____________________________________________________________________________
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): August 27, 1997
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated
as of July 26, 1997, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1997C).
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
-----------------
______________________________________________________________________
(Former Address:
__________________________________________________________________________
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 1997C, Prudential Securities Incorporated, as
the underwriter of the Certificates (the "Underwriter") have provided certain
materials (the "Computational Materials") for distribution to its potential
investors. Although the Company provided the Underwriter 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: Kevin T. Clayton
------------------------------
Name: Kevin T. Clayton
Title: President
Dated: August 27, 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-C
-----------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [ 36,600,000.00] Class IA-1 Fixed Rate Certificates - [TBD%]
$ [ 28,800,000.00] Class IA-2 Fixed Rate Certificates - [TBD%]
$ [ 23,800,000.00] Class IA-3 Fixed Rate Certificates - [TBD%]
$ [ 10,100,000.00] Class IA-4 Fixed Rate Certificates - [TBD%]
$ [ 19,351,000.00] Class IA-5 Fixed Rate Certificates - [TBD%]
$ [ 11,506,000.00] Class IA-6 Fixed Rate Certificates - [TBD%]
$ [ 7,911,000.00] Class IB-1 Fixed Rate Certificates - [TBD%]
$ [ 5,753,000.00] Class IB-2 Fixed Rate Certificates - [TBD%]
GROUP II CERTIFICATES:
$[ 63,251,000] Class IIA-1 Adjustable Rate Certificates - [1M LIBOR + __ bps]
$ [ 9,780,000] Class IIB-1 Adjustable Rate Certificates - [1M LIBOR + __ bps]
$ [ 4,370,000] Class IIB-2 Adjustable Rate Certificates - [1M LIBOR + __ bps]
$ [ 5,826,000] 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-C 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-C
Preliminary Marketing Memo
Title of Securities: VMF 1997-C, 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.
Subordination: GROUP I GROUP II
(Fixed) (Adjustable)
------- ------------
Class IA-1 - IA-5 +IIA-1 (Aaa) [17.50]% [24.00]%
Class IA-6 + IIB-1 (Aa3) [ 9.50]% [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) [82.50]% [76.00]%
Class IA-6 + IIB-1 (Aa3) [ 8.00]% [11.75]
Class IB-1 + IIB-2 (Baa2) [ 5.50]% [ 5.25]%
Class 1B-2 + IIB-3 (Baa2) [ 4.00]% [ 7.00]%
O/C NA [0 to 3.75]%
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-C
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): 36,600 28,800 23,800 10,100 19,351 11,506 7,911 5,753
Coupon: [<----------------------------------------TBD------------------------------------------>]
1ML+ [TBD] bps
Approx. Price: [<----------------------------------------TBD------------------------------------------>]
Yield(%): N/A [<-----------------------------TBD------------------------------------------>]
Spread: [<----------------------------------------TBD------------------------------------------>]
Avg Life [1.0641 3.0636 5.1111 7.1115 9.7499 12.0222 6.9363 11.3525]
To Call:
Avg Life
To Mat.: [1.0641 3.0636 5.1111 7.1115 9.7501 14.2641 6.9363 15.4558]
1st Prin Pymt: [09/07/97 10/07/99 10/07/01 01/07/04 07/07/05 10/07/09 09/07/02 01/07/07]
Exp Mat: [10/07/99 10/07/01 01/07/04 07/07/05 10/07/09 03/07/15 01/07/07 05/07/27]
To 10% Call: [10/07/99 10/07/01 01/07/04 07/07/05 09/07/09 09/07/09 01/07/07 09/07/09]
Stated Mat: [12/07/03 09/07/07 10/07/10 10/07/12 08/07/16 11/07/23 03/07/13 05/07/27]
Expected
Settlement: [<----------------------------------------[08/29/97] ------------------------------------->]
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: [08/29/97] [<----------------------------[08/01/97]------------------------------------->]
Ratings: Aaa Aaa Aaa Aaa Aaa Aa3 Baa2 Baa2
(Moody's)
Pricing Date: [TBD]
Prepayment Speed: 185% MHP
Total Group Size: [$143,821,000]
Class IA-1 Pass
</TABLE>
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.
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-C
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-C
Preliminary Marketing Memo
Class I B Distribution
Test: The Class I B Distribution Test is met if:
1) Remittance Date is on or after September 2002
2) Class I B Percentage is at least [16.625] %
(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 [$ 2,876,428] (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-C
Preliminary Marketing Memo
- -------------------------------------------------------
Adjustable-Rate Certificates
<TABLE>
<CAPTION>
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount(000): [63,251 9,780 4,370 5,826 ]
Coupon: [<--------------------------TBD--------------------------->]
1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD]
Approx. Price: [<--------------------------TBD--------------------------->]
Spread: [<--------------------------TBD--------------------------->]
Avg Life: [3.9271 6.6410 9.6149 12.9866]
To Call: [3.8449 6.6410 9.6149 11.8409]
1st Prin Pymt: [09/07/97 09/07/02 03/07/06 07/07/08]
Exp Mat: [08/07/12 03/07/06 07/07/08 04/07/13]
To 10% Call: [09/07/09 03/07/06 07/07/08 09/07/09]
Stated Maturity: [09/07/13 06/07/11 07/07/12 02/07/14]
Expected
Settlement: [<------------------------8/29/97------------------------->]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [8/29/97] [8/29/97] [8/29/97] [8/29/97]
Rating: Aaa Aa3 Baa2 Baa2
(Moody's)
- ------------------------------------------------------------------------------------
Collateral:
Pricing Date: [TBD]
Prepayment Speed: 200% MHP
</TABLE>
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-C
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-C
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 September 2002
2) Class II B Percentage + O/C is at least [55.5%]
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 I B-2 Principal Balance + O/C must
not be less than [$ 1,664,555]
(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-C
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 September, 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: [ $ 143,821,359 $ 83,227,736 ]
Avg Unpaid Balance [ $ 30,484 $ 32,935 ]
Max Orig Balance [ $440,000 $ 104,127 ]
WAC: [ 11.345% 10.823% ]
WAC Range: [ 7.81% - 18.00% 7.990% - 15.50% ]
WAM: [ 201 193 ]
WA Orig Term: [ 209 193 ]
WALTV: [ 89.2% 87.8% ]
New: [ 73.2% 80.3% ]
Used: [ 26.8% 19.7% ]
Park: [ 76.0% 65.9% ]
Non-Park: [ 24.0% 34.1% ]
Single Wide: [ 50.7% 52.0% ]
Double Wide: [ 49.3% 48.0% ]
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.
