______________________________________________________________________________
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): November 21, 1997
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated
as of October 26, 1997, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1997D).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
____________________________________________________________________
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-14033 62-0997810
____________________________ _____________ __________________
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4726 Airport Highway
Louisville, Tennessee 37777
______________________ __________
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 970-7200
_________________
______________________________________________________________________________
Item 5. Other Events
____________
Filing of Computational Materials.
_________________________________
In connection with the offering of the Vanderbilt Mortgage and Finance,
Inc. ("Vanderbilt") Manufactured Housing Contract Senior/Subordinate Pass-
Through Certificates, Series 1997D, Prudential Securities Incorporated and
Credit Suisse First Boston, as the underwriters of the Certificates (the
"Underwriters") have provided certain materials (the "Computational
Materials") for distribution to its potential investors. Although the
Company provided the Underwriters with certain information regarding the
characteristics of the Contracts in the related portfolio, it did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity;
cash flow characteristics; background information regarding the Contracts;
the proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials provided by Prudential Securities Incorporated
are attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial
_________________________________________
Information and Exhibits.
________________________
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials - Prudential Securities Incorporated
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrants have duly caused this report to be
signed on their behalf by the undersigned hereunto duly
authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By: /s/ David R. Jordan
_____________________________
Name: David R. Jordan
Title: Vice President
CLAYTON HOMES, INC.
By: /s/ Kevin T. Clayton
___________________________
Name: Kevin T. Clayton
Title: President
Dated: November 20, 1997
Exhibit Index
_____________
Exhibit Page
_______ ____
99.1 Computational Materials, Prudential Securities Incorporated
******************** PRELIMINARY INFORMATION ONLY ********************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1997-D
- -----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [ 50,000,000.00] Class IA-1 Fixed Rate Certificates - [1M LIBOR +
__ bps]
$ [ 29,100,000.00] Class IA-2 Fixed Rate Certificates - [TBD%]
$ [ 32,300,000.00] Class IA-3 Fixed Rate Certificates - [TBD%]
$ [ 12,700,000.00] Class IA-4 Fixed Rate Certificates - [TBD%]
$ [ 14,662,000.00] Class IA-5 Fixed Rate Certificates - [TBD%]
$ [ 13,538,000.00] Class IA-6 Fixed Rate Certificates - [TBD%]
$ [ 10,154,000.00] Class IB-1 Fixed Rate Certificates - [TBD%]
$ [ 6,769,000.00] Class IB-2 Fixed Rate Certificates - [TBD%]
GROUP II CERTIFICATES:
$ [ 47,340,000.00] Class IIA-1 Adjustable Rate Certificates - [1M
LIBOR + __ bps]
$ [ 7,320,000.00] Class IIB-1 Adjustable Rate Certificates - [1M
LIBOR + __ bps]
$ [ 3,271,000.00] Class IIB-2 Adjustable Rate Certificates - [1M
LIBOR + __ bps]
$ [ 4,361,000.00] Class 11B-3 Adjustable Rate Certificates - [1M
LIBOR + __ bps]
- -----------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1997-D transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PSI's
knowledge and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's
judgment as of this date and are subject to change. All analyses are based
on certain assumptions noted herein and different assumptions could yield
substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions
and your actual business practices. Further, PSI does not guarantee any
results and there is no guarantee as to the liquidity of the instruments
involved in this analysis. The decision to adopt any strategy remains your
responsibility. PSI (or any of its affiliates) or their officers, directors,
analysts or employees may have positions in securities, commodities or
derivative instruments thereon referred to here, and may, as principal or
agent, buy or sell such securities, commodities or derivative instruments.
In addition, PSI may make a market in the securities referred to herein.
Neither the information nor the assumptions reflected herein shall be
construed to be, or constitute, an offer to sell or buy or a solicitation of
an offer to sell or buy any securities, commodities or derivative instruments
mentioned herein. No sale of any securities, commodities or derivative
instruments should be consumated without the purchaser first having received
a prospectus and, if required, prospectus supplement. Finally, PSI has not
addressed the legal, accounting and tax implications of the analysis with
respect to you, and PSI strongly urges you to seek advice from your counsel,
accountant and tax advisor. The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement (together, the
"Prospectus"). The information contained herein will be superseded by the
final Prospectus.
******************** PRELIMINARY INFORMATION ONLY ********************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
Title of Securities: VMF 1997-D, Class IA-1, Class IA-2, Class IA-3, Class
IA-4, Class IA-5, Class IA-6, Class IB-1 and Class IB-2 Fixed Rate Group
Certificates and Class IIA-1,Class IIB-1, Class IIB-2 and Class IIB-3
Adjustable Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Trustee: The Chase Manhattan Bank
CREDIT ENHANCEMENT
------------------
1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
Excess Interest: Excess interest cashflows from each group will be
available as credit enhancement for the related group.
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of the senior Certificates
relative to the amortization of the related collateral, generally in the
early months of the transaction. Accelerated amortization is achieved by
applying excess servicing and the servicing fee (while VMF is the servicer)
collected on the collateral to the payment of principal on the Senior
Certificates, resulting in the build up of overcollateralization ("O/C"). By
paying down the principal balance of the certificates faster than the
principal amortization of the respective collateral pool, an O/C amount equal
to the excess of the aggregate principal balance of the collateral pool over
the principal balance of the related Certificates is created. Excess
cashflow will be directed to build the O/C amount until the pool reaches its
required O/C target. Upon this event the acceleration feature will cease,
unless it is once again necessary to maintain the required O/C level.
FIXED RATE CERTIFICATES
NA
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: [0.00%] Target: [3.75%]
These O/C percentages are subject to step-downs beginning in
month [61] if the Subordinate Class Principal distribution tests are met.
Cross-Collateralization: Excess spread from each of the two collateral
groups, if not needed to credit enhance its own group will be available to
credit enhance the other group.
<TABLE>
<CAPTION>
Subordination: GROUP I (Fixed) GROUP II (Adjustable)
------- --------
<S> <C> <C>
Class IA-1 - IA-5 + IIA-1 (Aaa) [18.00]% [24.00]%
Class IA-6 + IIB-1 (Aa3) [10.00]% [12.25]%
Class IB-1 + IIB-2 (Baa2) [ 4.00]% [ 7.00]%
Class IB-2 + IIB-3 (Baa2)
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-5 + IIA-1 (Aaa) [82.00]% [76.00]%
Class IA-6 + IIB-1 (Aa3) [ 8.00]% [11.75]%
Class IB-1 + IIB-2 (Baa2) [ 6.00]% [ 5.25]%
Class 1B-2 + IIB-3 (Baa2) [ 4.00]% [ 7.00]%
O/C NA [0 to 3.75]%
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
*********************** PRELIMINARY INFORMATION ONLY **********************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
- -----------------------------------------------------------------------------
Fixed-Rate Group
<TABLE>
<CAPTION>
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount(000): 50,000 29,100 32,300 12,700 14,662 13,538 10,154 6,769
Coupon: [<-----------------------------------TBD--------------------------------------------->]
1ML+ [TBD] bps
Approx. Price: [<-----------------------------------TBD--------------------------------------------->]
Yield(%): N/A [<-----------------------------TBD--------------------------------------------->]
Spread: [<-----------------------------------TBD--------------------------------------------->]
Avg Life [1.127 3.050 5.015 7.299 9.593 11.350 6.822 10.887]
To Call:
Avg Life [1.127 3.050 5.015 7.299 9.593 13.738 6.822 15.254]
To Mat.:
1st Prin Pymt: [12/07/97 03/07/00 10/07/01 06/07/04 02/07/06 04/07/09 12/07/02 03/07/07]
Exp Mat: [03/07/00 10/07/01 06/07/04 02/07/06 04/07/09 12/07/14 03/07/07 09/07/27]
To 10% Call: [03/07/00 10/07/01 06/07/04 02/07/06 04/07/09 04/07/09 03/07/07 04/07/09]
Stated Mat: [<-----------------------------------TBD--------------------------------------------->]
Expected
Settlement: [<----------------------------------------[12/01/97]--------------------------------->]
Pymt Delay: 0 days [<-------------------------------6 days-------------------------------->]
Interest Pmt Act/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [12/01/97] [<----------------------------[11/01/97]--------------------------------->]
Ratings: Aaa Aaa Aaa Aaa Aaa Aa3 Baa2 Baa2
(Moody's)
Pricing Date: [TBD]
Prepayment Speed: 200% MHP
Total Group Size: [$169,223,000]
Class IA-1 Pass
Through Rate: The Class I A-1 Pass Through Rate will equal the lesser
of i) One Month LIBOR plus [TBD%] and ii) the weighted
average gross coupon of the contracts less the [1.25%]
servicing fee.
Corporate Guarantee: The Class I B-2 Certificateholders will have the
benefit of a limited guarantee of Clayton Homes, Inc.
("CHI") to protect against losses that would otherwise be
absorbed by the Class I B-2 Certificateholders.
