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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): February 29, 2000
OPTION ONE MORTGAGE ACCEPTANCE CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JANUARY 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES,
SERIES 2000-1)
Option One Mortgage Acceptance Corporation
------------------------------------------
(Exact name of registrant as specified in its charter)
- --------------------------------------------------------------------------------
Delaware 333-79091 33-0727357
-------- --------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
3 Ada
Irvine, California 92618
------------------ -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 790-8100
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<PAGE>
-2-
Item 2. Acquisition or Disposition of Assets
------------------------------------
On January 27, 2000, a single series of certificates, entitled
Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2000-1 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of January 1, 2000 (the "Agreement"), among Option Mortgage Acceptance
Corporation as depositor (the "Depositor"), Option One Mortgage Corporation
("Option One") as master servicer (in such capacity, the "Master Servicer") and
Norwest Bank Minnesota, National Association as trustee (the "Trustee"). On
February 29, 2000 following the closing of the initial issuance of the
Certificates, the Trustee purchased from the Depositor certain Subsequent
Mortgage Loans, as defined in the Agreement, with an aggregate principal balance
equal to approximately $43,990,746 with funds on deposit in the pre-funding
account (the "Pre-Funding Account") established pursuant to the Agreement at a
purchase price equal to the principal balance thereof, which Subsequent Mortgage
Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument,
dated February 29, 2000, between the Depositor and the Trustee (the
"Instrument"). Attached to the Instrument is the Mortgage Loan Schedule listing
the Subsequent Mortgage Loans that are the subject of such Instrument.
Item 5. Other Events
------------
Description of the Mortgage Pool
The Certificates, issued pursuant to the Agreement, evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of
conventional, one- to four- family, first and second lien adjustable- rate and
fixed rate mortgage loans having original terms to maturity of not greater than
30 years (the "Mortgage Loans"). As of the Closing Date, the Trust Fund
primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans
having an aggregate principal balance of approximately $127,704,596 as of
January 1, 2000 and (ii) the Pre-Funding Account, which contained approximately
$43,995,404.
As more fully described above, on February 29, 2000, the Depositor
purchased the Subsequent Mortgage Loans with the funds on deposit in the
Pre-Funding Account. The tables attached as an exhibit hereto describe certain
characteristics of the Mortgage Pool as of February 1, 2000, the end of the
"Funding Period" (as defined in the Agreement).
<PAGE>
-3-
Item 7. Financial Statements and Exhibits
---------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
----------- -----------
4.2 Subsequent Transfer Instrument,
dated as of February 29, 2000
between Option One Mortgage
Acceptance Corporation as seller,
and Norwest Bank Minnesota, National
Association, as trustee.
99.1 Characteristics of the Mortgage Pool
as of February 1, 2000, relating to
Option One Mortgage Loan Trust
2000-1, Asset- Backed Certificates,
Series 2000-1
<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 thereunto duly authorized.
Dated: February 29, 2000
OPTION ONE MORTGAGE
ACCEPTANCE CORPORATION
By: /s/ William L. O'Neill
----------------------
Name: William L. O'Neill
Title: Treasurer
<PAGE>
Index to Exhibits
-----------------
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
4.2 Subsequent Transfer Instrument
99.1 Characteristics of the Mortgage Pool as of
February 1, 2000, relating to Option One
Mortgage Acceptance Corporation, Asset-Backed
Certificates, Series 2000-1
Exhibit 4.2
<PAGE>
SUBSEQUENT TRANSFER INSTRUMENT
Pursuant to this Subsequent Transfer Instrument, dated February 29,
2000 (the "Instrument"), between Option One Mortgage Acceptance Corporation as
seller (the "Depositor"), and Norwest Bank Minnesota, National Association as
trustee of the Option One Mortgage Loan Trust 2000-1 Asset-Backed Certificates,
Series 2000-1, as purchaser (the "Trustee"), and pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 2000 (the "Pooling and Servicing
Agreement"), among the Depositor as depositor, Option One Mortgage Corporation
as master servicer and the Trustee as trustee, the Depositor and the Trustee
agree to the sale by the Depositor and the purchase by the Trustee in trust, on
behalf of the Trust, of the Mortgage Loans listed on the attached Schedule of
Mortgage Loans (the "Subsequent Mortgage Loans").
Capitalized terms used but not otherwise defined herein shall
have the meanings set forth in the Pooling and Servicing Agreement.
