[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR RAMP 2000-RZ2
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NEW ISSUE COMPUTATIONAL MATERIALS
$174,125,000 (APPROXIMATE)
MORTGAGE LOAN-BACKED CERTIFICATES,
SERIES 2000-RZ2
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
Depositor
RAMP SERIES 2000-RZ2 TRUST
Issuer
RESIDENTIAL FUNDING CORPORATION
Seller and Master Servicer
NOVEMBER 6, 2000
--------------------------------------------------------------------------------
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>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR RAMP 2000-RZ2
--------------------------------------------------------------------------------
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 11
TRANSACTION SUMMARY (a), (b), (c)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL EXPECTED FINAL
PERCENT WAL LOCKOUT/ FINAL SCHEDULED EXPECTED
OF POOL COUPON TO CALL WINDOW DIST. DIST. RATINGS
CLASS SIZE BALANCE TYPE (YRS.) (MOS.) DATE DATE (MDY'S/S&P)
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $23,293,000 13.31% Floating (d) 0.90 0 / 18 5/25/02 12/25/13 Aaa/AAA
A-2 $27,438,000 15.68% Fixed 2.00 17 / 13 5/25/03 11/25/19 Aaa/AAA
A-3 $24,806,000 14.17% Fixed 3.00 29 / 13 5/25/04 4/25/23 Aaa/AAA
A-4 $43,125,000 24.64% Fixed 5.00 41 / 45 1/25/08 12/25/27 Aaa/AAA
A-5 $34,463,000 19.69% Fixed (f) 10.19 85 / 59 11/25/12 12/25/30 Aaa/AAA
Fixed (e),
M-1 $10,500,000 6.00% (f) 8.17 51 / 93 11/25/12 12/25/30 Aa2/AA
Fixed (e),
M-2 $5,688,000 3.25% (f) 8.17 51 / 93 11/25/12 12/25/30 A2/A
Fixed (e),
M-3 $4,812,000 2.75% (f) 8.17 51 / 93 11/25/12 12/25/30 Baa2/BBB
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TOTAL $174,125,000 99.50%
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</TABLE>
NOTES: (a) The principal balance of each class of Certificates is
subject to a 5% variance.
(b) Prepayment Speed Assumption: 0% building to 18% in 24
months, and remaining constant at 18% thereafter.
(c) The Certificates will be priced to a 10% cleanup call.
(d) The lesser of (a) 1-month LIBOR + [_._]% per annum and (b)
the Net WAC Cap Rate (initially, [9.963]% per annum).
(e) Subject to Net WAC Cap Rate.
(f) The related pass-through rate will increase by 0.50% if the
10% cleanup call is not exercised.
THE COLLATERAL
Conventional, one- to four-family, fixed-rate mortgage loans
secured by first liens on residential - mortgage properties.
The collateral information presented herein is based on the
"Statistical Calculation Date" as of October - 1, 2000. The actual pool
balance as of the Closing Date is expected to be approximately $175,000,000.
THE STRUCTURE
CLASS A-1 TO A-5 CERTIFICATES (COLLECTIVELY, THE "SENIOR CERTIFICATES")
Classes A-1 to A-5 will pay principal sequentially. Class A-1 will be
issued as a floating rate Certificate, and Classes A-2 to A-5 will be
issued as fixed rate Certificates
Classes A-2 to A-5 will be issued as fixed rate Certificates.
CLASS M CERTIFICATES
The Class M Certificates will be issued as fixed rate subordinate
securities.
HIGHLIGHTS OF THE PROGRAM
o Generally targeted to borrowers who either (a) wish to finance the full
value of their home plus closing costs or
(b) would prefer not to take cash out of their investments
o Requires residual income of at least $1,500
o Maximum LTV may be as high as 107%
o First-time homebuyers must have a credit score of at least 680
o Two full appraisals required on credit grades below 620 (or one full
appraisal and a field review)
o Borrower grading system based on lowest common denominator of (a) credit
score, (b) prior mortgage history,
(c) prior foreclosure/bankruptcy history, (d) major adverse credit and
(e) debt-to-income ratio
o Financing on non-owner occupied properties as well as the stated income
option is only available for borrowers with, among other things, a
credit grade of at least 720
o No manufactured homes or unique properties
o No cash-in-hand allowed
o No Section 32 loans allowed
Page 1
<PAGE>
SUMMARY OF TERMS
DEPOSITOR: Residential Asset Mortgage Products, Inc.
