SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): August 25, 2000
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
-----------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-91561 41-1955181
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number)
Identification No.)
8400 Normandale Lake Blvd., Suite 600 Minneapolis, MN 55437
-----------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (952) 832-7000
<PAGE>
Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
Item 5. Other Events.
Filing of Computational Materials
In connection with the proposed offering of the GMACM Home Loan-Backed
Term Notes, Series 2000-HLTV2 (the "Term Notes"), Bear, Stearns & Co. Inc., as
representative of the underwriters (the "Representative"), has prepared certain
materials (the "Computational Materials") for distribution to potential
investors. Although Residential Asset Mortgage Products, Inc. (the "Company")
provided the Representative with certain information regarding the
characteristics of the home loans (the "Home Loans") in the related portfolio,
the Company did not participate in the preparation of the Computational
Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to the Term
Notes, any of the following: yield; average life; duration, expected maturity;
interest rate sensitivity; loss sensitivity; cash flow characteristics;
background information regarding the Home Loans; the proposed structure;
decrement tables; or similar information (tabular or otherwise) of a
statistical, mathematical, tabular or computational nature. The Computational
Materials listed as Exhibit 99.1 hereto are filed.
Item 7. Financial Statements and Exhibits
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Patricia C. Taylor
Patricia C. Taylor
Vice President
Dated: August 28, 2000
<PAGE>
Exhibit Index
Exhibit Page
99.1 Computational Materials 6
<PAGE>
<PAGE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
<PAGE>
GMACM Home Loan-Backed Term Notes, Series 2000-HLTV2
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[GRAPHIC OMITTED] 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
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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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. The Information is provided solely by Bear Stearns, not as agent
for any issuer, and although it may be based on data supplied to it by an
issuer, the issuer has not participated in its preparation and makes no
representations regarding its accuracy or completeness. 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. Any information herein
regarding the collateral or the securities supersedes any prior information
regarding the collateral or the securities and will be superseded by information
regarding the collateral and/or the securities contained in the Offering
Documents and any subsequent information regarding the collateral or the
securities. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current and
any subsequent information regarding the collateral or the securities. 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 employed thereby 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>
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GMACM Home Loan-Backed Term Notes, Series 2000-HLTV2
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<PAGE>
<TABLE>
<CAPTION>
$275,000,000 (Approximate)
Issuer: GMACM Home Loan Trust 2000-HLTV2
<S> <C>
Seller and Servicer: GMAC Mortgage Corporation, a Pennsylvania corporation,
will be the seller and servicer of the Home Loans. The
Servicer will be obligated to service the Home Loans
pursuant to the servicing agreement to be dated as of
August [1], 2000, among the Servicer, the Issuer and the
Indenture Trustee
Depositor: Residential Asset Mortgage Products, Inc.
Note Insurer: [Ambac Assurance Corporation] (the "Note Insurer")
Lead Underwriter: Bear, Stearns & Co. Inc.
Co-Underwriter: First Union Securities
Indenture Trustee: The Bank of New York (the "Indenture Trustee")
Owner Trustee: Wilmington Trust Company
Cut-off Date: August 1, 2000
Closing Date: August [29], 2000
The Notes: Approximately $275,000,000 Home
Loan-Backed Term Notes, Series 2000-HLTV2,
are being offered (the "Notes"). The Notes
will be issued pursuant to an indenture to
be dated as of August [1], 2000, between the
Issuer and the Indenture Trustee.
</TABLE>
<TABLE>
<CAPTION>
Characteristics of the Notes(a), (b), (c), (d)
------------------- ------------- ------- -------- ---------- --------- ---------- --------------
Original Avg Principal Principal Final
Offered Principal Life Lockout Window Sch. Ratings
Securities Balance** Coupon to Call (months) (months) Maturity (Moody's/S&P)
(years) Date
------------------- ------------- ------- -------- ---------- --------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
Class A-I-1 Notes $55,140,000 (e) 1.000 None 23 3/18/11 Aaa / AAA
------------------- ------------- ------- -------- ---------- --------- ---------- --------------
Class A-I-2 Notes $172,718,000 6.413 22 126 11/18/25 Aaa / AAA
------------------- ------------- ------- -------- ---------- --------- ---------- --------------
Class A-II-1 $11,543,000 (e) 1.000 None 23 3/18/12 Aaa / AAA
Notes
------------------- ------------- ------- -------- ---------- --------- ---------- --------------
Class A-II-2 $35,599,000 6.486 22 126 11/18/25 Aaa / AAA
Notes
------------------- ------------- ------- -------- ---------- --------- ---------- --------------
</TABLE>
** Balances subject to a 5% variance.
Note:
(a) 100% Prepayment Assumption ("PPC"): 2.00% CPR in month 1, plus an
additional 0.9286% per annum in each month thereafter until month 15. On
and after month 15, 15.00% CPR;
(b) Transaction priced to 10% clean-up call;
(c) 100% P&I guaranty by [Ambac].
(d) The coupon applicable to the Class A-I-2 and A-II-2 Notes will increase by
0.50% per annum if the 10% clean-up call is not exercised;
(e) The lesser of (i) One-Month LIBOR plus the applicable margin and (ii)
[10.00%] per annum, based on an actual/360 day count.
Offering: The Notes will be issued publicly from the Depositor's shelf
registration.
2
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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<TABLE>
<S> <C>
Form of Registration: Book-entry form, same day funds through DTC, Euroclear.