Section 1. CONVEYANCE OF SUBSEQUENT MORTGAGE LOANS.
(a) The Depositor does hereby sell, transfer, assign, set over
and convey to the Trustee in trust, on behalf of the Trust, without recourse,
all of its right, title and interest in and to the Subsequent Mortgage Loans,
and including all amounts due on the Subsequent Mortgage Loans after the related
Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage
Loans to be delivered pursuant to Section 2.01 of the Pooling and Servicing
Agreement; provided, however that the Depositor reserves and retains all right,
title and interest in and to amounts due on the Subsequent Mortgage Loans on or
prior to the related Subsequent Cut-off Date. The Depositor, contemporaneously
with the delivery of this Agreement, has delivered or caused to be delivered to
the Trustee each item set forth in Section 2.01 of the Pooling and Servicing
Agreement. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is
intended by the Depositor, the Master Servicer, the Trustee and the
Certificateholders to constitute and to be treated as a sale by the Depositor to
the Trust Fund.
(b) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee without recourse for the benefit of the Certificateholders all the
right, title and interest of the Depositor, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor
as purchaser and the Master Servicer as seller, to the extent of the Subsequent
Mortgage Loans.
(c) Additional terms of the sale are set forth on
Attachment A hereto.
Section 2. REPRESENTATIONS AND WARRANTIES; CONDITIONS
PRECEDENT.
(a) The Depositor hereby confirms that each of the conditions
precedent and the representations and warranties set forth in Section 2.08 of
the Pooling and Servicing Agreement are satisfied as of the date hereof.
<PAGE>
(b) All terms and conditions of the Pooling and Servicing
Agreement are hereby ratified and confirmed; provided, however, that in the
event of any conflict, the provisions of this Instrument shall control over the
conflicting provisions of the Pooling and Servicing Agreement.
Section 3. RECORDATION OF INSTRUMENT.
To the extent permitted by applicable law, this Instrument, or
a memorandum thereof if permitted under applicable law, is subject to
recordation in all appropriate public offices for real property records in all
of the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer at the Certificateholders' expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.
Section 4. GOVERNING LAW.
This Instrument shall be construed in accordance with the laws
of the State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
Section 5. COUNTERPARTS.
This Instrument may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same instrument.
Section 6. SUCCESSORS AND ASSIGNS.
This Instrument shall inure to the benefit of and be binding
upon the Depositor and the Trustee and their respective successors and assigns.
<PAGE>
OPTION ONE MORTGAGE ACCEPTANCE
CORPORATION
By: /s/ William L. O'Neill
-------------------------------
Name: William L. O'Neill
Title: Treasurer
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as
Trustee for Option One
Mortgage Loan Trust 2000-1,
Asset-Backed Certificates,
Series 2000-1
By: /s/ Amy Doyle
-------------------------------
Name: Amy Doyle
Title: Assistant Vice President
Attachments
A. Additional terms of sale.
B. Schedule of Subsequent Mortgage Loans.
<PAGE>
ATTACHMENT A
ADDITIONAL TERMS OF SALE
A. General
1. Subsequent Cut-off Date: February 1, 2000
2. Subsequent Transfer Date: February 29, 2000
3. Aggregate Principal Balance of the Subsequent
Mortgage Loans as of the Subsequent Cut-off Date:
$43,990,746
4. Purchase Price: 100.00%
B. The following representations and warranties with respect to each
Subsequent Mortgage Loan determined as of the applicable Subsequent Cut-off
Date: (i) such Subsequent Mortgage Loan may not be 30 or more days delinquent as
of the related Subsequent Cut-off Date; (ii) the original term to stated
maturity of such Subsequent Mortgage Loan will not be less than 120 months and
will not exceed 360 months; (iii) the Subsequent Mortgage Loan may not provide
for negative amortization; (iv) such Subsequent Mortgage Loan will not have a
loan-to-value ratio greater than 100%; (v) such Subsequent Mortgage Loans will
have, as of the Subsequent Cut-off Date, a weighted average term since
origination not in excess of 6 months; (vi) such Subsequent Mortgage Loan, if a
Fixed Rate Mortgage Loan, shall have a Mortgage Rate that is not less than
7.000% or greater than 16.000%; (vii) such Subsequent Mortgage Loan shall have
been serviced by the Master Servicer since originated or purchased by the
Depositor; (viii) such Subsequent Mortgage Loan must have a first payment date
occurring on or before March 1, 2000; (ix) if the Subsequent Mortgage Loan is an
Adjustable Rate Mortgage Loan, the Subsequent Mortgage Loan will have a Gross
Margin not less than 3.000%; (x) if the Subsequent Mortgage Loan is an
Adjustable Rate Mortgage Loan, the Subsequent Mortgage Loan will have a Maximum
Mortgage Rate not less than 12.000%; (xi) if the Subsequent Mortgage Loan is an
Adjustable Rate Mortgage Loan, the Subsequent Mortgage Loan will have a Minimum
Mortgage Rate not less than 6.000%; and (xii) such Subsequent Mortgage Loan
shall have been underwritten in accordance with the criteria set forth under
"Option One Mortgage Corporation--Underwriting Standards" in the Prospectus
Supplement.
