- ------------------------------------------------------------------------------
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 13, 1998
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as
of October 26, 1998, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured Housing
Contract Senior/Subordinate Pass-Through Certificates,
Series 1998D).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
-----------------------------------------------
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-43583 62-0997810
- ------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Alcoa Trail
Maryville, Tennessee 37804
- --------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 380-3000
- -------------------------------------------------------------------
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, Series1998D, 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.
<PAGE>
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
<PAGE>
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 13,1998
<PAGE>
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 1998-D
-----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [164,495,000] Class IA-1 Fixed Rate Group Certificates - [ 6.533 %]
$ [ 16,348,000] Class IA-2 Fixed Rate Group Certificates - [ TBD %]
$ [ 4,087,000] Class IM-1 Fixed Rate Group Certificates - [ TBD %]
$ [ 7,153,000] Class IB-1 Fixed Rate Group Certificates - [ TBD %]
$ [ 12,261,000] Class IB-2 Fixed Rate Group Certificates - ****NOT OFFERED****
GROUP II CERTIFICATES:
$ [ 62,862,000] Class IIA-1 Adjustable Rate Group Certificates - [1M LIBOR +
TBD bps]
$ [ 9,817,000] Class IIB-1 Adjustable Rate Group Certificates - [1M LIBOR +
TBD bps]
$ [ 3,760,000] Class IIB-2 Adjustable Rate Group Certificates - [1M LIBOR +
TBD bps]
$ [ 7,101,000] Class IIB-3 Adjustable Rate Group Certificates - ****NOT
OFFERED****
- ------------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1998-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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-D
Preliminary Marketing Memo
Title of Securities: VMF 1998-D, Class I A-1, Class I A-2, Class I M-1,
Class I B-1 and Class I B-2 Fixed Rate Group
Certificates and Class II A-1, Class II B-1,
Class II B-2 and Class II B-3 Adjustable Rate
Group Certificates
Offered Certificates: Class IA-1, Class I A-2, Class I M-1, Class I B-1
Fixed Rate Group Certificates and Class II
A-1, Class II B-1, and Class II B-2 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
N/A
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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
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> <C> <C>
Class IA-1 + IIA-1 (AAA/AAA) [19.50]% [24.75]%
Class IA-2 + IIB-1 (AA-/AA-) [11.50]% [13.00]%
Class IM-1 (A/A) [ 9.50]% N/A
Class IB-1 + IIB-2 (BBB/BBB) [ 6.00]% [ 8.50]%
Class IB-2 + IIB-3 (N/A)
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 + IIA-1 (AAA/AAA) [80.50]% [75.25]%
Class IA-2 + IIB-1 (AA-/AA-) [ 8.00]% [11.75]%
Class IM-1 (A/A) [ 2.00]% N/A
Class IB-1 + IIB-2 (BBB/BBB) [ 3.50]% [ 4.50]%
Class 1B-2 + IIB-3 (N/A) [ 6.00]% [ 8.50]%
O/C N/A [0 to 3.75]%
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
******************* PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-D
Preliminary Marketing Memo
- ------------------------------------------------------------------------------
Fixed-Rate Group
***CERTIFICATE***
***NOT OFFERED***
Class Class Class Class Class
I A-1 I A-2 I M-1 I B-1 I B-2
Amount($000): [164,495] 16,348 4,087 7,153 12,261]
Coupon: [6.533]% [----------------[TBD]---------------]
Approx. Price: N/A/ SOLD [----------------[TBD]---------------]
Yield(%): N/A/ SOLD [----------------[TBD]---------------]
Spread (bps): N/A/ SOLD [----------------[TBD]---------------]
Avg Life [4.252 12.536 9.059 6.193 10.731]
To Call:
Avg Life
To Mat.: [4.252 15.122 9.649 6.193 13.935]
1st Prin Pymt:
To 10% Call: [12/07/98 06/07/11 12/07/03 12/07/03 06/07/06]
Last Prin Pmt
To 10% Call: [06/07/11 06/07/11 06/07/11 06/07/06 06/07/11]
Last Prin Pmt
To Mat.: [06/07/11 12/07/17 12/07/17 06/07/06 03/07/28]
Stated Mat: [06/07/22 03/07/31 03/07/31 09/07/14 03/07/31]
Expected
Settlement: [---------------------[11/24/98] -----------------------]
Pymt Delay: [-----------------------6 days -------------------------]
Interest Pmt 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [---------------------[11/01/98]------------------------]
Ratings: AAA/AAA AA-/AA- A/A BBB/BBB N/A
(S&P/Fitch)
Pricing Date: [November , 1998]
Prepayment Speed: [200% MHP]
Total Group Size: [$204,344,274.10]
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
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.
Cashflow Priority:
PRICING
BASE CASE CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class I A-1;
2) Senior percentage of principal payments to Class I
A-1, until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-2 Certificates;
4) Senior percentage of principal payments to Class I
A-2 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) Mezzanine percentage of principal payments to Class
I M-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) Class I B percentage of principal payments to Class
I B-1 until such class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) Class I B percentage of principal payments to Class
I B-2 until such class is reduced to zero; provided
however,if the Class I A and Class I M-1 Principal
Balances have not been reduced to zero on or before
a Remittance Date, to the extent that allocations
in respect of principal to the Class I B-2
Certificates would reduce the Class I B-2 Principal
Balance below the Class I B-2 Floor Amount, then
the amount of such excess principal will instead be
distributed, pro rata, to the Class I A and the
Class I M-1 Certificates based on the Class I A and
the Class I M-1 Principal Balances. With respect to
any remittance date, the "Class I B-2 Floor Amount"
will equal [$4,086,885.48] (which represents
approsimately 2% of the Group I Cut-off Date
Principal Balance);
11) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II Certificates
except the Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
13) 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;
14) Any remainder to the Class R Certificates.
--------------------------------------------------
| | |
| I A-1 | I A-2 |
| | |
|---------------------------------------|--------|
|///////////////////| |
|///////////////////| I M-1 |
|///////////////////|--------------------------- |
|///////////////////| I B-1 | I B-2 |
--------------------------------------------------
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Pricing Date: [November , 1998]
Prepayment Speed: [200% MHP]
Total Group Size: [$204,344,274.10]
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.
Cashflow Priority:
PRICING
BASE CASE CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class I A-1;
2) Senior percentage of principal payments to Class I
A-1, until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-2 Certificates;
4) Senior percentage of principal payments to Class I
A-2 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) Mezzanine percentage of principal payments to Class
I M-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) Class I B percentage of principal payments to Class
I B-1 until such class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) Class I B percentage of principal payments to Class
I B-2 until such class is reduced to zero; provided
however,if the Class I A and Class I M-1 Principal
Balances have not been reduced to zero on or before
a Remittance Date, to the extent that allocations
in respect of principal to the Class I B-2
Certificates would reduce the Class I B-2 Principal
Balance below the Class I B-2 Floor Amount, then
the amount of such excess principal will instead be
distributed, pro rata, to the Class I A and the
Class I M-1 Certificates based on the Class I A and
the Class I M-1 Principal Balances. With respect to
any remittance date, the "Class I B-2 Floor Amount"
will equal [$4,086,885.48] (which represents
approsimately 2% of the Group I Cut-off Date
Principal Balance);
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
11) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II Certificates
except the Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
13) 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;
14) Any remainder to the Class R Certificates.