SELLER AND MASTER SERVICER: Residential Funding Corporation
MANAGER: Bear, Stearns & Co. Inc.
TRUSTEE: The Chase Manhattan Bank
STATISTICAL CALCULATION DATE: October 1, 2000
CUT-OFF DATE: November 1, 2000
CLOSING DATE: On or about November 22, 2000
DISTRIBUTION DATE: 25th day of each month (or the next
business day), commencing December 26,
2000
INTEREST PAYMENTS: On each Distribution Date holders of the
Certificates will be entitled to receive
the interest that has accrued on the
Certificates at the related pass-through
rate during the related accrual period,
and any interest due on a prior
Distribution Date that was not paid.
THE CLASS A-1 CERTIFICATES
With respect to any Distribution Date, the
Class A-1 Certificates will be entitled to
interest accrued from and including the
preceding Distribution Date (or from and
including the Closing Date in the case of
the first Distribution Date) to and
including the day prior to the then
current Distribution Date (the "Class A-1
Accrual Period"). The trustee will
calculate interest on the Class A-1
Certificates on an actual/360 basis.
The coupon on the Class A-1 Certificates
will be equal to the lesser of (a) 1-month
LIBOR + [_._]% per annum and (b) the Net
WAC Cap Rate, payable monthly.
The "Net WAC Cap Rate" will be equal to,
with respect to any Distribution Date, the
weighted average of the Net Mortgage Rates
of the Mortgage Loans. The "Net Mortgage
Rate" will be, with respect to any
Mortgage Loan, the per annum mortgage rate
thereon minus the per annum rates at which
the master servicing and subservicing fees
are paid, in each case, expressed as a
percentage of the stated principal balance
of the Mortgage Loans.
THE CLASS A-2, A-3, A-4, A-5, M-1, M-2 AND
M-3 CERTIFICATES
The "accrual period" for the Certificates
other than the Class A-1 Certificates will
be the calendar month immediately
preceding the calendar month in which a
Distribution Date occurs.
The trustee will calculate interest on the
Certificates, other than the Class A-1
Certificates, based on a 360-day year that
consists of twelve 30-day months.
Page 2
<PAGE>
PRINCIPAL PAYMENTS: The Class M Certificates will not receive
any principal payments until after the
Stepdown Date or during a Trigger Event,
unless the principal balance of the Senior
Certificates is equal to zero.
After the Stepdown Date, so long as a
Trigger Event is not in effect, principal
will be paid to the Class A and Class M
Certificates as described under the
"Priority of Payments."
REGULAR PAYMENT AMOUNT: With respect to any Distribution Date, the
"Regular Payment Amount" will be equal to
the lesser of:
(a) the sum of (i) each scheduled payment
of principal collected by the servicer in
the related collection period, (ii) all
partial and full principal prepayments
applied by the servicer during such
collection period, (iii) the principal
portion of all net liquidation proceeds
and released mortgaged property proceeds
received by the servicer during such
collection period in respect of any
Mortgage Loan, to the extent received on
or prior to the date on which such
Mortgage Loan becomes a liquidated
mortgage loan, (iv) that portion of the
purchase price on any repurchased loan
allocable to principal and (v) the
principal portion of any substitution
adjustments required to be deposited in
the collection account as of the related
determination date; and
(b) the aggregate of the outstanding
principal balances of the Certificates
immediately prior to such Distribution
Date.