C. Following the purchase of any Subsequent Mortgage Loan by the Trust,
the Mortgage Loans (including such Subsequent Mortgage Loans) will as of the
Subsequent Cut-off Date: (i) have a weighted average original term to stated
maturity of not more than 360 months; (ii) have a weighted average Mortgage Rate
of not less than 9.600% and not more than 10.000%; (iii) have a weighted average
loan-to-value ratio of not more than 78%; (iv) have no Mortgage Loan with a
principal balance in excess of $1,000,000, and (v) have no more than 10.00% of
Fixed Rate Mortgage Loan, in each case, as applicable, by aggregate principal
balance of the Mortgage Loans as of the Subsequent Cut-off Date. In addition,
the Adjustable Rate Mortgage Loans will as of the Subsequent Cut-off Date have a
weighted average Gross Margin not less than 5.250% by aggregate principal
balance of the Adjustable Rate Mortgage Loans as of the Subsequent Cut-off Date.
In the sole discretion of the Certificate Insurer, Subsequent Mortgage Loans
with characteristics varying from those set forth above may be purchased by the
Trust; provided, however that the addition of such Mortgage Loans will not
materially affect the aggregate characteristics of the Mortgage Pool.
<PAGE>
D. Notwithstanding the foregoing, any Subsequent Mortgage Loan may be
rejected by either Rating Agency if the inclusion of such Subsequent Mortgage
Loan would adversely affect the ratings on any class of Offered Certificates.
Exhibit 99.1
<PAGE>
The Mortgage Loans consist of 91 non-conforming, fixed-rate Mortgage
Loans (the "Fixed Rate Mortgage Loans") with an aggregate Principal Balance of
approximately $14,933,873 as of the Subsequent Cut-off Date and 494
non-conforming, adjustable-rate Mortgage Loans (the "Adjustable Rate Mortgage
Loans") with an aggregate Principal Balance of approximately $156,374,919 as of
the Subsequent Cut-off Date.
Approximately 85.35% of the Mortgage Loans provide for payment by the
borrower of a prepayment charge in limited circumstances on certain prepayments.
The Mortgage Loans have original terms to maturity ranging from 15
years to 30 years.
Approximately 22.44% of the Mortgage Loans had loan-to-value ratios (or
combined loan-to-value ratios, in the case of second lien Mortgage Loans) at
origination in excess of 80%. Approximately 2.66% of the Mortgage Loans had
loan-to-value ratios (or combined loan-to-value ratios, in the case of second
lien Mortgage Loans) at origination greater than 90% but no Mortgage Loan had a
loan-to-value ratio (or combined loan-to-value ratio, in the case of any second
lien Mortgage Loan) at origination greater than 95.00%.
Approximately 2.53% of the Mortgage Loans are secured by second liens
on the related Mortgaged Property.
There are 50 Mortgage Loans (representing approximately 5.16% of the
Pool Balance) that are balloon payment mortgage loans (each, a "Balloon Loan").
The monthly payment for each Balloon Loan amortizes over 360 months, but the
final payment (the "Balloon Payment") is due on the 180th month. The amount of
the Balloon Payment on each Balloon Loan is substantially in excess of the
amount of the scheduled monthly payment for such Mortgage Loan.