--------------------------------------------------
| | |
| I A-1 | I A-2 |
| | |
|---------------------------------------|--------|
|///////////////////| |
|///////////////////| I M-1 |
|///////////////////|--------------------------- |
|///////////////////| I B-1 | I B-2 |
--------------------------------------------------
5 yrs
Cashflow Priority:
CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 Certificates;
2) 100% of principal payments to Class I A-1, until
such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-2 Certificates;
4) 100% of principal payments to Class I A-2 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) 100% of principal payments to Class I M-1 until
such Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) 100% of principal payments to Class I B-1 until
such Class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) 100% of principal payments to Class I B-2 until
such Class is reduced to zero;
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
11) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II Certificates
except the Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
13) 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;
14) Any remainder to the Class R Certificates.
-----------------------------------------
| | | | | |
| | | | | |
| I A-1 | I A-2 | I M-1 | I B-1 | I B-2 |
| | | | | |
|-------|-------|-------|-------|-------|
Class I M-1 and Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET IF:
1) Remittance Date is on or after December 2003
2) Class I M-1 Percentage plus Class I B Percentage is
at least [20.126] % (which is 1.75 times the
original Class I B Percentage)
3) Cumulative Realized Losses do not exceed [7]% for
year 2003, [8]% for year 2004, and [9]% for year
2005 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 the Class I B-2 Floor Amount.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
******************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-D
Preliminary Marketing Memo
- -----------------------------------------------------------------------------
Adjustable-Rate Certificates
*** CERTIFICATE***
*** NOT OFFERED***
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- ------------------------------------------------------------------------------
Amount(000): [62,862 9,817 3,760 7,101]
Coupon: 1ML+ [TBD]bps 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD]
Approx. Price: [------------------------TBD--------------------------]
Avg Life
To Call: [3.872 5.912 7.938 11.438]
Avg Life
To Mat: [3.985 5.912 7.938 12.367]
1st Prin Pymt:
To 10% Call: [12/07/98 12/07/03 11/07/05 12/07/07]
Last Prin Pmt
To 10% Call: [06/07/11 11/07/05 12/07/07 06/07/11]
Last Prin Pmt
To Mat.: [03/07/15 11/07/05 12/07/07 05/07/16]
Stated Maturity: [01/07/29 07/07/14 07/07/15 01/07/29]
Expected
Settlement: [------------------------11/24/98-----------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [11/24/98] [11/24/98] [11/24/98] [11/24/98]
Rating: AAA/AAA AA-/AA- BBB/BBB (N/A)
(S&P/Fitch)
Pricing Date: [November , 1998]
Prepayment Speed [225% MHP]
Total Group Size: [$83,540,463.30]
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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon
on the Class Adjustable Rate Certificates :
IIA-1 - shall increase to [2x] the respective margin
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.
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
provided, however, if the Class II A-1 Principal
Balance has not been reduced to zero on or before a
Remittance Date, to the extent that allocations in
respect of principal to the Class II B-3
Certificates would reduce the sum of the Class II
B-3 Principal Balance and the Overcollateralization
Amount below the Group II Certificate Floor Amount,
then the amount of such excess principal will
instead be distributed to the Class II A-1
Certificates. With respect to any Remittance Date,
the "Group II Certificate Floor Amount" will equal
[$1,670,809.27 ] (which represents approximately 2%
of Group II Cut-off Date Principal Balance);
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I Certificates
except the Net Funds Cap Carryover Amount;
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
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 the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
5 yrs
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 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 2003
2) Class II B Percentage + O/C is at least [50.0%]
3) Cumulative Realized Losses do not exceed [7]% for
year 2003 , [8]% for year 2004 , and [9]% for
year 2005 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 the Group II Certificate
Floor Amount.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-D
Preliminary Marketing Memo
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the aggregate remaining pool
balance of both Groups is less than 10% of Cut-off
Date pool principal 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, 1998.
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-1, A-2, I M-1, I B-1 and I B-2
certificates. For 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 Group II
Certificates. For 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 Certificates and the Class II A-1
will be ERISA eligible. The Class I A-2, Class I M-1,
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 [ $204,344,274.10 $83,540,463.30 ]
Avg Unpaid Balance: [ $34,587.72 $36,008.82 ]
Max Original Balance: [ $149,946.59 $198,750.00 ]
WAC: [ 10.423% 10.141% ]
WAC Range: [ 7.250% - 17.000% 7.990% - 15.490% ]
WAM: [ 236.233 219.046 ]
WA Orig Term [ 239.922 219.826 ]
WALTV: [ 85.122% 86.111% ]
New [ 73.11% 78.81% ]
Used [ 26.89% 21.19% ]
Single [ 48.59% 48.38% ]
Multi [ 51.41% 51.62% ]
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 INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Projected Available Funds Cap of GROUP II:
=========================================
(GROSS COUPON - [75] bp CARVE-OUT, Using 30/360 Day Count)
* Assuming VMF is the servicer
DATE COUPON
- -------------
12/98 9.392
01/99 9.392
02/99 9.392
03/99 9.392
04/99 9.392
05/99 9.392
06/99 9.392
07/99 9.368
08/99 9.368
09/99 9.113
10/99 8.770
11/99 8.451
12/99 8.382
01/00 8.359
02/00 8.359
03/00 8.359
04/00 8.359
05/00 8.359
06/00 8.359
07/00 8.359
08/00 8.359
09/00 8.359
10/00 8.359
11/00 8.359
12/00 8.359
01/01 8.359
02/01 8.359
03/01 8.359
04/01 8.360
05/01 8.360
06/01 8.360
07/01 8.360
08/01 8.360
09/01 8.360
10/01 8.360
