- -------------------------------------------------------------------------------
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) April 20, 2000
WMC SECURED ASSETS CORP. (as company under the Pooling and Servicing Agreement,
dated as of April 1, 2000, providing for the issuance of WMC Mortgage
Pass-Through Certificates, Series 2000-A)
WMC Secured Assets Corp.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-59687 95-4683489
- ----------------------------- ------------ ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
6320 Canoga Avenue
Woodland Hills, California 91367
- -------------------------- -----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 592-2610
----- --------
- -------------------------------------------------------------------------------
<PAGE>
Item 2. Acquisition or Disposition of Assets
Description of the Certificates
On April 5, 2000 a single series of certificates, entitled WMC Mortgage
Pass-Through Certificates, Series 2000-A (the "Certificates") were issued
pursuant to a pooling and servicing agreement (the "Agreement"), dated as of
April 1, 2000, among WMC Secured Assets Corp., as company (the "Company"), WMC
Mortgage Corp., as seller (the "Seller") and master servicer and Bank One,
National Association, as trustee (the "Trustee").
On April 20, 2000, following the closing of the initial issuance of the
Certificates, pursuant to the Agreement, the Trustee purchased from the Seller
Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate
principal balance equal to $5,326,158.92 with funds on deposit in 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 Agreement, dated April
20, 2000 (the "Subsequent Transfer Agreement"), among the Company, the Seller
and the Trustee. Attached to the Subsequent Transfer Agreement is the Mortgage
Loan Schedule listing the related Subsequent Mortgage Loans that are the subject
of such Subsequent Transfer Agreement. Capitalized terms used herein and not
otherwise defined shall have the meanings assigned to them in the Agreement. The
tables attached as an exhibit hereto describe certain characteristics of the
Mortgage Pool (including the Subsequent Mortgage Pool) as of April 1, 2000.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
4.2 Subsequent Transfer Agreement, dated as of April 20, 2000,
by and among WMC Secured Assets Corp., as company, WMC Mortgage Corp., as seller
and master servicer and Bank One, National Association, as trustee.
99.1 Characteristics of the Mortgage Pool as of April 1,
2000, relating to WMC Mortgage Loan Trust 2000-A, WMC Mortgage Pass-Through
Certificates, Series 2000-A.
2
<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.
WMC SECURED ASSETS CORP.
By: /s/ Joseph A.Smith
----------------------------------
Name: Joseph A.Smith
Title: Senior Vice President
Dated: April 20, 2000
3
<PAGE>
EXHIBITS TABLE
4.2 Subsequent Transfer Agreement, dated as of April 20, 2000,
by and among WMC Secured Assets Corp., as company, WMC Mortgage Corp., as seller
and master servicer and Bank One National Association, as trustee.
99.1 Characteristics of the Mortgage Pool as of April 1,
2000, relating to WMC Mortgage Loan Trust 2000-A, WMC Mortgage Pass-Through
Certificates, Series 2000-A.
4
EXHIBIT 4.2
<PAGE>
SUBSEQUENT TRANSFER AGREEMENT
Pursuant to this Subsequent Transfer Agreement (the
"Agreement"), dated April 20, 2000, between WMC Secured Assets Corp., as company
(the "Company") WMC Mortgage Corp., as Seller and Master Servicer (the
"Seller"), and Bank One, National Association, as Trustee of the WMC Mortgage
Pass-Through Certificates, Series 2000-A, as purchaser (the "Trustee"), and
pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2000, by
and among the Company, the Master Servicer and the Trustee (the "Pooling and
Servicing Agreement"), the Company and the Trustee agree to the sale by Seller
and the purchase by the Company and the sale by the Company and the purchase by
the Trustee, on behalf of the Trust Fund, of the Mortgage Loans listed on the
attached Schedule of Mortgage Loans (the "Subsequent Mortgage Loans").
Capitalized terms used and not defined herein have their
respective meanings as set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
---------------------------------------
(a) The Seller does hereby sell, transfer, assign, set over
and convey to the Company and the Company does hereby sell, transfer, assign,
set over and convey to the Trustee, on behalf of the Trust Fund, without
recourse, all of its right, title and interest in and to the Subsequent Mortgage
Loans, including all interest due and principal received with respect to 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
Seller reserves and retains all right, title and interest in and to interest due
and principal received (including Prepayments and Curtailments) due on the
Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date.