Generally, the Adjustable Rate Mortgage Loans provide for semi-annual
adjustment to the Loan Rate (as defined below) thereon and for corresponding
adjustments to the monthly payment amount due thereon, in each case on each
adjustment date applicable thereto (each such date, an "Adjustment Date");
provided, that the first adjustment for such Mortgage Loans will occur after an
initial period of two years in the case of 84.62% of the Adjustable Rate
Mortgage Loans and three years in the case of 13.28% of the Adjustable Rate
Mortgage Loans (each such Mortgage Loan, a "Delayed First Adjustment Mortgage
Loan"). On each Adjustment Date for each Adjustable Rate Mortgage Loan, the Loan
Rate thereon will be adjusted to equal the sum, rounded to the nearest or next
highest multiple of 0.125%, of Six-Month LIBOR (as defined below) and a fixed
percentage amount (the "Gross Margin"). The Loan Rate on any such Adjustable
Rate Mortgage Loan will not increase by more than an amount set forth in the
related Mortgage Note, which is not more than 6.000% per annum on the first
related Adjustment Date (the "Initial Periodic Rate Cap") and 1.500% on any
Adjustment Date thereafter (the "Periodic Rate Cap"). The Initial Adjustable
Rate Mortgage Loans have a weighted average Initial Periodic Rate Cap of
approximately 2.962% per annum and a weighted average Periodic Rate Cap of
approximately 1.003% per annum thereafter. Each Loan Rate on each such
Adjustable Rate Mortgage Loan will not exceed a specified maximum Loan Rate over
the life of such Adjustable Rate Mortgage Loan (the "Maximum Loan Rate") or be
less than a specified minimum Loan Rate over the life of such Adjustable Rate
Mortgage Loan (the "Minimum Loan Rate"). The Adjustable Rate Mortgage Loans that
are Delayed First Adjustment Mortgage Loans have a weighted average Initial
Periodic Rate Cap of approximately 2.993% per annum and a weighted average
Periodic Rate Cap of approximately 1.003% per annum thereafter. Effective with
the first monthly payment due on each Adjustable Rate Mortgage Loan after each
related Adjustment Date, the monthly payment amount will be adjusted to an
amount that will amortize fully the outstanding Principal Balance of the related
Mortgage Loan over its remaining term, and pay interest at the Loan Rate as so
adjusted. Due to the application of the Periodic Rate Caps and the Maximum Loan
Rates, the Loan Rate on each such Mortgage Loan, as adjusted on any related
Adjustment Date, may be less than the sum of the Index and the related Gross
Margin.
Each Adjustable Rate Mortgage Loan accrues interest at a Loan Rate of
not less than 6.850% per annum and not more than 14.900% per annum and as of the
Cut-off Date the weighted average Loan Rate of the Adjustable Rate Mortgage
Loans was approximately 9.751% per annum. As of the Cut-off Date, the Adjustable
Rate Mortgage Loans had Gross Margins ranging from 4.000% to 8.200%, Minimum
Loan Rates ranging from 6.850% per annum to 14.900% per annum and Maximum Loan
Rates ranging from 12.850% per annum to 20.900% per annum. As of the Cut-off
Date, the weighted average Gross Margin was approximately 5.524%, the weighted
average Minimum Loan Rate was approximately 9.739% per annum and the weighted
average Maximum Loan Rate was approximately 15.748% per annum. The latest next
Adjustment Date following the Cut-off Date on any Adjustable Rate Mortgage Loan
occurs in
<PAGE>
February 2003 and the weighted average time until the next Adjustment Date for
all of the Adjustable Rate Mortgage Loans is approximately 24 months.
Each Fixed Rate Mortgage Loan accrues interest at a rate (each, a "Loan
Rate") of not less than 7.350% per annum and not more than 14.900% per annum and
as of the Cut-off Date the weighted average Loan Rate of the Fixed Rate Mortgage
Loans was approximately 9.995% per annum.
The weighted average remaining term to maturity of the Mortgage Loans
was approximately 347 months as of the Cut-off Date. None of the Mortgage Loans
had a first Due Date prior to November 1998 or after March 2000 or had a
remaining term to maturity of less than 165 months or greater than 30 years as
of the Cut-off Date. The latest maturity date of any Mortgage Loan is February
2030.
The average Principal Balance of the Mortgage Loans at origination was
approximately $293,181. The average Cut-off Date Principal Balance of the
Mortgage Loans was approximately $292,836.
No Mortgage Loan had a Cut-off Date Principal Balance of greater than
approximately $975,000 or less than approximately $19,523. The Mortgage Loans
are expected to have the following characteristics as of the Cut-off Date (the
sum in any column may not equal the total indicated due to rounding):
<PAGE>
<TABLE>
<CAPTION>
CREDIT GRADE FOR THE MORTGAGE LOANS(1)
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
Credit Grade of Mortgage Loans the Cut off Date the Cut off Date
- ------------ ----------------- ---------------- ----------------
<S> <C> <C> <C>
AA............................ 241 $ 76,754,631.79 44.80%
A............................. 168 52,070,498.33 30.40
B............................. 103 30,777,257.54 17.97
C............................. 19 5,922,012.17 3.46
CC............................ 54 5,784,391.58 3.38
--- --------------- ------
Total................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
- --------------------
(1) For a description of each credit grade, see "Option One Mortgage
Corporation - Underwriting Standards" herein.