PRIORITY OF PAYMENTS: The Regular Payment Amount shall be paid
in the following order of priority:
A. REGULAR PAYMENT AMOUNT 1) To pay accrued and unpaid interest on
the Senior Certificates, pro rata (without
any priority);
2) To pay accrued and unpaid interest,
sequentially, on the Class M-1
Certificates, Class M-2 Certificates and
the Class M-3 Certificates, in that order;
3) To pay as principal to the Senior
Certificates then entitled to receive
principal, an amount necessary to reduce
the aggregate balance of the Senior
Certificates to the Senior Optimal
Principal Balance;
4) To pay as principal to the Class M-1
Certificates, an amount necessary to
reduce the balance of the Class M-1
Certificates to the Class M-1 Optimal
Principal Balance;
5) To pay as principal to the Class M-2
Certificates, an amount necessary to
reduce the balance of the Class M-2
Certificates to the Class M-2 Optimal
Principal Balance;
6) To pay as principal to the Class M-3
Certificates, an amount necessary to
reduce the balance of the Class M-3
Certificates to the Class M-3 Optimal
Principal Balance;
7) Any remaining amounts shall be paid to
the holders of the residual certificates.
Page 3
<PAGE>
B. EXCESS SPREAD Excess Spread shall be paid in the
following order of priority:
1) To pay as principal on the Senior
Certificates, up to the
Overcollateralization Shortfall (i.e., up
to the amount necessary to cause the
overcollateralization amount to equal the
OC Target), an amount necessary to reduce
the aggregate balance of the Senior
Certificates to the Senior Optimal
Principal Balance;
2) To pay as principal on the Class M-1
Certificates, up to the
Overcollateralization Shortfall, an amount
necessary to reduce the balance of the
Class M-1 Certificates to the Class M-1
Optimal Principal Balance;
3) To pay as principal on the Class M-2
Certificates, up to the
Overcollateralization Shortfall, an amount
necessary to reduce the balance of the
Class M-2 Certificates to the Class M-2
Optimal Principal Balance;
4) To pay as principal on the Class M-3
Certificates, up to the
Overcollateralization Shortfall, an amount
necessary to reduce the balance of the
Class M-3 Certificates to the Class M-3
Optimal Principal Balance;
5) To pay any servicer reimbursable
amounts;
6) Any remaining amounts shall be paid to
the holders of the residual certificates.
SENIOR OPTIMAL PRINCIPAL BALANCE: With respect to each Distribution Date
prior to the Stepdown Date, zero; and with
respect to any other Distribution Date,
and as long as a Trigger Event is not in
effect, an amount equal to the aggregate
principal balance of the Mortgage Loans as
of the preceding collection period minus
the greater of (a) [29.50]% of the
aggregate principal balance of the
Mortgage Loans as of the preceding
collection period and (b) 0.50% of the
initial pool principal balance.
CLASS M-1 OPTIMAL PRINCIPAL With respect to any Distribution Date
BALANCE: prior to the Stepdown Date, zero; and with
respect to any other Distribution Date,
and as long as a Trigger Event is not in
effect, the aggregate principal balances
of the Mortgage Loans as of the end of the
preceding collection period minus the sum
of (a) the aggregate of the class
principal balance of each class of the
Senior Certificates (after taking into
account payments made on such Distribution
Date in reduction of such class principal
balances) and (b) the greater of (i)
[17.50]% of the aggregate principal
balance of the Mortgage Loans as of the
preceding collection period and (ii) 0.50%
of the initial pool principal balance.
CLASS M-2 OPTIMAL PRINCIPAL
BALANCE: With respect to any Distribution Date
prior to the Stepdown Date, zero; and with
respect to any other Distribution Date,
and as long as a Trigger Event is not in
effect, the aggregate principal balances
of the Mortgage Loans as of the end of the
preceding collection period minus the sum
of (a) the aggregate of the class
principal balance of each class of the
Senior Certificates and the Class M-1
Certificates (after taking into account
payments made on such Distribution Date in
reduction of such class principal
balances) and (b) the greater of (i)
[11.00]% of the aggregate principal
balance of the Mortgage Loans as of the
preceding collection period and (ii) 0.50%
of the initial pool principal balance.
