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: September 8, 2000
(Date of earliest event reported)
Residential Asset Mortgage Products, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-91561 41-1955181
-------- --------- ----------
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
------------------------------------------------------------- -----
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(952) 832-7000
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<PAGE>
-2-
Item 5. Other Events.
On or about September 27, 2000, the Registrant expects to cause
the issuance and sale of Home Loan Backed Certificates, Series 2000-RS3
Cass A-1-1, Class A-1-2, Class A-1-3, Class A-1-4 and Class A-II (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of September, 2000, among the Registrant, Residential Funding
Corporation, as Master Servicer and Bank One, National Association as
Trustee.
In connection with the expected sale of the Series 2000-RS3
Certificates, the Registrant has been advised by Bear Stearns and
Company Inc. and Prudential Securities (the "Underwriters"), that the
Underwriters have furnished to prospective investors certain collateral
information with respect to the underwritten certificates underlying the
proposed offering of the certificates, which Collateral Term Sheets are
being filed electronically as exhibits to this report.
The Collateral Term Sheets have been provided by the
Underwriters. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Prospectus Supplement relating
to the Certificates and by any other information subsequently filed with
the Securities and Exchange Commission.
The Collateral Term Sheets were prepared by the Underwriters at
the request of certain prospective investors. The Collateral Term Sheets
may be based on information that differs from the information set forth
in the Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Notes may differ from the information
provided in the Collateral Term Sheets, which were provided to certain
investors only to give a sense of the underlying collateral which will
affect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the
collateral information in the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity and
cash flow characteristics of the Certificates.
<PAGE>
-3-
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
----------- ----------- -----------
1 99 Collateral Term Sheets
<PAGE>
-4-
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Julie Steinhagen
Name: Julie Steinhagen
Title: Vice President
Dated: September 8, 2000
<PAGE>
-6-
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term Electronically
Sheets
<PAGE>
-7-
EXHIBIT 1
<PAGE>
--------------------------------------------------------------------------------
[OBJECT OMITTED]
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.
[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
--------------------------------------------------------------------------------
New Issue Computational Materials
$390,266,000 (Approximate)
Mortgage Asset-Backed Pass-Through Certificates,
Series 2000-RS3
Residential Asset Mortgage Products, Inc.
Depositor
RAMP Series 2000-RS3 Trust
Issuer
Residential Funding Corporation
Seller and Master Servicer
September 6, 2000
<PAGE>
[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
--------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER
INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumptions and
Other Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns. and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Collateral Jumbo A* Alt A* Subprime* Seasoned Reperforming Total
Sub-Group
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of Total 35.44% 21.70% 34.94% 3.53% 4.39% 100.00%
Current Balance $42,908,331 $26,277,806 $42,300,310 $4,275,137 $5,317,096 $121,078,680
Loan Count 234 203 575 52 68 1,132
Average Balance $183,369 $129,447 $73,566 $82,214 $78,193 $106,960
%>$200,000 69.69% 34.32% 12.67% 25.94% 10.49% 37.95%
%>$500,000 19.53% 0.00% 0.00% 0.00% 0.00% 6.92%
-------------------------------------------------------------------------------------------------
Gross WAC (%) 9.121% 9.445% 11.195% 9.620% 10.518% 9.995%
WAM (mos) 330 349 284 281 253 313
WA Age (mos) 13 4 7 58 38 12
WA Orig. Term 343 353 291 339 291 325
(mos)
-------------------------------------------------------------------------------------------------
Balloon 4.11% -- 28.37% 12.41% 29.61% 13.11%
Fully Amortizing 95.89% 100.00% 71.63% 87.59% 70.39% 86.89%
-------------------------------------------------------------------------------------------------
First Lien 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Second Lien -- -- -- -- -- --
-------------------------------------------------------------------------------------------------
WA FICO 663 672 589 565 537 630
% below 640 25.05% 29.78% 83.41% 98.99% 100.00% 52.37%
Current CLTV 80.07% 81.50% 84.22% 77.47% 79.33% 81.71%
-------------------------------------------------------------------------------------------------
Loan Type
Single Family 77.31% 85.47% 85.84% 91.03% 92.16% 83.20%
Manuf. Housing 1.30% 1.06% 6.76% -- -- 3.05%
Condo 5.41% 2.93% 2.13% 4.31% 2.66% 3.57%
PUD 15.28% 9.33% 4.25% 4.66% 5.18% 9.32%
Other 0.70% 1.21% 1.02% -- -- 0.87%
-------------------------------------------------------------------------------------------------
Occupancy Status
Owner Occupied 96.68% 60.66% 92.49% 95.45% 95.62% 87.31%
Investor Property 3.32% 39.34% 7.51% 4.55% 4.38% 12.69%
------------------------------------------------------------------------------