<PAGE>
<TABLE>
<CAPTION>
CUT-OFF DATE PRINCIPAL BALANCES OF THE MORTGAGE LOANS (1)
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
PRINCIPAL BALANCE($) of Mortgage Loans the Cut off Date the Cut off Date
- -------------------- ----------------- ---------------- ----------------
<S> <C> <C> <C>
19,523 - 25,000................ 5 $ 113,127.62 0.07%
25,001 - 50,000................ 31 1,228,946.80 0.72
50,001 - 75,000................ 34 2,205,816.11 1.29
75,001 - 100,000............... 19 1,640,370.48 0.96
100,001 - 125,000.............. 10 1,115,760.66 0.65
125,001 - 150,000.............. 7 935,070.91 0.55
150,001 - 175,000.............. 2 302,947.75 0.18
175,001 - 200,000.............. 2 373,194.00 0.22
225,001 - 250,000.............. 3 731,685.20 0.43
250,001 - 275,000.............. 98 25,859,559.80 15.10
275,001 - 300,000.............. 103 29,630,357.24 17.30
300,001 - 325,000.............. 71 22,280,296.27 13.01
325,001 - 350,000.............. 72 24,537,992.49 14.32
350,001 - 375,000.............. 22 7,979,079.74 4.66
375,001 - 400,000.............. 18 6,935,502.32 4.05
400,001 - 425,000.............. 17 6,987,912.50 4.08
425,001 - 450,000.............. 22 9,673,457.12 5.65
450,001 - 475,000.............. 7 3,264,964.02 1.91
475,001 - 500,000.............. 19 9,347,371.31 5.46
500,001 - 525,000.............. 1 519,050.94 0.30
525,001 - 550,000.............. 1 528,290.58 0.31
550,001 - 575,000.............. 3 1,692,948.09 0.99
575,001 - 600,000.............. 2 1,180,102.96 0.69
600,001 - 625,000.............. 3 1,851,266.83 1.08
625,001 - 650,000.............. 1 649,550.40 0.38
675,001 - 700,000.............. 1 699,224.41 0.41
725,001 - 750,000.............. 3 2,224,240.39 1.30
750,001 - 775,000.............. 2 1,505,605.76 0.88
800,001 - 825,000.............. 1 816,179.50 0.48
825,001 - 850,000.............. 1 839,436.38 0.49
850,001 - 875,000.............. 1 853,421.14 0.50
875,001 - 900,000.............. 1 881,575.23 0.51
925,001 - 950,000.............. 1 949,486.46 0.55
950,001 - 975,000.............. 1 975,000.00 0.57
--- --------------- ------
Total.......................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
- --------------
(1) The average Cut-off Date Principal Balance of the Mortgage Loans was
approximately $292,836.
<PAGE>
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF THE MORTGAGE LOANS(1)
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
ORIGINAL TERM (MONTHS) of Mortgage Loans the Cut off Date the Cut off Date
- ---------------------- ----------------- ---------------- ----------------
<S> <C> <C> <C>
180-180....................... 64 $ 9,791,115.37 5.72%
181-240....................... 11 782,070.12 0.46
301-360....................... 510 160,735,605.92 93.83
--- --------------- ------
Total......................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
- --------------------
(1) The weighted average Original Term of the Mortgage Loans was
approximately 349 months.
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF THE MORTGAGE LOANS(1)
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
REMAINING TERM (MONTHS) of Mortgage Loans the Cut off Date the Cut off Date
- ----------------------- ----------------- ---------------- ----------------
<S> <C> <C> <C>
165-180....................... 64 $ 9,791,115.37 5.72%
181-240....................... 11 782,070.12 0.46
301-360....................... 510 160,735,605.92 93.83
--- --------------- ------
Total......................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
- --------------------
(1) The weighted average Remaining Term of the Mortgage Loans was
approximately 347 months.