Page 4
<PAGE>
CLASS M-3 OPTIMAL PRINCIPAL With respect to any Distribution Date
BALANCE: prior the Stepdown Date, zero; and with
respect to any other Distribution Date,
and as long as a Trigger Event is not in
effect, the aggregate principal balance of
the Mortgage Loans as of the end of the
preceding collection period minus the sum
of (a) the aggregate of the class
principal balance of each class of Senior
Certificates, Class M-1 Certificates and
Class M-2 Certificates (after taking into
account payments made on such Distribution
Date in reduction of such class principal
balances) and (b) the greater of (i)
[5.50]% of the aggregate principal balance
of the Mortgage Loans as of the preceding
collection period and (ii) 0.50% of the
initial pool principal balance.
REALIZED LOSSES: Realized losses will be absorbed first by
excess spread, then by the reduction of
the Overcollateralization Amount.
Following the reduction of any
Overcollateralization Amount to zero, any
liquidation loss amounts will be applied
in reduction of (1) the Class M-3
Certificates until the Class M-3
Certificates have been reduced to zero;
(2) the Class M-2 Certificates until the
Class M-2 Certificates have been reduced
to zero; (3) the Class M-1 Certificates
until the Class M-1 Certificates have been
reduced to zero and (4) the Class A
Certificates until the Class A
Certificates have been reduced to zero.
STEPDOWN DATE: The 'Stepdown Date' will be the later to
occur of:
(1) the Distribution Date in December 2003
or
(2) the first Distribution Date on which
the aggregate principal balance of the
Class A Certificates is less than or equal
to [70.50]% of the aggregate principal
balance of the Mortgage Loans.
TRIGGER EVENT: A 'Trigger Event,' with respect to each
Distribution Date after the Stepdown Date,
will exist if any of the following
conditions are met:
1) 60+ delinquencies exceed [_.__]% of the
aggregate principal balance of the
Mortgage Loans, from and including month
36 to month 60;
2) 60+ delinquencies exceed [_.__]%of the
aggregate principal balance of the
Mortgage Loans, on and after month 61;
3) Cumulative losses exceed [_.__]% of the
initial pool balance, from and including
month 36 to month 60; or Cumulative losses
exceed [_.__]% of the initial pool
balance, on and after month 61.
CREDIT ENHANCEMENT: o Subordination: Initially, 12.00% for th
Class A Certificates; 6.00% for the Class
M-1 Certificates and 2.75 % for the Class
M-2 Certificates.
o Overcollateralization ("OC")
INITIAL (% Orig.) 0.50%
OC TARGET (% Orig.) 2.75%
STEPDOWN (% Current) 5.50%
OC FLOOR (% Orig.) 0.50%
o Excess spread, which will initially be
equal to approximately [245] bps per annu
(before losses), is expected to be
available to cover losses and to build OC
commencing on the [January 2000]
Distribution Date.
Page 5
<PAGE>
P&I ADVANCES: The Master Servicer will be obligated to
advance, or cause to be advanced, cash
with respect to delinquent payments of
principal and interest on the Mortgage
Loans to the extent that the Master
Servicer reasonably believes that such
cash advances can be repaid from future
payments on the related Mortgage Loans.
These cash advances are only intended to
maintain a regular flow of scheduled
interest and principal payments on the
Certificates and are not intended to
guarantee or insure against losses.
MONTHLY FEES: Servicing Fee of 0.3157% (approximate) per
annum, payable monthly; Master Servicing
Fee of 0.0500% per annum, payable monthly.
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.
STEP-UP COUPON: The Class A-5, Class M-1, Class
M-2 and Class M-3 pass-through rates will
each increase by 0.50% on the first
Distribution Date after the Distribution
Date on which the aggregate pool principal
balance of the Mortgage Loans as of the
end of the related collection period
declines to 10% or less of the initial
pool principal balance.
REGISTRATION: The Certificates will be available in
book-entry form through DTC.
DENOMINATIONS: The Certificates are issuable in minimum
denominations of an original amount of
$25,000 and multiples of $1,000 in excess
thereof.
FEDERAL TAX ASPECTS: The Trust will be established as a REMIC
for federal income tax purposes.
ERISA CONSIDERATIONS: The Class A Certificates may be purchased
by a pension or other employee benefit
plan subject to the Employee Retirement
Income Security Act of 1974 or Section
4975 of the Internal Revenue Code of 1986,
or by an entity investing the assets of an
employee benefit plan so long as certain
conditions are met.