-------------------
Loan Purpose
Purchase Money 57.33% 74.25% 25.62% 27.80% 35.75% 47.94%
Cash Out/Refi 27.99% 12.86% 63.92% 35.13% 43.33% 38.18%
Rate Term/Refi 11.87% 12.88% 9.50% 37.07% 20.92% 12.55%
Other 2.81% 0.00% 0.96% -- -- 1.33%
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
States > 4%
California 32.48% 9.17% 5.04% 31.21% 12.37% 16.91%
Illinois 4.52% 11.91% 4.31% 8.27% 4.87% 6.20%
New York 8.40% 1.19% 6.92% 6.81% 3.45% 6.04%
North Carolina 2.57% 1.09% 10.67% 3.30% 2.52% 5.11%
Florida 5.79% 3.53% 5.16% 2.03% 5.89% 4.95%
Arizona 3.32% 13.29% 1.25% 0.89% 0.78% 4.56%
Other 42.92% 59.82% 66.65% 47.49% 70.12% 56.23%
-------------------------------------------------------------------------------------------------
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
</TABLE>
<PAGE>
Residential Funding Corporation
RAMP 2000-RS3
Computational Materials: Information Relating to the Collateral (Page 2 of 3)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group II Mortgage Loans (ARMs)
As of the Cut-off Date
--------------------------------------------------------------------------------------------------------
Collateral Jumbo A Jumbo A* Alt A* Subprime* Seasoned Reperforming Total
Sub-Group
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Percent of Total 1.37% 54.40% 16.19% 22.16% 3.37% 2.50% 100.00%
Current Balance $3,738,274$148,155,333 $44,103,922 $60,363,444 $9,183,612 $6,821,591 $272,366,175
Loan Count 10 768 197 622 71 67 1,735
Average Balance $373,827 $192,911 $223,878 $97,047 $129,347 $101,815 $156,983
%>$200,000 84.84% 66.97% 68.85% 21.31% 39.33% 24.82% 55.41%
%>$500,000 60.80% 21.46% 14.90% 0.00% 14.69% 0.00% 15.42%
--------------------------------------------------------------------------------------------------------
Gross WAC (%) 8.115% 8.339% 8.465% 10.610% 9.292% 10.952% 8.957%
WAM (mos) 342 329 355 352 244 290 335
WA Age (mos) 11 30 4 6 87 46 22
WA Orig. Term 353 359 359 358 331 336 357
(mos)
--------------------------------------------------------------------------------------------------------
Balloon -- -- -- -- -- -- --
Fully Amortizing 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Negative Amort % -- 11.63% 16.31% -- 1.31% 0.62% 9.03%
--------------------------------------------------------------------------------------------------------
First Lien 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Second Lien -- -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------
WA FICO 698 692 688 574 581 532 658
% below 640 9.89% 22.02% 14.67% 91.32% 78.67% 100.00% 39.89%
Current CLTV 66.20% 72.28% 75.81% 80.87% 74.19% 75.60% 74.82%
--------------------------------------------------------------------------------------------------------
WA Margin 3.118% 3.215% 3.147% 6.708% 3.955% 6.116% 4.074%
WA Lifetime Cap 12.380% 13.862% 13.227% 16.990% 15.043% 16.804% 14.546%
WA Next Rate 5 8 23 21 5 5
Adj. 13
--------------------------------------------------------------------------------------------------------
Loan Type
Single Family 75.80% 75.40% 65.10% 83.93% 93.83% 93.66% 76.71%
Manuf. Housing -- 0.30% -- 5.07% -- -- 1.29%
Condo -- 6.01% 12.80% 4.01% 2.81% 2.28% 6.38%
PUD 24.20% 16.97% 22.10% 5.81% 3.36% 4.05% 14.64%
Other -- 1.32% -- 1.18% -- -- 0.98%
--------------------------------------------------------------------------------------------------------
Occupancy Status
Owner Occupied 100.00% 93.86% 94.38% 90.79% 74.40% 89.67% 92.59%
Investor -- 6.14% 5.62% 9.21% 25.60% 10.33% 7.41%
Property
--------------------------------------------------------------------------------------------------------
Loan Purpose
Purchase Money 22.95% 46.55% 65.98% 23.35% 42.90% 19.20% 43.42%
Cash Out/Refi 26.20% 25.29% 25.28% 62.62% 46.71% 55.94% 35.06%
Rate Term/Refi -- 24.22% 8.74% 10.46% 10.39% 24.86% 17.88%
Other 50.85% 3.94% -- 3.57% -- -- 3.63%
--------------------------------------------------------------------------------------------------------
</TABLE>
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
Residential Funding Corporation
RAMP 2000-RS3
Computational Materials: Information Relating to the Collateral (Page 3 of 3)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE
PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
Group II Mortgage Loans (ARMs)
As of the Cut-off Date
(cont'd)
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Collateral Jumbo A Jumbo A* Alt A* Subprime* Seasoned Reperforming Total
Sub-Group
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Percent of 1.37% 54.40% 16.19% 22.16% 3.37% 2.50% 100.00%
Total
--------------------------------------------------------------------------------------------------------
States > 4%
California -- 31.80% 23.20% 10.34% 46.31% 13.99% 25.26%
Illinois -- 10.68% 6.38% 4.51% 6.27% 6.22% 8.21%
South 100.00% 9.83% 3.73% 2.88% -- -- 7.96%
Carolina
Michigan -- 8.97% 0.72% 3.93% 9.37% 1.03% 6.21%
Arizona -- 5.29% 14.26% 1.64% -- 5.12% 5.68%
Colorado -- 2.79% 17.06% 3.13% 2.94% -- 5.07%
Other -- 30.64% 34.65% 73.57% 35.11% 73.64% 41.61%
--------------------------------------------------------------------------------------------------------
Index
6 month LIBOR -- 24.36% 17.54% 99.58% 29.69% 71.69% 40.96%
1 Year UST 100.00% 63.82% 82.46% 0.42% 26.34% 20.02% 50.92%
COFI -- 11.82% -- -- 42.18% 8.29% 8.06%
Other -- -- -- -- 1.79% -- 0.06%
--------------------------------------------------------------------------------------------------------
</TABLE>
* Loans in this category represent exceptions to RFC's program guidelines for
Jumbo A, Alt-A or Subprime, as indicated.
<PAGE>