CURRENT BALANCE: $36,600,000.00 DATED DATE: 08/29/97
CURRENT COUPON: 5.725% VMF7C FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
RIGINAL BALANCE: $36,600,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/29/97
ASSUMED CONSTANT LIBOR-1M 5.6250
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
PRICE
99-24 28.701 30.985 34.208 35.595 40.280
99-24+ 27.530 29.671 32.692 33.993 38.384
99-25 26.359 28.358 31.177 32.391 36.489
99-25+ 25.189 27.045 29.662 30.789 34.594
99-26 24.019 25.732 28.148 29.188 32.700
99-26+ 22.850 24.419 26.634 27.587 30.806
99-27 21.680 23.107 25.120 25.986 28.912
99-27+ 20.511 21.795 23.606 24.386 27.019
99-28 19.342 20.483 22.093 22.786 25.126
99-28+ 18.173 19.172 20.580 21.186 23.234
99-29 17.005 17.861 19.068 19.587 21.342
99-29+ 15.837 16.550 17.556 17.989 19.451
99-30 14.669 15.239 16.044 16.390 17.560
99-30+ 13.501 13.929 14.532 14.792 15.669
99-31 12.334 12.619 13.021 13.194 13.779
99-31+ 11.167 11.309 11.510 11.597 11.889
100-00 10.000 10.000 10.000 10.000 10.000
100-00+ 8.833 8.691 8.490 8.403 8.111
100-01 7.667 7.382 6.980 6.807 6.223
100-01+ 6.501 6.074 5.471 5.211 4.335
100-02 5.335 4.765 3.962 3.616 2.447
100-02+ 4.170 3.457 2.453 2.020 0.560
100-03 3.004 2.150 0.944 0.426 -1.326
First Payment 0.022 0.022 0.022 0.022 0.022
Average Life 1.394 1.235 1.064 1.004 0.843
Last Payment 2.772 2.439 2.106 2.022 1.689
Mod.Dur. @ 100-00 1.288 1.147 0.995 0.941 0.795
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 **********************
CURRENT BALANCE: $28,800,000.00 DATED DATE: 08/01/97
COUPON: 6.430% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $28,800,000.00 BOND IA2 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 6.559 6.563 6.570 6.573 6.582
99-24+ 6.554 6.558 6.564 6.566 6.575
99-25 6.550 6.553 6.558 6.560 6.568
99-25+ 6.545 6.548 6.552 6.554 6.560
99-26 6.540 6.543 6.546 6.548 6.553
99-26+ 6.536 6.538 6.541 6.542 6.546
99-27 6.531 6.533 6.535 6.536 6.539
99-27+ 6.527 6.528 6.529 6.530 6.532
99-28 6.522 6.522 6.523 6.524 6.525
99-28+ 6.517 6.517 6.517 6.518 6.518
99-29 6.513 6.512 6.512 6.511 6.510
99-29+ 6.508 6.507 6.506 6.505 6.503
99-30 6.503 6.502 6.500 6.499 6.496
99-30+ 6.499 6.497 6.494 6.493 6.489
99-31 6.494 6.492 6.488 6.487 6.482
99-31+ 6.490 6.487 6.483 6.481 6.475
100-00 6.485 6.482 6.477 6.475 6.468
100-00+ 6.480 6.477 6.471 6.469 6.461
100-01 6.476 6.472 6.465 6.463 6.453
100-01+ 6.471 6.466 6.460 6.456 6.446
100-02 6.467 6.461 6.454 6.450 6.439
100-02+ 6.462 6.456 6.448 6.444 6.432
100-03 6.457 6.451 6.442 6.438 6.425
100-03+ 6.453 6.446 6.436 6.432 6.418
100-04 6.448 6.441 6.431 6.426 6.411
100-04+ 6.444 6.436 6.425 6.420 6.404
100-05 6.439 6.431 6.419 6.414 6.396
100-05+ 6.434 6.426 6.413 6.408 6.389
100-06 6.430 6.421 6.407 6.402 6.382
100-06+ 6.425 6.416 6.402 6.396 6.375
100-07 6.421 6.410 6.396 6.390 6.368
100-07+ 6.416 6.405 6.390 6.383 6.361
First Payment 2.772 2.439 2.106 2.022 1.689
Average Life 3.963 3.537 3.064 2.895 2.441
Last Payment 5.272 4.689 4.106 3.856 3.272
Mod.Dur. @ 100-00 3.374 3.052 2.683 2.549 2.181
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 **********************
CURRENT BALANCE: $23,800,000.00 DATED DATE: 08/01/97
COUPON: 6.620% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $23,800,000.00 BOND IA3 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 6.739 6.741 6.745 6.747 6.752
99-24+ 6.736 6.738 6.741 6.743 6.748
99-25 6.733 6.735 6.738 6.739 6.743
99-25+ 6.730 6.731 6.734 6.735 6.739
99-26 6.727 6.728 6.730 6.731 6.734
99-26+ 6.724 6.725 6.727 6.727 6.730
99-27 6.721 6.722 6.723 6.723 6.725
99-27+ 6.718 6.718 6.719 6.719 6.721
99-28 6.715 6.715 6.715 6.716 6.716
99-28+ 6.712 6.712 6.712 6.712 6.712
99-29 6.709 6.708 6.708 6.708 6.707
99-29+ 6.706 6.705 6.704 6.704 6.703
99-30 6.703 6.702 6.701 6.700 6.698
99-30+ 6.700 6.699 6.697 6.696 6.693
99-31 6.697 6.695 6.693 6.692 6.689
99-31+ 6.694 6.692 6.689 6.688 6.684
100-00 6.691 6.689 6.686 6.684 6.680
100-00+ 6.688 6.685 6.682 6.680 6.675
100-01 6.685 6.682 6.678 6.676 6.671
100-01+ 6.682 6.679 6.674 6.673 6.666
100-02 6.679 6.676 6.671 6.669 6.662
100-02+ 6.676 6.672 6.667 6.665 6.657
100-03 6.673 6.669 6.663 6.661 6.653
100-03+ 6.670 6.666 6.660 6.657 6.648
100-04 6.667 6.662 6.656 6.653 6.644
100-04+ 6.664 6.659 6.652 6.649 6.639
100-05 6.661 6.656 6.649 6.645 6.635
100-05+ 6.658 6.653 6.645 6.641 6.630
100-06 6.655 6.649 6.641 6.638 6.626
100-06+ 6.652 6.646 6.637 6.634 6.621
100-07 6.649 6.643 6.634 6.630 6.617
100-07+ 6.646 6.640 6.630 6.626 6.612
First Payment 5.272 4.689 4.106 3.856 3.272
Average Life 6.672 5.938 5.111 4.819 4.053
Last Payment 8.272 7.439 6.356 6.022 4.939
Mod.Dur. @ 100-00 5.201 4.734 4.183 3.981 3.431
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 *********************
CURRENT BALANCE: $10,100,000.00 DATED DATE: 08/01/97
COUPON: 6.840% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $10,100,000.00 BOND IA4 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 6.959 6.961 6.963 6.964 6.969
99-24+ 6.957 6.958 6.960 6.961 6.965
99-25 6.954 6.955 6.957 6.958 6.962
99-25+ 6.952 6.953 6.954 6.955 6.958
99-26 6.949 6.950 6.952 6.952 6.955
99-26+ 6.947 6.948 6.949 6.949 6.951
99-27 6.945 6.945 6.946 6.946 6.948
99-27+ 6.942 6.943 6.943 6.943 6.944
99-28 6.940 6.940 6.940 6.940 6.941
99-28+ 6.937 6.937 6.937 6.937 6.937