The Seller and the Company, contemporaneously with the delivery of this
Agreement, have 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 Company by the Seller and to the Trustee by the Company of the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is
intended by the Company, the Seller, the Master Servicer, the Trustee and the
Certificateholders to constitute and to be treated as a sale by the Seller to
the Company and the Company to the Trust Fund.
(b) The expenses and costs relating to the delivery of the
Subsequent Mortgage Loans, this Agreement and the Pooling and Servicing
Agreement shall be borne by the Seller.
(c) Additional terms of the sale are set forth on Attachment A
hereto. The Subsequent Cut-off Date for each of the Subsequent Mortgage Loans
being transferred pursuant to this Agreement is set forth on Attachment A
hereto.
<PAGE>
Section 2. Representations and Warranties; Conditions
Precedent.
------------------------------------------
(a) The Seller hereby reaffirms the representations and
warranties set forth in Section 3.1(b) of the Mortgage Loan Purchase Agreement
with respect to the Subsequent Mortgage Loans as of the related Subsequent
Cut-off Date. The Seller hereby confirms that each of the conditions set forth
in Section 2.1(c) of the Mortgage Loan Purchase Agreement are satisfied as of
the date hereof.
(b) All terms and conditions of the Pooling and Servicing
Agreement and the Mortgage Loan Purchase Agreement are hereby ratified and
confirmed; provided, however, that in the event of any conflict the provisions
of this Agreement shall control over the conflicting provisions of the Pooling
and Servicing Agreement and the Mortgage Loan Purchase Agreement.
Section 3. Recordation of Instrument.
-------------------------
To the extent permitted by applicable law, this Agreement, 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
Certificateholders entitled to at least 25% of the Voting Rights, 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 Agreement 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 Agreement 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 Agreement shall inure to the benefit of and be binding
upon the Seller, the Company and the Trustee and their respective successors and
assigns.
<PAGE>
WMC SECURED ASSETS CORP.
as Company
By: /s/ Joseph A. Smith
------------------------------------
Name: Joseph A. Smith
Title: Senior Vice President
WMC MORTGAGE CORP.
as Seller
By: /s/ David B. Trzcinscki
------------------------------------
Name: David B. Trzcinski
Title: Executive Vice President
BANK ONE, NATIONAL ASSOCIATION
as Trustee
By: /s/ Steven E. Charles
------------------------------------
Name: Steven E. Charles
Title: Vice President
Attachments
- -----------
A. Additional terms of the sale.
B. Schedule of Subsequent Mortgage Loans.
<PAGE>
ATTACHMENT A
<PAGE>
WMC MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-A
ATTACHMENT A TO SUBSEQUENT TRANSFER AGREEMENT
Series 2000-A
April 20, 2000
A.
1. Subsequent Cut-off Date: April 1, 2000
2. Subsequent Transfer Date: April 20, 2000
3. Aggregate Principal Balance of the Subsequent
Mortgage Loans as of the Subsequent Cut-off Date: $5,326,158.92
4. Purchase Price: 100.00%
B.
As to the final transfer of Subsequent Mortgage Loans:
1. Weighted average gross margin: 6.43%
2. Weighted average LTV: 73.56%
3. Highest LTV: 90.00%
4. % of 2/28 Loans: 52.47%
5. % of 3/27 Loans: 21.35%
6. % of 5/25 Loans: n/a%
7. % of Fixed Rate Mortgage Loans: 26.18%
8. Non-owner occupied Mortgaged Properties: 1.5%
9. % located in California: 19.93%
<PAGE>
ATTACHMENT B
AVAILABLE UPON REQUEST
EXHIBIT 99.1
<PAGE>
DESCRIPTION OF THE MORTGAGE POOL
GENERAL
The statistical information presented in this prospectus supplement
reflects the mortgage loans included in the pool of mortgage loans (the
"MORTGAGE LOANS") as of April 1, 2000. As of April 1, 2000, the aggregate
principal balance of the Mortgage Loans, after deduction of principal payments
received on or before that date, will be approximately $424,999,659.82 (the
"STATISTICAL POOL PRINCIPAL BALANCE").
