- -------------------------------------------------------------------------------
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): May 22, 1998
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and servicer
under the Pooling and Servicing Agreement, dated as of April
26, 1998, providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1998B).
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 Aloca Trail
Maryville, Tennessee 37804
- -------------------- ------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 380-3000
- -------------------------------------------------------------------------------
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, Series1998B, Prudential Securities Incorporated and
Credit Suisse First Boston, as the underwriters of the Certificates (the
"Underwriters") have provided certain materials (the "Computational
Materials") for distribution to its potential investors. Although the Company
provided the Underwriters with certain information regarding the
characteristics of the Contracts in the related portfolio, it did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Contracts; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials provided by Prudential Securities Incorporated are
attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials - Prudential Securities Incorporated
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By /s/ David .R. Jordan
----------------------
Name: David R. Jordan
Title: Vice President
CLAYTON HOMES, INC.
By /s/ Kevin T. Clayton
----------------------
Name: Kevin T. Clayton
Title: President
Dated: May 22, 1998
Exhibit Index
Exhibit Page
- ------- -----
99.1 Computational Materials, Prudential Securities Incorporated 5
******************* PRELIMINARY INFORMATION ONLY **************************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1998-B
-----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [37,400,000.00] Class IA-1 Fixed Rate Certificates - [1M LIBOR + TBD bps]
$ [37,000,000.00] Class IA-2 Fixed Rate Certificates - [ TBD %]
$ [21,700,000.00] Class IA-3 Fixed Rate Certificates - [ TBD %]
$ [12,900,000.00] Class IA-4 Fixed Rate Certificates - [ TBD %]
$ [17,084,000.00] Class IA-5 Fixed Rate Certificates - [ TBD %]
$ [11,675,000.00] Class IA-6 Fixed Rate Certificates - [ TBD %]
$ [10,119,000.00] Class IB-1 Fixed Rate Certificates - [ TBD %]
$ [7,784,000.00] Class IB-2 Fixed Rate Certificates - [ TBD %]
GROUP II CERTIFICATES:
$ [48,674,000.00] Class IIA-1 Adjustable Rate Certificates-[1M LIBOR + TBD bps]
$ [7,789,000.00] Class IIB-1 Adjustable Rate Certificates -[1M LIBOR + TBD bps]
$ [3,246,000.00] Class IIB-2 Adjustable Rate Certificates -[1M LIBOR + TBD bps]
$ [5,193,000.00] Class IIB-3 Adjustable Rate Certificats - [1M LIBOR + TBD bps]
- -------------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1998-B transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis.
The decision to adopt any strategy remains your responsibility. PSI (or any of
its affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities
or derivative instruments mentioned herein. No sale of any securities,
commodities or derivative instruments should be consumated without the
purchaser first having received a prospectus and, if required, prospectus
supplement. Finally, PSI has not addressed the legal, accounting and tax
implications of the analysis with respect to you, and PSI strongly urges you
to seek advice from your counsel, accountant and tax advisor. The Certificates
are being offered pursuant to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). The information contained herein will
be superseded by the final Prospectus.
******************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
Title of Securities: VMF 1998-B, Class IA-1, Class IA-2, Class IA-3, Class
IA-4, Class IA-5, Class IA-6, Class IB-1 and Class
IB-2 Fixed Rate Group Certificates and Class
IIA-1,Class IIB-1, Class IIB-2 and Class IIB-3
Adjustable Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Trustee: The Chase Manhattan Bank
CREDIT ENHANCEMENT
------------------
1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
Excess Interest: Excess interest cashflows from each group will be
available as credit enhancement for the related
group.
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of
the senior Certificates relative to the amortization
of the related collateral, generally in the early
months of the transaction. Accelerated amortization
is achieved by applying excess servicing and the
servicing fee (while VMF is the servicer) collected
on the collateral to the payment of principal on the
Senior Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the certificates faster than the
principal amortization of the respective collateral
pool, an O/C amount equal to the excess of the
aggregate principal balance of the collateral pool
over the principal balance of the related
Certificates is created. Excess cashflow will be
directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event the
acceleration feature will cease, unless it is once
again necessary to maintain the required O/C level.