11/01 8.360
12/01 8.360
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $164,495,000.00 DATED DATE: 11/01/98
COUPON: 6.533% vmf98df FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $164,495,000.00 BOND IA1 BE-YIELD TABLE YIELD TABLE DATE: 11/24/98
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
GP II 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
99-24 6.664 6.658 6.661 6.668 6.671 6.675
99-24+ 6.660 6.654 6.657 6.663 6.666 6.669
99-25 6.655 6.650 6.652 6.658 6.660 6.663
99-25+ 6.650 6.646 6.648 6.653 6.655 6.657
99-26 6.646 6.642 6.644 6.648 6.650 6.652
99-26+ 6.641 6.638 6.640 6.643 6.644 6.646
99-27 6.636 6.634 6.635 6.638 6.639 6.640
99-27+ 6.632 6.630 6.631 6.633 6.633 6.634
99-28 6.627 6.627 6.627 6.628 6.628 6.628
99-28+ 6.623 6.623 6.623 6.623 6.623 6.623
99-29 6.618 6.619 6.618 6.618 6.617 6.617
99-29+ 6.613 6.615 6.614 6.613 6.612 6.611
99-30 6.609 6.611 6.610 6.608 6.606 6.605
99-30+ 6.604 6.607 6.606 6.603 6.601 6.599
99-31 6.599 6.603 6.601 6.598 6.596 6.594
99-31+ 6.595 6.599 6.597 6.593 6.590 6.588
100-00 6.590 6.595 6.593 6.588 6.585 6.582
100-00+ 6.586 6.591 6.589 6.583 6.579 6.576
100-01 6.581 6.587 6.584 6.578 6.574 6.570
100-01+ 6.576 6.584 6.580 6.573 6.569 6.565
100-02 6.572 6.580 6.576 6.568 6.563 6.559
100-02+ 6.567 6.576 6.572 6.563 6.558 6.553
100-03 6.563 6.572 6.567 6.558 6.553 6.547
100-03+ 6.558 6.568 6.563 6.553 6.547 6.541
100-04 6.553 6.564 6.559 6.548 6.542 6.536
100-04+ 6.549 6.560 6.555 6.543 6.536 6.530
100-05 6.544 6.556 6.550 6.538 6.531 6.524
100-05+ 6.540 6.552 6.546 6.533 6.526 6.518
100-06 6.535 6.548 6.542 6.528 6.520 6.513
100-06+ 6.530 6.545 6.538 6.523 6.515 6.507
100-07 6.526 6.541 6.533 6.518 6.510 6.501
100-07+ 6.521 6.537 6.529 6.513 6.504 6.495
First Payment 0.036 0.036 0.036 0.036 0.036 0.036
Average Life 4.252 5.237 4.707 3.862 3.525 3.233
Last Payment 12.536 14.036 13.286 11.536 10.619 9.786
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $16,348,000.00 DATED DATE: 11/01/98
COUPON: TBD vmf98df FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $16,348,000.00 BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 11/24/98
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
GP II 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
99-23 7.077 7.076 7.076 7.078 7.078 7.079
99-23+ 7.075 7.074 7.074 7.076 7.076 7.077
99-24 7.073 7.072 7.072 7.074 7.074 7.075
99-24+ 7.071 7.070 7.071 7.072 7.072 7.073
99-25 7.069 7.068 7.069 7.070 7.070 7.071
99-25+ 7.067 7.067 7.067 7.068 7.068 7.068
99-26 7.065 7.065 7.065 7.066 7.066 7.066
99-26+ 7.063 7.063 7.063 7.064 7.064 7.064
99-27 7.061 7.061 7.061 7.062 7.062 7.062
99-27+ 7.060 7.059 7.059 7.060 7.060 7.060
99-28 7.058 7.058 7.058 7.058 7.058 7.058
99-28+ 7.056 7.056 7.056 7.056 7.056 7.056
99-29 7.054 7.054 7.054 7.054 7.054 7.053
99-29+ 7.052 7.052 7.052 7.052 7.052 7.051
99-30 7.050 7.050 7.050 7.050 7.049 7.049
99-30+ 7.048 7.049 7.048 7.048 7.047 7.047
99-31 7.046 7.047 7.046 7.046 7.045 7.045
99-31+ 7.044 7.045 7.045 7.044 7.043 7.043
100-00 7.042 7.043 7.043 7.042 7.041 7.041
100-00+ 7.040 7.041 7.041 7.040 7.039 7.039
100-01 7.038 7.040 7.039 7.038 7.037 7.036
100-01+ 7.036 7.038 7.037 7.036 7.035 7.034
100-02 7.035 7.036 7.035 7.034 7.033 7.032
100-02+ 7.033 7.034 7.033 7.032 7.031 7.030
100-03 7.031 7.032 7.032 7.030 7.029 7.028
100-03+ 7.029 7.031 7.030 7.028 7.027 7.026
100-04 7.027 7.029 7.028 7.026 7.025 7.024
100-04+ 7.025 7.027 7.026 7.024 7.023 7.022
100-05 7.023 7.025 7.024 7.022 7.021 7.019
100-05+ 7.021 7.023 7.022 7.020 7.019 7.017
100-06 7.019 7.022 7.021 7.018 7.017 7.015
100-06+ 7.017 7.020 7.019 7.016 7.015 7.013
First Payment 12.536 14.036 13.286 11.536 10.619 9.786
Average Life 12.536 14.036 13.286 11.931 11.303 10.724
Last Payment 12.536 14.036 13.286 11.953 11.369 10.869
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $4,087,000.00 DATED DATE: 11/01/98
COUPON: TBD vmf98df FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $4,087,000.00 BOND IM1 BE-YIELD TABLE YIELD TABLE DATE: 11/24/98
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
GP II 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
99-24 7.432 7.431 7.432 7.433 7.433 7.434
99-24+ 7.430 7.429 7.429 7.430 7.431 7.431
99-25 7.427 7.426 7.427 7.428 7.428 7.428
99-25+ 7.425 7.424 7.424 7.425 7.425 7.426
99-26 7.422 7.422 7.422 7.423 7.423 7.423
99-26+ 7.420 7.419 7.420 7.420 7.420 7.420
99-27 7.417 7.417 7.417 7.417 7.418 7.418
99-27+ 7.415 7.415 7.415 7.415 7.415 7.415
99-28 7.412 7.412 7.412 7.412 7.412 7.412
99-28+ 7.410 7.410 7.410 7.410 7.410 7.410
99-29 7.407 7.408 7.408 7.407 7.407 7.407
99-29+ 7.405 7.405 7.405 7.405 7.405 7.404
99-30 7.402 7.403 7.403 7.402 7.402 7.402
99-30+ 7.400 7.401 7.400 7.400 7.399 7.399
99-31 7.397 7.398 7.398 7.397 7.397 7.396
99-31+ 7.395 7.396 7.395 7.395 7.394 7.394
100-00 7.393 7.394 7.393 7.392 7.392 7.391
100-00+ 7.390 7.391 7.391 7.390 7.389 7.389
100-01 7.388 7.389 7.388 7.387 7.386 7.386
100-01+ 7.385 7.387 7.386 7.384 7.384 7.383
100-02 7.383 7.384 7.383 7.382 7.381 7.381
100-02+ 7.380 7.382 7.381 7.379 7.379 7.378
100-03 7.378 7.379 7.379 7.377 7.376 7.375
100-03+ 7.375 7.377 7.376 7.374 7.373 7.373
100-04 7.373 7.375 7.374 7.372 7.371 7.370
100-04+ 7.370 7.372 7.371 7.369 7.368 7.367
100-05 7.368 7.370 7.369 7.367 7.366 7.365
100-05+ 7.365 7.368 7.367 7.364 7.363 7.362
100-06 7.363 7.365 7.364 7.362 7.360 7.359
100-06+ 7.360 7.363 7.362 7.359 7.358 7.357
100-07 7.358 7.361 7.359 7.357 7.355 7.354
100-07+ 7.355 7.358 7.357 7.354 7.353 7.351
First Payment 5.036 5.036 5.036 5.036 5.036 5.036
Average Life 9.059 9.866 9.445 8.739 8.442 8.183
Last Payment 12.536 14.036 13.286 11.953 11.369 10.869
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $7,153,000.00 DATED DATE: 11/01/98
COUPON: TBD vmf98df FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $7,153,000.00 BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 11/24/98
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
GP II 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
99-24 8.190 8.189 8.190 8.191 8.191 8.191
99-24+ 8.187 8.186 8.187 8.187 8.187 8.188
99-25 8.184 8.183 8.183 8.184 8.184 8.184
99-25+ 8.180 8.180 8.180 8.180 8.181 8.181
99-26 8.177 8.177 8.177 8.177 8.177 8.177
99-26+ 8.174 8.173 8.173 8.174 8.174 8.174
99-27 8.170 8.170 8.170 8.170 8.170 8.170
99-27+ 8.167 8.167 8.167 8.167 8.167 8.167
99-28 8.164 8.164 8.164 8.164 8.163 8.163
99-28+ 8.160 8.160 8.160 8.160 8.160 8.160
99-29 8.157 8.157 8.157 8.157 8.157 8.157