Assets of the Trust: The assets of the Trust will be divided into two loan
groups. The first loan group will primarily consist of
a pool of closed-end, fixed-rate home equity loans which
conform to Freddie Mac maximum original loan amounts
(the "Group I Home Loans") expected to have an aggregate
outstanding principal balance of $173,034,335.08 as of
the cut-off date. The second loan group will primarily
consist of a pool of closed-end, fixed-rate home equity
loans which do not conform to Freddie Mac maximum
original loan amounts (the "Group II Home Loans")
expected to have an aggregate outstanding principal
balance of $35,798,998.23 as of the cut-off date.
Substantially all of the Group I Home Loans and Group II
Home Loans (together, the "Home Loans") are secured by
second or more junior mortgages with a combined
loan-to-value ratio in excess of 100%.
In addition to the home loans conveyed to
the trust on the closing date, the property
of the trust will include cash on deposit in
certain accounts, including the pre-funding
account and other collections on the home
loans.
Pre-funding Feature: On the Closing Date, an amount, (the "Original
Pre-funded Amount") equal to the excess, if any, of (i)
the aggregate Term Note principal balance over (ii) the
Home Loan principal balance as of the Cut-off Date will
be deposited from the proceeds of the sale of the Notes
with the Indenture Trustee in a segregated account (the
"Pre-funding Account") and used by the Trust to purchase
the subsequent Home Loans during the Pre-funding Period
as defined in the Prospectus Supplement.
Prepayment Pricing
Speed Assumption: A constant prepayment of 2.00% per year of the then
outstanding principal balance of the loans in the first
month of the life of the loans plus an additional
0.9286% per year in each month thereafter until it
reaches 15.00% on the fifteenth month. Beginning in the
fifteenth month and thereafter during the life of such
loans, a constant prepayment rate of 15.00% per year.
Payment Date: The 18th day of each month (or the next succeeding
business day), commencing September 18, 2000.
Payment Delay: With respect to the Class A-I-1 and Class A-II-1 Term
Notes, 0 days. With respect to the Class A-I-2 and
Class A-II-2 Term Notes, 17 days.
3
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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Note Rate: The Class A-I-1 Note Rate will be equal to the lesser of
(a) 1-month LIBOR + [ ]% per annum and (b) [10.00]%
per annum, payable monthly.
The Class A-II-1 Note Rate will be equal to
the lesser of (a) 1-month LIBOR + [ ]% per
annum and (b) [10.00]% per annum, payable
monthly.
Interest will accrue on the Class A-I-1 and
Class A-II-1 Term Notes from and including
the preceding Payment Date (or from the
Closing Date in the case of the first
Payment Date) to and including the day prior
to the then current Payment Date at their
respective Note Rates based on the actual
number of days elapsed during the Accrual
Period and an assumed year of 360 days.
Interest will accrue on the Class A-I-2 and
Class A-II-2 Term Notes at a fixed rate
during the month prior to the month of the
related Payment Date (or from the Cut-off
Date to the end of such month in the case of
the first Payment Date) based on an assumed
year of 360 days, consisting of 12 30-day
months.
Principal Payments on the Notes: Principal payments will be distributed concurrently to
(a) the Class A-I Notes in the aggregate and (b) the
Class A-II Notes, in each case allocated in proportion
to the percentage of the Principal Collections derived
from the related loan group for that payment date, until
the note balances of the Class A-I Notes in the
aggregate or Class A-II Notes have been reduced to
zero. From then on, these amounts will be distributed
to the remaining class or classes of Class A Notes until
their note balances have been reduced to zero. With
respect to the Class A-I Term Notes, all distributions
will be allocated sequentially, beginning with the Class
A-I-1 Term Notes, until the outstanding principal
balance of the Class A-I-1 Term Notes is paid in full,
and then to the Class A-I-2 Term Notes. With respect to
the Class A-II Term Notes, all distributions will be
allocated sequentially, beginning with the Class A-II-1
Term Notes, until the outstanding principal balance of
the Class A-II-1 Term Notes is paid in full, and then to
the Class A-II-2 Term Notes.
4
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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Principal Payments on the notes made in
accordance with the preceding paragraph may
result in excess interest collections from
one loan group being applied to cover
principal loses and build
overcollateralization in the other loan
group.
Priority of Payments: With respect to the Class A-I-1 and Class A-I-2 Term
Notes, payments will be based primarily on principal and
interest collections on the Group I Home Loans. With
respect to the Class A-II-1 and Class A-II-2 Term Notes,
payments will be based primarily on principal and
interest collections on the Group II Home Loans.
On each Payment Date, principal and interest
collections, minus the servicing fees and
the fees and expenses of the trust, will be
allocated from the payment account in the
following order of priority:
</TABLE>
(1) To pay accrued and unpaid interest on the Notes;
(2) To pay principal in an amount equal to the principal collection
distribution amount for such Payment Date on the Notes;
(3) To pay as principal on the Notes, an amount equal to the liquidation loss
amounts, if any, on such Payment Date plus any such liquidation loss
amounts remaining undistributed from any preceding Payment Date;
(4) To pay the Note Insurer the accrued and unpaid premium for the Policy, and
any payments in connection with the limited reimbursement agreement;
(5) To reimburse the Note Insurer for any prior draws on the Policy; (6) To pay
as additional principal on the Notes, an amount necessary to bring the
amount of overcollateralization up to the required overcollateralization
amount;
(7) To pay the Note Insurer any other amounts owed pursuant to the Insurance
Agreement
(8) To pay the indenture trustee any unpaid expenses and other reimbursable
amounts owed to the indenture trustee; and
(9) Any remaining amounts to the holders of the Certificates.