FIXED RATE CERTIFICATES
NA
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: [0.00%] Target: [3.75 %]
These O/C percentages are subject to step-downs
beginning in month [61] if the Subordinate Class
Principal distribution tests are met.
Cross-
Collateralization: Excess spread from each of the two collateral groups,
if not needed to credit enhance its own group will be
available to credit enhance the other group.
<TABLE>
<CAPTION>
Subordination: GROUP I (Fixed) GROUP II (Adjustable)
------- --------
<S> <C> <C> <C> <C>
Class IA-1 - IA-5 + IIA-1 (Aaa/AAA)[19.00]% [25.00]%
Class IA-6 + IIB-1 (Aa3/AA-) [11.50]% [13.00]%
Class IB-1 + IIB-2 (Baa2/BBB) [5.00]% [8.00]%
Class IB-2 + IIB-3 (Baa2/BBB)
</TABLE>
<TABLE>
<CAPTION>
Class Sizes: GROUP I GROUP II
------- --------
<S> <C> <C> <C> <C>
Class IA-1 - IA-5 + IIA-1 (Aaa/AAA)[81.00]% [75.00]%
Class IA-6 + IIB-1 (Aa3/AA-) [7.50]% [12.00]%
Class IB-1 + IIB-2 (Baa2/BBB) [6.50]% [5.00]%
Class 1B-2 + IIB-3 (Baa2/BBB) [5.00]% [8.00]%
O/C NA [0 to 3.75]%
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Fixed-Rate Group
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount(000): [37,400 37,000 21,700 12,900 17,084 11,675 10,119 7,784]
Coupon: [1ML TBD TBD TBD TBD TBD TBD TBD
[+ [TBD] bps
Approx. Price: TBD TBD TBD TBD TBD TBD TBD TBD
Yield(%): TBD TBD TBD TBD TBD TBD TBD TBD
Spread: TBD TBD TBD TBD TBD TBD TBD TBD
Avg Life 1.001 3.002 5.002 7.005 9.750 11.856 6.825 11.180
To Call:
Avg Life
To Mat.: 1.001 3.002 5.002 7.005 9.752 14.522 6.825 14.948
1st Prin Pymt: [06/07/98 05/07/00 07/07/02 07/07/04 06/07/06 04/07/10 06/07/03 07/07/07
Last Prin Pmt
To 10% Call: [05/07/00 07/07/02 07/07/04 06/07/06 04/07/10 04/07/10 07/07/07 04/07/10
Last Prin Pmt
To Mat.: [05/07/00 07/07/02 07/07/04 06/07/06 06/07/10 07/07/16 07/07/07 02/07/28
Stated Mat: [05/07/04 05/07/09 10/07/12 04/07/15 04/07/20 06/07/28 12/07/14 06/07/28
Expected
Settlement: [----------------------------------------[05/29/98] -------------------------------------]
Pymt Delay: 0 days [-------------------------------6 days-----------------------------------]
Interest Pmt Act/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [05/27/98] [----------------------------[05/01/98]----------------------------------]
Ratings: Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB
(Moody's/Fitch)
Pricing Date: [TBD TBD TBD TBD TBD TBD TBD TBD
Prepayment Speed: 200% MHP
Total Group Size: [$155,662,931
Class IA-1 Pass
Through Rate: The Class I A-1 Pass Through Rate will equal the
lesser of i) One Month LIBOR plus [TBD%] and ii) the
weighted average gross coupon of the contracts less
the [1.25%] servicing fee.
Servicing Fee: For as long as Vanderbilt is the servicer, the
servicing fee of [1.25]% per annum is subordinate to
the Offered Certificates on a monthly basis.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
</TABLE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS I B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I A-3, I
A-4, and I A-5 until such class is reduced to
zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) Senior percentage of principal payments to Class I
A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) Class I B percentage of principal payments to
Class I B-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) Class I B percentage of principal payments to
Class I B-2 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II
Certificates except the Net Funds Cap Carryover
Amount;
10) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
11) As long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
12) Any remainder to the Class R Certificates.