SMMEA ELIGIBILITY: The Class A Certificates and
Class M-1 Certificates will be 'mortgage
related securities' for purposes of the
Secondary Mortgage Market Enhancement Act
of 1984.
Page 6
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT SENSITIVITY TABLES
CLASS A-1 (TO CALL/MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 5.83 1.21 1.02 0.90 0.82 0.76
MODIFIED DURATION (YEARS) 4.34 1.12 0.95 0.84 0.77 0.71
FIRST PRINCIPAL PAYMENT 12/25/00 12/25/00 12/25/00 12/25/00 12/25/00 12/25/00
LAST PRINCIPAL PAYMENT 6/25/12 12/25/02 8/25/02 5/25/02 3/25/02 2/25/02
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 139 25 21 18 16 15
ILLUSTRATIVE YIELD AT PAR (30/360) 6.943% 6.931% 6.927% 6.927% 6.929% 6.927%
-----------------------------------------------------------------------------------------------------
CLASS A-2 (TO CALL/MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 15.27 3.03 2.35 2.00 1.78 1.62
MODIFIED DURATION (YEARS) 8.98 2.63 2.10 1.81 1.62 1.48
FIRST PRINCIPAL PAYMENT 6/25/12 12/25/02 8/25/02 5/25/02 3/25/02 2/25/02
LAST PRINCIPAL PAYMENT 2/25/19 11/25/04 11/25/03 5/25/03 1/25/03 11/25/02
PRINCIPAL LOCKOUT (MONTHS) 138 24 20 17 15 14
PRINCIPAL WINDOW (MONTHS) 81 24 16 13 11 10
ILLUSTRATIVE YIELD AT PAR (30/360) 7.215% 7.087% 7.040% 7.004% 6.973% 6.946%
-----------------------------------------------------------------------------------------------------
CLASS A-3 (TO CALL/MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 20.14 5.03 3.69 3.00 2.58 2.29
MODIFIED DURATION (YEARS) 10.28 4.08 3.14 2.61 2.28 2.05
FIRST PRINCIPAL PAYMENT 2/25/19 11/25/04 11/25/03 5/25/03 1/25/03 11/25/02
LAST PRINCIPAL PAYMENT 9/25/22 12/25/06 4/25/05 5/25/04 11/25/03 7/25/03
PRINCIPAL LOCKOUT (MONTHS) 218 47 35 29 25 23
PRINCIPAL WINDOW (MONTHS) 44 26 18 13 11 9
ILLUSTRATIVE YIELD AT PAR (30/360) 7.313% 7.242% 7.207% 7.176% 7.149% 7.125%
-----------------------------------------------------------------------------------------------------
CLASS A-4 (TO CALL/MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.37 8.92 6.37 5.00 4.15 3.58
MODIFIED DURATION (YEARS) 10.89 6.24 4.87 4.02 3.44 3.03
FIRST PRINCIPAL PAYMENT 9/25/22 12/25/06 4/25/05 5/25/04 11/25/03 7/25/03
LAST PRINCIPAL PAYMENT 9/25/27 10/25/13 2/25/10 1/25/08 9/25/06 10/25/05
PRINCIPAL LOCKOUT (MONTHS) 261 72 52 41 35 31
PRINCIPAL WINDOW (MONTHS) 61 83 59 45 35 28
ILLUSTRATIVE YIELD AT PAR (30/360) 7.542% 7.508% 7.485% 7.463% 7.443% 7.423%
-----------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT SENSITIVITY TABLES
CLASS A-5 (TO CALL)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 28.28 17.91 13.13 10.19 8.25 6.93
MODIFIED DURATION (YEARS) 11.09 9.29 7.90 6.76 5.86 5.16
FIRST PRINCIPAL PAYMENT 9/25/27 10/25/13 2/25/10 1/25/08 9/25/06 10/25/05
LAST PRINCIPAL PAYMENT 10/25/29 7/25/21 4/25/16 11/25/12 7/25/10 12/25/08
PRINCIPAL LOCKOUT (MONTHS) 321 154 110 85 69 58
PRINCIPAL WINDOW (MONTHS) 26 94 75 59 47 39
ILLUSTRATIVE YIELD AT PAR (30/360) 7.871% 7.862% 7.852% 7.841% 7.829% 7.817%