99-29+ 8.154 8.154 8.154 8.153 8.153 8.153
99-30 8.150 8.151 8.150 8.150 8.150 8.150
99-30+ 8.147 8.147 8.147 8.147 8.146 8.146
99-31 8.144 8.144 8.144 8.143 8.143 8.143
99-31+ 8.140 8.141 8.141 8.140 8.140 8.139
100-00 8.137 8.138 8.137 8.137 8.136 8.136
100-00+ 8.134 8.135 8.134 8.133 8.133 8.133
100-01 8.130 8.131 8.131 8.130 8.129 8.129
100-01+ 8.127 8.128 8.128 8.126 8.126 8.126
100-02 8.124 8.125 8.124 8.123 8.123 8.122
100-02+ 8.120 8.122 8.121 8.120 8.119 8.119
100-03 8.117 8.119 8.118 8.116 8.116 8.115
100-03+ 8.114 8.115 8.114 8.113 8.112 8.112
100-04 8.110 8.112 8.111 8.110 8.109 8.108
100-04+ 8.107 8.109 8.108 8.106 8.106 8.105
100-05 8.104 8.106 8.105 8.103 8.102 8.102
100-05+ 8.100 8.102 8.101 8.100 8.099 8.098
100-06 8.097 8.099 8.098 8.096 8.095 8.095
100-06+ 8.094 8.096 8.095 8.093 8.092 8.091
100-07 8.090 8.093 8.092 8.090 8.089 8.088
100-07+ 8.087 8.090 8.088 8.086 8.085 8.084
First Payment 5.036 5.036 5.036 5.036 5.036 5.036
Average Life 6.193 6.466 6.317 6.088 5.998 5.921
Last Payment 7.536 8.119 7.786 7.369 7.119 7.036
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $12,261,000.00 DATED DATE: 11/01/98
COUPON: TBD vmf98df FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $12,261,000.00 BOND IB2 BE-YIELD TABLE YIELD TABLE DATE: 11/24/98
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
GP II 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
99-24 8.430 8.429 8.430 8.431 8.431 8.431
99-24+ 8.428 8.427 8.428 8.428 8.429 8.429
99-25 8.426 8.425 8.425 8.426 8.426 8.427
99-25+ 8.423 8.423 8.423 8.424 8.424 8.424
99-26 8.421 8.421 8.421 8.421 8.421 8.422
99-26+ 8.419 8.418 8.419 8.419 8.419 8.419
99-27 8.416 8.416 8.416 8.416 8.417 8.417
99-27+ 8.414 8.414 8.414 8.414 8.414 8.414
99-28 8.412 8.412 8.412 8.412 8.412 8.412
99-28+ 8.410 8.410 8.410 8.409 8.409 8.409
99-29 8.407 8.408 8.407 8.407 8.407 8.407
99-29+ 8.405 8.405 8.405 8.405 8.404 8.404
99-30 8.403 8.403 8.403 8.402 8.402 8.402
99-30+ 8.400 8.401 8.401 8.400 8.400 8.399
99-31 8.398 8.399 8.399 8.398 8.397 8.397
99-31+ 8.396 8.397 8.396 8.395 8.395 8.394
100-00 8.393 8.395 8.394 8.393 8.392 8.392
100-00+ 8.391 8.392 8.392 8.391 8.390 8.389
100-01 8.389 8.390 8.390 8.388 8.388 8.387
100-01+ 8.387 8.388 8.387 8.386 8.385 8.384
100-02 8.384 8.386 8.385 8.384 8.383 8.382
100-02+ 8.382 8.384 8.383 8.381 8.380 8.380
100-03 8.380 8.382 8.381 8.379 8.378 8.377
100-03+ 8.377 8.380 8.379 8.377 8.376 8.375
100-04 8.375 8.377 8.376 8.374 8.373 8.372
100-04+ 8.373 8.375 8.374 8.372 8.371 8.370
100-05 8.371 8.373 8.372 8.369 8.368 8.367
100-05+ 8.368 8.371 8.370 8.367 8.366 8.365
100-06 8.366 8.369 8.367 8.365 8.363 8.362
100-06+ 8.364 8.367 8.365 8.362 8.361 8.360
100-07 8.361 8.364 8.363 8.360 8.359 8.357
100-07+ 8.359 8.362 8.361 8.358 8.356 8.355
First Payment 7.536 8.119 7.786 7.369 7.119 7.036
Average Life 10.731 11.849 11.270 10.285 9.868 9.503
Last Payment 12.536 14.036 13.286 11.953 11.369 10.869
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $62,862,000.00 DATED DATE: 11/24/98
CURRENT COUPON: TBD vmf98da FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $62,862,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/24/98
ASSUMED CONSTANT LIBOR-1M 5.2764
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
GP II 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
99-24 57.773 56.677 57.195 58.421 59.165 60.043
99-24+ 57.286 56.259 56.744 57.893 58.591 59.413
99-25 56.800 55.841 56.294 57.366 58.017 58.785
99-25+ 56.313 55.423 55.843 56.839 57.443 58.156
99-26 55.826 55.005 55.393 56.312 56.869 57.527
99-26+ 55.340 54.587 54.943 55.785 56.296 56.899
99-27 54.854 54.169 54.493 55.258 55.723 56.271
99-27+ 54.368 53.752 54.043 54.732 55.150 55.643
99-28 53.882 53.335 53.593 54.205 54.577 55.015
99-28+ 53.396 52.917 53.144 53.679 54.004 54.387
99-29 52.911 52.500 52.694 53.153 53.431 53.760
99-29+ 52.425 52.083 52.245 52.627 52.859 53.133
99-30 51.940 51.666 51.795 52.101 52.287 52.506
99-30+ 51.455 51.250 51.346 51.576 51.715 51.879
99-31 50.970 50.833 50.897 51.050 51.143 51.253
99-31+ 50.485 50.416 50.449 50.525 50.571 50.626
100-00 50.000 50.000 50.000 50.000 50.000 50.000
100-00+ 49.515 49.584 49.551 49.475 49.429 49.374
100-01 49.031 49.168 49.103 48.950 48.858 48.748
100-01+ 48.547 48.752 48.655 48.426 48.287 48.123
100-02 48.063 48.336 48.207 47.901 47.716 47.497
100-02+ 47.579 47.920 47.759 47.377 47.145 46.872
100-03 47.095 47.504 47.311 46.853 46.575 46.247
100-03+ 46.611 47.089 46.863 46.329 46.005 45.622
100-04 46.128 46.673 46.415 45.805 45.435 44.997
100-04+ 45.644 46.258 45.968 45.282 44.865 44.373
100-05 45.161 45.843 45.521 44.758 44.295 43.749
100-05+ 44.678 45.428 45.073 44.235 43.726 43.125
100-06 44.195 45.013 44.626 43.712 43.157 42.501
100-06+ 43.712 44.598 44.179 43.189 42.587 41.877
100-07 43.229 44.183 43.733 42.666 42.018 41.254
100-07+ 42.747 43.769 43.286 42.143 41.450 40.630
First Payment 0.036 0.036 0.036 0.036 0.036 0.036
Average Life 3.872 4.613 4.232 3.531 3.201 2.874
Last Payment 12.536 13.036 12.786 12.369 12.203 12.036
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $9,817,000.00 DATED DATE: 11/24/98
CURRENT COUPON: TBD vmf98da FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $9,817,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/24/98
ASSUMED CONSTANT LIBOR-1M 5.2764
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
GP II 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
99-24 79.990 79.773 79.942 79.963 79.930 79.892
99-24+ 79.678 79.474 79.633 79.652 79.621 79.586
99-25 79.365 79.175 79.323 79.341 79.313 79.280
99-25+ 79.053 78.877 79.014 79.031 79.004 78.974
99-26 78.741 78.578 78.705 78.721 78.696 78.668
99-26+ 78.429 78.280 78.396 78.410 78.388 78.362
99-27 78.117 77.981 78.087 78.100 78.080 78.056
99-27+ 77.805 77.683 77.778 77.790 77.771 77.750
99-28 77.493 77.385 77.469 77.480 77.463 77.444
99-28+ 77.181 77.086 77.160 77.169 77.155 77.138
99-29 76.870 76.788 76.852 76.859 76.847 76.833
99-29+ 76.558 76.490 76.543 76.549 76.539 76.527
99-30 76.246 76.192 76.234 76.239 76.231 76.222
99-30+ 75.935 75.894 75.926 75.929 75.923 75.916
99-31 75.623 75.596 75.617 75.620 75.615 75.611
99-31+ 75.311 75.298 75.308 75.310 75.308 75.305
100-00 75.000 75.000 75.000 75.000 75.000 75.000
100-00+ 74.689 74.702 74.692 74.690 74.692 74.695
100-01 74.377 74.404 74.383 74.381 74.385 74.389
100-01+ 74.066 74.107 74.075 74.071 74.077 74.084
100-02 73.755 73.809 73.767 73.762 73.770 73.779
100-02+ 73.444 73.511 73.459 73.452 73.462 73.474