99-29 6.935 6.935 6.934 6.934 6.934
99-29+ 6.933 6.932 6.932 6.931 6.930
99-30 6.930 6.930 6.929 6.928 6.927
99-30+ 6.928 6.927 6.926 6.925 6.923
99-31 6.925 6.925 6.923 6.922 6.920
99-31+ 6.923 6.922 6.920 6.919 6.916
100-00 6.921 6.919 6.917 6.916 6.913
100-00+ 6.918 6.917 6.914 6.913 6.909
100-01 6.916 6.914 6.912 6.910 6.906
100-01+ 6.914 6.912 6.909 6.907 6.902
100-02 6.911 6.909 6.906 6.904 6.899
100-02+ 6.909 6.907 6.903 6.901 6.895
100-03 6.906 6.904 6.900 6.898 6.892
100-03+ 6.904 6.901 6.897 6.895 6.888
100-04 6.902 6.899 6.894 6.892 6.885
100-04+ 6.899 6.896 6.892 6.889 6.881
100-05 6.897 6.894 6.889 6.886 6.878
100-05+ 6.894 6.891 6.886 6.883 6.874
100-06 6.892 6.889 6.883 6.880 6.871
100-06+ 6.890 6.886 6.880 6.877 6.867
100-07 6.887 6.883 6.877 6.874 6.864
100-07+ 6.885 6.881 6.874 6.871 6.860
First Payment 8.272 7.439 6.356 6.022 4.939
Average Life 9.021 8.175 7.111 6.696 5.515
Last Payment 9.856 8.939 7.856 7.439 6.189
Mod.Dur. @ 100-00 6.501 6.047 5.437 5.187 4.435
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 **********************
CURRENT BALANCE: $19,351,000.00 DATED DATE: 08/01/97
COUPON: 7.020% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $19,351,000.00 BOND IA5 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 7.141 7.142 7.143 7.144 7.146
99-24+ 7.139 7.139 7.141 7.141 7.144
99-25 7.137 7.137 7.138 7.139 7.141
99-25+ 7.135 7.135 7.136 7.137 7.138
99-26 7.133 7.133 7.134 7.134 7.136
99-26+ 7.131 7.131 7.131 7.132 7.133
99-27 7.128 7.129 7.129 7.129 7.130
99-27+ 7.126 7.127 7.127 7.127 7.127
99-28 7.124 7.125 7.125 7.125 7.125
99-28+ 7.122 7.122 7.122 7.122 7.122
99-29 7.120 7.120 7.120 7.120 7.119
99-29+ 7.118 7.118 7.118 7.118 7.117
99-30 7.116 7.116 7.115 7.115 7.114
99-30+ 7.114 7.114 7.113 7.113 7.111
99-31 7.112 7.112 7.111 7.110 7.109
99-31+ 7.110 7.110 7.109 7.108 7.106
100-00 7.108 7.108 7.106 7.106 7.103
100-00+ 7.106 7.105 7.104 7.103 7.101
100-01 7.104 7.103 7.102 7.101 7.098
100-01+ 7.102 7.101 7.099 7.099 7.095
100-02 7.100 7.099 7.097 7.096 7.093
100-02+ 7.098 7.097 7.095 7.094 7.090
100-03 7.096 7.095 7.093 7.091 7.087
100-03+ 7.094 7.093 7.090 7.089 7.085
100-04 7.092 7.091 7.088 7.087 7.082
100-04+ 7.090 7.088 7.086 7.084 7.079
100-05 7.088 7.086 7.083 7.082 7.077
100-05+ 7.086 7.084 7.081 7.080 7.074
100-06 7.084 7.082 7.079 7.077 7.071
100-06+ 7.082 7.080 7.077 7.075 7.069
100-07 7.080 7.078 7.074 7.073 7.066
100-07+ 7.078 7.076 7.072 7.070 7.063
First Payment 9.856 8.939 7.856 7.439 6.189
Average Life 11.763 10.891 9.750 9.285 7.865
Last Payment 13.606 12.856 12.022 11.522 10.106
Mod.Dur. @ 100-00 7.713 7.329 6.792 6.561 5.810
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 **********************
CURRENT BALANCE: $11,506,000.00 DATED DATE: 08/01/97
COUPON: 7.210% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $11,506,000.00 BOND IA6 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 7.335 7.335 7.336 7.336 7.337
99-24+ 7.333 7.333 7.334 7.334 7.335
99-25 7.331 7.331 7.332 7.332 7.333
99-25+ 7.329 7.329 7.330 7.330 7.331
99-26 7.327 7.327 7.328 7.328 7.329
99-26+ 7.325 7.325 7.326 7.326 7.326
99-27 7.323 7.324 7.324 7.324 7.324
99-27+ 7.322 7.322 7.322 7.322 7.322
99-28 7.320 7.320 7.320 7.320 7.320
99-28+ 7.318 7.318 7.318 7.318 7.318
99-29 7.316 7.316 7.316 7.316 7.315
99-29+ 7.314 7.314 7.314 7.314 7.313
99-30 7.312 7.312 7.312 7.312 7.311
99-30+ 7.310 7.310 7.310 7.309 7.309
99-31 7.309 7.308 7.308 7.307 7.307
99-31+ 7.307 7.306 7.306 7.305 7.304
100-00 7.305 7.304 7.304 7.303 7.302
100-00+ 7.303 7.302 7.302 7.301 7.300
100-01 7.301 7.300 7.300 7.299 7.298
100-01+ 7.299 7.299 7.298 7.297 7.296
100-02 7.297 7.297 7.296 7.295 7.293
100-02+ 7.296 7.295 7.294 7.293 7.291
100-03 7.294 7.293 7.292 7.291 7.289
100-03+ 7.292 7.291 7.290 7.289 7.287
100-04 7.290 7.289 7.288 7.287 7.285
100-04+ 7.288 7.287 7.286 7.285 7.282
100-05 7.286 7.285 7.284 7.283 7.280
100-05+ 7.284 7.283 7.282 7.281 7.278
100-06 7.283 7.281 7.280 7.279 7.276
100-06+ 7.281 7.279 7.278 7.277 7.274
100-07 7.279 7.277 7.276 7.275 7.271
100-07+ 7.277 7.276 7.274 7.272 7.269
First Payment 13.606 12.856 12.022 11.522 10.106
Average Life 13.606 12.856 12.022 11.522 10.424
Last Payment 13.606 12.856 12.022 11.522 10.439
Mod.Dur. @ 100-00 8.366 8.086 7.757 7.551 7.069
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 **********************
CURRENT BALANCE: $7,911,000.00 DATED DATE: 08/01/97
COUPON: 7.180% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $7,911,000.00 BOND IB1 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 7.312 7.312 7.313 7.313 7.314
99-24+ 7.309 7.309 7.310 7.310 7.311
99-25 7.306 7.307 7.307 7.307 7.308
99-25+ 7.303 7.304 7.304 7.304 7.305
99-26 7.300 7.301 7.301 7.301 7.302
99-26+ 7.298 7.298 7.298 7.298 7.299
99-27 7.295 7.295 7.295 7.295 7.295
99-27+ 7.292 7.292 7.292 7.292 7.292
99-28 7.289 7.289 7.289 7.289 7.289
99-28+ 7.286 7.286 7.286 7.286 7.286
99-29 7.284 7.283 7.283 7.283 7.283
99-29+ 7.281 7.281 7.280 7.280 7.280
99-30 7.278 7.278 7.277 7.277 7.277
99-30+ 7.275 7.275 7.274 7.274 7.274
99-31 7.272 7.272 7.271 7.271 7.271
99-31+ 7.269 7.269 7.268 7.268 7.268
100-00 7.267 7.266 7.265 7.265 7.265
100-00+ 7.264 7.263 7.262 7.262 7.261
100-01 7.261 7.260 7.260 7.259 7.258
100-01+ 7.258 7.257 7.257 7.256 7.255
100-02 7.255 7.254 7.254 7.253 7.252
100-02+ 7.252 7.252 7.251 7.250 7.249