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing
fee of [1.25]% per annum is subordinate to the Offered
Certificates on a monthly basis.
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
*********************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS I B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5;
2) Senior percentage of principal payments sequentially
to Classes I A-1, I A-2, I A-3, I A-4, and I A-5
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) Senior percentage of principal payments to
Class I A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) Class I B percentage of principal payments to
Class I B-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) Class I B percentage of principal payments to
Class I B-2 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
11) As long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of 1.25%
and the pool scheduled principal balance to the Servicer;
12) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class I B-2;
13) Any remainder to the Class R Certificates.
__________________________________________________
| | | | | | |
|I A-1|I A-2| I A-3 | I A-4 | I A-5 | I A-6 |
| | | | | | |
|_____|_____|__________|________|_______|________|
|///////////////////| | |
|///////////////////| I B-1 | I B-2 |
|///////////////////| | |
--------------------------------------------------
5 yrs
CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5 Certificates;
2) 100% of principal payments sequentially to Classes
I A-1, I A-2, I A-3, I A-4, and I A-5 until such class
is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Clas I A-6 Certificates;
4) 100% of principal payments to Class I A-6 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) 100% of principal payments to Class I B-1 until such
Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) 100% of principal payments to Class I B-2 until such
Class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
11) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to the
Servicer;
12) Any remainder to Clayton Homes for any unreimbursed
guaranteed payments with respect to Class I B-2;
13) Any remainder to the Class R Certificates.
_________________________________________________________________
| | | | | | | | |
| | | | | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I A-6 | I B-1 | I B-2 |
| | | | | | | | |
|_______|_______|_______|_______|_______|_______|_______|_______|
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
*********************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
Class I B Distribution
Test:
The Class I B Distribution Test is met if:
1) Remittance Date is on or after December 2002
2) Class I B Percentage is at least [17.500] %
(which is 1.75 times the original Class I B
Percentage)
3) Cumulative Realized Losses do not exceed 7% for
year 2001, 8% for year 2002, and 9% for year 2003
and beyond of the Original Principal Balance of
the Contracts
4) Current Realized Loss Ratio does not exceed 2.75%
5) Average 60 Day Delinquency Ratio does not exceed 5%
6) Average 30 Day Delinquency Ratio does not exceed 7%
7) Class I B-2 Principal Balance must not be less than
[$3,384,460] (which represents approximately 2% of the
Total Original Group I Pool Principal Balance).
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
- -----------------------------------------------------------------------------
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- -----------------------------------------------------------------------------
Amount(000): [47,340 7,320 3,271 4,361 ]
Coupon: 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD]
Approx. Price: [<------------------------TBD------------------------------->]
Spread: [<------------------------TBD------------------------------->]
Avg Life
To Mat: [3.746 5.894 8.057 11.982]
To Call: [3.635 5.894 8.057 10.905]
1st Prin Pymt: [12/07/97 12/07/02 11/07/04 04/07/07]
To 10% Call: [04/07/09 11/07/04 04/07/07 04/07/09]
Exp Mat: [08/07/12 11/07/04 04/07/07 06/07/13]
Stated
Maturity: [<--------------------------TBD----------------------------->]
Expected
Settlement: [<------------------------12/01/97-------------------------->]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [12/01/97] [12/01/97] [12/01/97] [12/01/97]
Rating: Aaa Aa3 Baa2 Baa2
(Moody's)
Pricing Date: [TBD]
Prepayment Speed: 225% MHP
Total Group Size: [$62,292,000]
Group II Pass
Through Rate: The Group II Pass Through Rate will equal the lesser of
i) One Month LIBOR plus [TBD%] and ii) the Net Funds Cap
as described herein.
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon on
the Class Adjustable Rate Certificates :
IIA-1 - shall increase by [2x] the respective
margins
IIB-1 - shall increase by an additional [50 BP]
IIB-2 - shall increase by an additional [50 BP]
IIB-3 - shall increase by an additional [50 BP]
Net Funds Cap: The difference between the a) collateral WAC and b) the
the sum of i) if the OC is less than its target, [0.75]%
spread cushion, and ii) if the Company is no longer
the Servicer, [1.25]%.
Net Funds Cap
Carryover: If on any Payment Date the Group II Certificate interest
distribution amount is less than the Group II Pass-Through
Rate (which is subject to a maximum equal to the Weighted
Average Life Cap of the collateral), the amount of such
shortfall and the aggregate of such shortfalls from previous
payment dates together with accrued interest at the Pass-
Through Rate will be carried forward to the next Payment Date
until paid. No interest carryforward will be paid once the
Class II B-2 Certificate principal balance has been reduced to
zero.
Corporate Guarantee: The Class II B-3 Certificateholders will have the benefit
of a limited guarantee of Clayton Homes, Inc.("CHI") to
protect against losses that would otherwise be absorbed
by the Class II B-3 Certificateholders.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY ************************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates
(subject to the Net Funds Cap);
2) Senior percentage of principal payments
to Class II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net
Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to the
Servicer;
12) Any remainder to Clayton Homes for any unreimbursed
guaranteed payments with respect to Class II B-3;
13) Any remainder to the Class R Certificates.
______________________________________________________
| |
| II A-1 |
| |
|_____________________________________________________|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|________________|____________|_________|
5 yrs
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY ************************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until such
Class is reduced to zero;
7) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net
Funds Cap Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
9) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to the
Servicer;
10) Any remainder to Clayton Homes for any unreimbursed
guaranteed payments with respect to Class II B-3;
11) Any remainder to the Class R Certificates.
_________________________________________________________________
| | | | |
| | | | |
| II A-1 | II B-1| II B-2| II B-3|
| | | | |
|_______________________________________|_______|_______|_______|
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after December 2002
2) Class II B Percentage + O/C is at least [50.0%]
3) Cumulative Realized Losses do not exceed 7% for year
2001, 8% for year 2002, and 9% for year 2003 and
beyond of the Original Principal Balance of the
Contracts
4) Current Realized Loss Ratio does not exceed 2.75%
5) Average 60 Day Delinquency Ratio does not exceed 5%
6) Average 30 Day Delinquency Ratio does not exceed 7%
7) Sum of Class II B-3 Principal Balance + O/C must not be
less than [$ 1,245,840] (which represents approximately
2% of the Total Original Group II Pool Principal Balance).
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1997-D
Preliminary Marketing Memo
Cleanup Call: The Servicer may call the Certificates at par plus accrued
interest after the remaining pool balance of the Certificates is less than
10% of its original balance.
Payment Date: The 7th day of each month or, if such day is not a business
day, the next succeeding business day, beginning in December, 1997.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for the Class I A-2, I A-3,
I A-4, I A-5, I A-6, I B-1 and I B-2 certificates. For the Class I A-1
certificates and the Group II Certificates, interest will accrue from the 7th
day of the preceeding month until the 6th day of the current month. For the
first payment date, interest will accrue from the closing date to the first
Payment Date for the class I A-1 certificates and the Group II Certificates.
For the Class I A-1 certificates, and the Group II Certificates, interest is
calculated using an actual/360 day count. For the remainder of the certificate
classes, interest is calculated using a 30/360 day count.
ERISA Considerations: The Class I A-1, I A-2, I A-3, I A-4, and I A-5
Certificates and the Class II A-1 will be ERISA eligible. The Class I A-6
I B-1 and I B-2 Certificates and the Class II B-1, II B-2, and II B-3 are not
ERISA eligible. However, investors should consult with their counsel with
respect to the consequences under ERISA and the Code of the Plan's
acquisition and ownership of such Certificates.
SMMEA Considerations: The Class II A-1 and II B-1 Certificates will
constitute "mortgage related securities" under the Secondary Mortgage
Market Enhancement Act of 1984 "SMMEA".