100-03 73.132 73.214 73.150 73.143 73.155 73.169
100-03+ 72.821 72.916 72.842 72.833 72.848 72.864
100-04 72.510 72.619 72.534 72.524 72.540 72.559
100-04+ 72.199 72.321 72.226 72.215 72.233 72.254
100-05 71.889 72.024 71.918 71.906 71.926 71.950
100-05+ 71.578 71.727 71.611 71.596 71.619 71.645
100-06 71.267 71.429 71.303 71.287 71.312 71.340
100-06+ 70.956 71.132 70.995 70.978 71.005 71.036
100-07 70.645 70.835 70.687 70.669 70.698 70.731
100-07+ 70.335 70.538 70.380 70.360 70.391 70.427
First Payment 5.036 5.036 5.036 5.119 5.119 5.119
Average Life 5.912 6.260 5.987 5.951 5.999 6.056
Last Payment 6.953 8.286 7.619 6.953 7.036 7.119
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $3,760,000.00 DATED DATE: 11/24/98
CURRENT COUPON: TBD vmf98da FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $3,760,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/24/98
ASSUMED CONSTANT LIBOR-1M 5.2764
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
GP II 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
99-24 219.146 218.680 218.906 219.329 219.333 219.273
99-24+ 218.886 218.449 218.662 219.058 219.062 219.006
99-25 218.627 218.219 218.418 218.787 218.791 218.739
99-25+ 218.368 217.989 218.173 218.517 218.520 218.471
99-26 218.108 217.759 217.929 218.246 218.249 218.204
99-26+ 217.849 217.529 217.684 217.975 217.978 217.937
99-27 217.590 217.298 217.440 217.704 217.707 217.669
99-27+ 217.330 217.068 217.196 217.434 217.436 217.402
99-28 217.071 216.838 216.952 217.163 217.165 217.135
99-28+ 216.812 216.608 216.708 216.892 216.894 216.868
99-29 216.553 216.379 216.464 216.622 216.623 216.601
99-29+ 216.294 216.149 216.219 216.352 216.353 216.334
99-30 216.035 215.919 215.975 216.081 216.082 216.067
99-30+ 215.776 215.689 215.732 215.811 215.811 215.800
99-31 215.518 215.459 215.488 215.540 215.541 215.533
99-31+ 215.259 215.230 215.244 215.270 215.270 215.267
100-00 215.000 215.000 215.000 215.000 215.000 215.000
100-00+ 214.741 214.770 214.756 214.730 214.730 214.733
100-01 214.483 214.541 214.513 214.460 214.459 214.467
100-01+ 214.224 214.311 214.269 214.190 214.189 214.200
100-02 213.966 214.082 214.025 213.920 213.919 213.934
100-02+ 213.707 213.852 213.782 213.650 213.649 213.667
100-03 213.449 213.623 213.538 213.380 213.378 213.401
100-03+ 213.190 213.394 213.295 213.110 213.108 213.134
100-04 212.932 213.164 213.051 212.840 212.838 212.868
100-04+ 212.673 212.935 212.808 212.570 212.568 212.602
100-05 212.415 212.706 212.565 212.301 212.298 212.336
100-05+ 212.157 212.477 212.321 212.031 212.028 212.069
100-06 211.899 212.248 212.078 211.762 211.759 211.803
100-06+ 211.641 212.019 211.835 211.492 211.489 211.537
100-07 211.383 211.790 211.592 211.222 211.219 211.271
100-07+ 211.125 211.561 211.349 210.953 210.949 211.005
First Payment 6.953 8.286 7.619 6.953 7.036 7.119
Average Life 7.938 9.388 8.620 7.479 7.467 7.608
Last Payment 9.036 10.619 9.786 8.369 7.953 8.119
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $7,101,000.00 DATED DATE: 11/24/98
CURRENT COUPON: TBD vmf98da FIRST PAYMENT: 12/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $7,101,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/24/98
ASSUMED CONSTANT LIBOR-1M 5.2764
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 200.0%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/ 200.00%/
GP II 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
99-24 253.293 253.117 253.199 253.392 253.500 253.571
99-24+ 253.087 252.922 252.999 253.180 253.281 253.347
99-25 252.881 252.727 252.799 252.968 253.062 253.124
99-25+ 252.675 252.532 252.599 252.756 252.843 252.900
99-26 252.469 252.337 252.399 252.543 252.624 252.677
99-26+ 252.263 252.142 252.198 252.331 252.405 252.453
99-27 252.057 251.947 251.998 252.119 252.186 252.230
99-27+ 251.851 251.752 251.798 251.907 251.968 252.007
99-28 251.645 251.557 251.598 251.695 251.749 251.784
99-28+ 251.439 251.363 251.398 251.483 251.530 251.561
99-29 251.234 251.168 251.199 251.271 251.311 251.338
99-29+ 251.028 250.973 250.999 251.059 251.093 251.115
99-30 250.822 250.778 250.799 250.847 250.874 250.892
99-30+ 250.617 250.584 250.599 250.635 250.655 250.669
99-31 250.411 250.389 250.399 250.423 250.437 250.446
99-31+ 250.206 250.195 250.200 250.212 250.218 250.223
100-00 250.000 250.000 250.000 250.000 250.000 250.000
100-00+ 249.795 249.806 249.800 249.788 249.782 249.777
100-01 249.589 249.611 249.601 249.577 249.563 249.554
100-01+ 249.384 249.417 249.401 249.365 249.345 249.332
100-02 249.178 249.222 249.202 249.154 249.127 249.109
100-02+ 248.973 249.028 249.002 248.942 248.908 248.887
100-03 248.768 248.834 248.803 248.731 248.690 248.664
100-03+ 248.563 248.639 248.604 248.519 248.472 248.442
100-04 248.357 248.445 248.404 248.308 248.254 248.219
100-04+ 248.152 248.251 248.205 248.097 248.036 247.997
100-05 247.947 248.057 248.006 247.885 247.818 247.774
100-05+ 247.742 247.863 247.806 247.674 247.600 247.552
100-06 247.537 247.669 247.607 247.463 247.382 247.330
100-06+ 247.332 247.475 247.408 247.252 247.164 247.107
100-07 247.127 247.281 247.209 247.041 246.947 246.885
100-07+ 246.922 247.087 247.010 246.830 246.729 246.663
First Payment 9.036 10.619 9.786 8.369 7.953 8.119
Average Life 11.438 12.488 11.971 10.930 10.426 10.104
Last Payment 12.536 13.036 12.786 12.369 12.203 12.036
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
- ------------------------------------------------------------------------------
- Vanderbilt 98-D
- Cut Off Date of Tape is 10/26/98
- Fixed-rate
- $204,344,274.10
- Mortgage Summary Report
- ------------------------------------------------------------------------------
Number of Mortgage Loans: 5,908
Aggregate Unpaid Principal Balance: $204,344,274.10
Aggregate Original Principal Balance: $206,537,132.21
Weighted Average Gross Coupon: 10.423%
Gross Coupon Range: 7.250% - 17.000%
- ------------------------------------------------------------------------------
Average Unpaid Principal Balance: $34,587.72
Average Original Principal Balance: $34,958.89
Maximum Unpaid Principal Balance: $149,000.76
Minimum Unpaid Principal Balance: $3,386.53
Maximum Original Principal Balance: $149,946.59
Minimum Original Principal Balance: $4,400.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 236.233
Stated Rem Term Range: 26.000 - 388.000
Weighted Average Age : 3.689
Age Range: 0.000 - 132.000
Weighted Average Original Term: 239.922
Original Term Range: 30.000 - 389.000
Weighted Average Original LTV: 85.122