The Mortgage Loans will have the characteristics set forth below. The
loan-to-value ratios shown below were calculated based upon the lowest of (1)
the appraised values of the mortgaged properties at the time of origination,
taken together with a review appraisal performed prior to origination and (2)
the purchase price of the mortgaged property.
MORTGAGE LOANS
No Mortgage Loan has a scheduled maturity date later than April 1,
2030.
Approximately $110,522,370 or approximately 26.01% of the Mortgage
Loans, by Statistical Pool Principal Balance, are mortgage loans that bear
interest at a fixed rate for the life of the loan (the "FIXED RATE MORTGAGE
LOANS").
Approximately $793,962 or approximately 0.19% of the Mortgage Loans, by
Statistical Pool Principal Balance, are mortgage loans that bear interest at a
rate that adjusts, along with the related monthly payment, semiannually based on
six-month LIBOR (the " SIX-MONTH LIBOR LOANS"). The Six-Month LIBOR Loans have a
periodic reset cap of 1%.
Approximately $149,417,725 or approximately 35.16% of the Mortgage
Loans, by Statistical Pool Principal Balance, are mortgage loans that bear
interest at a fixed rate for two years after origination and thereafter at a
rate that adjusts, along with the related monthly payment, semiannually based on
six-month LIBOR (the " 2/28 LOANS"). On the first adjustment date, approximately
99.86% of the 2/28 Loans will have a periodic reset cap of 1.5% and
approximately 0.14% of the 2/28 Loans will have a periodic reset cap of 3%.
After the first adjustment, the 2/28 Loans will have a periodic reset cap of 1%.
Approximately $164,265,603 or approximately 38.65% of the Mortgage
Loans, by Statistical Pool Principal Balance, are mortgage loans that bear
interest at a fixed rate for three years after origination and thereafter at a
rate that adjusts, along with the related monthly payment, semiannually based on
six-month LIBOR (the " 3/27 LOANS"). On the first adjustment date the 3/27 Loans
will have a periodic reset cap of 3%. After the first adjustment, the 3/27 Loans
will have a periodic reset cap of 1%.
The Six-Month LIBOR Loans, the 2/28 Loans and the 3/27 Loans are
collectively referred to herein as the "ADJUSTABLE RATE MORTGAGE LOANS". The
Fixed Rate Mortgage Loans and the Adjustable Rate Mortgage Loans are
collectively referred to herein as the "mortgage loans."
<PAGE>
Approximately 0.09% of the Mortgage Loans, by Statistical Pool
Principal Balance was past due as of April 1, 2000 and approximately 74.18% of
the Mortgage Loans, by Statistical Pool Principal Balance, did not have a first
payment date prior to March 1, 2000 and thus could not be more than 30 days past
due as of April 1, 2000. No Mortgage Loan will have a first payment date prior
to May 1999
THE FOLLOWING INFORMATION SETS FORTH CERTAIN CHARACTERISTICS OF THE
MORTGAGE LOANS AS OF APRIL 1, 2000. DUE TO ROUNDING, PERCENTAGES IN THE COLUMNS
ENTITLED "% OF STATISTICAL POOL PRINCIPAL BALANCE" MAY NOT TOTAL 100.00%.
<PAGE>
<TABLE>
<CAPTION>
PROPERTY TYPE
% of
Statistical
Number of Pool
Mortgage Principal
Property Type Loans Principal Balance Balance
- ------------- ----- ----------------- -------
<S> <C> <C> <C>
Single Family Detached ........... 2,862 $324,923,882.31 76.45%
Condo............................. 148 16,441,111.95 3.87
Duplex............................ 166 18,994,799.56 4.47
Triplex........................... 52 6,971,297.02 1.64
PUD............................... 248 44,757,574.62 10.53
PUD Project....................... 31 3,617,585.92 0.85
Manufactured Housing.............. 27 2,165,585.81 0.51
Single Family 4 unit.............. 39 7,127,822.63 1.68
-- ------------ ----
Totals:.................... 3,573 $424,999,659.82 100.00%
===== =============== =======
</TABLE>
OCCUPANCY TYPE(1)
% of
Statistical
Number of Pool
Mortgage Principal
Occupancy Type Loans Principal Balance Balance
- -------------- ----- ----------------- -------
Owner..................... 3,221 394,139,404.83 92.74%
Investor.................. 318 26,327,255.56 6.19
Second Home............... 34 4,532,999.43 1.07
-- ------------ ----
Totals:............ 3,573 424,999,659.82 100.00%
===== ============== =======
- ----------------
(1) Based upon representations made by the related mortgagors at the time of
origination of such mortgage loans.