100-03 7.250 7.249 7.248 7.247 7.246
100-03+ 7.247 7.246 7.245 7.244 7.243
100-04 7.244 7.243 7.242 7.241 7.240
100-04+ 7.241 7.240 7.239 7.238 7.237
100-05 7.238 7.237 7.236 7.235 7.234
100-05+ 7.235 7.234 7.233 7.232 7.231
100-06 7.233 7.231 7.230 7.229 7.228
100-06+ 7.230 7.229 7.227 7.226 7.224
100-07 7.227 7.226 7.224 7.223 7.221
100-07+ 7.224 7.223 7.221 7.220 7.218
First Payment 5.022 5.022 5.022 5.022 5.022
Average Life 7.408 7.190 6.936 6.842 6.577
Last Payment 10.356 9.856 9.356 9.189 8.606
Mod.Dur. @ 100-00 5.495 5.377 5.237 5.184 5.033
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 **********************
CURRENT BALANCE: $5,753,000.00 DATED DATE: 08/01/97
COUPON: 7.745% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $5,753,000.00 BOND IB2 BE-YIELD TABLE
YIELD TABLE DATE: 08/29/97
PREPAYMENT SPEED
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 7.887 7.887 7.888 7.888 7.889
99-24+ 7.885 7.885 7.885 7.886 7.887
99-24+ 7.885 7.885 7.885 7.886 7.887
99-25 7.883 7.883 7.883 7.884 7.884
99-25+ 7.881 7.881 7.881 7.881 7.882
99-26 7.879 7.879 7.879 7.879 7.880
99-26+ 7.876 7.877 7.877 7.877 7.877
99-27 7.874 7.875 7.875 7.875 7.875
99-27+ 7.872 7.873 7.873 7.873 7.873
99-28 7.870 7.870 7.870 7.870 7.870
99-28+ 7.868 7.868 7.868 7.868 7.868
99-29 7.866 7.866 7.866 7.866 7.866
99-29+ 7.864 7.864 7.864 7.864 7.863
99-30 7.862 7.862 7.862 7.862 7.861
99-30+ 7.860 7.860 7.860 7.859 7.859
99-31 7.858 7.858 7.858 7.857 7.857
99-31+ 7.856 7.856 7.855 7.855 7.854
100-00 7.854 7.854 7.853 7.853 7.852
100-00+ 7.852 7.852 7.851 7.851 7.850
100-01 7.850 7.850 7.849 7.849 7.847
100-01+ 7.848 7.848 7.847 7.846 7.845
100-02 7.846 7.846 7.845 7.844 7.843
100-02+ 7.844 7.844 7.843 7.842 7.840
100-03 7.842 7.842 7.840 7.840 7.838
100-03+ 7.840 7.840 7.838 7.838 7.836
100-04 7.838 7.837 7.836 7.835 7.833
100-04+ 7.836 7.835 7.834 7.833 7.831
100-05 7.834 7.833 7.832 7.831 7.829
100-05+ 7.832 7.831 7.830 7.829 7.826
100-06 7.830 7.829 7.828 7.827 7.824
100-06+ 7.828 7.827 7.826 7.825 7.822
100-07 7.826 7.825 7.823 7.822 7.820
100-07+ 7.824 7.823 7.821 7.820 7.817
First Payment 10.356 9.856 9.356 9.189 8.606
Average Life 12.667 12.063 11.353 10.977 10.064
Last Payment 13.606 12.856 12.022 11.522 10.439
Mod.Dur. @ 100-00 7.750 7.530 7.255 7.105 6.719
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 **********************
CURRENT BALANCE: $63,251,000.00 DATED DATE: 08/29/97
CURRENT COUPON: 5.855% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $63,251,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/29/97
ASSUMED CONSTANT LIBOR-1M 5.6250
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 29.472 30.084 30.752 31.443 32.231
99-24+ 29.067 29.640 30.266 30.914 31.652
99-25 28.661 29.197 29.781 30.386 31.074
99-25+ 28.256 28.753 29.296 29.857 30.497
99-26 27.851 28.310 28.811 29.329 29.919
99-26+ 27.446 27.867 28.326 28.800 29.341
99-27 27.042 27.424 27.841 28.272 28.764
99-27+ 26.637 26.981 27.356 27.744 28.187
99-28 26.232 26.538 26.871 27.217 27.610
99-28+ 25.828 26.095 26.387 26.689 27.033
99-29 25.424 25.653 25.903 26.162 26.457
99-29+ 25.019 25.210 25.419 25.634 25.880
99-30 24.615 24.768 24.935 25.107 25.304
99-30+ 24.211 24.326 24.451 24.580 24.728
99-31 23.807 23.884 23.967 24.053 24.152
99-31+ 23.404 23.442 23.483 23.527 23.576
100-00 23.000 23.000 23.000 23.000 23.000
100-00+ 22.596 22.558 22.517 22.474 22.424
100-01 22.193 22.117 22.034 21.947 21.849
100-01+ 21.790 21.675 21.551 21.421 21.274
100-02 21.387 21.234 21.068 20.895 20.699
100-02+ 20.984 20.793 20.585 20.369 20.124
100-03 20.581 20.352 20.102 19.844 19.549
100-03+ 20.178 19.911 19.620 19.318 18.975
100-04 19.775 19.470 19.137 18.793 18.400
100-04+ 19.372 19.030 18.655 18.268 17.826
100-05 18.970 18.589 18.173 17.743 17.252
100-05+ 18.568 18.149 17.691 17.218 16.678
100-06 18.165 17.709 17.210 16.693 16.104
100-06+ 17.763 17.268 16.728 16.169 15.531
100-07 17.361 16.828 16.246 15.644 14.958
100-07+ 16.959 16.389 15.765 15.120 14.384
First Payment 0.022 0.022 0.022 0.022 0.022
Average Life 4.780 4.287 3.845 3.473 3.117
Last Payment 13.606 12.856 12.022 11.522 10.439
Mod.Dur. @ 100-00 3.722 3.400 3.107 2.853 2.609
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 *********************
CURRENT BALANCE: $9,780,000.00 DATED DATE: 08/29/97
CURRENT COUPON: 6.025% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $9,780,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/29/97
ASSUMED CONSTANT LIBOR-1M 5.6250
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 44.449 44.501 44.547 44.604 44.654
99-24+ 44.171 44.220 44.262 44.315 44.362
99-25 43.892 43.938 43.977 44.027 44.071
99-25+ 43.614 43.656 43.693 43.739 43.780
99-26 43.336 43.375 43.409 43.451 43.489
99-26+ 43.057 43.093 43.124 43.164 43.198
99-27 42.779 42.812 42.840 42.876 42.907
99-27+ 42.501 42.530 42.556 42.588 42.616
99-28 42.223 42.249 42.272 42.300 42.325
99-28+ 41.945 41.968 41.987 42.012 42.034
99-29 41.667 41.687 41.703 41.725 41.744
99-29+ 41.389 41.405 41.419 41.437 41.453
99-30 41.111 41.124 41.135 41.150 41.162
99-30+ 40.833 40.843 40.851 40.862 40.872
99-31 40.555 40.562 40.568 40.575 40.581
99-31+ 40.278 40.281 40.284 40.287 40.290
100-00 40.000 40.000 40.000 40.000 40.000
100-00+ 39.722 39.719 39.716 39.713 39.710
100-01 39.445 39.438 39.433 39.425 39.419