Original LTV Range: 11.159% - 107.545%
- ------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 78754 26 loans $1,041,646.85 0.51%
New 73.11% $149,401,702
Used 26.89% $54,942,572
Single-section 48.59% $99,300,978
Multi-section 51.41% $105,043,296
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Geographical Distribution of Manufactured Homes as of Origination -
Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 141 5,124,912 2.51
Arkansas 73 2,731,351 1.34
Arizona 82 2,564,975 1.26
California 44 1,916,711 0.94
Colorado 63 2,092,401 1.02
Connecticut 2 29,876 0.01
Delaware 34 1,057,309 0.52
Florida 379 13,441,101 6.58
Georgia 135 4,134,154 2.02
Iowa 36 1,039,017 0.51
Idaho 3 105,115 0.05
Illinois 8 185,357 0.09
Indiana 108 2,771,894 1.36
Kansas 11 267,269 0.13
Kentucky 246 7,055,628 3.45
Louisiana 194 6,791,248 3.32
Massachusetts 3 143,430 0.07
Maryland 14 474,813 0.23
Maine 4 152,243 0.07
Michigan 275 9,170,562 4.49
Minnesota 46 1,891,393 0.93
Missouri 130 4,174,305 2.04
Mississippi 37 1,005,038 0.49
Montana 40 1,493,482 0.73
North Carolina 586 18,525,608 9.07
North Dakota 2 65,417 0.03
New Jersey 11 731,511 0.36
New Mexico 125 4,667,237 2.28
Nevada 5 279,567 0.14
New York 87 3,352,187 1.64
Ohio 162 5,294,933 2.59
Oklahoma 108 4,186,475 2.05
Oregon 14 611,896 0.30
Pennsylvania 133 4,222,023 2.07
Rhode Island 1 42,963 0.02
South Carolina 428 14,708,818 7.20
Tennessee 563 17,615,899 8.62
Texas 1169 46,473,342 22.74
Utah 4 287,938 0.14
Virginia 287 9,725,914 4.76
Washington 10 338,284 0.17
Wisconsin 21 764,409 0.37
West Virginia 81 2,566,779 1.26
Wyoming 3 69,490 0.03
- --------------------------------------------------------------------------
Total............... 5908 $ 204,344,274 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Years of Origination of Contracts - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1987 17 131,546 0.06
1988 23 198,029 0.10
1989 1 20,880 0.01
1990 18 313,252 0.15
1991 24 472,444 0.23
1992 29 567,957 0.28
1993 3 60,426 0.03
1994 5 115,669 0.06
1995 4 92,866 0.05
1996 329 9,165,084 4.49
1997 384 11,383,787 5.57
1998 5071 181,822,335 88.98
- --------------------------------------------------------------------------
Total................. 5908 $204,344,274 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
$ 0.01 Balance = $ 5,000.00 3 13,889 0.01
$ 5,000.01 Balance = $ 10,000.00 155 1,241,267 0.61
$ 10,000.01 Balance = $ 15,000.00 381 4,698,357 2.30
$ 15,000.01 Balance = $ 20,000.00 592 9,986,015 4.89
$ 20,000.01 Balance = $ 25,000.00 734 16,327,506 7.99
$ 25,000.01 Balance = $ 30,000.00 857 23,262,194 11.38
$ 30,000.01 Balance = $ 35,000.00 753 24,188,553 11.84
$ 35,000.01 Balance = $ 40,000.00 623 23,125,808 11.32
$ 40,000.01 Balance = $ 45,000.00 459 19,333,421 9.46
$ 45,000.01 Balance = $ 50,000.00 353 16,658,532 8.15
$ 50,000.01 Balance = $ 55,000.00 222 11,590,272 5.67
$ 55,000.01 Balance = $ 60,000.00 219 12,553,348 6.14
$ 60,000.01 Balance = $ 65,000.00 182 11,342,947 5.55
$ 65,000.01 Balance = $ 70,000.00 106 7,110,346 3.48
$ 70,000.01 Balance = $ 75,000.00 92 6,655,352 3.26
$ 75,000.01 Balance = $ 80,000.00 42 3,234,864 1.58
$ 80,000.01 Balance = $ 85,000.00 37 3,024,136 1.48
$ 85,000.01 Balance = $ 90,000.00 24 2,100,374 1.03
$ 90,000.01 Balance = $ 95,000.00 18 1,653,357 0.81
$ 95,000.01 Balance = $100,000.00 10 974,550 0.48
$100,000.01 Balance = $105,000.00 11 1,112,463 0.54
$105,000.01 Balance = $110,000.00 9 974,583 0.48
$110,000.01 Balance = $115,000.00 12 1,356,467 0.66
$115,000.01 Balance = $120,000.00 4 467,434 0.23
$120,000.01 Balance = $125,000.00 1 121,165 0.06
$125,000.01 Balance = $130,000.00 2 259,357 0.13
$130,000.01 Balance = $135,000.00 2 261,021 0.13
$135,000.01 Balance = $140,000.00 1 137,153 0.07
$140,000.01 Balance = $145,000.00 2 284,373 0.14
$145,000.01 Balance = $150,000.00 2 295,171 0.14
- -----------------------------------------------------------------------------------------
Total.................... 5908 $204,344,274 100.00%
=========================================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Original Loan-to-Value Ratios - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 423 9,885,174 4.84
From 61.000% to 65.999% 224 6,810,229 3.33
From 66.000% to 70.999% 240 7,130,655 3.49
From 71.000% to 75.999% 368 12,584,226 6.16
From 76.000% to 80.999% 569 18,362,375 8.99
From 81.000% to 85.999% 842 28,017,279 13.71
From 86.000% to 90.999% 1735 60,237,005 29.48
From 91.000% to 100.000% 1506 61,263,982 29.98
Over 101.000% 1 53,349 0.03
- --------------------------------------------------------------------------
Total.................... 5908 $204,344,274 100.00%
==========================================================================
Cut-off Date Contract Rate - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.001% Gross Coupon = 8.000 22 1,217,764 0.60
8.001% Gross Coupon = 9.000 761 35,089,229 17.17
9.001% Gross Coupon = 10.000 1373 54,534,292 26.69
10.001% Gross Coupon = 11.000 1857 62,275,961 30.48
11.001% Gross Coupon = 12.000 971 29,858,432 14.61
12.001% Gross Coupon = 13.000 625 15,562,047 7.62
13.001% Gross Coupon = 14.000 181 3,879,016 1.90
14.001% Gross Coupon = 15.000 100 1,554,229 0.76
15.001% Gross Coupon = 16.000 16 338,466 0.17
16.001% Gross Coupon = 17.000 2 34,837 0.02
- ----------------------------------------------------------------------------
Total.......... 5908 $204,344,274 100.00%
============================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Remaining Months to Maturity - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
12 Rem Term = 72 258 3,046,466 1.49%
72 Rem Term = 84 243 3,665,742 1.79%
84 Rem Term = 120 622 12,991,475 6.36%
120 Rem Term = 156 574 14,599,664 7.14%
156 Rem Term = 180 938 27,395,083 13.41%
180 Rem Term = 240 1,651 61,285,487 29.99%
240 Rem Term = 300 868 39,919,630 19.54%
300 Rem Term = 360 741 40,554,833 19.85%
Rem Term 360 13 885,894 0.43%
- -------------------------------------------------------------------
Total............ 5,908 204,344,274 100.00%
===================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Model Years - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
1956 1 38,614 0.02
1962 1 38,161 0.02
1963 1 59,898 0.03
1964 1 6,307 0.00
1965 1 38,427 0.02
1968 1 7,831 0.00
1969 1 7,123 0.00
1970 5 98,892 0.05
1971 3 39,402 0.02
1972 19 281,723 0.14
1973 17 183,080 0.09
1974 16 240,989 0.12
1975 9 173,395 0.08
1976 10 250,631 0.12
1977 12 195,723 0.10
1978 29 535,608 0.26
1979 32 679,080 0.33