<PAGE>
<TABLE>
<CAPTION>
ORIGINAL LOAN-TO-VALUE RATIOS(1)
% of
Statistical
Number of Pool
Mortgage Principal
Original Loan-to-Value Ratio Loans Principal Balance Balance
- ---------------------------- ----- ----------------- -------
<S> <C> <C> <C>
Less than or equal to 25.00%............. $11 581,617.38 0.14%
25.01% - 30.00%.......................... 14 928,319.88 0.22
30.01% - 35.00%.......................... 15 1,204,130.40 0.28
35.01% - 40.00%.......................... 18 926,007.22 0.22
40.01% - 45.00%.......................... 23 1,397,222.78 0.33
45.01% - 50.00%.......................... 33 2,270,024.91 0.53
50.01% - 55.00%.......................... 46 4,449,904.00 1.05
55.01% - 60.00%.......................... 84 8,323,741.19 1.96
60.01% - 65.00%.......................... 239 23,448,116.66 5.52
65.01% - 70.00%.......................... 256 29,257,739.13 6.88
70.01% - 75.00%.......................... 588 61,208,025.98 14.40
75.01% - 80.00%.......................... 981 117,696,947.08 27.69
80.01% - 85.00%.......................... 621 78,712,551.77 18.52
85.01% - 90.00%.......................... 608 89,544,798.56 21.07
90.01% - 95.00%.......................... 22 3,447,417.74 0.81
95.01% - 100.00%......................... 14 1,603,095.14 0.38
-- ------------ ----
Totals:........................... 3,573 424,999,659.82 100.00%
===== ============== ======
</TABLE>
(1) The loan-to-value ratios ("LTVS") shown above are equal, with respect to
each Mortgage Loan, to (i) the original principal balance of such mortgage
loan at the date of origination divided by (ii) the lowest of (a) the value
of the related mortgaged property, based upon the appraisal made at the
time of origination of such mortgage loan, taken together with a review
appraisal performed prior to origination and (b) the purchase price of such
mortgaged property.
The weighted average original LTV of the Mortgage Loans is approximately 79.27%.
<PAGE>
<TABLE>
<CAPTION>
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS(1)
% of
Statistical
Number of Pool
Mortgage Principal
Original Combined Loan-to-Value Ratio Loans Principal Balance Balance
- ------------------------------------- ----- ----------------- -------
<S> <C> <C> <C>
Less than or equal to 25.00%.............. 11 581,617.38 0.14%
25.01% - 30.00%........................... 14 928,319.88 0.22
30.01% - 35.00%........................... 15 1,204,130.40 0.28
35.01% - 40.00%........................... 18 926,007.22 0.22
40.01% - 45.00%........................... 23 1,397,222.78 0.33
45.01% - 50.00%........................... 32 2,188,755.27 0.52
50.01% - 55.00%........................... 45 4,400,954.00 1.04
55.01% - 60.00%........................... 79 8,035,429.28 1.89
60.01% - 65.00%........................... 230 22,818,297.79 5.37
65.01% - 70.00%........................... 216 25,577,777.81 6.02
70.01% - 75.00%........................... 486 52,359,968.99 12.32
75.01% - 80.00%........................... 696 86,363,107.00 20.32
80.01% - 85.00%........................... 525 65,774,349.54 15.48
85.01% - 90.00%........................... 721 95,506,610.24 22.47
90.01% - 95.00%........................... 167 19,116,923.22 4.50
95.01% - 100.00%.......................... 295 37,820,189.02 8.90
--- ------------- ----
Totals:............................ 3,573 $424,999,659.82 100.00%
===== =============== ======
</TABLE>
(1) The original combined loan-to-value ratios ("LTVS") shown above are equal,
with respect to each Mortgage Loan, to (i) the original principal balance
of such mortgage loan at the date of origination, plus the amount of any
second lien, if applicable, divided by (ii) the lowest of (a) the value of
the related mortgaged property, based upon the appraisal made at the time
of origination of such mortgage loan, taken together with a review
appraisal performed prior to origination and (b) the purchase price of such
mortgaged property.