<PAGE>
PROPERTY TYPES OF THE MORTGAGE LOANS
<TABLE>
<CAPTION>
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
PROPERTY TYPE of Mortgage Loans the Cut off Date the Cut off Date
- ------------- ----------------- ---------------- ----------------
<S> <C> <C> <C>
Single Family Detached........ 448 $128,618,276.73 75.08%
PUD Detached (1).............. 88 29,001,563.83 16.93
Condo Low-Rise Attached....... 21 6,446,922.91 3.76
2-4 Units Detached............ 17 4,287,289.01 2.50
PUD Attached.................. 6 1,305,956.67 0.76
2-4 Units Attached............ 3 1,037,290.37 0.61
Single Family Attached........ 1 306,263.00 0.18
Condo High-Rise Attached...... 1 305,228.89 0.18
Total......................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
- --------------------
(1) PUD refers to a home or "unit" in a Planned Unit Development.
<TABLE>
<CAPTION>
OCCUPANCY STATUS OF THE MORTGAGE LOANS(1)
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
ORIGINAL TERM (MONTHS) of Mortgage Loans the Cut off Date the Cut off Date
- ---------------------- ----------------- ---------------- ----------------
<S> <C> <C> <C>
Primary....................... 543 $163,213,155.68 95.27%
Second Home................... 13 4,551,837.41 2.66
Non-owner..................... 29 3,543,798.32 2.07
-- ------------ ----
Total......................... 585 $171,308,791.41 100.00%
=== =============== ======
- --------------------
(1) Occupancy as represented by the borrower at the time of origination.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PURPOSE OF THE MORTGAGE LOANS
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
PURPOSE OF MORTGAGE LOANS THE CUT-OFF DATE THE CUT-OFF DATE
- ----------------------------- ----------------- ---------------- -----------------
<S> <C> <C> <C>
Cash Out Refinance............ 334 $ 93,540,362.18 54.60%
Purchase...................... 177 56,696,257.38 33.10
Rate/Term Refinance........... 74 21,072,171.85 12.30
-- ------------- -----
Total......................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL LOAN-TO-VALUE RATIOS OF THE MORTGAGE LOANS(1)(2)(3)
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
ORIGINAL LOAN-TO-VALUE NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
RATIO (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ---------------------------- --------------------- ----------------- -------------------
<S> <C> <C> <C>
35.37-40.00................... 3 $ 1,083,994.64 0.63%
40.01-45.00................... 3 919,318.39 0.54
45.01-50.00................... 6 1,869,370.81 1.09
50.01-55.00................... 11 2,521,842.94 1.47
55.01-60.00................... 10 2,335,158.55 1.36
60.01-65.00................... 50 11,463,308.84 6.69
65.01-70.00................... 59 20,396,388.81 11.91
70.01-75.00................... 85 23,901,029.14 13.95
75.01-80.00................... 230 68,382,872.65 39.92
80.01-85.00................... 26 6,728,713.99 3.93
85.01-90.00................... 87 27,152,270.20 15.85
90.01-95.00................... 15 4,554,522.45 2.66
-- ------------- -----
Total......................... 585 $171,308,791.41 100.00%
=== =============== ======
</TABLE>
- ------------------
(1) THE WEIGHTED AVERAGE ORIGINAL LOAN-TO-VALUE RATIO OF THE MORTGAGE LOANS AS
OF THE CUT-OFF DATE WAS APPROXIMATELY 77.20%.
(2) FOR A DESCRIPTION OF THE DETERMINATION OF LOAN-TO-VALUE RATIO BY THE MASTER
SERVICER SEE "OPTION ONE MORTGAGE CORPORATION - UNDERWRITING STANDARDS"
HEREIN.
(3) REFERENCES TO LOAN-TO-VALUE RATIOS ARE REFERENCES TO COMBINED LOAN-TO-VALUE
RATIOS WITH RESPECT TO SECOND LIEN MORTGAGE LOANS.