Group I Group II
Type of Collateral: FIXED ARM
Amount: [ $ 169,223,423 $ 62,292,390 ]
Avg Unpaid Balance [ $ 28,143 $ 31,896 ]
Max Orig Balance [ $183,388 $ 116,653 ]
WAC: [ 11.173% 10.826% ]
WAC Range: [ 7.99% - 21.00% 7.990% - 17.00% ]
WAM: [ 197 192 ]
WA Orig Term: [ 207 194 ]
WALTV: [ 90.2% 86.7% ]
New: [ 64.7% 76.1% ]
Used: [ 35.3% 23.9% ]
Park: [ 32.3% 33.9% ]
Non-Park: [ 67.7% 66.1% ]
Single Wide: [ 53.0% 53.9% ]
Double Wide: [ 47.0% 46.1% ]
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement (together, the "Prospectus")
Complete information with respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified in its entirety
by the information appearing in the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus, the Prospectus shall govern
in all respects. Sales of the Certificates may not be consumated unless the
purchaser has received the Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
Projected Available Funds Cap:
=============================
(GROSS COUPON - 75 Bp CARVE-OUT, Using 30/360 Day Count)
* Assuming VMF is the servicer
DATE COUPON
- --------------
12/97 10.076
01/98 10.076
02/98 10.073
03/98 10.073
04/98 10.073
05/98 10.073
06/98 10.073
07/98 10.072
08/98 10.072
09/98 9.907
10/98 9.754
11/98 9.623
12/98 9.594
01/99 9.590
02/99 9.590
03/99 9.590
04/99 9.590
05/99 9.590
06/99 9.590
07/99 9.589
08/99 9.589
09/99 9.589
10/99 9.589
11/99 9.589
12/99 9.589
01/00 9.589
02/00 9.589
03/00 9.589
04/00 9.589
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $50,000,000.00 DATED DATE: 12/01/97
CURRENT COUPON: 5.808% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $50,000,000.00 YIELD TABLE DATE: 12/01/97
BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 34.983 30.959 32.959 37.029 39.103 41.219
99-24+ 33.544 29.772 31.647 35.462 37.406 39.389
99-25 32.105 28.585 30.335 33.895 35.710 37.560
99-25+ 30.667 27.399 29.023 32.329 34.014 35.732
99-26 29.229 26.213 27.712 30.763 32.318 33.904
99-26+ 27.792 25.027 26.401 29.197 30.623 32.076
99-27 26.354 23.841 25.091 27.632 28.928 30.249
99-27+ 24.917 22.656 23.780 26.067 27.233 28.422
99-28 23.481 21.471 22.470 24.503 25.539 26.596
99-28+ 22.045 20.286 21.160 22.939 23.845 24.770
99-29 20.609 19.102 19.851 21.375 22.152 22.944
99-29+ 19.173 17.917 18.542 19.812 20.459 21.119
99-30 17.738 16.733 17.233 18.249 18.766 19.295
99-30+ 16.303 15.550 15.924 16.686 17.074 17.470
99-31 14.868 14.366 14.616 15.124 15.382 15.646
99-31+ 13.434 13.183 13.308 13.562 13.691 13.823
100-00 12.000 12.000 12.000 12.000 12.000 12.000
100-00+ 10.566 10.817 10.693 10.439 10.309 10.177
100-01 9.133 9.635 9.385 8.878 8.619 8.355
100-01+ 7.700 8.453 8.079 7.317 6.929 6.534
100-02 6.267 7.271 6.772 5.757 5.240 4.712
100-02+ 4.835 6.089 5.466 4.197 3.551 2.891
100-03 3.403 4.908 4.160 2.638 1.862 1.071
First Payment 0.017 0.017 0.017 0.017 0.017 0.017
Average Life 1.127 1.378 1.240 1.031 0.949 0.878
Last Payment 2.267 2.767 2.517 2.100 1.933 1.767
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $29,100,000.00 DATED DATE: 11/01/97
COUPON: 6.315% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $29,100,000.00 YIELD TABLE DATE: 12/01/97
BOND IA2 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 6.452 6.444 6.448 6.457 6.461 6.466
99-24+ 6.447 6.439 6.443 6.450 6.454 6.458
99-25 6.441 6.434 6.437 6.444 6.448 6.451
99-25+ 6.435 6.429 6.432 6.438 6.441 6.444
99-26 6.429 6.424 6.427 6.432 6.434 6.437
99-26+ 6.423 6.419 6.421 6.425 6.427 6.429
99-27 6.418 6.415 6.416 6.419 6.421 6.422
99-27+ 6.412 6.410 6.411 6.413 6.414 6.415
99-28 6.406 6.405 6.405 6.407 6.407 6.408
99-28+ 6.400 6.400 6.400 6.400 6.400 6.400
99-29 6.394 6.395 6.395 6.394 6.394 6.393
99-29+ 6.389 6.390 6.389 6.388 6.387 6.386
99-30 6.383 6.385 6.384 6.381 6.380 6.379
99-30+ 6.377 6.380 6.379 6.375 6.373 6.372
99-31 6.371 6.375 6.373 6.369 6.367 6.364
99-31+ 6.365 6.371 6.368 6.363 6.360 6.357
100-00 6.360 6.366 6.363 6.356 6.353 6.350
100-00+ 6.354 6.361 6.357 6.350 6.346 6.343
100-01 6.348 6.356 6.352 6.344 6.340 6.335
100-01+ 6.342 6.351 6.347 6.338 6.333 6.328
100-02 6.336 6.346 6.341 6.331 6.326 6.321
100-02+ 6.331 6.341 6.336 6.325 6.319 6.314
100-03 6.325 6.336 6.331 6.319 6.313 6.307
100-03+ 6.319 6.331 6.325 6.312 6.306 6.299
100-04 6.313 6.327 6.320 6.306 6.299 6.292
100-04+ 6.307 6.322 6.315 6.300 6.293 6.285
100-05 6.302 6.317 6.309 6.294 6.286 6.278
100-05+ 6.296 6.312 6.304 6.287 6.279 6.271
100-06 6.290 6.307 6.299 6.281 6.272 6.263
100-06+ 6.284 6.302 6.293 6.275 6.266 6.256
100-07 6.278 6.297 6.288 6.269 6.259 6.249
100-07+ 6.273 6.292 6.283 6.262 6.252 6.242
First Payment 2.267 2.767 2.517 2.100 1.933 1.767
Average Life 3.050 3.693 3.344 2.800 2.586 2.401
Last Payment 3.850 4.683 4.267 3.517 3.267 3.017
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $32,300,000.00 DATED DATE: 11/01/97
COUPON: 6.485% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $32,300,000.00 YIELD TABLE DATE: 12/01/97
<TABLE>
<CAPTION>
BOND IA3 BE-YIELD TABLE
PREPAYMENT SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 6.607 6.602 6.605 6.610 6.613 6.615
99-24+ 6.604 6.599 6.601 6.606 6.608 6.611
99-25 6.600 6.596 6.598 6.602 6.604 6.606
99-25+ 6.596 6.593 6.594 6.598 6.600 6.602
99-26 6.592 6.589 6.591 6.594 6.595 6.597
99-26+ 6.589 6.586 6.587 6.590 6.591 6.592
99-27 6.585 6.583 6.584 6.586 6.587 6.588
99-27+ 6.581 6.580 6.580 6.582 6.582 6.583
99-28 6.577 6.577 6.577 6.578 6.578 6.578
99-28+ 6.574 6.573 6.573 6.574 6.574 6.574
99-29 6.570 6.570 6.570 6.569 6.569 6.569
99-29+ 6.566 6.567 6.567 6.565 6.565 6.564
99-30 6.562 6.564 6.563 6.561 6.560 6.560
99-30+ 6.558 6.561 6.560 6.557 6.556 6.555
99-31 6.555 6.557 6.556 6.553 6.552 6.550
99-31+ 6.551 6.554 6.553 6.549 6.547 6.546
100-00 6.547 6.551 6.549 6.545 6.543 6.541
100-00+ 6.543 6.548 6.546 6.541 6.539 6.536
100-01 6.540 6.545 6.542 6.537 6.534 6.532
100-01+ 6.536 6.541 6.539 6.533 6.530 6.527
100-02 6.532 6.538 6.535 6.529 6.526 6.522
100-02+ 6.528 6.535 6.532 6.525 6.521 6.518
100-03 6.525 6.532 6.528 6.521 6.517 6.513
100-03+ 6.521 6.529 6.525 6.517 6.513 6.509
100-04 6.517 6.526 6.521 6.513 6.508 6.504
100-04+ 6.513 6.522 6.518 6.509 6.504 6.499
100-05 6.510 6.519 6.514 6.505 6.499 6.495
100-05+ 6.506 6.516 6.511 6.500 6.495 6.490
100-06 6.502 6.513 6.508 6.496 6.491 6.485
100-06+ 6.498 6.510 6.504 6.492 6.486 6.481
100-07 6.495 6.506 6.501 6.488 6.482 6.476
100-07+ 6.491 6.503 6.497 6.484 6.478 6.471
First Payment 3.850 4.683 4.267 3.517 3.267 3.017
Average Life 5.015 6.111 5.520 4.588 4.226 3.924
Last Payment 6.517 7.850 7.183 5.933 5.350 4.933
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $12,700,000.00 DATED DATE: 11/01/97
COUPON: 6.680% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $12,700,000.00 YIELD TABLE DATE: 12/01/97
<TABLE>
<CAPTION>
BOND IA4 BE-YIELD TABLE
PREPAYMENT SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 6.798 6.795 6.797 6.800 6.802 6.804
99-24+ 6.796 6.793 6.794 6.797 6.799 6.801
99-25 6.793 6.790 6.792 6.794 6.796 6.797
99-25+ 6.790 6.788 6.789 6.791 6.793 6.794
