25/07 10/25/05 1/25/05
Principal Lockout (months) 242 88 60 47 36 30
Principal Window (months) 55 38 34 27 22 19
Illustrative Yield @ Par (30/360) 6.90% 6.87% 6.85% 6.83% 6.81% 6.78%
-----------------------------------------------------------------------------------------------
Class A-I-4 (to 10% Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
26.94 14.43 10.38 8.38 6.57 5.49
Modified Duration (years)
11.53 8.65 7.05 6.07 5.06 4.38
First Principal Distribution 9/25/25 6/25/11 10/25/08 2/25/07 10/25/05 1/25/05
Last Principal Distribution 11/25/28 1/25/17 6/25/12 3/25/10 3/25/08 12/25/06
Principal Lockout (months) 296 125 93 73 57 48
Principal Window (months) 39 68 45 38 30 24
Illustrative Yield @ Par (30/360) 7.29% 7.28% 7.27% 7.26% 7.25% 7.23%
-----------------------------------------------------------------------------------------------
Class A-I-4 (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years) 6.78
27.21 16.65 12.34 10.02 7.97
Modified Duration (years)
11.56 9.20 7.73 6.75 5.75 5.09
First Principal Distribution 9/25/25 6/25/11 10/25/08 2/25/07 10/25/05 1/25/05
Last Principal Distribution 5/25/30 4/25/29 5/25/26 10/25/22 8/25/18 12/25/15
Principal Lockout (months) 296 125 93 73 57 48
Principal Window (months) 57 215 212 189 155 132
Illustrative Yield @ Par (30/360) 7.29% 7.31% 7.32% 7.32% 7.32% 7.32%
-----------------------------------------------------------------------------------------------
<PAGE>
Class A-II (to 10% Call)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years)
18.95 5.72 3.96 3.01 2.36 1.86
Modified Duration (years)
9.48 4.05 3.06 2.44 1.99 1.61
First Principal Distribution 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01
Last Principal Distribution 11/25/28 1/25/17 6/25/12 3/25/10 3/25/08 12/25/06
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 335 193 138 111 87 72
Illustrative Yield @ Par (30/360) 7.19% 7.18% 7.18% 7.18% 7.18% 7.18%
-----------------------------------------------------------------------------------------------
Class A-II (to Maturity)
-----------------------------------------------------------------------------------------------
Prepayment Assumption (CPR):
Fixed Rate Mortgage Loans 0% 9% 14% 18% 23% 27%
Adjustable Rate Mortgage Loans 0% 13% 19% 25% 31% 38%
-----------------------------------------------------------------------------------------------
Average Life (years) 1.94
19.02 5.99 4.20 3.16 2.48
Modified Duration (years)
9.49 4.13 3.15 2.51 2.05 1.66
First Principal Distribution 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01 1/25/01
Last Principal Distribution 5/25/30 6/25/27 8/25/22 2/25/18 9/25/14 10/25/11
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 353 318 260 206 165 130
Illustrative Yield @ Par (30/360) 7.19% 7.19% 7.19% 7.19% 7.19% 7.19%
-----------------------------------------------------------------------------------------------
<PAGE>
Distribution Net WAC Distribution Net WAC Distribution Net WAC
Month Date Cap (%) Month Date Cap (%) Month Date Cap (%)
1 1/25/01 9.151 41 5/25/04 10.797 81 9/25/07 10.475
2 2/25/01 9.151 42 6/25/04 10.449 82 10/25/07 10.824
3 3/25/01 10.132 43 7/25/04 10.798 83 11/25/07 10.476
4 4/25/01 9.152 44 8/25/04 10.450 84 12/25/07 10.826
5 5/25/01 9.435 45 9/25/04 10.451 85 1/25/08 10.478
6 6/25/01 9.247 46 10/25/04 10.800 86 2/25/08 10.478
7 7/25/01 9.534 47 11/25/04 10.452 87 3/25/08 11.202