The weighted average original combined LTV of the Mortgage Loans is
approximately 81.70%.
<PAGE>
PRINCIPAL BALANCES
<TABLE>
<CAPTION>
% of
Statistical
Number of Pool
Mortgage Principal
Principal Balances Loans Principal Balance Balance
- ------------------ ----- ----------------- -------
<S> <C> <C> <C>
$0.01 - $50,000.00.............. 662 $ 24,216,660.10 5.70%
50,000.01 - 100,000.00.............. 1,207 88,383,679.50 20.80
100,000.01 - 150,000.00.............. 795 97,636,630.40 22.97
150,000.01 - 200,000.00.............. 393 67,877,538.38 15.97
200,000.01 - 250,000.00.............. 196 43,727,275.26 10.29
250,000.01 - 300,000.00.............. 157 42,974,377.01 10.11
300,000.01 - 350,000.00.............. 77 24,950,087.76 5.87
350,000.01 - 400,000.00.............. 53 20,190,450.47 4.75
400,000.01 - 450,000.00.............. 17 7,285,232.45 1.71
450,000.01 - 500,000.00.............. 15 7,247,277.24 1.71
500,000.01 - 550,000.00.............. 1 510,451.25 0.12
-------- ---------------- --------
Totals:......................... 3,573 $ 424,999,659.82 100.00%
======== ================ =========
</TABLE>
The principal balances of the Mortgage Loans at origination ranged from
approximately $18,750 to $513,000. The principal balances of the Mortgage Loans
ranged from approximately $18,745 to $510,451.
<PAGE>
GEOGRAPHIC DISTRIBUTION(1)
<TABLE>
<CAPTION>
% of
Statistical
Number of Pool
Mortgage Principal
Geographic Area Loans Principal Balance Balance
- --------------- ----- ----------------- -------
<S> <C> <C> <C>
Alaska......................... 10 $ 1,128,259.24 0.27%
Arkansas....................... 45 3,381,449.57 0.80
Arizona........................ 256 31,044,588.64 7.30
California..................... 683 127,905,317.66 30.10
Colorado....................... 109 15,576,622.77 3.67
Connecticut.................... 45 6,037,581.22 1.42
District of Columbia 10 1,441,092.45 0.34
Delaware....................... 9 784,196.98 0.18
Florida........................ 71 5,380,642.41 1.27
Georgia........................ 62 6,608,937.21 1.56
Iowa........................... 36 2,299,070.83 0.54
Idaho.......................... 6 410,585.53 0.10
Illinois....................... 154 13,397,092.89 3.15
Indiana........................ 76 4,918,957.78 1.16
Kansas......................... 27 2,100,175.60 0.49
Kentucky....................... 7 507,872.87 0.12
Louisiana...................... 61 3,906,934.73 0.92
Massachusetts.................. 97 15,694,976.94 3.69
Maryland....................... 45 4,537,040.30 1.07
Maine.......................... 30 2,841,159.25 0.67
Michigan....................... 163 12,939,064.70 3.04
Minnesota...................... 30 3,280,012.76 0.77
Missouri....................... 90 5,610,469.75 1.32
Mississippi.................... 70 3,414,563.69 0.80
Montana........................ 11 851,769.42 0.20
North Carolina................. 75 6,557,159.42 1.54
North Dakota................... 1 19,409.05 0.00
Nebraska....................... 30 2,039,999.65 0.48
New Hampshire.................. 22 2,744,798.35 0.65
New Jersey..................... 78 11,877,942.83 2.79
New Mexico..................... 50 5,446,288.39 1.28
Nevada......................... 91 13,533,746.96 3.18
New York....................... 163 21,428,564.44 5.04
Ohio........................... 127 9,085,448.33 2.14
Oklahoma....................... 38 2,557,787.71 0.60
Oregon......................... 40 5,387,296.32 1.27
Pennsylvania................... 117 8,514,376.04 2.00
Rhode Island................... 12 1,509,176.43 0.36
South Carolina................. 46 3,494,755.04 0.82
South Dakota................... 2 178,969.56 0.04
Tennessee...................... 40 3,518,129.46 0.83
Texas.......................... 82 6,667,737.60 1.57
Utah........................... 103 14,124,235.68 3.32
Virginia....................... 66 8,031,437.46 1.89
Vermont........................ 12 1,289,291.30 0.30
Washington..................... 136 18,566,950.66 4.37
Wisconsin...................... 15 1,203,852.71 0.28
West Virginia.................. 19 958,271.52 0.23
Wyoming........................ 5 265,599.72 0.06
----- --------------- ------
Totals:................... 3,573 $424,999,659.82 100.00%
===== =============== ======
- ------------------
</TABLE>
(1) Determined by property address designated in the related Mortgage.