99-26 6.787 6.785 6.786 6.788 6.789 6.790
99-26+ 6.784 6.783 6.784 6.785 6.786 6.787
99-27 6.782 6.781 6.781 6.782 6.783 6.784
99-27+ 6.779 6.778 6.778 6.779 6.780 6.780
99-28 6.776 6.776 6.776 6.776 6.776 6.777
99-28+ 6.773 6.773 6.773 6.773 6.773 6.773
99-29 6.770 6.771 6.771 6.770 6.770 6.770
99-29+ 6.768 6.768 6.768 6.767 6.767 6.766
99-30 6.765 6.766 6.765 6.764 6.764 6.763
99-30+ 6.762 6.764 6.763 6.761 6.760 6.759
99-31 6.759 6.761 6.760 6.758 6.757 6.756
99-31+ 6.757 6.759 6.758 6.755 6.754 6.752
100-00 6.754 6.756 6.755 6.752 6.751 6.749
100-00+ 6.751 6.754 6.752 6.749 6.747 6.745
100-01 6.748 6.751 6.750 6.746 6.744 6.742
100-01+ 6.745 6.749 6.747 6.743 6.741 6.739
100-02 6.743 6.747 6.745 6.740 6.738 6.735
100-02+ 6.740 6.744 6.742 6.737 6.735 6.732
100-03 6.737 6.742 6.740 6.734 6.731 6.728
100-03+ 6.734 6.739 6.737 6.731 6.728 6.725
100-04 6.731 6.737 6.734 6.728 6.725 6.721
100-04+ 6.729 6.735 6.732 6.725 6.722 6.718
100-05 6.726 6.732 6.729 6.722 6.719 6.714
100-05+ 6.723 6.730 6.727 6.719 6.715 6.711
100-06 6.720 6.727 6.724 6.716 6.712 6.707
100-06+ 6.718 6.725 6.721 6.714 6.709 6.704
100-07 6.715 6.722 6.719 6.711 6.706 6.701
100-07+ 6.712 6.720 6.716 6.708 6.703 6.697
First Payment 6.517 7.850 7.183 5.933 5.350 4.933
Average Life 7.299 8.775 7.993 6.675 6.100 5.571
Last Payment 8.183 9.767 8.933 7.517 6.933 6.350
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $14,662,000.00 DATED DATE: 11/01/97
COUPON: 6.795% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $14,662,000.00 YIELD TABLE DATE: 12/01/97
BOND IA5 BE-YIELD TABLE
PREPAYMENT SPEED
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 6.912 6.910 6.911 6.913 6.914 6.916
99-24+ 6.910 6.908 6.909 6.911 6.912 6.913
99-25 6.907 6.906 6.907 6.908 6.909 6.910
99-25+ 6.905 6.904 6.904 6.906 6.907 6.908
99-26 6.903 6.902 6.902 6.903 6.904 6.905
99-26+ 6.900 6.900 6.900 6.901 6.902 6.902
99-27 6.898 6.898 6.898 6.899 6.899 6.899
99-27+ 6.896 6.895 6.896 6.896 6.896 6.897
99-28 6.894 6.893 6.894 6.894 6.894 6.894
99-28+ 6.891 6.891 6.891 6.891 6.891 6.891
99-29 6.889 6.889 6.889 6.889 6.889 6.888
99-29+ 6.887 6.887 6.887 6.886 6.886 6.886
99-30 6.884 6.885 6.885 6.884 6.884 6.883
99-30+ 6.882 6.883 6.883 6.882 6.881 6.880
99-31 6.880 6.881 6.881 6.879 6.878 6.878
99-31+ 6.878 6.879 6.878 6.877 6.876 6.875
100-00 6.875 6.877 6.876 6.874 6.873 6.872
100-00+ 6.873 6.875 6.874 6.872 6.871 6.869
100-01 6.871 6.873 6.872 6.869 6.868 6.867
100-01+ 6.868 6.871 6.870 6.867 6.866 6.864
100-02 6.866 6.869 6.868 6.865 6.863 6.861
100-02+ 6.864 6.867 6.865 6.862 6.860 6.858
100-03 6.862 6.865 6.863 6.860 6.858 6.856
100-03+ 6.859 6.863 6.861 6.857 6.855 6.853
100-04 6.857 6.861 6.859 6.855 6.853 6.850
100-04+ 6.855 6.859 6.857 6.853 6.850 6.847
100-05 6.852 6.857 6.855 6.850 6.848 6.845
100-05+ 6.850 6.855 6.852 6.848 6.845 6.842
100-06 6.848 6.852 6.850 6.845 6.842 6.839
100-06+ 6.846 6.850 6.848 6.843 6.840 6.837
100-07 6.843 6.848 6.846 6.840 6.837 6.834
100-07+ 6.841 6.846 6.844 6.838 6.835 6.831
First Payment 8.183 9.767 8.933 7.517 6.933 6.350
Average Life 9.593 11.236 10.397 8.846 8.162 7.526
Last Payment 11.350 12.517 11.933 10.433 9.767 9.017
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $13,538,000.00 DATED DATE: 11/01/97
COUPON: 6.985% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $13,538,000.00 YIELD TABLE DATE: 12/01/97
BOND IA6 BE-YIELD TABLE
PREPAYMENT SPEED
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-23 7.109 7.108 7.108 7.110 7.110 7.111
99-23+ 7.107 7.106 7.106 7.108 7.108 7.109
99-24 7.105 7.104 7.104 7.106 7.106 7.107
99-24+ 7.103 7.102 7.102 7.103 7.104 7.104
99-25 7.101 7.100 7.100 7.101 7.102 7.102
99-25+ 7.099 7.098 7.098 7.099 7.100 7.100
99-26 7.097 7.096 7.096 7.097 7.097 7.098
99-26+ 7.095 7.094 7.094 7.095 7.095 7.095
99-27 7.093 7.092 7.092 7.093 7.093 7.093
99-27+ 7.091 7.090 7.090 7.091 7.091 7.091
99-28 7.089 7.088 7.088 7.089 7.089 7.089
99-28+ 7.086 7.087 7.087 7.086 7.086 7.086
99-29 7.084 7.085 7.085 7.084 7.084 7.084
99-29+ 7.082 7.083 7.083 7.082 7.082 7.082
99-30 7.080 7.081 7.081 7.080 7.080 7.080
99-30+ 7.078 7.079 7.079 7.078 7.078 7.077
99-31 7.076 7.077 7.077 7.076 7.075 7.075
99-31+ 7.074 7.075 7.075 7.074 7.073 7.073
100-00 7.072 7.073 7.073 7.072 7.071 7.071
100-00+ 7.070 7.071 7.071 7.069 7.069 7.068
100-01 7.068 7.069 7.069 7.067 7.067 7.066
100-01+ 7.066 7.067 7.067 7.065 7.065 7.064
100-02 7.064 7.065 7.065 7.063 7.062 7.062
100-02+ 7.062 7.063 7.063 7.061 7.060 7.059
100-03 7.060 7.061 7.061 7.059 7.058 7.057
100-03+ 7.058 7.060 7.059 7.057 7.056 7.055
100-04 7.056 7.058 7.057 7.055 7.054 7.053
100-04+ 7.054 7.056 7.055 7.053 7.052 7.050
100-05 7.052 7.054 7.053 7.050 7.049 7.048
100-05+ 7.050 7.052 7.051 7.048 7.047 7.046
100-06 7.047 7.050 7.049 7.046 7.045 7.044
100-06+ 7.045 7.048 7.047 7.044 7.043 7.041
First Payment 11.350 12.517 11.933 10.433 9.767 9.017
Average Life 11.350 12.517 11.933 10.832 10.370 9.892
Last Payment 11.350 12.517 11.933 10.850 10.433 10.017
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $10,154,000.00 DATED DATE: 11/01/97
COUPON: 6.975% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $10,154,000.00 YIELD TABLE DATE: 12/01/97
BOND IB1 BE-YIELD TABLE
PREPAYMENT SPEED
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 7.103 7.102 7.102 7.103 7.103 7.104
99-24+ 7.100 7.099 7.099 7.100 7.100 7.101
99-25 7.097 7.096 7.096 7.097 7.097 7.098
99-25+ 7.094 7.093 7.093 7.094 7.094 7.094
99-26 7.091 7.090 7.090 7.091 7.091 7.091
99-26+ 7.088 7.087 7.088 7.088 7.088 7.088
99-27 7.085 7.084 7.085 7.085 7.085 7.085
99-27+ 7.082 7.082 7.082 7.082 7.082 7.082
99-28 7.079 7.079 7.079 7.079 7.079 7.079
99-28+ 7.076 7.076 7.076 7.076 7.076 7.076
99-29 7.073 7.073 7.073 7.073 7.073 7.073
99-29+ 7.070 7.070 7.070 7.070 7.070 7.070
99-30 7.067 7.067 7.067 7.067 7.067 7.066
99-30+ 7.064 7.064 7.064 7.064 7.063 7.063
99-31 7.061 7.061 7.061 7.061 7.060 7.060
99-31+ 7.058 7.059 7.058 7.058 7.057 7.057
100-00 7.055 7.056 7.055 7.055 7.054 7.054
100-00+ 7.052 7.053 7.052 7.052 7.051 7.051
100-01 7.049 7.050 7.049 7.049 7.048 7.048
100-01+ 7.046 7.047 7.046 7.045 7.045 7.045
100-02 7.043 7.044 7.044 7.042 7.042 7.042
100-02+ 7.040 7.041 7.041 7.039 7.039 7.038
100-03 7.037 7.038 7.038 7.036 7.036 7.035
100-03+ 7.034 7.036 7.035 7.033 7.033 7.032
100-04 7.031 7.033 7.032 7.030 7.030 7.029
100-04+ 7.028 7.030 7.029 7.027 7.027 7.026
100-05 7.025 7.027 7.026 7.024 7.024 7.023
100-05+ 7.022 7.024 7.023 7.021 7.021 7.020
100-06 7.019 7.021 7.020 7.018 7.017 7.017
100-06+ 7.016 7.018 7.017 7.015 7.014 7.014
100-07 7.013 7.015 7.014 7.012 7.011 7.011
100-07+ 7.010 7.013 7.011 7.009 7.008 7.007
First Payment 5.017 5.017 5.017 5.017 5.017 5.017
Average Life 6.822 7.149 6.975 6.689 6.571 6.466
Last Payment 9.267 9.933 9.517 8.933 8.683 8.433
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $6,769,000.00 DATED DATE: 11/01/97
COUPON: 7.525% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $6,769,000.00 YIELD TABLE DATE: 12/01/97