100-01+ 39.167 39.157 39.149 39.138 39.129
100-02 38.890 38.877 38.865 38.851 38.839
100-02+ 38.612 38.596 38.582 38.564 38.548
100-03 38.335 38.315 38.298 38.277 38.258
100-03+ 38.058 38.035 38.015 37.990 37.968
100-04 37.780 37.754 37.732 37.703 37.678
100-04+ 37.503 37.474 37.448 37.416 37.388
100-05 37.226 37.193 37.165 37.130 37.098
100-05+ 36.949 36.913 36.882 36.843 36.808
100-06 36.672 36.633 36.599 36.556 36.519
100-06+ 36.395 36.352 36.316 36.269 36.229
100-07 36.118 36.072 36.033 35.983 35.939
100-07+ 35.841 35.792 35.750 35.696 35.649
First Payment 5.022 5.022 5.022 5.106 5.106
Average Life 6.832 6.728 6.641 6.536 6.447
Last Payment 9.022 8.772 8.522 8.272 8.106
Mod.Dur. @ 100-00 5.406 5.343 5.290 5.225 5.169
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 **********************
CURRENT BALANCE: $4,370,000.00 DATED DATE: 08/29/97
CURRENT COUPON: 6.575% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $4,370,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/29/97
ASSUMED CONSTANT LIBOR-1M 5.6250
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 98.340 98.415 98.488 98.565 98.639
99-24+ 98.131 98.201 98.270 98.342 98.411
99-25 97.922 97.987 98.051 98.119 98.184
99-25+ 97.713 97.774 97.833 97.896 97.956
99-26 97.504 97.560 97.615 97.673 97.728
99-26+ 97.295 97.346 97.397 97.450 97.501
99-27 97.086 97.133 97.179 97.227 97.273
99-27+ 96.878 96.919 96.961 97.004 97.046
99-28 96.669 96.706 96.743 96.781 96.818
99-28+ 96.460 96.493 96.525 96.558 96.591
99-29 96.251 96.279 96.307 96.336 96.363
99-29+ 96.043 96.066 96.089 96.113 96.136
99-30 95.834 95.853 95.871 95.890 95.909
99-30+ 95.626 95.639 95.653 95.668 95.681
99-31 95.417 95.426 95.435 95.445 95.454
99-31+ 95.208 95.213 95.218 95.223 95.227
100-00 95.000 95.000 95.000 95.000 95.000
100-00+ 94.792 94.787 94.782 94.778 94.773
100-01 94.583 94.574 94.565 94.555 94.546
100-01+ 94.375 94.361 94.347 94.333 94.319
100-02 94.167 94.148 94.130 94.110 94.092
100-02+ 93.958 93.935 93.912 93.888 93.865
100-03 93.750 93.722 93.695 93.666 93.638
100-03+ 93.542 93.509 93.477 93.444 93.411
100-04 93.334 93.297 93.260 93.221 93.185
100-04+ 93.126 93.084 93.043 92.999 92.958
100-05 92.918 92.871 92.825 92.777 92.731
100-05+ 92.710 92.659 92.608 92.555 92.505
100-06 92.502 92.446 92.391 92.333 92.278
100-06+ 92.294 92.233 92.174 92.111 92.051
100-07 92.086 92.021 91.957 91.889 91.825
100-07+ 91.878 91.808 91.740 91.667 91.598
First Payment 9.022 8.772 8.522 8.272 8.106
Average Life 10.223 9.907 9.615 9.325 9.064
Last Payment 11.522 11.189 10.856 10.522 10.189
Mod.Dur. @ 100-00 7.185 7.029 6.881 6.732 6.595
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 **********************
CURRENT BALANCE: $5,826,000.00 DATED DATE: 08/29/97
CURRENT COUPON: 6.775% vmf7c FIRST PAYMENT: 09/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $5,826,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/29/97
ASSUMED CONSTANT LIBOR-1M 5.6250
****** RUN TO 10% CLEAN UP CALL ******
MHP MHP MHP MHP MHP
GRP I 125% 150% 185% 200% 250%
GRP II 150% 175% 200% 225% 250%
99-24 117.872 117.950 118.052 118.132 118.321
99-24+ 117.692 117.766 117.861 117.936 118.113
99-25 117.513 117.581 117.670 117.740 117.905
99-25+ 117.333 117.396 117.479 117.544 117.697
99-26 117.153 117.212 117.288 117.348 117.489
99-26+ 116.974 117.027 117.097 117.152 117.282
99-27 116.794 116.843 116.907 116.956 117.074
99-27+ 116.614 116.658 116.716 116.761 116.867
99-28 116.435 116.474 116.525 116.565 116.659
99-28+ 116.255 116.290 116.334 116.369 116.451
99-29 116.076 116.105 116.143 116.173 116.244
99-29+ 115.897 115.921 115.953 115.978 116.037
99-30 115.717 115.737 115.762 115.782 115.829
99-30+ 115.538 115.552 115.572 115.586 115.622
99-31 115.358 115.368 115.381 115.391 115.414
99-31+ 115.179 115.184 115.190 115.195 115.207
100-00 115.000 115.000 115.000 115.000 115.000
100-00+ 114.821 114.816 114.810 114.805 114.793
100-01 114.642 114.632 114.619 114.609 114.586
100-01+ 114.463 114.448 114.429 114.414 114.379
100-02 114.283 114.264 114.238 114.219 114.171
100-02+ 114.104 114.080 114.048 114.023 113.964
100-03 113.925 113.896 113.858 113.828 113.757
100-03+ 113.746 113.712 113.668 113.633 113.551
100-04 113.567 113.528 113.478 113.438 113.344
100-04+ 113.389 113.345 113.287 113.243 113.137
100-05 113.210 113.161 113.097 113.048 112.930
100-05+ 113.031 112.977 112.907 112.852 112.723
100-06 112.852 112.794 112.717 112.657 112.516
100-06+ 112.673 112.610 112.527 112.463 112.310
100-07 112.495 112.426 112.337 112.268 112.103
100-07+ 112.316 112.243 112.147 112.073 111.896
First Payment 11.522 11.189 10.856 10.522 10.189
Average Life 13.049 12.495 11.841 11.385 10.431
Last Payment 13.606 12.856 12.022 11.522 10.439
Mod.Dur. @ 100-00 8.351 8.129 7.857 7.657 7.221
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 ***********************
______________________________________________________________________________
- VMF7C
- Cut Off Date of Tape is 7/25/97
- Fix
- $143,821,359.24
- Mortgage Summary Report
______________________________________________________________________________
Number of Mortgage Loans: 4,718
Aggregate Unpaid Principal Balance: $143,821,359.24
Aggregate Original Principal Balance: $147,017,307.66
Weighted Average Gross Coupon: 11.345%
Gross Coupon Range: 7.810% - 18.000%