Servicing Fee: The primary compensation to be paid to the Servicer in respect of
its servicing activities will be 0.50% per annum, payable monthly.
5
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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<TABLE>
<S> <C>
Advancing: There is no required advancing of delinquent principal
or interest by the Servicer, the Trustees, the Note
Insurer or any other entity.
Credit Enhancement: Credit enhancement with respect to the Notes will be
provided by (1) excess spread, (2) overcollateralization
and (3) the Note Insurance Policy.
Excess Spread. The weighted average Home
Loan Rate is generally expected to be higher
than the sum of (a) the servicing fee, (b)
the weighted average Note Rate and (c) the
Note Insurer premium. On each Payment Date,
excess spread generated during the related
collection period will be available to cover
losses and build overcollateralization on
such Payment Date.
Overcollateralization: Excess spread will be
applied, to the extent available, to make
accelerated payments of principal to the
securities then entitled to receive payments
of principal; such application will cause
the aggregate principal balance of the Notes
to amortize more rapidly than the Home
Loans, resulting in overcollateralization.
Excess spread will be used to pay down the
Notes such that, prior to the Stepdown Date,
the "Required Overcollateralization Amount"
will be equal to approximately [3.00]% of
the original Pool Balance. On or after the
Stepdown Date, the "Required
Overcollateralization Amount" will be equal
to the lesser of (a) the Required
Overcollateralization Amount as of the
initial payment date and (b) [6.00]% of the
current Pool Balance, but not lower than
[0.50]% of the original Pool Balance plus
any amounts on deposit in the prefunding
account as of the closing date.
Note Insurance Policy: The Note 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 due on the Notes on the
final payment date. The Insurance Policy is not
cancelable for any reason.
Stepdown Date: The Stepdown Date is the Payment Date (subject to the
satisfaction of certain loss criteria) occurring on the
later of:
6
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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(1) the Payment Date in September 2003 (i.e. on the 37th Payment Date); and
(2) the first Payment Date on which the current Pool Balance has been reduced
to an amount equal to 50% of the original Pool Balance plus any amounts on
deposit in the prefunding account as of the closing date.
Optional Redemption: The Servicer may, at its option, effect an early
redemption of the Notes on or after any Payment Date
when the current Pool Balance declines to 10% or less of
the sum of (x) the original Pool Balance of the Home
Loans as of the cut-off date and (y) the amount on
deposit in the prefunding account as of the closing date
(the "Step-up Date").
Tax Status: For federal income tax purposes, the Notes will be
characterized as indebtedness of the Issuer.
ERISA Eligibility: The Notes may be purchased by
employee benefit plans that are subject to
ERISA.
SMMEA Treatment: The Notes will not constitute
"mortgage related securities" for purposes
of SMMEA.
7
</TABLE>
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
COLLATERAL SUMMARY - GROUP I HOME LOANS
Home Loan Collateral
Cut-Off Date 8/1/00
Total Outstanding Balance: $173,034,335.08
Number of Loans: 4,243
Average Remaining Balance: $40,781.13 (range: $9,987.75 -
$149,920.97)
WA Home Loan Rate: 14.953% (range: 8.950% - 17.990%)
Original Weighted Average Term: 252 months
Remaining Weighted Average Term: 250 months
Lien Position: 0.27% first, 99.73% second.
WA CLTV Ratio: 112.94% (range: 10.58% - 125.00%)
WA FICO Score: 687
WA DTI Ratio: 39.71% (5.77% - 55.36%)
WA Junior Ratio: 31.37% (6.52% - 93.28%)
WA Disposable Income: $3,563.99
Documentation: 100.00% full documentation
Property Type: 91.50% single family,
7.73% condo,
0.77% PUD.
Owner Occupancy: 100.00% owner occupied
Geographic Distribution: CA (22.03%), FL (6.33%).
(all states >= 5.00%)
Delinquency Status 100.00% current
8
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Initial Group I Home Loan Characteristics
Set forth below is a description of certain characteristics of the Initial Group
I Home Loans as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Initial Group I Home Loans are as of the Cut-Off Date and are
rounded to the nearest dollar. All percentages are approximate percentages by
aggregate principal balance as of the Cut-Off Date (except as indicated
otherwise).
<TABLE>
<CAPTION>
Property Type
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Property Type Home Loans
<S> <C> <C> <C>
Single Family 3,860 $158,322,582.65 91.50%
Condo 348 13,372,494.57 7.73
PUD 35 1,339,257.86 0.77
-- ------------ ----
Total 4,243 $173,034,335.08 100.00%
Outstanding Principal Balances
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Range of Principal Balances ($) Home Loans
$0.00 to $25,000.00 937 $18,938,085.73 10.94%
$25,000.01 to $50,000.00 2,284 84,540,508.10 48.86
$50,000.01 to $75,000.00 746 45,135,353.96 26.08
$75,000.01 to $100,000.00 236 19,851,104.69 11.47
$100,000.01 to $125,000.00 36 4,012,669.30 2.32
$125,000.01 to $150,000.00 4 556,613.30 0.32
- ---------- ----
Total 4,243 $173,034,335.08 100.00%
</TABLE>
The average Principal Balance of the Initial Group I Home Loans as of the
Cut-Off Date is approximately $40,781.13.