BOND IB2 BE-YIELD TABLE
PREPAYMENT SPEED
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C>
99-24 7.661 7.660 7.661 7.662 7.662 7.663
99-24+ 7.659 7.658 7.659 7.660 7.660 7.660
99-25 7.657 7.656 7.657 7.657 7.658 7.658
99-25+ 7.655 7.654 7.654 7.655 7.655 7.656
99-26 7.653 7.652 7.652 7.653 7.653 7.653
99-26+ 7.650 7.650 7.650 7.651 7.651 7.651
99-27 7.648 7.648 7.648 7.648 7.648 7.649
99-27+ 7.646 7.646 7.646 7.646 7.646 7.646
99-28 7.644 7.644 7.644 7.644 7.644 7.644
99-28+ 7.642 7.642 7.642 7.642 7.642 7.642
99-29 7.640 7.640 7.640 7.639 7.639 7.639
99-29+ 7.637 7.638 7.638 7.637 7.637 7.637
99-30 7.635 7.636 7.635 7.635 7.635 7.634
99-30+ 7.633 7.634 7.633 7.633 7.632 7.632
99-31 7.631 7.632 7.631 7.630 7.630 7.630
99-31+ 7.629 7.629 7.629 7.628 7.628 7.627
100-00 7.626 7.627 7.627 7.626 7.626 7.625
100-00+ 7.624 7.625 7.625 7.624 7.623 7.623
100-01 7.622 7.623 7.623 7.622 7.621 7.620
100-01+ 7.620 7.621 7.621 7.619 7.619 7.618
100-02 7.618 7.619 7.619 7.617 7.616 7.616
100-02+ 7.616 7.617 7.616 7.615 7.614 7.613
100-03 7.613 7.615 7.614 7.613 7.612 7.611
100-03+ 7.611 7.613 7.612 7.610 7.610 7.609
100-04 7.609 7.611 7.610 7.608 7.607 7.606
100-04+ 7.607 7.609 7.608 7.606 7.605 7.604
100-05 7.605 7.607 7.606 7.604 7.603 7.602
100-05+ 7.603 7.605 7.604 7.601 7.600 7.599
100-06 7.600 7.603 7.602 7.599 7.598 7.597
100-06+ 7.598 7.601 7.600 7.597 7.596 7.595
100-07 7.596 7.599 7.597 7.595 7.594 7.592
100-07+ 7.594 7.597 7.595 7.593 7.591 7.590
First Payment 9.267 9.933 9.517 8.933 8.683 8.433
Average Life 10.887 11.907 11.389 10.449 10.076 9.712
Last Payment 11.350 12.517 11.933 10.850 10.433 10.017
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $47,340,000.00 DATED DATE: 12/01/97
CURRENT COUPON: 5.888% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $47,340,000.00 YIELD TABLE DATE: 12/01/97
BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
PRICE FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C>
99-24 28.189 27.076 27.598 28.849 29.602 30.498
99-24+ 27.676 26.633 27.122 28.295 29.001 29.841
99-25 27.163 26.190 26.647 27.741 28.399 29.183
99-25+ 26.651 25.747 26.171 27.187 27.798 28.526
99-26 26.138 25.304 25.695 26.633 27.197 27.869
99-26+ 25.626 24.861 25.220 26.079 26.596 27.212
99-27 25.114 24.419 24.745 25.526 25.996 26.556
99-27+ 24.602 23.976 24.270 24.973 25.395 25.899
99-28 24.090 23.534 23.795 24.419 24.795 25.243
99-28+ 23.578 23.092 23.320 23.866 24.195 24.587
99-29 23.066 22.650 22.845 23.313 23.595 23.931
99-29+ 22.555 22.208 22.371 22.761 22.996 23.275
99-30 22.044 21.766 21.896 22.208 22.396 22.620
99-30+ 21.532 21.324 21.422 21.656 21.797 21.965
99-31 21.022 20.883 20.948 21.104 21.198 21.310
99-31+ 20.511 20.441 20.474 20.552 20.599 20.655
100-00 20.000 20.000 20.000 20.000 20.000 20.000
100-00+ 19.489 19.559 19.526 19.448 19.401 19.346
100-01 18.979 19.118 19.053 18.897 18.803 18.691
100-01+ 18.469 18.677 18.579 18.346 18.205 18.037
100-02 17.959 18.236 18.106 17.794 17.607 17.383
100-02+ 17.449 17.795 17.633 17.243 17.009 16.730
100-03 16.939 17.355 17.160 16.693 16.411 16.076
100-03+ 16.430 16.914 16.687 16.142 15.814 15.423
100-04 15.920 16.474 16.214 15.591 15.217 14.770
100-04+ 15.411 16.034 15.742 15.041 14.620 14.117
100-05 14.902 15.594 15.269 14.491 14.023 13.464
100-05+ 14.393 15.154 14.797 13.941 13.426 12.812
100-06 13.884 14.714 14.325 13.391 12.829 12.160
100-06+ 13.375 14.275 13.853 12.842 12.233 11.507
100-07 12.867 13.835 13.381 12.292 11.637 10.856
100-07+ 12.358 13.396 12.909 11.743 11.041 10.204
First Payment 0.017 0.017 0.017 0.017 0.017 0.017
Average Life 3.635 4.295 3.961 3.326 3.027 2.725
Last Payment 11.350 11.767 11.600 11.183 11.100 10.933
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $7,320,000.00 DATED DATE: 12/01/97
CURRENT COUPON: 6.088% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $7,320,000.00 YIELD TABLE DATE: 12/01/97
BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
PRICE FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C>
99-24 45.012 44.825 44.973 44.982 44.947 44.906
99-24+ 44.698 44.523 44.662 44.671 44.637 44.599
99-25 44.385 44.221 44.351 44.359 44.328 44.292
99-25+ 44.071 43.919 44.039 44.047 44.018 43.985
99-26 43.758 43.617 43.728 43.736 43.709 43.678
99-26+ 43.444 43.315 43.417 43.424 43.399 43.371
99-27 43.131 43.014 43.106 43.112 43.090 43.065
99-27+ 42.818 42.712 42.796 42.801 42.781 42.758
99-28 42.504 42.411 42.485 42.489 42.472 42.451
99-28+ 42.191 42.109 42.174 42.178 42.163 42.145
99-29 41.878 41.808 41.863 41.867 41.853 41.838
99-29+ 41.565 41.506 41.553 41.555 41.544 41.532
99-30 41.252 41.205 41.242 41.244 41.235 41.225
99-30+ 40.939 40.904 40.931 40.933 40.926 40.919
99-31 40.626 40.602 40.621 40.622 40.618 40.613
99-31+ 40.313 40.301 40.310 40.311 40.309 40.306
100-00 40.000 40.000 40.000 40.000 40.000 40.000
100-00+ 39.687 39.699 39.690 39.689 39.691 39.694
100-01 39.374 39.398 39.379 39.378 39.383 39.388
100-01+ 39.062 39.097 39.069 39.067 39.074 39.082
100-02 38.749 38.796 38.759 38.757 38.765 38.776
100-02+ 38.437 38.495 38.449 38.446 38.457 38.470
100-03 38.124 38.194 38.139 38.135 38.149 38.164
100-03+ 37.812 37.894 37.829 37.825 37.840 37.858
100-04 37.499 37.593 37.519 37.514 37.532 37.552
100-04+ 37.187 37.292 37.209 37.204 37.224 37.246
100-05 36.875 36.992 36.899 36.893 36.915 36.941
100-05+ 36.562 36.691 36.589 36.583 36.607 36.635
100-06 36.250 36.391 36.280 36.272 36.299 36.330
100-06+ 35.938 36.090 35.970 35.962 35.991 36.024
100-07 35.626 35.790 35.660 35.652 35.683 35.719
100-07+ 35.314 35.490 35.351 35.342 35.375 35.413
First Payment 5.017 5.017 5.017 5.100 5.100 5.100
Average Life 5.894 6.190 5.955 5.936 5.988 6.049
Last Payment 6.933 8.100 7.517 6.933 7.017 7.100
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $3,271,000.00 DATED DATE: 12/01/97
CURRENT COUPON: 6.688% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $3,271,000.00 YIELD TABLE DATE: 12/01/97
BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
PRICE FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C>
99-24 103.991 103.581 103.779 104.163 104.195 104.127
99-24+ 103.741 103.357 103.543 103.903 103.932 103.869
99-25 103.491 103.133 103.306 103.642 103.670 103.610
99-25+ 103.242 102.909 103.070 103.382 103.407 103.352
99-26 102.992 102.685 102.833 103.121 103.145 103.094
99-26+ 102.742 102.461 102.597 102.861 102.883 102.836
99-27 102.493 102.237 102.361 102.601 102.620 102.578
99-27+ 102.243 102.013 102.125 102.340 102.358 102.320
99-28 101.994 101.789 101.888 102.080 102.096 102.062
99-28+ 101.744 101.565 101.652 101.820 101.834 101.804
99-29 101.495 101.342 101.416 101.560 101.572 101.546
99-29+ 101.246 101.118 101.180 101.300 101.310 101.288
99-30 100.997 100.894 100.944 101.040 101.048 101.031
99-30+ 100.747 100.671 100.708 100.780 100.786 100.773
99-31 100.498 100.447 100.472 100.520 100.524 100.515
99-31+ 100.249 100.224 100.236 100.260 100.262 100.258
100-00 100.000 100.000 100.000 100.000 100.000 100.000
100-00+ 99.751 99.777 99.764 99.740 99.738 99.742