<PAGE>
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
LOCATION OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
Arizona....................... 8 $ 2,305,462.90 1.35%
California.................... 209 62,755,686.72 36.63
Colorado...................... 22 7,378,967.02 4.31
Connecticut................... 23 6,888,237.96 4.02
Delaware...................... 1 269,602.62 0.16
District of Columbia.......... 5 1,295,418.42 0.76
Florida....................... 22 6,066,740.82 3.54
Georgia....................... 10 2,691,901.80 1.57
Illinois...................... 29 7,820,073.96 4.56
Indiana....................... 2 143,939.03 0.08
Iowa.......................... 2 87,233.57 0.05
Kentucky...................... 1 91,918.45 0.05
Maine......................... 1 399,417.44 0.23
Maryland...................... 15 5,066,796.51 2.96
Massachusetts................. 33 10,849,226.77 6.33
Michigan...................... 18 3,871,553.96 2.26
Minnesota..................... 7 2,063,017.37 1.20
Mississippi................... 1 478,982.91 0.28
Missouri...................... 2 1,191,024.79 0.70
Nevada........................ 5 2,045,636.32 1.19
New Hampshire................. 1 324,813.01 0.19
New Jersey.................... 25 7,959,393.60 4.65
New Mexico.................... 2 311,968.59 0.18
New York...................... 39 11,710,517.27 6.84
North Carolina................ 2 453,347.62 0.26
Ohio.......................... 7 1,955,564.23 1.14
Oregon........................ 5 1,143,420.52 0.67
Pennsylvania.................. 12 3,324,436.32 1.94
Tennessee..................... 1 276,000.00 0.16
Texas......................... 21 6,501,771.53 3.80
Utah.......................... 5 894,363.54 0.52
Vermont....................... 1 105,196.16 0.06
Virginia...................... 19 5,195,114.35 3.03
Washington.................... 25 6,732,801.18 3.93
Wisconsin..................... 4 659,244.15 0.38
- ---------- ----
Total 585 $171,308,791.41 100.00%
=== =============== ======
- -------------------
</TABLE>
(1) THE GREATEST ZIP CODE GEOGRAPHIC CONCENTRATION OF MORTGAGE LOANS, BY
CUT-OFF DATE PRINCIPAL BALANCE, WAS APPROXIMATELY 1.10% IN THE 92660 ZIP
CODE.
<PAGE>
DOCUMENTATION LEVEL OF THE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
DOCUMENTATION LEVEL OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
Full Documentation............... 364 $110,521,191.91 64.52%
Stated Income Documentation...... 205 55,503,954.60 32.40
Lite Documentation............... 16 5,283,644.90 3.08
-- ------------ ----
Total............................ 585 $171,308,791.41 100.00%
=== =============== =======
- --------------------
</TABLE>
(1) For a description of each Documentation Level, see "Option One Mortgage
Corporation--Underwriting Standards" herein.
LOAN RATES OF THE FIXED RATE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
CURRENT LOAN RATE (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
7.35-8.00..................... 3 $ 2,020,615.88 13.53%
8.01-9.00..................... 8 3,358,377.77 22.49
9.01-10.00.................... 10 3,182,520.62 21.31
10.01-11.00................... 20 2,037,465.58 13.64
11.01-12.00................... 32 3,283,442.92 21.99
12.01-13.00................... 12 834,156.31 5.59
13.01-14.00................... 4 138,835.78 0.93
14.01-14.90................... 2 78,457.65 0.53
- --------- ----
Total......................... 91 $14,933,872.51 100.00%
== ============== =======
</TABLE>
- ------------------
(1) The weighted average Loan Rate of the Fixed Rate Mortgage Loans as of the
Cut-off Date was approximately 9.995% per annum.
<PAGE>
CURRENT LOAN RATES OF THE ADJUSTABLE RATE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
CURRENT LOAN RATE (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
6.85-7.00..................... 1 $ 264,788.65 0.17%
7.01-8.00..................... 26 10,512,470.57 6.72
8.01-9.00..................... 112 38,279,832.61 24.48
9.01-10.00.................... 158 52,989,987.79 33.89
10.01-11.00................... 119 37,124,178.26 23.74
11.01-12.00................... 40 11,341,851.47 7.25
12.01-13.00................... 22 4,622,883.17 2.96
13.01-14.00................... 8 926,412.42 0.59
14.01-14.90................... 8 312,513.96 0.20
- ---------- ----
Total......................... 494 $156,374,918.90 100.00%
=== =============== ======
</TABLE>
- ------------------
(1) The weighted average Loan Rate of the Adjustable Rate Mortgage Loans as of
the Cut-off Date was approximately 9.751% per annum.