______________________________________________________________________________
Average Unpaid Principal Balance: $30,483.54
Average Original Principal Balance: $31,160.94
Maximum Unpaid Principal Balance: $440,000.00
Minimum Unpaid Principal Balance: $3,282.26
Maximum Original Principal Balance: $440,000.00
Minimum Original Principal Balance: $3,310.90
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 201.247
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age : 7.255
Age Range: 0.000 - 95.000
Weighted Average Original Term: 208.502
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 89.216
Original LTV Range: 9.830% - 100.000%
______________________________________________________________________________
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 ***********************
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 374 11,222,066.74 7.80
AR 41 1,171,121.73 0.81
AZ 82 3,138,987.66 2.18
CA 3 75,447.30 0.05
CO 58 2,003,860.51 1.39
DC 3 165,796.89 0.12
DE 22 762,700.66 0.53
FL 139 3,970,881.70 2.76
GA 196 5,150,937.75 3.58
IA 17 459,015.86 0.32
ID 12 489,528.11 0.34
IL 8 209,756.89 0.15
IN 17 473,168.86 0.33
KS 7 189,060.04 0.13
KY 162 3,715,278.89 2.58
LA 121 4,753,898.93 3.31
MA 1 13,787.76 0.01
MD 45 1,501,072.59 1.04
ME 5 165,615.14 0.12
MI 29 1,110,820.74 0.77
MO 44 1,288,131.31 0.90
MS 188 5,581,369.04 3.88
MT 16 555,809.06 0.39
NC 577 15,952,852.32 11.09
NH 1 12,000.00 0.01
NJ 2 49,133.76 0.03
NM 45 1,819,120.33 1.26
NV 32 797,285.68 0.55
NY 38 1,085,669.95 0.75
OH 127 3,353,160.81 2.33
OK 30 1,161,181.62 0.81
OR 8 321,387.37 0.22
PA 28 707,435.42 0.49
RI 2 48,700.18 0.03
SC 527 14,900,108.19 10.36
TN 583 15,597,435.63 10.85
TX 760 28,909,978.66 20.10
VA 285 8,775,209.57 6.10
WV 83 2,162,585.59 1.50
__________________________________________________________________________
Total............... 4718 $143,821,359.24 100.00%
==========================================================================
YEAR OF ORIGINATION
____________________________________________________
Year of # of % of Current
Origination Loans Pool Balance
1986 2 .01 $21,049
1987 2 .02 $25,783
1988 1 .01 $20,739
1989 8 .16 $226,533
1990 19 .45 $652,727
1991 26 .44 $626,076
1992 535 7.10 $10,204,975
1993 3 .07 $100,691
1994 1 .03 $40,920
1995 19 .37 $536,240
1996 486 10.54 $15,155,477
1997 3,616 80.80 $116,210,149
____________________________________________________
Total... 4,718 100.00% $143,821,359
====================================================
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 *************************
ORIGINAL CONTRACT BALANCES
______________________________________________________________
Total
# of Current
Original Loan Amount Contracts Balance
Balance <= 5,000 1 0.00 3,282
5,000 < Balance <= 10,000 97 0.54 782,435
10,000 < Balance <= 15,000 369 3.21 4,618,517
15,000 < Balance <= 20,000 680 7.81 11,232,460
20,000 < Balance <= 25,000 856 12.87 18,510,563
25,000 < Balance <= 30,000 689 12.79 18,389,095
30,000 < Balance <= 35,000 553 12.22 17,576,561
35,000 < Balance <= 40,000 399 10.21 14,687,786
40,000 < Balance <= 45,000 306 8.91 12,819,640
45,000 < Balance <= 50,000 227 7.42 10,673,791
50,000 < Balance <= 55,000 169 6.07 8,728,578
55,000 < Balance <= 60,000 117 4.66 6,705,914
60,000 < Balance <= 65,000 79 3.41 4,905,982
65,000 < Balance <= 70,000 58 2.71 3,900,857
70,000 < Balance <= 75,000 35 1.76 2,526,426
75,000 < Balance <= 80,000 24 1.29 1,853,890
80,000 < Balance <= 85,000 17 0.97 1,399,162
85,000 < Balance <= 90,000 17 1.03 1,484,729
90,000 < Balance <= 95,000 4 0.26 367,202
95,000 < Balance <= 100,000 6 0.40 580,180
100,000 < Balance <= 105,000 4 0.28 406,464
105,000 < Balance <= 110,000 6 0.44 639,044
125,000 < Balance <= 130,000 1 0.09 125,181
130,000 < Balance <= 135,000 1 0.09 134,121
Balance > 135,000 3 0.54 769,500
______________________________________________________________
Total... 4,718 100.00% $143,821,359
==============================================================
ORIGINAL LTV RANGE - rounded to 1%
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61% 147 3,245,812.91 2.26
From 61% to 65.999% 89 2,488,367.40 1.73
From 66% to 70.999% 119 3,568,736.62 2.48
From 71% to 75.999% 177 4,804,832.02 3.34
From 76% to 80.999% 299 8,471,397.33 5.89
From 81% to 85.999% 462 13,866,944.44 9.64
From 86% to 90.999% 1299 38,849,868.33 27.01
From 91% to 100.00% 2126 68,525,400.19 47.65
__________________________________________________________________________
Total.................... 4718 $143,821,359.24 100.00%
==========================================================================
GROSS COUPON
________________________________________________________________
Gross Current
Coupon # Loans % Pool Balance
7.00% < Gross Coupon <= 8.00% 5 .18 $263,856.53
8.00% < Gross Coupon <= 9.00% 151 5.57 $8,009,571.72
9.00% < Gross Coupon <= 10.00% 493 14.34 $20,616,949.66
10.00% < Gross Coupon <= 11.00% 1,195 27.04 $38,886,861.77
11.00% < Gross Coupon <= 12.00% 1,282 27.86 $40,067,809.82
12.00% < Gross Coupon <= 13.00% 845 14.75 $21,215,625.72
13.00% < Gross Coupon <= 14.00% 489 6.73 $9,684,962.50
14.00% < Gross Coupon <= 15.00% 209 2.96 $4,256,410.42
15.00% < Gross Coupon <= 16.00% 31 .39 $558,561.71
16.00% < Gross Coupon <= 17.00% 5 .06 $85,847.71
17.00% < Gross Coupon <= 18.00% 13 .12 $174,901.68
________________________________________________________________
Total..... 4,718 100.00% $143,821,359.24