9
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Original Balances
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Range of Original Balances ($) Home Loans
<S> <C> <C> <C> <C> <C>
$0.00 to $25,000.00 936 $18,913,102.62 10.93%
$25,000.01 to $50,000.00 2,283 84,466,127.32 48.81
$50,000.01 to $75,000.00 748 45,234,717.85 26.14
$75,000.01 to $100,000.00 236 19,851,104.69 11.47
$100,000.01 to $125,000.00 36 4,012,669.30 2.32
$125,000.01 to $150,000.00 4 556,613.30 0.32
- ---------- ----
Total 4,243 $173,034,335.08 100.00%
The average Original Balance of the Initial Group I Home Loans is approximately
$40,851.26.
Combined Loan-to-Value Ratios
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Range of Combined Initial Group I Balance Principal Balance
Loan-to-Value Ratios (%) Home Loans
0.00% to 30.00% 2 $45,691.32 0.03%
30.01% to 40.00% 5 112,646.95 0.07
40.01% to 50.00% 2 76,789.69 0.04
50.01% to 60.00% 4 267,821.59 0.15
60.01% to 70.00% 17 564,525.16 0.33
70.01% to 80.00% 25 976,538.83 0.56
80.01% to 90.00% 84 2,918,726.07 1.69
90.01% to 95.00% 123 4,454,470.49 2.57
95.01% to 100.00% 216 7,814,200.64 4.52
100.01% to 105.00% 430 14,388,551.69 8.32
105.01% to 110.00% 684 25,248,834.24 14.59
110.01% to 115.00% 772 29,500,711.91 17.05
115.01% to 120.00% 834 35,729,822.86 20.65
120.01% to 125.00% 1,045 50,935,003.64 29.44
----- ------------- -----
Total 4,243 $173,034,335.08 100.00%
</TABLE>
The minimum and maximum Combined Loan-to-Value Ratios of the Initial Group I
Home Loans as of the Cut-Off Date are approximately 10.58% and 125.00%,
respectively, and the weighted average Combined Loan-to-Value Ratio of the
Initial Group I Home Loans as of the Cut-Off Date is approximately 112.94%.
10
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Geographical Distributions
Aggregate Percentage of
------------------------------------- ------------------- Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Location Home Loans
<S> <C> <C> <C>
California 868 $38,124,951.82 22.03%
Florida 277 10,954,284.78 6.33
Ohio 204 7,917,498.48 4.58
Georgia 161 6,957,976.97 4.02
New York 139 6,439,015.54 3.72
Pennsylvania 160 6,346,955.54 3.67
North Carolina 156 6,232,733.16 3.60
Virginia 152 5,944,605.65 3.44
New Jersey 131 5,870,837.51 3.39
Illinois 135 5,054,395.57 2.92
Missouri 101 3,961,277.24 2.29
Michigan 101 3,930,845.87 2.27
Washington 87 3,804,965.21 2.20
Alabama 95 3,769,380.37 2.18
Arizona 85 3,690,227.24 2.13
Nevada 93 3,600,205.58 2.08
Other 1,298 50,434,178.55 29.15
----- ------------- -----
Total 4,243 $173,034,335.08 100.00%
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for which the Principal Balance is
less than 2.00% of the Cut-Off Date Aggregate Principal Balance.
Junior Ratios(1)(2)
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Range of Junior Ratios (%) Home Loans
5.0001% to 10.0000% 46 $785,341.14 0.46%
10.0001% to 15.0000% 349 7,552,918.22 4.38
15.0001% to 20.0000% 697 19,674,098.81 11.40
20.0001% to 25.0000% 865 29,662,553.34 17.19
25.0001% to 30.0000% 739 30,610,699.55 17.74
30.0001% to 35.0000% 585 26,902,334.43 15.59
35.0001% to 40.0000% 371 19,968,813.03 11.57
40.0001% to 45.0000% 256 14,914,197.08 8.64
45.0001% to 50.0000% 162 10,721,657.02 6.21
50.0001% to 55.0000% 73 5,278,825.64 3.06
55.0001% to 60.0000% 40 2,726,532.26 1.58
60.0001% to 65.0000% 23 1,764,325.23 1.02
65.0001% to 70.0000% 12 988,583.58 0.57
70.0001% to 75.0000% 3 275,127.43 0.16
75.0001% to 80.0000% 8 557,815.45 0.32
80.0001% to 85.0000% 2 118,747.06 0.07
85.0001% to 90.0000% 1 37,000.00 0.02
90.0001% to 95.0000% 1 24,967.82 0.01
- --------- ----
Total 4,233 $172,564,537.09 100.00%
</TABLE>
(1) The Junior Ratio of a Home Loan is the ratio (expressed as a percentage) of
the outstanding balance of such Home Loan to the sum of such outstanding balance
and the outstanding balance of any senior mortgage computed as of the date such
Home Loan is underwritten.
(2) The weighted average Junior Ratio of the Initial Group I Home Loans as of
the Cut-Off Date is approximately 31.37%.
11
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Loan Rates
Aggregate Percentage of
-------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Range of Loan Rates(%) Home Loans
<S> <C> <C> <C> <C> <C>
8.000% to 8.999% 1 $49,955.03 0.03%
9.000% to 9.999% 5 150,157.79 0.09
10.000% to 10.999% 64 2,584,552.83 1.49
11.000% to 11.999% 107 4,467,339.05 2.58
12.000% to 12.999% 214 8,661,701.57 5.01
13.000% to 13.999% 679 29,234,365.34 16.90
14.000% to 14.999% 1,154 48,424,156.11 27.99
15.000% to 15.999% 1,093 43,478,882.36 25.13
16.000% to 16.999% 914 35,598,787.94 20.57
17.000% to 17.999% 12 384,437.06 0.22
-- ---------- ----
Total 4,243 $173,034,335.08 100.00%
The weighted average Loan Rate of the Initial Group I Home Loans as of the
Cut-Off Date is approximately 14.953%.