1980 28 455,437 0.22
1981 37 715,385 0.35
1982 37 685,145 0.34
1983 68 1,246,699 0.61
1984 70 1,265,917 0.62
1985 101 1,876,877 0.92
1986 88 1,669,418 0.82
1987 90 1,864,997 0.91
1988 144 2,720,136 1.33
1989 124 2,660,351 1.30
1990 122 2,757,083 1.35
1991 144 3,672,224 1.80
1992 169 4,554,820 2.23
1993 184 5,278,459 2.58
1994 271 8,562,486 4.19
1995 440 14,654,634 7.17
1996 719 24,642,251 12.06
1997 932 35,401,514 17.32
1998 1022 43,280,749 21.18
1999 959 43,504,809 21.29
- --------------------------------------------------------------------------
Total................. 5908 $204,344,274 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
- ------------------------------------------------------------------------------
- Vanderbilt 98D
- Cut Off Date of Tape is 10/26/98
- Adjustable-rate
- $83,540,463.30
- ------------------------------------------------------------------------------
Number of Mortgage Loans: 2,320
Index: 5 Yr. CMT, Prime
Aggregate Unpaid Principal Balance: $83,540,463.30
Aggregate Original Principal Balance: $83,862,370.80
- ------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.141%
Gross Coupon Range: 7.990% - 15.490%
Weighted Average Margin (Gross): 4.658%
Gross Margin Range: -2.770% - 9.970%
Weighted Average Life Cap (Gross): 15.922% *Excludes
capless loans
Gross Life Cap Range: 13.240% - 21.490%
Weighted Average Life Floor (Gross): 4.658%
Gross Life Floor Range: -2.770% - 9.970%
- ------------------------------------------------------------------------------
Average Unpaid Principal Balance: $36,008.82
Average Original Principal Balance: $36,147.57
Maximum Unpaid Principal Balance: $197,900.88
Minimum Unpaid Principal Balance: $5,252.46
Maximum Original Principal Balance: $198,750.00
Minimum Original Principal Balance: $5,385.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 219.046
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.780
Age Range: 0.000 - 131.000
Weighted Average Original Term: 219.826
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 86.111
Original LTV Range: 24.751% - 100.000%
Weighted Average Periodic Interest Cap: 1.571% *Excludes
capless loans
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.266
Months to Interest Roll Range: 0 - 13
Weighted Average Interest Roll Frequency: 11.990
Interest Frequency Range: 6 - 12
- ------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Greatest Zip Code Concentration
Zip 37918 17 loans $641,045.92 0.77%
New 78.81% $65,837,738
Used 21.19% $17,702,725
Single-section 48.38% $40,418,052
Multi-section 51.62% $43,122,411
Geographical Distribution of Manufactured Homes as of Origination -
Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 11 384,387 0.46
Arkansas 17 548,643 0.66
Arizona 5 262,106 0.31
California 1 25,361 0.03
Colorado 4 231,303 0.28
Delaware 6 273,567 0.33
Florida 99 3,361,727 4.02
Georgia 45 1,533,957 1.84
Iowa 1 47,439 0.06
Illinois 1 48,038 0.06
Indiana 15 556,692 0.67
Kentucky 256 8,421,112 10.08
Louisiana 80 2,778,090 3.33
Maryland 9 370,428 0.44
Michigan 1 17,117 0.02
Missouri 19 649,174 0.78
Mississippi 26 822,684 0.98
North Carolina 405 16,529,374 19.79
New Jersey 3 104,475 0.13
New Mexico 12 430,307 0.52
New York 3 161,601 0.19
Ohio 13 415,719 0.50
Oklahoma 15 439,047 0.53
South Carolina 221 8,432,881 10.09
Tennessee 453 15,999,681 19.15
Texas 457 14,946,209 17.89
Virginia 129 5,249,320 6.28
West Virginia 13 500,022 0.60
- --------------------------------------------------------------------------
Total............... 2320 $ 83,540,463 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Years of Origination of Contracts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1987 7 55,896 0.07
1988 2 13,766 0.02
1990 3 43,007 0.05
1991 1 19,987 0.02
1995 1 33,077 0.04
1997 1 13,077 0.02
1998 2305 83,361,653 99.79
- --------------------------------------------------------------------------
Total................. 2320 $ 83,540,463 100.00%
==========================================================================
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
$ 5,000.01 Balance = $ 10,000.00 36 290,488 0.35
$ 10,000.01 Balance = $ 15,000.00 95 1,196,818 1.43
$ 15,000.01 Balance = $ 20,000.00 192 3,292,008 3.94
$ 20,000.01 Balance = $ 25,000.00 249 5,607,653 6.71
$ 25,000.01 Balance = $ 30,000.00 396 10,916,080 13.07
$ 30,000.01 Balance = $ 35,000.00 375 12,109,449 14.50
$ 35,000.01 Balance = $ 40,000.00 232 8,642,962 10.35
$ 40,000.01 Balance = $ 45,000.00 177 7,471,344 8.94
$ 45,000.01 Balance = $ 50,000.00 143 6,782,105 8.12
$ 50,000.01 Balance = $ 55,000.00 121 6,347,992 7.60
$ 55,000.01 Balance = $ 60,000.00 99 5,687,161 6.81
$ 60,000.01 Balance = $ 65,000.00 69 4,331,792 5.19
$ 65,000.01 Balance = $ 70,000.00 43 2,884,991 3.45
$ 70,000.01 Balance = $ 75,000.00 27 1,945,470 2.33
$ 75,000.01 Balance = $ 80,000.00 13 997,782 1.19
$ 80,000.01 Balance = $ 85,000.00 14 1,160,495 1.39
$ 85,000.01 Balance = $ 90,000.00 11 966,182 1.16
$ 90,000.01 Balance = $ 95,000.00 11 1,015,655 1.22
$ 95,000.01 Balance = $100,000.00 5 485,869 0.58
$100,000.01 Balance = $105,000.00 4 407,557 0.49
$105,000.01 Balance = $110,000.00 3 316,989 0.38
$110,000.01 Balance = $115,000.00 2 224,650 0.27
$120,000.01 Balance = $125,000.00 1 124,737 0.15
$135,000.01 Balance = $140,000.00 1 136,333 0.16
Balance $170,000.00 1 197,901 0.24
- -----------------------------------------------------------------------------------------
Total.................... 2320 $ 83,540,463 100.00%
=========================================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Original Loan-to-Value Ratios - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 83 2,231,753 2.67
From 61.000% to 65.999% 53 1,991,503 2.38
From 66.000% to 70.999% 78 2,894,553 3.46
From 71.000% to 75.999% 132 4,970,019 5.95
From 76.000% to 80.999% 205 8,118,339 9.72
From 81.000% to 85.999% 337 11,979,344 14.34
From 86.000% to 90.999% 598 21,873,115 26.18
From 91.000% to 100.000% 834 29,481,837 35.29
- --------------------------------------------------------------------------
Total.................... 2320 $ 83,540,463 100.00%
==========================================================================
Cut-off Date Contract Rate - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.001% Gross Coupon = 8.000 13 824,830 0.99
8.001% Gross Coupon = 9.000 334 14,525,775 17.39
9.001% Gross Coupon = 10.000 811 32,272,586 38.63
10.001% Gross Coupon = 11.000 548 18,318,840 21.93
11.001% Gross Coupon = 12.000 470 13,931,117 16.68