================================================================
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 **************************
REMAINING TERM
__________________________________________________________
# of % of Current
Remaining Term Loans Pool Balance
20 < Rem Term <= 72 177 1.45 $2,085,855
73 < Rem Term <= 84 307 3.32 $4,781,886
85 < Rem Term <= 120 948 13.10 $18,847,126
121 < Rem Term <= 156 533 9.22 $13,267,378
157 < Rem Term <= 180 758 15.88 $22,841,948
181 < Rem Term <= 240 1,503 38.94 $56,006,459
241 < Rem Term <= 299 297 10.24 $14,728,367
300 < Rem Term <= 360 195 7.83 $11,262,340
__________________________________________________________
Total..... 4,718 100.00% $143,821,359
==========================================================
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 **********************
______________________________________________________________________________
- VMF7C
- Cut Off Date of Tape is 7/25/97
- ARM
- $83,227,736.09
_______________________________________________________________________________
Number of Mortgage Loans:2,527
Index: 5 Yr. CMT
Aggregate Unpaid Principal Balance: $83,227,736.09
Aggregate Original Principal Balance: $83,402,211.92
_________________________________________________________________________
Weighted Average Coupon (Gross): 10.823%
Gross Coupon Range: 7.990% - 15.500%
Weighted Average Margin (Gross): 4.259%
Gross Margin Range: 1.230% - 9.300%
Weighted Average Life Cap (Gross): 16.528%
Gross Life Cap Range: 13.990% - 21.500%
Weighted Average Life Floor (Gross): 4.259%
Gross Life Floor Range: 1.230% - 9.300%
_________________________________________________________________________
Average Unpaid Principal Balance: $32,935.39
Average Original Principal Balance: $33,004.44
Maximum Unpaid Principal Balance: $103,988.50
Minimum Unpaid Principal Balance: $5,978.54
Maximum Original Principal Balance: $104,126.50
Minimum Original Principal Balance: $5,978.54
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 192.849
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.514
Age Range: 0.000 - 6.000
Weighted Average Original Term: 193.363
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 87.831
Original LTV Range: 19.390% - 100.000%
Weighted Average Periodic Interest Cap: 1.534%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.598
* rolldate computed from 8/97 to next rolldate
Months to Interest Roll Range: 5 - 14
Weighted Average Interest Roll Frequency: 12.000
Interest Frequency Range: 12 - 12
_______________________________________________________________________________
GROSS COUPON
_________________________________________________________________
Gross Current
Coupon # Loans % Pool Balance
7.00% < Gross Coupon <= 8.00% 2 .15 $128,775.28
8.00% < Gross Coupon <= 9.00% 31 1.83 $1,520,640.21
9.00% < Gross Coupon <= 10.00% 659 32.04 $26,666,520.24
10.00% < Gross Coupon <= 11.00% 753 30.87 $25,690,600.41
11.00% < Gross Coupon <= 12.00% 689 23.82 $19,827,832.72
12.00% < Gross Coupon <= 13.00% 279 8.42 $7,006,861.55
13.00% < Gross Coupon <= 14.00% 87 2.16 $1,801,207.54
14.00% < Gross Coupon <= 15.00% 24 .65 $541,870.34
15.00% < Gross Coupon <= 16.00% 3 .05 $43,427.80
_________________________________________________________________
Total..... 2,527 100.00% $83,227,736.09
=================================================================
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 ***********************
GEOGRAPHIC DISTRIBUTION
______________________________________________________________
Current
State # Loans % Pool Balance
Alabama 14 .64 $534,130
Arkansas 20 .78 $649,705
Arizona 35 1.29 $1,072,183
California 3 .10 $85,373
Colorado 7 .29 $244,801
Delaware 2 .06 $48,947
Florida 149 5.46 $4,544,127
Georgia 41 1.51 $1,253,406
Illinois 1 .03 $24,431
Indiana 13 .48 $395,647
Kansas 4 .16 $132,353
Kentucky 216 8.20 $6,826,422
Louisiana 52 2.03 $1,686,004
Maryland 1 .07 $54,600
Michigan 2 .05 $38,164
Missouri 32 1.21 $1,007,516
Mississippi 32 1.15 $955,734
North Carolina 382 16.32 $13,584,921
New Jersey 7 .35 $289,981
New Mexico 36 1.48 $1,228,079
Nevada 1 .04 $36,431
New York 5 .21 $176,900
Ohio 59 1.86 $1,550,341
Oklahoma 34 1.18 $985,705
Oregon 5 .25 $204,249
Pennsylvania 2 .06 $53,988
Rhode Island 1 .05 $40,080
South Carolina 311 14.33 $11,922,913
Tennessee 269 10.67 $8,881,324
Texas 651 24.06 $20,020,636
Virginia 121 4.93 $4,101,720
Washington 1 .03 $28,652
West Virginia 18 .68 $568,273
_____________________________________________________________
Total..... 2,527 100.00% $83,227,736
=============================================================
ORIGINAL LTV RANGE - rounded to 1%
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61% 68 1,808,320.57 2.17
From 61% to 65.999% 55 1,620,193.59 1.95
From 66% to 70.999% 58 1,900,511.85 2.28
From 71% to 75.999% 92 3,237,625.93 3.89
From 76% to 80.999% 178 6,445,088.21 7.74
From 81% to 85.999% 318 11,488,809.73 13.80
From 86% to 90.999% 666 22,510,738.23 27.05
From 91% to 100.00% 1092 34,216,447.98 41.11
__________________________________________________________________________
Total.................... 2527 $ 83,227,736.09 100.00%
==========================================================================
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.