-----------------------------------------------------------------------------------------------------
CLASS A-5 (TO MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 28.45 19.32 14.75 11.59 9.44 7.93
MODIFIED DURATION (YEARS) 11.11 9.53 8.28 7.19 6.31 5.60
FIRST PRINCIPAL PAYMENT 9/25/27 10/25/13 2/25/10 1/25/08 9/25/06 10/25/05
LAST PRINCIPAL PAYMENT 9/25/30 1/25/30 4/25/28 11/25/24 1/25/21 11/25/17
PRINCIPAL LOCKOUT (MONTHS) 321 154 110 85 69 58
PRINCIPAL WINDOW (MONTHS) 37 196 219 203 173 146
ILLUSTRATIVE YIELD AT PAR (30/360) 7.872% 7.875% 7.878% 7.876% 7.872% 7.865%
-----------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT SENSITIVITY TABLES
CLASS M-1 (TO CALL)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 26.98 14.47 10.52 8.17 6.66 5.63
MODIFIED DURATION (YEARS) 10.52 7.96 6.62 5.62 4.86 4.28
FIRST PRINCIPAL PAYMENT 6/25/24 7/25/08 5/25/06 3/25/05 7/25/04 1/25/04
LAST PRINCIPAL PAYMENT 10/25/29 7/25/21 4/25/16 11/25/12 7/25/10 12/25/08
PRINCIPAL LOCKOUT (MONTHS) 282 91 65 51 43 37
PRINCIPAL WINDOW (MONTHS) 65 157 120 93 73 60
ILLUSTRATIVE YIELD AT PAR (30/360) 8.289% 8.273% 8.259% 8.244% 8.229% 8.214%
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CLASS M-1 (TO MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 27.07 15.21 11.33 8.86 7.23 6.11
MODIFIED DURATION (YEARS) 10.53 8.07 6.81 5.83 5.08 4.50
FIRST PRINCIPAL PAYMENT 6/25/24 7/25/08 5/25/06 3/25/05 7/25/04 1/25/04
LAST PRINCIPAL PAYMENT 8/25/30 7/25/28 11/25/24 6/25/20 12/25/16 5/25/14
PRINCIPAL LOCKOUT (MONTHS) 282 91 65 51 43 37
PRINCIPAL WINDOW (MONTHS) 75 241 223 184 150 125
ILLUSTRATIVE YIELD AT PAR (30/360) 8.290% 8.281% 8.275% 8.266% 8.256% 8.244%
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CLASS M-2 (TO CALL)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.98 14.47 10.52 8.17 6.66 5.63
MODIFIED DURATION (YEARS) 10.24 7.81 6.52 5.55 4.81 4.24
FIRST PRINCIPAL PAYMENT 6/25/24 7/25/08 5/25/06 3/25/05 7/25/04 1/25/04
LAST PRINCIPAL PAYMENT 10/25/29 7/25/21 4/25/16 11/25/12 7/25/10 12/25/08
PRINCIPAL LOCKOUT (MONTHS) 282 91 65 51 43 37
PRINCIPAL WINDOW (MONTHS) 65 157 120 93 73 60
ILLUSTRATIVE YIELD AT PAR (30/360) 8.597% 8.579% 8.565% 8.550% 8.534% 8.519%
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CLASS M-2 (TO MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 27.06 15.13 11.20 8.74 7.13 6.02
MODIFIED DURATION (YEARS) 10.24 7.91 6.68 5.72 4.99 4.42
FIRST PRINCIPAL PAYMENT 6/25/24 7/25/08 5/25/06 3/25/05 7/25/04 1/25/04
LAST PRINCIPAL PAYMENT 6/25/30 4/25/27 9/25/22 5/25/18 2/25/15 10/25/12
PRINCIPAL LOCKOUT (MONTHS) 282 91 65 51 43 37
PRINCIPAL WINDOW (MONTHS) 73 226 197 159 128 106
ILLUSTRATIVE YIELD AT PAR (30/360) 8.597% 8.586% 8.579% 8.568% 8.557% 8.544%
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</TABLE>
Page 9
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT SENSITIVITY TABLES
CLASS M-3 (TO CALL)
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.98 14.47 10.52 8.17 6.66 5.63