<PAGE>
MORTGAGE RATES OF THE
ADJUSTABLE RATE MORTGAGE LOANS
<TABLE>
<CAPTION>
% of
Statistical
Number of Pool
Mortgage Principal
Mortgage Rates Loans Principal Balance Balance
- -------------- ----- ----------------- -------
<S> <C> <C> <C>
7.000% - 7.499%............... 2 $ 215,788.72 0.07%
7.500% - 7.999%............... 21 3,675,938.47 1.17
8.000% - 8.499%............. 31 4,752,844.63 1.51
8.500% - 8.999%............. 231 40,838,560.22 12.99
9.000% - 9.499%............. 166 25,898,455.24 8.24
9.500% - 9.999%............. 515 76,515,947.90 24.33
10.000% - 10.499%............. 307 39,385,458.18 12.52
10.500% - 10.999%............. 524 64,852,147.16 20.62
11.000% - 11.499%............. 258 23,899,274.62 7.60
11.500% - 11.999%............. 273 24,709,626.22 7.86
12.000% - 12.499%............. 91 6,973,519.01 2.22
12.500% - 12.999%............. 37 2,358,973.62 0.75
13.000% - 13.499%............. 3 246,335.22 0.08
13.500% - 13.999%............. 4 135,011.37 0.04
15.500% - 15.999%............. 1 19,409.05 0.01
----- --------------- ------
Totals:.......................... 2,464 $314,477,289.63 100.00%
===== =============== =======
</TABLE>
The mortgage rates of the Adjustable Rate Mortgage Loans range from
approximately 7.440% to approximately 15.990% and the weighted average mortgage
rate is approximately 10.160%.
<PAGE>
MORTGAGE RATES OF THE
FIXED RATE MORTGAGE LOANS
<TABLE>
<CAPTION>
% of
Statistical
Number of Pool
Mortgage Principal
Mortgage Rates Loans Principal Balance Balance
- -------------- ----- ----------------- -------
<S> <C> <C> <C>
6.000% - 6.499%........ 1 $ 194,580.91 0.18%
7.000% - 7.499%........ 5 440,916.12 0.40
7.500% - 7.999%........ 32 5,097,352.35 4.61
8.000% - 8.499%........ 38 5,150,450.17 4.66
8.500% - 8.999%........ 156 22,119,384.05 20.01
9.000% - 9.499%........ 69 8,418,783.81 7.62
9.500% - 9.999%........ 186 20,360,292.16 18.42
10.000% - 10.499%........ 74 7,276,014.42 6.58
10.500% - 10.999%........ 166 14,303,994.38 12.94
11.000% - 11.499%........ 99 7,761,184.33 7.02
11.500% - 11.999%........ 124 8,196,804.48 7.42
12.000% - 12.499%........ 84 6,468,213.42 5.85
12.500% - 12.999%........ 60 4,227,909.51 3.83
13.000% - 13.499%........ 8 228,314.44 0.21
13.500% - 13.999%........ 7 278,175.64 0.25
----- --------------- ------
Totals:............. 1,109 $110,522,370.19 100.00%
===== =============== =======
</TABLE>
The mortgage rates of the Fixed Rate Mortgage Loans range from
approximately 6.490% to approximately 13.850% and the weighted average mortgage
rate is approximately 10.026%.