************************** PRELIMINARY INFORMATION ONLY *********************
ORIGINAL CONTRACT BALANCES
________________________________________________________________
Total
# of Current
Original Loan Amount Contracts Balance
5,000 < Balance <= 10,000 31 0.32 266,427
10,000 < Balance <= 15,000 118 1.85 1,539,442
15,000 < Balance <= 20,000 264 5.63 4,686,730
20,000 < Balance <= 25,000 345 9.38 7,810,530
25,000 < Balance <= 30,000 433 14.28 11,882,948
30,000 < Balance <= 35,000 424 16.49 13,721,650
35,000 < Balance <= 40,000 268 12.04 10,017,151
40,000 < Balance <= 45,000 179 9.11 7,582,269
45,000 < Balance <= 50,000 166 9.48 7,891,643
50,000 < Balance <= 55,000 111 6.95 5,783,328
55,000 < Balance <= 60,000 73 5.02 4,177,632
60,000 < Balance <= 65,000 57 4.26 3,546,110
65,000 < Balance <= 70,000 25 2.01 1,675,998
70,000 < Balance <= 75,000 11 0.96 796,071
75,000 < Balance <= 80,000 8 0.74 616,410
80,000 < Balance <= 85,000 5 0.50 414,662
85,000 < Balance <= 90,000 5 0.52 434,210
90,000 < Balance <= 95,000 2 0.22 182,728
95,000 < Balance <= 100,000 1 0.12 97,806
100,000 < Balance <= 105,000 1 0.12 103,989
________________________________________________________________
Total... 2,527 100.00% $83,227,736
===============================================================
LOAN TYPE
___________________________________________________________
Loan Current
Type # Loans % Pool Balance
Conventional Loans 2,376 95.36 $79,364,612
Grad Pay (36-12) 1 .04 $31,038
Land Component Loans 5 .43 $355,458
Repo,Refi Loans 145 4.18 $3,476,629
________________________________________________________________
Total..... 2,527 100.00% $83,227,736
================================================================
Origination
__________________________________________________________
Current
Origination # Loans % Pool Balance
Vanderbilt 2,527 100.00 $83,227,736
__________________________________________________________
Total..... 2,527 100.00% $83,227,736
==========================================================
YEAR OF ORIGINATION
_____________________________________________________
Year of # of % of Current
Origination Loans Pool Balance
1997 2,527 100.00 $83,227,736
_____________________________________________________
Total... 2,527 100.00% $83,227,736
=====================================================
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 ***********************
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.50 < Life Cap <= 14.00 2 128,775.28 0.15
14.00 < Life Cap <= 14.50 19 928,760.88 1.12
14.50 < Life Cap <= 15.00 84 3,414,158.25 4.10
15.00 < Life Cap <= 15.50 282 10,049,931.86 12.08
15.50 < Life Cap <= 16.00 556 22,255,369.47 26.74
16.00 < Life Cap <= 16.50 439 14,039,128.26 16.87
16.50 < Life Cap <= 17.00 349 11,548,137.52 13.88
17.00 < Life Cap <= 17.50 335 9,681,583.87 11.63
17.50 < Life Cap <= 18.00 215 5,584,176.87 6.71
18.00 < Life Cap <= 18.50 88 2,031,007.13 2.44
18.50 < Life Cap <= 19.00 79 2,035,975.92 2.45
19.00 < Life Cap <= 19.50 45 848,977.10 1.02
19.50 < Life Cap <= 20.00 18 373,526.98 0.45
20.00 < Life Cap <= 20.50 5 125,744.95 0.15
20.50 < Life Cap <= 21.00 8 139,053.95 0.17
21.00 < Life Cap <= 21.50 3 43,427.80 0.05
__________________________________________________________________________
Total................. 2,527 $ 83,227,736.09 100.00%
==========================================================================
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 9 567,420.66 0.68
2.0 < Margin <= 3.0 197 7,994,807.12 9.61
3.0 < Margin <= 4.0 857 31,848,812.06 38.27
4.0 < Margin <= 5.0 792 25,550,515.34 30.70
5.0 < Margin <= 6.0 423 11,320,215.48 13.60
6.0 < Margin <= 7.0 194 4,697,415.55 5.64
7.0 < Margin <= 8.0 39 974,771.18 1.17
8.0 < Margin <= 9.0 14 236,329.44 0.28
9.0 < Margin <= 10.0 2 37,449.26 0.04
__________________________________________________________________________
Total................. 2,527 $ 83,227,736.09 100.00%
==========================================================================
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
01/01/98 1 $39,976.81 00.05
04/01/98 12 $326,679.68 00.39
05/01/98 383 $11,885,749.77 14.28
06/01/98 784 $25,571,441.29 30.72
07/01/98 939 $31,882,642.21 38.31
08/01/98 300 $10,059,093.54 12.09
09/01/98 104 $3,342,758.41 04.02
10/01/98 4 $119,394.38 00.14
_____________________________________________________
Total........ 2527 $83,227,736.09 100.00%
=====================================================
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.
************************** PRELIMINARY INFORMATION ONLY ***********************
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 1201 38,763,515.41 46.58
2.000 1326 44,464,220.68 53.42
__________________________________________________________________________
Total................. 2527 $ 83,227,736.09 100.00%
==========================================================================
REMAINING TERM
___________________________________________________________
# of % of Current
Remaining Term Loans Pool Balance
20 < Rem Term <= 72 31 .40 $333,618
73 < Rem Term <= 84 90 1.78 $1,479,085
85 < Rem Term <= 120 258 6.73 $5,598,878
121 < Rem Term <= 156 378 11.84 $9,857,613
157 < Rem Term <= 180 560 19.99 $16,641,186
181 < Rem Term <= 240 1,129 54.10 $45,023,053
241 < Rem Term <= 299 42 2.50 $2,083,068
300 < Rem Term <= 360 39 2.66 $2,211,236
___________________________________________________________
Total..... 2,527 100.00% $83,227,736
===========================================================
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.