Months Remaining to Scheduled Maturity
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Range of Remaining Terms Home Loans
0 to 60 1 $14,832.95 0.01%
61 to 120 32 1,149,405.24 0.66
121 to 180 1,761 64,522,846.02 37.29
181 to 240 158 6,506,451.92 3.76
241 to 300 2,291 100,840,798.95 58.28
----- -------------- -----
Total 4,243 $173,034,335.08 100.00%
</TABLE>
The weighted average months remaining to scheduled maturity of the Initial Group
I Home Loans as of the Cut-Off Date is approximately 250 months.
12
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Lien Priority
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Lien Position Home Loans
<S> <C> <C> <C>
First 10 $469,797.99 0.27%
Second 4,233 172,564,537.09 99.73
----- -------------- -----
Total 4,243 $173,034,335.08 100.00%
Debt-to-Income Ratios
Aggregate Percentage of
----------------------------------- ------------------- Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Range of Debt-to-Income Ratios (%) Home Loans
5.001% to 10.000% 2 $42,694.32 0.02%
10.001% to 15.000% 2 29,977.28 0.02
15.001% to 20.000% 32 1,141,225.27 0.66
20.001% to 25.000% 146 4,942,162.80 2.86
25.001% to 30.000% 362 12,989,797.97 7.51
30.001% to 35.000% 691 25,717,647.18 14.86
35.001% to 40.000% 922 35,948,600.09 20.78
40.001% to 45.000% 1,040 42,463,481.26 24.54
45.001% to 50.000% 1,033 49,107,498.12 28.38
50.001% to 55.000% 12 606,272.07 0.35
55.001% to 60.000% 1 44,978.72 0.03
- --------- ----
Total 4,243 $173,034,335.08 100.00%
The weighted average Debt-to-Income Ratio of the Initial Group I Home Loans as
of the Cut-Off Date is approximately 39.71%.
Documentation Type
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Documentation Level Home Loans
Full Documentation 4,243 $173,034,335.08 100.00%
----- --------------- -------
Total 4,243 $173,034,335.08 100.00%
</TABLE>
13
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Occupancy Types
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Occupancy Initial Group I Balance Principal Balance
(as indicated by Borrower) Home Loans
<S> <C> <C> <C>
Owner Occupied 4,243 $173,034,335.08 100.00%
----- --------------- -------
4,243 $173,034,335.08 100.00%
Total
Loan Purpose
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Initial Group I Balance Principal Balance
Loan Purpose Home Loans
Debt Consolidation 2,274 $100,774,899.11 58.24%
Cash Out & Debt Consolidation 1,227 46,773,139.30 27.03
Cash Out 687 22,689,128.39 13.11
Rate and Term 46 2,405,064.43 1.39
Cash Out & Refinance 9 392,103.85 0.23
- ---------- ----
4,243 $173,034,335.08 100.00%
Total
Disposable Income of Borrowers(1)(2)
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Principal Date Aggregate
Range of Initial Group I Balance Principal Balance
Disposable Monthly Income of Home Loans
Borrower ($)
$1,000.00 to $2,000.00 105 $3,757,162.36 2.17%
$2,000.01 to $3,000.00 1,912 69,568,107.94 40.20
$3,000.01 to $4,000.00 1,197 50,431,445.40 29.15
$4,000.01 to $5,000.00 608 27,898,138.65 16.12
$5,000.01 to $6,000.00 233 11,441,545.38 6.61
$6,000.01 to $7,000.00 104 5,359,144.44 3.10
$7,000.01 to $8,000.00 44 2,274,368.25 1.31
$8,000.01 to $9,000.00 19 1,077,494.40 0.62
$9,000.01 to $10,000.00 10 496,779.39 0.29
$10,000.01 & greater 11 730,148.87 0.42
-- ---------- ----
Total 4,243 $173,034,335.08 100.00%
</TABLE>
(1) Determined on a pretax basis by subtracting the borrower's monthly debt
service on outstanding debt from the borrower's monthly income.
(2) The weighted average Disposable Monthly Income of the Borrower of the
Initial Group I Home Loans as of the Cut-Off Date is approximately $3,563.99.
14
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit Scores as of the Date of Origination of the Home Loans
Aggregate Percentage of
----------------------------------- ------------------- Unpaid Cut-Off
Number of Principal Date Aggregate
Range of Credit Scores as of the Initial Group I Balance Principal Balance
Date of Origination of the Loans Home Loans
<S> <C> <C> <C> <C> <C>
640 to 659 409 $17,890,410.92 10.34%
660 to 679 1,614 64,685,336.97 37.38
680 to 699 1,005 42,171,807.30 24.37
700 to 719 654 26,799,264.65 15.49
720 to 739 341 13,122,677.67 7.58
740 to 759 160 6,248,773.11 3.61
760 to 779 44 1,482,762.40 0.86
780 to 799 14 567,848.03 0.33
800 to 819 2 65,454.03 0.04
- --------- ----
Total 4,243 $173,034,335.08 100.00%
</TABLE>
The weighted average Credit Score of the Borrower of the Initial Group I Home
Loans as of the Cut-Off Date is approximately 687.
The information set forth in the preceding sections is based upon information
provided by the Seller and tabulated by the Depositor. The Depositor makes no
representation as to the accuracy or completeness of such information.