<PAGE>
GROSS MARGINS OF THE ADJUSTABLE RATE MORTGAGE LOANS
<TABLE>
<CAPTION>
% of
Statistical
Number of Pool
Mortgage Principal
Gross Margins Loans Principal Balance Balance
- ------------- ----- ----------------- -------
<S> <C> <C> <C>
5.000% -- 5.249% ......... 2 $ 528,000.00 0.17%
5.750% -- 5.999% ......... 167 28,733,196.22 9.14
6.000% -- 6.249% ......... 4 620,001.86 0.20
6.250% -- 6.499% ......... 683 94,222,371.77 29.96
6.500% -- 6.749% ......... 850 97,866,986.64 31.12
6.750% -- 6.999% ......... 174 20,019,933.50 6.37
7.000% -- 7.249% ......... 309 39,610,792.12 12.60
7.250% -- 7.499% ......... 206 25,331,293.97 8.06
7.500% -- 7.749% ......... 28 3,728,863.47 1.19
7.750% -- 7.999% ......... 37 3,553,216.21 1.13
8.000% -- 8.249% ......... 4 262,633.87 0.08
----- --------------- ------
Totals: ........ 2,464 $314,477,289.63 100.00%
===== =============== ======
</TABLE>
The gross margins for the Adjustable Rate Mortgage Loans range from
approximately 5.000% to approximately 8.000% and the weighted average gross
margin is approximately 6.565%.
<PAGE>
MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE RATE
MORTGAGE LOANS
% of
Statistical
Number of Pool
Mortgage Principal
Maximum Mortgage Rates Loans Principal Balance Balance
- ---------------------- ----- ----------------- -------
13.500% - 13.999%....... 2 $ $215,788.72 0.07%
14.000% - 14.499%....... 20 3,528,252.47 1.12
14.500% - 14.999%....... 31 4,752,844.63 1.51
15.000% - 15.499%....... 232 40,986,246.22 13.03
15.500% - 15.999%....... 167 26,004,603.02 8.27
16.000% - 16.499%....... 512 75,919,880.25 24.14
16.500% - 16.999%....... 307 39,605,631.78 12.59
17.000% - 17.499%....... 523 64,780,824.07 20.60
17.500% - 17.999%....... 260 24,150,424.11 7.68
18.000% - 18.499%....... 273 24,709,626.22 7.86
18.500% - 18.999%....... 92 7,063,438.88 2.25
19.000% - 19.499%....... 37 2,358,973.62 0.75
19.500% - 19.999%....... 3 246,335.22 0.08
20.000% - 20.499%....... 4 135,011.37 0.04
22.000% - 22.499%....... 1 19,409.05 0.01
----- --------------- ------
Total................. 2,464 $314,477,289.63 100.00%
===== =============== =======
The maximum mortgage rates of the Adjustable Rate Mortgage Loans range
from approximately 13.940% to approximately 22.490% and the weighted average
maximum mortgage rate is approximately 16.662%.
<PAGE>
MINIMUM MORTGAGE RATES OF THE
ADJUSTABLE RATE MORTGAGE LOANS
% of
Statistical
Number of Pool
Mortgage Principal
Minimum Mortgage Rates Loans Principal Balance Balance
- ---------------------- ----- ----------------- -------
7.000% - 7.499%....... 2 $ 215,788.72 0.07%
7.500% - 7.999%....... 21 3,675,938.47 1.17
8.000% - 8.499%....... 31 4,752,844.63 1.51
8.500% - 8.999%....... 231 40,838,560.22 12.99
9.000% - 9.499%....... 166 25,898,455.24 8.24
9.500% - 9.999%....... 515 76,515,947.90 24.33
10.000% - 10.499%....... 307 39,385,458.18 12.52
10.500% - 10.999%....... 524 64,852,147.16 20.62
11.000% - 11.499%....... 258 23,899,274.62 7.60
11.500% - 11.999%....... 273 24,709,626.22 7.86
12.000% - 12.499%....... 91 6,973,519.01 2.22
12.500% - 12.999%....... 37 2,358,973.62 0.75
13.000% - 13.499%....... 3 246,335.22 0.08
13.500% - 13.999%....... 4 135,011.37 0.04
15.500% - 15.999%....... 1 19,409.05 0.01
----- --------------- ------
Totals:............ 2,464 $314,477,289.63 100.00%
===== =============== =======
The minimum mortgage rates of the Adjustable Rate Mortgage Loans
range from approximately 7.440% to approximately 15.990% and the weighted
average minimum rate is approximately 10.160%.