100-01 99.502 99.553 99.528 99.480 99.477 99.485
100-01+ 99.253 99.330 99.293 99.221 99.215 99.228
100-02 99.004 99.106 99.057 98.961 98.953 98.970
100-02+ 98.755 98.883 98.821 98.701 98.692 98.713
100-03 98.507 98.660 98.586 98.442 98.430 98.456
100-03+ 98.258 98.437 98.350 98.182 98.169 98.198
100-04 98.009 98.214 98.115 97.923 97.907 97.941
100-04+ 97.760 97.990 97.879 97.663 97.646 97.684
100-05 97.512 97.767 97.644 97.404 97.385 97.427
100-05+ 97.263 97.544 97.408 97.145 97.123 97.170
100-06 97.015 97.321 97.173 96.886 96.862 96.913
100-06+ 96.766 97.098 96.938 96.626 96.601 96.656
100-07 96.518 96.875 96.702 96.367 96.340 96.399
100-07+ 96.269 96.653 96.467 96.108 96.079 96.142
First Payment 6.933 8.100 7.517 6.933 7.017 7.100
Average Life 8.057 9.336 8.669 7.614 7.533 7.696
Last Payment 9.350 10.683 10.017 8.767 8.183 8.350
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $4,361,000.00 DATED DATE: 12/01/97
CURRENT COUPON: 6.888% vmf7d FIRST PAYMENT: 12/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $4,361,000.00 YIELD TABLE DATE: 12/01/97
BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
******** TO CALL *********
<TABLE>
<CAPTION>
PRICING SPEED
FIX 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
PRICE FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C>
99-24 123.243 123.107 123.165 123.322 123.406 123.477
99-24+ 123.040 122.913 122.967 123.115 123.193 123.259
99-25 122.837 122.718 122.769 122.907 122.980 123.042
99-25+ 122.634 122.524 122.571 122.699 122.767 122.824
99-26 122.431 122.329 122.373 122.491 122.554 122.607
99-26+ 122.229 122.135 122.175 122.283 122.340 122.389
99-27 122.026 121.941 121.977 122.075 122.128 122.172
99-27+ 121.823 121.747 121.779 121.868 121.915 121.954
99-28 121.620 121.552 121.581 121.660 121.702 121.737
99-28+ 121.418 121.358 121.384 121.452 121.489 121.520
99-29 121.215 121.164 121.186 121.245 121.276 121.303
99-29+ 121.012 120.970 120.988 121.037 121.063 121.085
99-30 120.810 120.776 120.790 120.830 120.851 120.868
99-30+ 120.607 120.582 120.593 120.622 120.638 120.651
99-31 120.405 120.388 120.395 120.415 120.425 120.434
99-31+ 120.202 120.194 120.198 120.207 120.213 120.217
100-00 120.000 120.000 120.000 120.000 120.000 120.000
100-00+ 119.798 119.806 119.803 119.793 119.787 119.783
100-01 119.595 119.612 119.605 119.585 119.575 119.566
100-01+ 119.393 119.419 119.408 119.378 119.363 119.349
100-02 119.191 119.225 119.210 119.171 119.150 119.132
100-02+ 118.989 119.031 119.013 118.964 118.938 118.916
100-03 118.786 118.837 118.816 118.757 118.725 118.699
100-03+ 118.584 118.644 118.618 118.550 118.513 118.482
100-04 118.382 118.450 118.421 118.343 118.301 118.266
100-04+ 118.180 118.257 118.224 118.136 118.089 118.049
100-05 117.978 118.063 118.027 117.929 117.877 117.832
100-05+ 117.776 117.870 117.830 117.722 117.665 117.616
100-06 117.574 117.676 117.633 117.515 117.452 117.399
100-06+ 117.372 117.483 117.436 117.308 117.240 117.183
100-07 117.171 117.289 117.239 117.101 117.028 116.967
100-07+ 116.969 117.096 117.042 116.895 116.817 116.750
First Payment 9.350 10.683 10.017 8.767 8.183 8.350
Average Life 10.905 11.625 11.307 10.528 10.166 9.867
Last Payment 11.350 11.767 11.600 11.183 11.100 10.933
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
_____________________________________________________________________________
- VMF7D
- Cut Off Date of Tape is 10/25/97
- FIX
- $169,223,422.71
- Mortgage Summary Report
_____________________________________________________________________________
Number of Mortgage Loans: 6,013
Aggregate Unpaid Principal Balance: $169,223,422.71
Aggregate Original Principal Balance: $179,056,781.48
Weighted Average Gross Coupon: 11.173%
Gross Coupon Range: 7.990% - 21.000%
_____________________________________________________________________________
Average Unpaid Principal Balance: $28,142.93
Average Original Principal Balance: $29,778.28
Maximum Unpaid Principal Balance: $183,388.00
Minimum Unpaid Principal Balance: $3,306.61
Maximum Original Principal Balance: $183,388.00
Minimum Original Principal Balance: $4,446.92
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 197.331
Stated Rem Term Range: 32.000 - 360.000
Weighted Average Age : 9.494
Age Range: 0.000 - 132.000
Weighted Average Original Term: 206.825
Original Term Range: 36.000 - 360.000
Weighted Average Original LTV: 87.360
Original LTV Range: 1.018% - 104.384%
_____________________________________________________________________________
Greatest Zip Code Concentration
29526 21 loans $815,226.26 0.48%
New 64.65% $109,408,796.97
Used 35.35% $ 59,814,625.74
Single 53.02% $89,715,117.71
Multi 46.98% $79,508,305.00
Parked 32.31% $54,675,607.28
Not Parked 67.69% $114,547,815.43
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
GEOGRAPHIC DISTRIBUTION
______________________________________________________________
Current
State # Loans % Pool Balance
Alabama 134 2.17 $3,673,446
Arkansas 29 .49 $828,881
Arizona 68 1.32 $2,229,527
California 1 .01 $20,294
Colorado 54 1.17 $1,972,850
Connecticut 3 .06 $93,326
Dist of Col 2 .03 $57,469
Delaware 39 .49 $830,085
Florida 298 5.52 $9,345,588
Georgia 174 1.97 $3,338,214
Iowa 9 .14 $242,169
Idaho 1 .02 $40,947
Illinois 48 .72 $1,225,387
Indiana 150 1.75 $2,960,612
Kansas 7 .12 $204,275
Kentucky 200 2.29 $3,880,954
Louisiana 151 3.60 $6,099,815
Massachsetts 4 .09 $144,775
Maryland 95 1.00 $1,699,007
Maine 13 .20 $343,895
Michigan 92 1.20 $2,023,404
Minnesota 25 .36 $614,729
Missouri 212 3.72 $6,302,421
Mississippi 90 1.38 $2,337,466
Montana 12 .23 $381,765
North Carolina 713 11.49 $19,445,853
North Dakota 1 .02 $35,510
Nebraska 3 .05 $82,439
New Hampshire 13 .25 $417,637
New Jersey 13 .20 $342,106
New Mexico 51 1.38 $2,334,445
Nevada 6 .15 $252,694
New York 81 1.41 $2,383,395
Ohio 166 2.59 $4,386,924
Oklahoma 54 1.10 $1,866,015
Oregon 15 .42 $710,527
Pennsylvania 182 2.51 $4,251,051
Rhode Island 1 .02 $41,054
South Carolina 486 7.76 $13,124,962
South Dakota 1 .01 $18,018
Tennessee 695 9.52 $16,118,446
Texas 949 20.36 $34,455,926
Utah 5 .08 $142,891
Virginia 373 6.21 $10,501,206
Vermont 6 .11 $193,217
Washington 1 .02 $31,417
Wisconsin 156 2.33 $3,945,390
West Virginia 129 1.85 $3,127,914
Wyoming 2 .07 $123,084
_____________________________________________________________
Total..... 6,013 100.00% $169,223,423
=============================================================
YEAR OF ORIGINATION
___________________________________________________
Year of # of % of Current
Origination Loans Pool Balance
1985 2 .01 $23,758
1986 24 .13 $212,742
1987 114 .73 $1,241,212
1988 84 .75 $1,268,595
1989 66 .54 $921,441
1990 226 2.11 $3,578,962
1991 262 2.17 $3,671,796
1992 628 4.61 $7,798,639
1993 3 .02 $41,763
1994 2 .02 $34,126
1995 1 .01 $18,629
1996 10 .24 $413,563
1997 4,591 88.64 $149,998,197
___________________________________________________
Total... 6,013 100.00% $169,223,423
===================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