8 8/25/01 9.258 48 12/25/04 10.801 88 4/25/08 10.480
9 9/25/01 9.258 49 1/25/05 10.453 89 5/25/08 10.830
10 10/25/01 9.567 50 2/25/05 10.454 90 6/25/08 10.482
11 11/25/01 9.258 51 3/25/05 11.574 91 7/25/08 10.832
12 12/25/01 9.567 52 4/25/05 10.455 92 8/25/08 10.483
13 1/25/02 9.259 53 5/25/05 10.804 93 9/25/08 10.484
14 2/25/02 9.259 54 6/25/05 10.456 94 10/25/08 10.834
15 3/25/02 10.251 55 7/25/05 10.805 95 11/25/08 10.486
16 4/25/02 9.259 56 8/25/05 10.457 96 12/25/08 10.836
17 5/25/02 9.570 57 9/25/05 10.458 97 1/25/09 10.487
18 6/25/02 9.307 58 10/25/05 10.807 98 2/25/09 10.488
19 7/25/02 9.617 59 11/25/05 10.459 99 3/25/09 11.613
20 8/25/02 9.994 60 12/25/05 10.809 100 4/25/09 10.490
21 9/25/02 9.994 61 1/25/06 10.461 101 5/25/09 10.840
22 10/25/02 10.328 62 2/25/06 10.461 102 6/25/09 10.492
23 11/25/02 9.995 63 3/25/06 11.583 103 7/25/09 10.842
24 12/25/02 10.329 64 4/25/06 10.463 104 8/25/09 10.493
25 1/25/03 9.996 65 5/25/06 10.812 105 9/25/09 10.494
26 2/25/03 9.996 66 6/25/06 10.464 106 10/25/09 10.845
27 3/25/03 11.068 67 7/25/06 10.813 107 11/25/09 10.496
28 4/25/03 9.997 68 8/25/06 10.465 108 12/25/09 10.847
29 5/25/03 10.339 69 9/25/06 10.466 109 1/25/10 10.498
30 6/25/03 10.397 70 10/25/06 10.816 110 2/25/10 10.499
31 7/25/03 10.787 71 11/25/06 10.467
32 8/25/03 10.439 72 12/25/06 10.817
33 9/25/03 10.444 73 1/25/07 10.469
34 10/25/03 10.793 74 2/25/07 10.469
35 11/25/03 10.445 75 3/25/07 11.592
36 12/25/03 10.794 76 4/25/07 10.471
37 1/25/04 10.446 77 5/25/07 10.821
38 2/25/04 10.447 78 6/25/07 10.472
39 3/25/04 11.168 79 7/25/07 10.822
40 4/25/04 10.448 80 8/25/07 10.474
<PAGE>
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Group I Mortgage Loans (Fixed Rate)
Preliminary Characteristics as of the Cut-off Date
<PAGE>
------------------------------------------------------------------------------------------------------
Collateral Subprime* Alt A* Seasoned Jumbo A* Multi- Home Re- Total
Sub-Group Family Solution Performing
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Percent of Total 25.28% 24.07% 22.45% 19.88% 7.30% 0.92% 0.10% 100.00%
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Current Balance $43,765,85$41,655,45$38,860,192$34,406,729$12,644,109$1,584,362 $178,358 $173,095,066
Loan Count 502 211 403 112 28 13 3 1,272
Average Balance $87,183 $197,419 $96,427 $307,203 $451,575 $121,874.03 $59,453 $136,081
%>$200,000 24.98% 65.44% 32.92% 91.45% 98.59% 20.01% 0.00% 55.02%
%>$500,000 1.60% 8.56% 7.59% 8.27% 39.22% 0.00% 0.00% 8.67%
------------------------------------------------------------------------------------------------------
Gross WAC (%) 11.194% 9.496% 8.953% 8.628% 8.188% 10.511% 9.887% 9.545%
WAM (mos) 327 339 229 349 272 358 349 308
WA Age (mos) 5 2 49 4 25 2 11 15
WA Orig. Term 333 341 278 353 297 360 360 324
(mos)
------------------------------------------------------------------------------------------------------
Balloon 21.48% 0.83% 6.01% --- 100.00% --- --- 14.28%
Fully 78.52% 99.17% 93.99% 100.00% 0.00% 100.00% 100.00% 85.72%
Amortizing
------------------------------------------------------------------------------------------------------
First Lien 99.78% 100.00% 91.62% 100.00% 100.00% 100.00% 100.00% 98.06%
Second Lien 0.22% --- 8.38% --- --- --- --- 1.94%
------------------------------------------------------------------------------------------------------