MAXIMUM LOAN RATES OF THE ADJUSTABLE RATE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MAXIMUM LOAN RATE (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
12.85-13.00..................... 1 $ 264,788.65 0.17%
13.01-14.00..................... 26 10,512,470.57 6.72
14.01-15.00..................... 113 38,698,513.65 24.75
15.01-16.00..................... 158 53,011,181.30 33.90
16.01-17.00..................... 118 36,684,303.71 23.46
17.01-18.00..................... 39 11,022,187.96 7.05
18.01-19.00..................... 23 4,942,546.68 3.16
19.01-20.00..................... 8 926,412.42 0.59
20.01-20.90..................... 8 312,513.96 0.20
- ---------- ----
Total........................... 494 $156,374,918.90 100.00%
=== =============== ======
</TABLE>
- ------------------
(1) The weighted average Maximum Loan Rate of the Adjustable Rate Mortgage
Loans as of the Cut-off Date was approximately 15.748% per annum.
<PAGE>
MINIMUM LOAN RATES OF THE ADJUSTABLE RATE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
MINIMUM LOAN RATE (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
6.85 -7.00.................... 1 $ 264,788.65 0.17%
7.01-8.00..................... 26 10,512,470.57 6.72
8.01-9.00..................... 115 39,363,928.32 25.17
9.01-10.00.................... 157 52,845,766.63 33.79
10.01-11.00................... 117 36,184,303.71 23.14
11.01-12.00................... 40 11,341,851.47 7.25
12.01-13.00................... 22 4,622,883.17 2.96
13.01-14.00................... 8 926,412.42 0.59
14.01-14.90................... 8 312,513.96 0.20
- ---------- ----
Total......................... 494 $156,374,918.90 100.00%
=== =============== ======
- --------------------
</TABLE>
(1) The weighted average Minimum Loan Rate of the Adjustable Rate Mortgage
Loans as of the Cut-off Date was approximately 9.739% per annum.
GROSS MARGINS OF THE ADJUSTABLE RATE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
GROSS MARGINS (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
4.00-5.00..................... 62 $ 24,387,980.79 15.60%
5.01-8.20..................... 432 131,986,938.11 84.40
--- -------------- -----
Total......................... 494 $156,374,918.90 100.00%
=== =============== =======
</TABLE>
- ------------------
(1) The weighted average Gross Margin of the Adjustable Rate Mortgage Loans as
of the Cut-off Date was approximately 5.524%.
<PAGE>
NEXT INTEREST ADJUSTMENT DATE FOR THE ADJUSTABLE RATE MORTGAGE LOANS
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
RATE ADJUSTMENT DATE OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
03/01/00...................... 1 $ 323,099.86 0.21%
04/01/00...................... 1 301,068.74 0.19
05/01/00...................... 3 1,272,861.18 0.81
06/01/00...................... 2 773,157.64 0.49
07/01/00...................... 1 309,769.48 0.20
08/01/00...................... 1 310,938.07 0.20
10/01/00...................... 1 235,645.17 0.15
04/01/01...................... 1 25,510.25 0.02
06/01/01...................... 5 465,350.70 0.30
07/01/01...................... 1 267,489.32 0.17
08/01/01...................... 5 1,042,850.32 0.67
09/01/01...................... 7 1,899,307.79 1.21
10/01/01...................... 15 1,804,124.78 1.15
11/01/01...................... 80 23,961,655.64 15.32
12/01/01...................... 124 41,199,600.93 26.35
01/01/02...................... 130 43,730,108.75 27.96
02/01/02...................... 52 17,692,591.00 11.31
04/01/02...................... 3 356,292.06 0.23
08/01/02...................... 1 305,228.89 0.20
10/01/02...................... 2 454,027.17 0.29
11/01/02...................... 10 3,424,751.94 2.19
12/01/02...................... 8 2,411,523.57 1.54
01/01/03...................... 20 7,066,303.65 4.52
02/01/03...................... 20 6,741,662.00 4.31
-- ------------ ----
Total......................... 494 $156,374,918.90 100.00%
=== =============== ======
</TABLE>
INITIAL PERIODIC RATE CAPS OF THE ADJUSTABLE RATE MORTGAGE LOANS(1)
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF OUTSTANDING AS OF
INITIAL PERIODIC RATE CAP (%) OF MORTGAGE LOANS THE CUT OFF DATE THE CUT-OFF-DATE
- ----------------------------- ----------------- ----------------- -------------------
<S> <C> <C> <C>
1.00............................... 9 $ 3,457,908.34 2.21%
3.00............................... 484 152,584,023.93 97.58
6.00............................... 1 332,986.63 0.21
- ---------- ----
Total.............................. 494 $156,374,918.90 100.00%
=== =============== ======
</TABLE>
- ------------------
(1) Relates solely to initial rate adjustments.