15
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
COLLATERAL SUMMARY - GROUP II LOANS
Home Loan Collateral
Cut-Off Date 8/1/00
Total Outstanding Balance: $35,798,998.23
Number of Loans: 456
Average Remaining Balance: $78,506.58 (range: $14,975.84 -
$150,000.00)
WA Home Loan Rate: 14.821% (range: 10.250% - 17.990%)
Original Weighted Average Term: 265 months
Remaining Weighted Average Term: 263 months
Lien Position: 100.00% second
WA CLTV Ratio: 112.68% (range: 69.85% - 125.00%)
WA FICO Score: 691
WA DTI Ratio: 42.68% (17.60% - 54.77%)
WA Junior Ratio: 28.91% (5.18% - 83.22%)
WA Disposable Income: $5,880.36
Documentation: 100.00% full documentation
Property Type: 91.16% single family,
6.20% condo,
2.63% PUD.
Owner Occupancy: 100.00% owner occupied
Geographic Distribution: CA (57.21%), VA (5.15%).
(all states >= 5.00%)
Delinquency Status 100.00% current
16
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
Initial Group II Home Loan Characteristics
Set forth below is a description of certain characteristics of the Initial Group
II Home Loans as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Initial Group II Home Loans are as of the Cut-Off Date and are
rounded to the nearest dollar. All percentages are approximate percentages by
aggregate principal balance as of the Cut-Off Date (except as indicated
otherwise).
<TABLE>
<CAPTION>
Property Type
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Property Type Home Loans
<S> <C> <C> <C>
Single Family 420 $32,635,246.12 91.16%
Condo 27 2,220,491.06 6.20
PUD 9 943,261.05 2.63
- ---------- ----
Total 456 $35,798,998.23 100.00%
Outstanding Principal Balances
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Range of Principal Balances ($) Home Loans
$0.00 to $25,000.00 6 $118,169.25 0.33%
$25,000.01 to $50,000.00 86 3,536,988.56 9.88
$50,000.01 to $75,000.00 146 9,359,559.82 26.14
$75,000.01 to $100,000.00 124 10,783,745.01 30.12
$100,000.01 to $125,000.00 56 6,547,523.09 18.29
$125,000.01 to $150,000.00 38 5,453,012.50 15.23
-- ------------ -----
Total 456 $35,798,998.23 100.00%
The average Principal Balance of the Initial Group II Home Loans as of the
Cut-Off Date is approximately $78,506.58.
</TABLE>
17
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Original Balances
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Range of Original Balances ($) Home Loans
<S> <C> <C> <C> <C> <C>
$0.00 to $25,000.00 6 $118,169.25 0.33%
$25,000.01 to $50,000.00 85 3,487,003.15 9.74
$50,000.01 to $75,000.00 146 9,334,595.20 26.08
$75,000.01 to $100,000.00 125 10,858,695.04 30.33
$100,000.01 to $125,000.00 56 6,547,523.09 18.29
$125,000.01 to $150,000.00 38 5,453,012.50 15.23
-- ------------ -----
Total 456 $35,798,998.23 100.00%
The average Original Balance of the Initial Group II Home Loans is approximately
$78,654.39.
Combined Loan-to-Value Ratios
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Range of Combined Group II Balance Principal Balance
Loan-to-Value Ratios (%) Home Loans
65.01% to 70.00% 1 $29,000.00 0.08%
80.01% to 85.00% 2 209,895.90 0.59
85.01% to 90.00% 6 347,435.71 0.97
90.01% to 95.00% 8 441,770.92 1.23
95.01% to 100.00% 26 1,775,813.07 4.96
100.01% to 105.00% 61 4,529,175.01 12.65
105.01% to 110.00% 87 6,181,980.05 17.27
110.01% to 115.00% 79 5,707,153.96 15.94
115.01% to 120.00% 85 7,368,118.06 20.58
120.01% to 125.00% 101 9,208,655.55 25.72
--- ------------ -----
Total 456 $35,798,998.23 100.00%
</TABLE>
The minimum and maximum Combined Loan-to-Value Ratios of the Initial Group II
Home Loans as of the Cut-Off Date are approximately 69.85% and 125.00%,
respectively, and the weighted average Combined Loan-to-Value Ratio of the
Initial Group II Home Loans as of the Cut-Off Date is approximately 112.68%.
18
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Geographical Distributions
Aggregate Percentage of
------------------------------------- ------------------- Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Location Home Loans
<S> <C> <C> <C>
California 265 $20,481,428.12 57.21%
Virginia 23 1,845,174.18 5.15
New Jersey 20 1,387,003.16 3.87
Florida 15 1,326,012.28 3.70
New York 15 1,301,728.41 3.64
Maryland 12 1,142,518.99 3.19
Illinois 9 755,712.03 2.11
Other 97 7,559,421.06 21.12
-- ------------ -----
Total 456 $35,798,998.23 100.00%
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for which the Principal Balance is
less than 2.00% of the Cut-Off Date Aggregate Principal Balance.