<PAGE>
MONTH OF NEXT RATE ADJUSTMENT
FOR THE ADJUSTABLE RATE MORTGAGE LOANS
% of
Statistical
Number of Pool
Mortgage Principal
Month Loans Principal Balance Balance
- ----- ----- ----------------- -------
August 2000........ 2 $ $138,757.10 0.04%
October 2000 .............. 4 606,455.00 0.19%
November 2000 ............. 1 48,750.00 0.02%
December 2001 ............. 3 280,196.57 0.09%
January 2002 .............. 24 3,278,395.81 1.04%
February 2002 ............. 207 25,171,916.50 8.00%
March 2002 ................ 324 41,555,554.57 13.21%
April 2002 ................ 362 47,367,105.05 15.06%
May 2002 .................. 272 31,764,556.06 10.10%
August 2002 ............... 1 510,451.25 0.16%
November 2002 ............. 5 744,550.18 0.24%
December 2002 ............. 19 1,633,879.37 0.52%
January 2003 .............. 45 5,279,734.51 1.68%
February 2003 ............. 298 39,713,249.78 12.63%
March 2003 ................ 300 40,344,041.87 12.83%
April 2003 ................ 359 45,116,631.64 14.35%
May 2003 .................. 238 30,923,064.37 9.83%
----- --------------- -------
Totals: ............ 2,464 $314,477,289.63 100.00%
===== =============== =======
<PAGE>
<TABLE>
<CAPTION>
DOCUMENTATION TYPE
% of
Statistical
Number of Pool
Mortgage Principal
Documentation Type Loans Principal Balance Balance
- ------------------ ----- ----------------- -------
<S> <C> <C> <C>
Full Documentation ................... 2,294 $ 252,280,605.60 59.36%
Lite Documentation ................... 136 18,870,106.60 4.44
Stated Documentation ................. 879 119,302,724.35 28.07
Full Alternative Documentation ....... 135 24,739,558.26 5.82
Simple 65 Documentation .............. 115 7,672,313.96 1.81
86 Stated Documentation .............. 2 228,206.43 0.05
No Ratio Documentation ............... 12 1,906,144.62 0.45
----- ------------------ ------
Totals: ....................... 3,573 $ 424,999,659.82 100.00%
===== ================== ======
</TABLE>
<TABLE>
<CAPTION>
LOAN PURPOSE
% of
Statistical
Number of Pool
Mortgage Principal
Loan Purpose Loans Principal Balance Balance
- ------------------ --------- ------------------------ --------------
<S> <C> <C> <C>
Equity-out ..................... 1,906 $ 228,206,168.07 53.70%
Purchase ....................... 1,192 138,577,548.11 32.61
Rate-term Refinance ............ 475 58,215,943.64 13.70
----- --------------- ------
Totals: ................. 3,573 $ 424,999,659.82 100.00%
===== =============== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT GRADE
% of
Statistical
Number of Pool
Mortgage Principal
Risk Category Loans Principal Balance Balance
- ------------- ----- ----------------- -------
<S> <C> <C> <C>
AA ....................... 4 $ 536,944.26 0.13%
A ........................ 605 93,725,290.98 22.05
A- ....................... 1,578 197,364,427.42 46.44
B ........................ 749 76,329,861.89 17.96
C ........................ 296 22,672,535.26 5.33
B- ....................... 341 34,370,600.01 8.09
----- ------------------ ------
Totals: ............. 3,573 $ 424,999,659.82 100.00%
===== ================== ======
</TABLE>
INITIAL PERIODIC RESET CAP OF THE
ADJUSTABLE RATE MORTGAGE LOANS
% of
Statistical
Number of Pool
Mortgage Principal
Rate (%) Loans Principal Balance Balance
- -------- ----- ----------------- -------
1.000 .............. 7 $ 793,962.10 0.25%
1.500 .............. 1,191 149,208,627.53 47.45
3.000 .............. 1,266 164,474,700.00 52.30
----- --------------- ------
Totals: ..... 2,464 $314,477,289.63 100.00%
===== =============== ======