ORIGINAL CONTRACT BALANCES
___________________________________________________________________
Total
# of Current
Original Loan Amount Contracts Balance
Balance <= 5,000 5 0.01 23,011
5,000 < Balance <= 10,000 121 0.53 901,818
10,000 < Balance <= 15,000 677 4.36 7,379,078
15,000 < Balance <= 20,000 1,055 8.93 15,117,597
20,000 < Balance <= 25,000 928 11.11 18,798,171
25,000 < Balance <= 30,000 812 12.22 20,687,457
30,000 < Balance <= 35,000 702 12.99 21,989,162
35,000 < Balance <= 40,000 499 10.80 18,283,974
40,000 < Balance <= 45,000 333 8.22 13,906,203
45,000 < Balance <= 50,000 250 6.97 11,790,616
50,000 < Balance <= 55,000 166 5.12 8,667,477
55,000 < Balance <= 60,000 145 4.92 8,320,309
60,000 < Balance <= 65,000 103 3.77 6,377,633
65,000 < Balance <= 70,000 67 2.65 4,479,264
70,000 < Balance <= 75,000 50 2.11 3,574,408
75,000 < Balance <= 80,000 27 1.23 2,087,017
80,000 < Balance <= 85,000 22 1.07 1,813,048
85,000 < Balance <= 90,000 16 0.83 1,399,724
90,000 < Balance <= 95,000 13 0.71 1,208,451
95,000 < Balance <= 100,000 9 0.52 874,677
100,000 < Balance <= 105,000 2 0.12 204,733
105,000 < Balance <= 110,000 1 0.06 102,971
110,000 < Balance <= 115,000 4 0.27 449,966
115,000 < Balance <= 120,000 2 0.14 237,133
120,000 < Balance <= 125,000 3 0.22 366,138
Balance > 135,000 1 0.11 183,388
___________________________________________________________________
Total... 6,013 100.00% $169,223,423
===================================================================
ORIGINAL LTV RANGE - rounded to 1%
______________________________________________________
LTV % Current
RANGE # Loans Pool Balance
Less than 61.000 277 2.99 $5,054,691
61.000 < LTV <= 65.999 159 2.14 $3,620,723
66.000 < LTV <= 70.999 177 2.61 $4,416,952
71.000 < LTV <= 75.999 285 4.60 $7,779,981
76.000 < LTV <= 80.999 469 7.30 $12,351,546
81.000 < LTV <= 85.999 747 12.86 $21,761,239
86.000 < LTV <= 90.999 1,867 29.96 $50,691,254
91.000 < LTV <= 100.000 2,027 37.45 $63,366,813
100.000 < LTV <= 125.000 5 .11 $180,224
________________________________________________________
Total..... 6,013 100.00% $169,223,423
========================================================
GROSS COUPON
_____________________________________________________________________________
Gross Current
Coupon # Loans % Pool Balance
7.00% < Gross Coupon <= 8.00% 6 .18 $297,973
8.00% < Gross Coupon <= 9.00% 157 5.68 $9,606,311
9.00% < Gross Coupon <= 10.00% 1,489 33.12 $56,046,036
10.00% < Gross Coupon <= 11.00% 1,016 19.79 $33,487,820
11.00% < Gross Coupon <= 12.00% 912 16.00 $27,069,610
12.00% < Gross Coupon <= 13.00% 1,127 12.60 $21,329,599
13.00% < Gross Coupon <= 14.00% 627 6.12 $10,351,130
14.00% < Gross Coupon <= 15.00% 389 3.84 $6,496,011
15.00% < Gross Coupon <= 16.00% 106 .87 $1,464,743
16.00% < Gross Coupon <= 17.00% 84 .83 $1,396,199
17.00% < Gross Coupon <= 18.00% 89 .93 $1,575,402
18.00% < Gross Coupon <= 19.00% 4 .03 $48,862
20.00% < Gross Coupon <= 21.00% 7 .03 $53,726
_____________________________________________________________________________
Total..... 6,013 100.00% $169,223,423
=============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
REMAINING TERM
__________________________________________________________
# of % of Current
Remaining Term Loans Pool Balance
20 < Rem Term <= 72 918 6.15 $10,406,657
73 < Rem Term <= 84 608 5.35 $9,059,308
85 < Rem Term <= 120 917 10.43 $17,653,130
121 < Rem Term <= 156 470 7.13 $12,059,586
157 < Rem Term <= 180 750 13.33 $22,563,538
181 < Rem Term <= 240 1,658 36.29 $61,407,965
241 < Rem Term <= 299 400 11.50 $19,453,893
300 < Rem Term <= 360 292 9.82 $16,619,345
__________________________________________________________
Total..... 6,013 100.00% $169,223,423
==========================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
_____________________________________________________________________________
- VMF7D
- Cut Off Date of Tape is 10/25/97
- ARM
- $62,292,390.22
_____________________________________________________________________________
Number of Mortgage Loans: 1,953
Aggregate Unpaid Principal Balance: $62,292,390.22
Aggregate Original Principal Balance: $62,927,551.55
_____________________________________________________________________________
Weighted Average Coupon (Gross): 10.826%
Gross Coupon Range: 7.990% - 17.000%
Weighted Average Margin (Gross): 4.526%
Gross Margin Range: 1.420% - 10.880%
Weighted Average Life Cap (Gross): 16.590% *
Gross Life Cap Range: 13.500% - 23.000%
Weighted Average Life Floor (Gross): 4.526%
Gross Life Floor Range: 1.420% - 10.880%
_____________________________________________________________________________
Average Unpaid Principal Balance: $31,895.75
Average Original Principal Balance: $32,220.97
Maximum Unpaid Principal Balance: $116,652.70
Minimum Unpaid Principal Balance: $4,950.96
Maximum Original Principal Balance: $116,652.70
Minimum Original Principal Balance: $5,179.50
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 191.792
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 1.738
Age Range: 0.000 - 149.000
Weighted Average Original Term: 193.530
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 86.738
Original LTV Range: 12.126% - 100.000%
Weighted Average Periodic Interest Cap: 1.574% *
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.217 *
calculated from 11/97 to next rolldate
Months to Interest Roll Range: 1 - 13
Weighted Average Interest Roll Frequency: 11.952
Interest Frequency Range: 6 - 12
_____________________________________________________________________________
* excludes capless loans
Greatest Zip code concentration
Zip 76208 18 loans $517,678.02 0.83%
New 76.08% $47,391,685.24
Used 23.92% $14,900,704.98
Single 53.93% $33,596,676.69
Multi 46.07% $28,695,713.53
Parked 33.91% $21,125,096.94
Not Parked 66.09% $41,167,293.28
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
GEOGRAPHIC DISTRIBUTION
_____________________________________________________
Current
State # Loans % Pool Balance
Alabama 12 .77 $482,029
Arkansas 12 .51 $318,631
Arizona 23 1.10 $682,707
California 1 .07 $45,978
Colorado 13 .63 $393,092
Connecticut 1 .08 $52,604
Dist of Col 1 .05 $30,515
Delaware 3 .13 $83,510
Florida 110 4.65 $2,898,843
Georgia 55 2.00 $1,243,584
Illinois 1 .04 $25,863
Indiana 4 .19 $119,785
Kansas 1 .06 $34,813
Kentucky 169 8.16 $5,084,366
Louisiana 66 3.11 $1,935,304
Maryland 2 .11 $68,646
Minnesota 1 .06 $34,708
Missouri 37 2.14 $1,334,147
Mississippi 25 1.11 $693,960
North Carolina 305 16.76 $10,443,238
New Jersey 3 .16 $100,607
New Mexico 19 1.13 $705,422
New York 3 .17 $103,458
Ohio 26 1.35 $840,968
Oklahoma 19 1.11 $691,971
Oregon 1 .09 $54,173
Pennsylvania 3 .15 $96,338
South Carolina 212 11.80 $7,352,519
Tennessee 284 14.75 $9,188,298
Texas 394 19.48 $12,132,980
Virginia 119 6.55 $4,081,941
Wisconsin 1 .07 $40,549
West Virginia 27 1.44 $896,841
____________________________________________________
Total..... 1,953 100.00% $62,292,390
====================================================
YEAR OF ORIGINATION