Junior Ratios(1)(2)
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Range of Junior Ratios (%) Home Loans
5.0001% to 10.0000% 15 $413,832.11 1.16%
10.0001% to 15.0000% 53 2,289,343.52 6.39
15.0001% to 20.0000% 70 3,860,873.94 10.78
20.0001% to 25.0000% 98 6,905,240.97 19.29
25.0001% to 30.0000% 88 7,387,446.16 20.64
30.0001% to 35.0000% 61 5,996,014.18 16.75
35.0001% to 40.0000% 38 4,525,255.00 12.64
40.0001% to 45.0000% 18 2,329,769.16 6.51
45.0001% to 50.0000% 8 1,102,715.15 3.08
50.0001% to 55.0000% 2 298,087.81 0.83
55.0001% to 60.0000% 2 274,811.50 0.77
60.0001% to 65.0000% 2 285,643.56 0.80
80.0001% to 85.0000% 1 129,965.17 0.36
- ---------- ----
Total 456 $35,798,998.23 100.00%
</TABLE>
(1) The Junior Ratio of a Home Loan is the ratio (expressed as a percentage) of
the outstanding balance of such Home Loan to the sum of such outstanding balance
and the outstanding balance of any senior mortgage computed as of the date such
Home Loan is underwritten.
(2) The weighted average Junior Ratio of the Initial Group II Home Loans as of
the Cut-Off Date is approximately 28.91%.
19
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--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Loan Rates
Aggregate Percentage of
-------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Range of Loan Rates(%) Home Loans
<S> <C> <C> <C> <C>
10.000% to 10.999% 10 $674,557.90 1.88%
11.000% to 11.999% 10 702,022.72 1.96
12.000% to 12.999% 20 1,449,369.27 4.05
13.000% to 13.999% 67 5,671,949.58 15.84
14.000% to 14.999% 169 13,690,299.61 38.24
15.000% to 15.999% 105 8,369,419.81 23.38
16.000% to 16.999% 74 5,156,568.67 14.40
17.000% to 17.999% 1 84,810.67 0.24
- --------- ----
Total 456 $35,798,998.23 100.00%
The weighted average Loan Rate of the Initial Group II Home Loans as of the
Cut-Off Date is approximately 14.821%.
Months Remaining to Scheduled Maturity
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Range of Remaining Terms Home Loans
61 to 120 1 $55,000.00 0.15%
121 to 180 144 9,800,129.98 27.38
181 to 240 16 1,245,723.26 3.48
241 to 300 295 24,698,144.99 68.99
--- ------------- -----
Total 456 $35,798,998.23 100.00%
</TABLE>
The weighted average months remaining to scheduled maturity of the Initial Group
II Home Loans as of the Cut-Off Date is approximately 263 months.
20
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Lien Priority
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Lien Position Home Loans
<S> <C> <C> <C>
Second 456 $35,798,998.23 100.00%
--- -------------- -------
Total 456 $35,798,998.23 100.00%
Debt-to-Income Ratios
Aggregate Percentage of
----------------------------------- ------------------- Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Range of Debt-to-Income Ratios (%) Home Loans
15.001% to 20.000% 2 $105,687.31 0.30%
20.001% to 25.000% 8 737,240.87 2.06
25.001% to 30.000% 19 1,651,121.61 4.61
30.001% to 35.000% 38 2,874,639.20 8.03
35.001% to 40.000% 53 4,012,436.20 11.21
40.001% to 45.000% 123 9,430,911.22 26.34
45.001% to 50.000% 208 16,570,362.54 46.29
50.001% to 55.000% 5 416,599.28 1.16
- ---------- ----
Total 456 $35,798,998.23 100.00%
The weighted average Debt-to-Income Ratio of the Initial Group II Home Loans as
of the Cut-Off Date is approximately 42.68%.
Documentation Type
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Documentation Level Home Loans
Full Documentation 456 $35,798,998.23 100.00%
--- -------------- -------
Total 456 $35,798,998.23 100.00%
</TABLE>
21
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--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Occupancy Types
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Occupancy Group II Balance Principal Balance
(as indicated by Borrower) Home Loans
<S> <C> <C> <C>
Owner Occupied 456 $35,798,998.23 100.00%
--- -------------- -------
456 $35,798,998.23 100.00%
Total
Loan Purpose
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Group II Balance Principal Balance
Loan Purpose Home Loans
Debt Consolidation 217 $17,622,136.22 49.23%
Cash Out & Debt Consolidation 154 11,825,906.00 33.03
Cash Out 77 5,643,619.72 15.76
Rate and Term 6 562,495.66 1.57
Cash Out & Refinance 2 144,840.63 0.40
- ---------- ----
456 $35,798,998.23 100.00%
Total
Disposable Income of Borrowers(1)(2)
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Range of Group II Balance Principal Balance
Disposable Monthly Income of Home Loans
Borrower ($)
$2,000.01 to $3,000.00 11 $632,497.75 1.77%
$3,000.01 to $4,000.00 109 7,577,791.60 21.17
$4,000.01 to $5,000.00 129 9,712,567.56 27.13
$5,000.01 to $6,000.00 74 6,159,794.09 17.21
$6,000.01 to $7,000.00 52 4,265,953.48 11.92
$7,000.01 to $8,000.00 30 2,459,855.09 6.87
$8,000.01 to $9,000.00 11 1,048,341.85 2.93
$9,000.01 to $10,000.00 11 980,691.53 2.74
$10,000.01 & greater 29 2,961,505.28 8.27
-- ------------ ----
Total 456 $35,798,998.23 100.00%
</TABLE>
(1) Determined on a pretax basis by subtracting the borrower's monthly debt
service on outstanding debt from the borrower's monthly income.
(2) The weighted average Disposable Monthly Income of the Borrower of the
Initial Group II Home Loans as of the Cut-Off Date is approximately $5,880.36.