WA FICO 602 694 670 697 701 709 585 664
% below 640 70.93% 14.85% 33.00% 7.36% --- 19.84% 100.00% 30.67%
Current CLTV 80.98% 81.11% 72.05% 81.42% 73.16% 101.55% 68.73% 78.70%
------------------------------------------------------------------------------------------------------
Loan Type
Single Family 88.22% 72.48% 86.78% 79.84% --- 69.65% 100.00% 75.84%
PUD 4.15% 20.87% 9.36% 16.39% --- 16.07% --- 11.58%
Condo 1.43% 6.48% 2.71% 3.77% --- 14.28% --- 3.41%
Manuf. Housing 5.58% 0.17% 0.97% --- --- --- --- 1.67%
Other 0.62% --- 0.17% --- 100.00% --- --- 7.50%
------------------------------------------------------------------------------------------------------
Occupancy Status
Owner Occupied 89.11% 96.10% 96.02% 95.35% --- 92.82% 100.00% 87.12%
Investor 10.89% 3.90% 3.98% 4.65% 100.00% 7.18% --- 12.88%
Property
-------------------------------------------------------------------------------------
-----------------
Loan Purpose
Purchase Money 29.27% 72.48% 24.37% 79.06% 43.63% 100.00% --- 50.13%
Cash Out/Refi 61.36% 13.52% 35.25% 7.40% --- --- 46.67% 28.20%
Rate Term/Refi 8.11% 12.81% 27.03% 9.69% 56.37% --- 53.33% 17.30%
Other 1.26% 1.18% 13.35% 3.84% --- --- --- 4.37%
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
States > 5%
California 9.58% 17.03% 15.01% 37.64% 11.12% 26.27% --- 18.42%
New York 11.54% 1.64% 9.85% 3.70% 21.69% --- --- 7.84%
Florida 8.40% 7.68% 6.19% 1.03% 11.75% --- 32.87% 6.46%
North Carolina 3.63% 1.06% 12.95% 8.08% --- --- --- 5.69%
------------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Group II Mortgage Loans (ARMs)
Preliminary Characteristics as of the Cut-off Date
-----------------------------------------------------------------------------------------------------
Collateral Subprime* Seasoned Alt A* Jumbo A* Reperforming Total
Sub-Group
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Percent of Total 45.17% 37.39% 11.37% 5.53% 0.55% 100.00%
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Current Balance $66,215,297 $54,811,193 $16,672,777 $8,106,223 $799,936 $146,605,426
Loan Count 681 363 63 36 7 1,150
Average Balance $97,232 $150,995 $264,647 $225,173 $114,277 $127,483
%>$200,000 19.68% 52.48% 78.34% 74.76% 0.00% 41.55%
%>$500,000 0.90% 12.25% 37.01% 15.04% 0.00% 10.03%
-----------------------------------------------------------------------------------------------------
Gross WAC (%) 10.790% 9.699% 8.461% 8.109% 11.116% 9.971%
WAM (mos) 354 299 350 352 349 333
WA Age (mos) 6 64 5 7 11 28
WA Orig. Term 360 362 355 360 360 361
(mos)
-----------------------------------------------------------------------------------------------------
Balloon --- --- --- --- --- ---
Fully Amortizing 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
First Lien 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Second Lien --- --- --- --- --- ---
-----------------------------------------------------------------------------------------------------
WA FICO 583 621 694 710 518 616
% below 640 86.57% 63.41% 19.22% 5.48% 100.00% 65.68%
Current CLTV 82.17% 77.69% 70.84% 76.17% 74.19% 78.83%
-----------------------------------------------------------------------------------------------------
WA Margin 6.689% 3.878% 3.137% 3.016% 6.947% 5.032%
WA Lifetime Cap 17.318% 14.368% 13.847% 13.868% 17.452% 15.630%
WA Next Rate 22 9 12 22 15 16
Adj.