____________________________________________________
Year of # of % of Current
Origination Loans Pool Balance
1984 1 .02 $10,137
1985 6 .08 $47,010
1986 15 .23 $142,655
1987 8 .18 $109,077
1988 1 .03 $20,231
1989 3 .08 $46,718
1990 17 .50 $310,289
1997 1,902 98.90 $61,606,273
____________________________________________________
Total... 1,953 100.00% $62,292,390
====================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
ORIGINAL CONTRACT BALANCES
___________________________________________________________________
Total
# of Current
Original Loan Amount Contracts Balance
5,000 < Balance <= 10,000 37 0.48 297,240
10,000 < Balance <= 15,000 109 2.20 1,372,878
15,000 < Balance <= 20,000 208 5.48 3,416,301
20,000 < Balance <= 25,000 283 10.11 6,298,716
25,000 < Balance <= 30,000 305 13.31 8,288,789
30,000 < Balance <= 35,000 314 16.20 10,088,421
35,000 < Balance <= 40,000 230 13.63 8,491,661
40,000 < Balance <= 45,000 138 9.37 5,835,212
45,000 < Balance <= 50,000 102 7.71 4,803,561
50,000 < Balance <= 55,000 89 7.48 4,656,516
55,000 < Balance <= 60,000 61 5.57 3,472,196
60,000 < Balance <= 65,000 37 3.71 2,308,203
65,000 < Balance <= 70,000 17 1.84 1,144,953
70,000 < Balance <= 75,000 13 1.52 945,569
75,000 < Balance <= 80,000 4 0.51 317,684
80,000 < Balance <= 85,000 2 0.26 163,039
90,000 < Balance <= 95,000 3 0.44 274,799
115,000 < Balance <= 120,000 1 0.19 116,653
___________________________________________________________________
Total... 1,953 100.00% $62,292,390
===================================================================
LTV RANGE
_____________________________________________________
LTV % Current
RANGE # Loans Pool Balance
Less than 61.000 75 3.18 $1,981,403
61.000 < LTV <= 65.999 39 1.84 $1,148,189
66.000 < LTV <= 70.999 63 3.33 $2,073,031
71.000 < LTV <= 75.999 97 5.34 $3,328,424
76.000 < LTV <= 80.999 152 8.59 $5,349,554
81.000 < LTV <= 85.999 262 13.70 $8,532,721
86.000 < LTV <= 90.999 522 27.78 $17,305,011
91.000 < LTV <= 100.000 743 36.24 $22,574,057
_______________________________________________________
Total..... 1,953 100.00% $62,292,390
=======================================================
GROSS COUPON
_____________________________________________________________________________
Gross Current
Coupon # Loans % Pool Balance
7.00% < Gross Coupon <= 8.00% 2 .21 $128,972
8.00% < Gross Coupon <= 9.00% 27 1.93 $1,199,679
9.00% < Gross Coupon <= 10.00% 492 32.01 $19,937,664
10.00% < Gross Coupon <= 11.00% 506 27.85 $17,350,251
11.00% < Gross Coupon <= 12.00% 550 24.72 $15,401,552
12.00% < Gross Coupon <= 13.00% 237 8.76 $5,457,424
13.00% < Gross Coupon <= 14.00% 120 3.88 $2,416,205
14.00% < Gross Coupon <= 15.00% 14 .42 $259,103
15.00% < Gross Coupon <= 16.00% 2 .08 $47,690
16.00% < Gross Coupon <= 17.00% 3 .15 $93,850
_____________________________________________________________________________
Total..... 1,953 100.00% $62,292,390
=============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
REMAINING TERM
__________________________________________________________
# of % of Current
Remaining Term Loans Pool Balance
20 < Rem Term <= 72 67 1.17 $727,227
73 < Rem Term <= 84 94 2.34 $1,457,240
85 < Rem Term <= 120 260 8.90 $5,544,713
121 < Rem Term <= 156 317 13.52 $8,420,435
157 < Rem Term <= 180 325 15.72 $9,793,154
181 < Rem Term <= 240 733 45.97 $28,634,665
241 < Rem Term <= 299 136 10.71 $6,671,027
300 < Rem Term <= 360 21 1.68 $1,043,931
__________________________________________________________
Total..... 1,953 100.00% $62,292,390
==========================================================
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
Life Cap = 0.00 30 308,879.73 0.50
13.00 < Life Cap <= 13.50 1 43,259.84 0.07
13.50 < Life Cap <= 14.00 3 162,196.43 0.26
14.00 < Life Cap <= 14.50 14 584,926.39 0.94
14.50 < Life Cap <= 15.00 66 2,684,251.55 4.31
15.00 < Life Cap <= 15.50 211 7,672,475.01 12.32
15.50 < Life Cap <= 16.00 363 15,043,055.35 24.15
16.00 < Life Cap <= 16.50 306 10,201,238.28 16.38
16.50 < Life Cap <= 17.00 217 7,140,165.45 11.46
17.00 < Life Cap <= 17.50 247 7,019,609.50 11.27
17.50 < Life Cap <= 18.00 195 4,922,503.35 7.90
18.00 < Life Cap <= 18.50 98 2,255,643.74 3.62
18.50 < Life Cap <= 19.00 86 2,037,678.58 3.27
19.00 < Life Cap <= 19.50 65 1,222,769.28 1.96
19.50 < Life Cap <= 20.00 32 646,909.49 1.04
20.00 < Life Cap <= 20.50 9 146,440.04 0.24
20.50 < Life Cap <= 21.00 3 38,428.04 0.06
21.00 < Life Cap <= 21.50 1 11,912.15 0.02
21.50 < Life Cap <= 22.00 2 44,313.32 0.07
22.00 < Life Cap <= 22.50 1 11,884.43 0.02
22.50 < Life Cap <= 23.00 3 93,850.27 0.15
__________________________________________________________________________
Total................. 1,953 $ 62,292,390.22 100.00%
==========================================================================
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
1.0 < Margin <= 2.0 4 210,446 0.34
2.0 < Margin <= 3.0 72 2,795,492 4.49
3.0 < Margin <= 4.0 553 21,761,237 34.93
4.0 < Margin <= 5.0 494 16,609,849 26.66
5.0 < Margin <= 6.0 509 13,718,018 22.02
6.0 < Margin <= 7.0 235 5,373,515 8.63
7.0 < Margin <= 8.0 73 1,555,051 2.50
8.0 < Margin <= 9.0 10 184,688 0.30
9.0 < Margin <= 10.0 1 35,778 0.06
10.0 < Margin <= 11.0 2 48,315 0.08
__________________________________________________________________________
Total................. 1,953 $ 62,292,390 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
12/01/97 5 $60,057.18 00.10
01/01/98 12 $190,883.00 00.31
02/01/98 5 $77,021.66 00.12
03/01/98 3 $79,766.24 00.13
04/01/98 5 $48,323.44 00.08
05/01/98 13 $188,766.92 00.30
06/01/98 4 $44,397.78 00.07
07/01/98 33 $1,011,772.52 01.62
08/01/98 447 $14,202,946.41 22.80
09/01/98 592 $18,979,799.53 30.47
10/01/98 668 $21,661,470.50 34.77
11/01/98 143 $4,930,550.02 07.92
12/01/98 23 $816,635.02 01.31
__________________________________________________________________________
Total........ 1953 $62,292,390.22 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
CAPLESS 30 308,879.73 0.50
1.000 833 26,418,337.27 42.41
2.000 1090 35,565,173.22 57.09
__________________________________________________________________________
Total................. 1953 $ 62,292,390.22 100.00%
==========================================================================
ARM TYPE
_____________________________________________________________________________
<TABLE>
<CAPTION>
WA From 11/97 Total
# % Rem WA WA WA WA Current
Loan Feature Loan Pool WAC Term MARGIN FLOOR CAP RESET Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5YR 1,923 99.50 10.824 192.47 4.527 4.527 16.590 10.240 $61,983,510.49
1YR 21 .31 9.775 54.26 4.000 4.000 CAPLESS 6.512 $190,898.50
PRIME 9 .19 13.689 59.09 5.179 5.179 CAPLESS 4.028 $117,981.23
____________________________________________________________________________________________________________________________
Total..... 1,953 100.00% 10.826 191.79 4.526 4.526 16.508 10.217 $62,292,390.22
============================================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