MODIFIED DURATION (YEARS) 10.24 7.81 6.52 5.55 4.81 4.24
FIRST PRINCIPAL PAYMENT 6/25/24 7/25/08 5/25/06 3/25/05 7/25/04 1/25/04
LAST PRINCIPAL PAYMENT 10/25/29 7/25/21 4/25/16 11/25/12 7/25/10 12/25/08
PRINCIPAL LOCKOUT (MONTHS) 282 91 65 51 43 37
PRINCIPAL WINDOW (MONTHS) 65 157 120 93 73 60
ILLUSTRATIVE YIELD AT PAR (30/360) 8.597% 8.579% 8.565% 8.550% 8.534% 8.519%
-----------------------------------------------------------------------------------------------------
CLASS M-3 (TO MTY)
-----------------------------------------------------------------------------------------------------
RAMP TO 0.00% 9.00% 13.50% 18.00% 22.50% 27.00%
-----------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 27.03 14.89 10.92 8.50 6.94 5.86
MODIFIED DURATION (YEARS) 10.24 7.88 6.62 5.65 4.92 4.35
FIRST PRINCIPAL PAYMENT 6/25/24 7/25/08 5/25/06 3/25/05 7/25/04 1/25/04
LAST PRINCIPAL PAYMENT 4/25/30 8/25/25 7/25/20 5/25/16 6/25/13 5/25/11
PRINCIPAL LOCKOUT (MONTHS) 282 91 65 51 43 37
PRINCIPAL WINDOW (MONTHS) 71 206 171 135 108 89
ILLUSTRATIVE YIELD AT PAR (30/360) 8.597% 8.584% 8.574% 8.561% 8.548% 8.535%
-----------------------------------------------------------------------------------------------------
</TABLE>
Page 10
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------
Current Balance (as of 10/1/00) $149,564,627.60
Loan Count 1,018
Average Balance $146,920
Maximum Balance $399,841
--------------------------------------------------------------
WA Gross WAC 10.329%
Range of Gross Coupons 8.875%-14.500%
WA Net WAC (%) 9.963%
W Remaining Term (mos) 358
WA Age (mos) 2
WA Orig. Term (mos) 360
--------------------------------------------------------------
Balloon / Fully Amortizing 0.00% / 100.00%
First Lien / Second Lien 100.00% / 0.00%
--------------------------------------------------------------
WA Credit Score 723
580 to 639 5.97%
640 to 679 4.74%
680 to 719 24.44%
720 to 759 48.88%
760 to 799 15.79%
800 or greater 0.18%
--------------------------------------------------------------
WA Debt-to-Income Ratio 39.39%
WA Original LTV 102.54%
Range of Original LTV 90.00%-107.00%
% of Pool with Mortgage Insurance 0.00%
% of Pool with Prepay Penalties 34.07%
--------------------------------------------------------------
PROPERTY TYPE
Single Family Detached 73.61%
PUD 17.12%
Condominium 8.72%
Townhouse 0.51%
2-4 Family 0.05%
--------------------------------------------------------------
OCCUPANCY STATUS
Owner Occupied 96.40%
Non-Owner Occupied 3.60%
--------------------------------------------------------------
DOCUMENTATION
Full Documentation 68.43%
Limited Documentation 31.57%
--------------------------------------------------------------
LOAN PURPOSE
Purchase Money 96.34%
Rate/Term Refi 2.64%
--------------------------------------------------------------
GEOGRAPHIC CONCENTRATION (> 5%)
California 29.12%
Texas 8.30%
Florida 6.79%
Miami 5.30%
Wisconsin 5.17%
--------------------------------------------------------------