WA Reset 6 9 11 10 6 8
Frequency
-----------------------------------------------------------------------------------------------------
Loan Type
Single Family 89.54% 81.86% 82.58% 77.71% 100.00% 85.28%
PUD 4.28% 10.95% 11.12% 11.05% --- 7.90%
Condo 3.56% 6.35% 6.31% 11.24% --- 5.32%
Manuf. Housing 1.86% 0.10% 0.00% 0.00% --- 0.88%
Other 0.76% 0.74% --- --- --- 0.62%
-----------------------------------------------------------------------------------------------------
Occupancy Status
Owner Occupied 92.18% 95.06% 93.01% 87.89% 85.94% 93.08%
Investor 7.82% 4.94% 6.99% 12.11% 14.06% 6.92%
Property
-----------------------------------------------------------------------------------------------------
Loan Purpose
Purchase Money 38.89% 44.94% 37.15% 61.96% 20.94% 42.13%
Cash Out/Refi 52.78% 31.73% 11.38% 21.36% 63.38% 38.53%
Rate Term/Refi 8.22% 20.23% 18.45% 4.28% 15.69% 13.70%
Other 0.11% 3.10% 33.01% 12.40% --- 5.65%
-----------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Group II Mortgage Loans (ARMs)
Preliminary Characteristics as of the Cut-off Date
(cont'd)
----------------------------------------------------------------------------------------------------
Collateral Subprime* Seasoned Alt A* Jumbo A* Reperforming Total
Sub-Group
----------------------------------------------------------------------------------------------------
Percent of Total 45.17% 37.39% 11.37% 5.53% 0.55% 100.00%
----------------------------------------------------------------------------------------------------
States > 4%
California 19.88% 25.19% 27.86% 29.97% 14.06% 23.30%
Maryland 2.42% 8.82% --- --- --- 4.39%
Illinois 6.67% 4.66% 0.64% --- --- 4.83%
New York 4.00% 7.32% --- --- --- 4.54%
Colorado 3.61% 4.86% 7.46% 4.08% --- 4.52%
Ohio 7.62% 1.22% 0.99% 3.44% --- 4.20%
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Index
6 month LIBOR 100.00% 48.24% 10.62% 39.28% 100.00% 67.13%
1 Year UST 0.00% 48.67% 89.38% 60.72% --- 31.72%
COFI --- 0.45% --- --- --- 0.17%
Other --- 2.64% --- --- --- 0.99%
----------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
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 40.00 14 $595,378.18 0.41%
40.01 to 50.00 16 3,088,293.30 2.11%
50.01 to 60.00 65 9,657,900.97 6.59%
60.01 to 70.00 182 21,216,507.30 14.47%
70.01 to 80.00 457 58,268,022.54 39.74%
80.01 to 90.00 305 39,476,135.80 26.93%
90.01 to 100.00 79 10,138,948.38 6.92%
100.01 to 110.00 29 3,558,018.01 2.43%
110.01 to 120.00 3 606,221.36 0.41%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
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 126 13,348,685.15 9.11%
500 to 519 113 11,387,899.30 7.77%
520 to 539 149 16,130,868.25 11.00%
540 to 559 112 14,510,294.55 9.90%
560 to 579 135 15,417,494.02 10.52%
580 to 599 105 11,789,733.00 8.04%
600 to 619 109 13,702,768.86 9.35%
620 to 639 50 6,698,067.92 4.57%
640 to 659 48 7,465,928.85 5.09%
660 to 679 39 6,569,782.60 4.48%
680 to 699 37 8,310,480.50 5.67%
700 to 719 32 4,695,656.18 3.20%
720 to 739 21 4,621,959.08 3.15%
740 to 759 26 6,473,068.19 4.42%
760 to 799 14 2,279,725.08 1.56%
800 to 819 6 1,211,310.23 0.83%
Not Available 28 1,991,704.08 1.36%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
<PAGE>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
----------------------------------------------------------------------------------------------
Mortgage Loan Group II
Debt-to-Income
Range of Number of Cut-Off Date Percentage of
Debt-to-Income Loans Principal Loan Pool
Ratio Balance
-------------------- ----------------------------------------------
Not Available 472 $59,114,335.84 40.32%
10.0001% to 20.000% 23 1,534,821.20 1.05%
20.001% to 30.000% 81 10,283,124.14 7.01%
30.001% to 40.000% 194 26,382,690.95 18.00%