12.001% Gross Coupon = 13.000 101 2,789,320 3.34
13.001% Gross Coupon = 14.000 35 745,335 0.89
14.001% Gross Coupon = 15.000 7 123,385 0.15
15.001% Gross Coupon = 16.000 1 9,277 0.01
- ----------------------------------------------------------------------------
Total.......... 2320 $ 83,540,463 100.00%
============================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Remaining Months to Maturity - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
12 Rem Term = 72 54 625,610 0.75%
72 Rem Term = 84 86 1,363,751 1.63%
84 Rem Term = 120 163 3,494,342 4.18%
120 Rem Term = 156 310 8,109,536 9.71%
156 Rem Term = 180 346 10,515,361 12.59%
180 Rem Term = 240 919 34,257,468 41.01%
240 Rem Term = 300 383 21,346,256 25.55%
300 Rem Term = 360 59 3,828,139 4.58%
- -------------------------------------------------------------------
Total............ 2,320 83,540,463 100.00%
===================================================================
Distribution of Gross Margin - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Gross Margin Loans Balance Balance
Gross Margin 0.000 1 20,554 0.02
2.001 Gross Margin = 2.500 6 339,247 0.41
2.501 Gross Margin = 3.000 72 3,484,913 4.17
3.001 Gross Margin = 3.500 203 8,811,912 10.55
3.501 Gross Margin = 4.000 392 15,697,281 18.79
4.001 Gross Margin = 4.500 406 16,768,719 20.07
4.501 Gross Margin = 5.000 140 4,582,717 5.49
5.001 Gross Margin = 5.500 415 13,806,844 16.53
5.501 Gross Margin = 6.000 353 10,586,912 12.67
6.001 Gross Margin = 6.500 185 5,572,920 6.67
6.501 Gross Margin = 7.000 29 764,296 0.91
7.001 Gross Margin = 7.500 71 2,029,495 2.43
7.501 Gross Margin = 8.000 32 793,412 0.95
8.001 Gross Margin = 8.500 3 49,213 0.06
8.501 Gross Margin = 9.000 7 153,722 0.18
9.001 Gross Margin = 9.500 4 69,030 0.08
9.501 Gross Margin = 10.000 1 9,277 0.01
- --------------------------------------------------------------------------
Total................. 2320 $ 83,540,463 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Lifetime Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life CAP Loans Balance Balance
Capless 7 55,896 0.07
13.001 Life CAP = 13.500 10 297,206 0.36
13.501 Life CAP = 14.000 42 1,727,658 2.07
14.001 Life CAP = 14.500 169 7,317,683 8.76
14.501 Life CAP = 15.000 295 11,907,092 14.25
15.001 Life CAP = 15.500 469 19,238,088 23.03
15.501 Life CAP = 16.000 324 12,548,256 15.02
16.001 Life CAP = 16.500 168 5,422,095 6.49
16.501 Life CAP = 17.000 374 11,883,166 14.22
17.001 Life CAP = 17.500 287 8,571,216 10.26
17.501 Life CAP = 18.000 67 1,931,919 2.31
18.001 Life CAP = 18.500 21 511,931 0.61
18.501 Life CAP = 19.000 57 1,551,348 1.86
19.001 Life CAP = 19.500 19 393,125 0.47
19.501 Life CAP = 20.000 6 105,033 0.13
20.001 Life CAP = 20.500 4 69,477 0.08
21.001 Life CAP = 21.500 1 9,277 0.01
- --------------------------------------------------------------------------
Total................. 2320 $ 83,540,463 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Lifetime Floor - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
Life Floor 0.000 1 20,554 0.02
2.001 Life Floor = 2.500 6 339,247 0.41
2.501 Life Floor = 3.000 72 3,484,913 4.17
3.001 Life Floor = 3.500 203 8,811,912 10.55
3.501 Life Floor = 4.000 392 15,697,281 18.79
4.001 Life Floor = 4.500 406 16,768,719 20.07
4.501 Life Floor = 5.000 140 4,582,717 5.49
5.001 Life Floor = 5.500 415 13,806,844 16.53
5.501 Life Floor = 6.000 353 10,586,912 12.67
6.001 Life Floor = 6.500 185 5,572,920 6.67
6.501 Life Floor = 7.000 29 764,296 0.91
7.001 Life Floor = 7.500 71 2,029,495 2.43
7.501 Life Floor = 8.000 32 793,412 0.95
8.001 Life Floor = 8.500 3 49,213 0.06
8.501 Life Floor = 9.000 7 153,722 0.18
9.001 Life Floor = 9.500 4 69,030 0.08
9.501 Life Floor = 10.000 1 9,277 0.01
- --------------------------------------------------------------------------
Total................. 2320 $ 83,540,463 100.00%
==========================================================================
Distribution of Next Contract Rate Change - Group II Contracts
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
11/01/98 3 $35,015 00.04
12/01/98 6 $52,346 00.06
01/01/99 2 $16,172 00.02
03/01/99 1 $19,987 00.02
04/01/99 1 $9,136 00.01
05/01/99 3 $268,263 00.32
07/01/99 33 $1,274,481 01.53
08/01/99 545 $19,078,517 22.84
09/01/99 747 $27,073,563 32.41
10/01/99 770 $27,616,101 33.06
11/01/99 150 $5,904,016 07.07
12/01/99 59 $2,192,866 02.62
- ---------------------------------------------------------------------
Total............. 2320 $83,540,463 100.00%
=====================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Periodic Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
Capless 7 55,896 0.07
1.000 985 35,796,855 42.85
2.000 1328 47,687,712 57.08
- --------------------------------------------------------------------------
Total................. 2320 $ 83,540,463 100.00%
==========================================================================
Distribution of ARM Type - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
ARM Type Loans Balance Balance
5 Yr CMT, Annual Reset 2,313 $83,484,568 99.93
Prime, Semi-annual Reset 7 $55,896 .07
- ---------------------------------------------------------------------
Total..... 2,320 $83,540,463 100.00%
=====================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
Distribution of Model Years - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
1965 1 6,772 0.01
1970 1 9,859 0.01
1971 1 8,150 0.01
1972 2 26,905 0.03
1973 7 62,137 0.07
1974 6 63,136 0.08
1975 1 9,311 0.01
1976 1 8,393 0.01
1977 2 37,552 0.04
1978 7 79,991 0.10
1979 5 60,519 0.07
1980 4 64,248 0.08
1981 11 149,059 0.18
1982 17 236,625 0.28
1983 13 234,167 0.28
1984 15 246,832 0.30
1985 22 380,073 0.45
1986 16 261,420 0.31
1987 21 386,205 0.46
1988 29 462,179 0.55
1989 16 329,584 0.39
1990 25 457,323 0.55
1991 41 818,484 0.98
1992 30 775,968 0.93
1993 48 1,226,690 1.47
1994 48 1,347,331 1.61
1995 112 3,321,831 3.98
1996 121 4,095,904 4.90
1997 165 5,839,649 6.99
1998 725 28,578,035 34.21
1999 807 33,956,131 40.65
- --------------------------------------------------------------------------
Total................. 2320 $ 83,540,463 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR
A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED
TO HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE
AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION
OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY
THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