22
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--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit Scores as of the Date of Origination of the Home Loans
Aggregate Percentage of
----------------------------------- ------------------- Unpaid Cut-Off
Number of Initial Principal Date Aggregate
Range of Credit Scores as of the Group II Balance Principal Balance
Date of Origination of the Loans Home Loans
<S> <C> <C> <C> <C> <C>
640 to 659 43 $2,999,110.29 8.38%
660 to 679 153 11,027,868.59 30.80
680 to 699 104 8,464,592.79 23.64
700 to 719 88 7,696,275.18 21.50
720 to 739 40 3,227,094.42 9.01
740 to 759 18 1,491,097.43 4.17
760 to 779 9 817,981.61 2.28
780 to 799 1 74,977.92 0.21
- --------- ----
Total 456 $35,798,998.23 100.00%
</TABLE>
The weighted average Credit Score of the Borrower of the Initial Group II Home
Loans as of the Cut-Off Date is approximately 691.
The information set forth in the preceding sections is based upon information
provided by the Seller and tabulated by the Depositor. The Depositor makes no
representation as to the accuracy or completeness of such information.
23
<PAGE>
--------------------------------------------------------------------------------
GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
--------------------------------------------------------------------------------
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-I-1 (to call)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.36 1.53 1.19 1.00 0.88 0.79
Modified Duration (years) 4.11 1.39 1.10 0.93 0.82 0.74
First Principal Payment 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00
Last Principal Payment 6/18/10 9/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 118 37 28 23 20 17
Illustrative Yield @ Par (30/360) 6.96% 6.96% 6.96% 6.96% 6.96% 6.96%
---------------------------------------------------------------------------------------------------
Class A-I-2 (to call)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 17.56 10.11 7.88 6.41 5.34 4.54
Modified Duration (years) 8.95 6.33 5.34 4.59 4.00 3.53
First Principal Payment 6/18/10 9/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Last Principal Payment 5/18/24 11/18/18 3/18/15 12/18/12 1/18/11 6/18/09
Principal Lockout (months) 117 36 27 22 19 16
Principal Window (months) 168 183 148 126 106 90
Illustrative Yield @ Par (30/360) 8.02% 8.00% 7.99% 7.98% 7.97% 7.96%
---------------------------------------------------------------------------------------------------
Class A-II-1 (to call)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 6.19 1.57 1.20 1.00 0.87 0.78
Modified Duration (years) 4.62 1.42 1.10 0.93 0.81 0.73
First Principal Payment 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00
Last Principal Payment 8/18/11 11/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 132 39 28 23 20 17
Illustrative Yield @ Par (30/360) 6.96% 6.96% 6.96% 6.96% 6.96% 6.96%
---------------------------------------------------------------------------------------------------
Class A-II-2 (to call)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 18.68 10.44 8.03 6.49 5.38 4.56
Modified Duration (years) 9.21 6.44 5.39 4.62 4.01 3.53
First Principal Payment 8/18/11 11/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Last Principal Payment 5/18/24 11/18/18 3/18/15 12/18/12 1/18/11 6/18/09
Principal Lockout (months) 131 38 27 22 19 16
Principal Window (months) 154 181 148 126 106 90
Illustrative Yield @ Par (30/360) 8.07% 8.06% 8.04% 8.03% 8.02% 8.01%
---------------------------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
GMAC Home Loan-Backed Term Notes, Series 2000-HLTV2: Computational Materials
--------------------------------------------------------------------------------
SENSITIVITY TABLES
Class A-I-1 (to maturity)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 5.36 1.53 1.19 1.00 0.88 0.79
Modified Duration (years) 4.11 1.39 1.10 0.93 0.82 0.74
First Principal Payment 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00
Last Principal Payment 6/18/10 9/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 118 37 28 23 20 17
Illustrative Yield @ Par (30/360) 6.96% 6.96% 6.96% 6.96% 6.96% 6.96%
---------------------------------------------------------------------------------------------------
Class A-I-2 (to maturity)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 17.63 10.48 8.33 6.80 5.70 4.88
Modified Duration (years) 8.96 6.40 5.45 4.71 4.13 3.67
First Principal Payment 6/18/10 9/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Last Principal Payment 7/18/25 3/18/25 8/18/24 3/18/23 12/18/20 6/18/18
Principal Lockout (months) 117 36 27 22 19 16
Principal Window (months) 182 259 261 249 225 198
Illustrative Yield @ Par (30/360) 8.02% 8.01% 8.00% 8.00% 7.99% 7.98%
---------------------------------------------------------------------------------------------------
Class A-II-1 (to maturity)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 6.19 1.57 1.20 1.00 0.87 0.78
Modified Duration (years) 4.62 1.42 1.10 0.93 0.81 0.73
First Principal Payment 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00 9/18/00
Last Principal Payment 8/18/11 11/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 132 39 28 23 20 17
Illustrative Yield @ Par (30/360) 6.96% 6.96% 6.96% 6.96% 6.96% 6.96%
---------------------------------------------------------------------------------------------------
Class A-II-2 (to maturity)
---------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
---------------------------------------------------------------------------------------------------
Average Life (years) 18.78 10.88 8.55 6.93 5.76 4.91
Modified Duration (years) 9.23 6.53 5.53 4.76 4.15 3.68
First Principal Payment 8/18/11 11/18/03 12/18/02 7/18/02 4/18/02 1/18/02
Last Principal Payment 8/18/25 3/18/25 8/18/24 3/18/23 11/18/20 4/18/18
Principal Lockout (months) 131 38 27 22 19 16
Principal Window (months) 169 257 261 249 224 196
Illustrative Yield @ Par (30/360) 8.07% 8.06% 8.06% 8.05% 8.04% 8.03%
--------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
<PAGE>