40.001% to 50.000% 232 31,507,837.35 21.49%
50.001% to 60.000% 124 15,271,339.23 10.42%
60.001% or greater 24 2,511,277.13 1.71%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
Mortgage Loan Group II
Documentation
Range of Number of Cut-Off Date Percentage of
Documentation Type Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Full 812 $98,546,710.65 67.22%
Limited 338 $48,058,715.19 32.78%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
Mortgage Loan Group II
Prepay Penalties
Range of Number of Cut-Off Date Percentage of
Prepay Penalty Loans Principal Loan Pool
Terms Balance
-------------------- ----------------------------------------------
None 430 $71,815,000.00 48.99%
12 months 19 $2,391,916.97 1.63%
24 months 106 $10,671,177.78 7.28%
36 months 297 $33,782,868.34 23.04%
60 months 298 $27,944,462.75 19.06%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
<PAGE>
Mortgage Loan Group II
Delinquency Status
Range of Number of Cut-Off Date Percentage of
Delinquency Status Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Current 2,363 99.08%
$316,697,041.78
30 to 59 days 29 2,067,284.71 0.77%
60 to 89 days 2 230,163.79 0.16%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
Mortgage Loan Group II
High Cost Loans
Number of Cut-Off Date Percentage of
High Cost Loans Loans Principal Loan Pool
Balance
-------------------- ----------------------------------------------
Section 32 57 $5,776,286.55 3.94%
Non-Section 32 1,093 $140,829,139.29 96.06%
----------------------------------------------
Total 1,150 $146,605,425.84 100.00%
</TABLE>
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<TABLE>
<CAPTION>
RAMP2000RS4, Class AI3--Price/Yield
CUSIP Face $27,271,000.00 Settle at
Pricing
Coupon 7.04 Original $27,271,000.00 Accrual begins 12/01/2000
Balance
Delay 24 Current $27,271,000.00 Factor Date N/A
Balance
Stated Maturity N/A Factor 1
Type SEN FIX
YIELD CURVE: Spread off
interpolated node
3MO=5.87, 6MO=6.22, 1YR=6.2, 2YR=6.44, 5YR=6.29, 10YR=6.09,
30YR=6.09
Price 0CPR, 0CPR 9CPR, 13CPR 14CPR, 19CPR 18CPR, 25CPR 23CPR, 31CPR 27CPR, 38CPR
Yield
<S> <C> <C> <C> <C> <C> <C> <C>
99.3750 7.158 7.168 7.176 7.182 7.191 7.199
99.4375 7.153 7.159 7.163 7.167 7.172 7.177
99.5000 7.147 7.149 7.150 7.152 7.153 7.155
99.5625 7.141 7.139 7.138 7.136 7.134 7.133
99.6250 7.135 7.129 7.125 7.121 7.115 7.111
99.6875 7.130 7.120 7.112 7.106 7.097 7.089
99.7500 7.124 7.110 7.100 7.090 7.078 7.067
99.8125 7.118 7.100 7.087 7.075 7.059 7.045
99.8750 7.113 7.091 7.074 7.060 7.040 7.023
99.9375 7.107 7.081 7.062 7.044 7.021 7.001
100.0000 7.101 7.071 7.049 7.029 7.002 6.979
100.0625 7.096 7.062 7.037 7.014 6.983 6.957
100.1250 7.090 7.052 7.024 6.999 6.965 6.935
100.1875 7.084 7.042 7.012 6.983 6.946 6.914
100.2500 7.079 7.033 6.999 6.968 6.927 6.892
100.3125 7.073 7.023 6.986 6.953 6.908 6.870
100.3750 7.068 7.013 6.974 6.938 6.889 6.848
100.4375 7.062 7.004 6.961 6.923 6.871 6.826
100.5000 7.056 6.994 6.949 6.908 6.852 6.805
100.5625 7.051 6.984 6.936 6.892 6.833 6.783
100.6250 7.045 6.975 6.924 6.877 6.815 6.761
Spread @ Center Price 101 94 81 74 66 60
WAL 22.65 8.95 6.33 5.00 3.90 3.29
Mod Durn 10.993 6.428 4.940 4.077 3.302 2.842
Principal Window Mar21 to Sep25 May08 to Jun11 Jan06 to Oct08 Dec04 to Feb07 Jan04 to Oct05 Jul03 to Jan05
Prepay (1) At 0 CPR At 9 CPR At 14 CPR At 18 CPR At 23 CPR At 27 CPR
Prepay (2) At 0 CPR At 13 CPR At 19 CPR At 25 CPR At 31 CPR At 38 CPR
Optional Redemption Calls ASAP Calls ASAP Calls ASAP Calls ASAP Calls ASAP Calls ASAP
(Y/Y) (Y/Y) (Y/Y) (Y/Y) (Y/Y) (Y/Y)
LIBOR_6MO 6.45 6.45 6.45 6.45 6.45 6.45
PRIME 9.5 9.5 9.5 9.5 9.5 9.5
COFI_11 5.589 5.589 5.589 5.589 5.589 5.589
CMT_1YR 6.19 6.19 6.19 6.19 6.19 6.19
</TABLE>
<PAGE>
<PAGE>