--------------------------------------------------
| | | | | | |
|I A-1|I A-2| I A-3 | I A-4 | I A-5 | I A-6 |
| | | | | | |
|-----|-----|----------|--------|-------|--------|
|///////////////////| | |
|///////////////////| I B-1 | I B-2 |
|///////////////////| | |
--------------------------------------------------
5 yrs
CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5 Certificates;
2) 100% of principal payments sequentially to Classes
IA-1, I A-2, I A-3, I A-4, and I A-5 until
such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) 100% of principal payments to Class I A-6 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) 100% of principal payments to Class I B-1 until
such Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) 100% of principal payments to Class I B-2 until
such Class is reduced to zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II
Certificates except the Net Funds Cap Carryover
Amount;
10) Excess cashflow to the Class II A-1 to build
O/C for the Group II Certificates.
11) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
12) Any remainder to the Class R Certificates.
-----------------------------------------------------------------
| | | | | | | | |
| | | | | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I A-6 | I B-1 | I B-2 |
| | | | | | | | |
|-------|-------|-------|-------|-------|-------|-------|-------|
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
*********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
Class I B Distribution
Test: The Class I B Distribution Test is met if:
1) Remittance Date is on or after June 2003
2) Class I B Percentage is at least [20.125] %
(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 [$3,113,258.63]
(which represents approximately 2% of the Total
Original Group I Pool Principal Balance).
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
- --------------------------------------------------------------------------------
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 IIB-3
- --------------------------------------------------------------------------------
Amount(000): [48,674 7,789 3,246 5,193 ]
Coupon: 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD]
Approx. Price: [TBD TBD TBD TBD]
Avg Life
To Call: [3.738 5.911 7.891 11.094]
Avg Life
To Mat: [3.851 5.911 7.891 12.048]
1st Prin Pymt: [06/07/98 06/07/03 04/07/05 07/07/07]
Last Prin Pmt
To 10% Call: [04/07/10 04/07/05 07/07/07 04/07/10 ]
Last Prin Pmt
To Mat.: [09/07/13 04/07/05 07/07/07 08/07/14]
Stated Maturity: [06/07/28 06/07/12 08/07/13 06/07/28 ]
Expected
Settlement: [----------------------------05/29/98---------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: 05/27/98] [05/27/98] [05/27/98] [05/27/98]
Rating: Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB
(Moody's/Fitch)
Pricing Date: [TBD TBD TBD TBD]
Prepayment Speed: 225% MHP
Total Group Size: [$64,902,548.27]
Group II Pass
Through Rate: The Group II Pass Through Rate will equal the lesser of
i) One Month LIBOR plus [TBD%] and ii) the Net Funds Cap
as described herein.
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon
on the Class Adjustable Rate Certificates:
IIA-1 - shall increase by [2x] the respective margins
IIB-1 - shall increase by an additional [50 BP]
IIB-2 - shall increase by an additional [50 BP]
IIB-3 - shall increase by an additional [50 BP]
Net Funds Cap: The difference between the a) collateral WAC and b) the
the sum of i) if the OC is less than its target, [0.75]%
spread cushion, and ii) if the Company is no longer
the Servicer, [1.25]%.
Net Funds Cap
Carryover: If on any Payment Date the Group II Certificate
interest distribution amount is less than the Group
II Pass-Through Rate (which is subject to a maximum
equal to the Weighted Average Life Cap of the
collateral), the amount of such shortfall and the
aggregate of such shortfalls from previous payment
dates together with accrued interest at the
Pass-Through Rate will be carried forward to the
next Payment Date until paid.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates (subject
to the Net Funds Cap);
2) Senior percentage of principal payments to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to
zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to
zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to
zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I
Certificates except the Net Funds Cap Carryover
Amount;
10) Excess cashflow to the Class II A-1 to build
O/C.
11) So long as Vanderbilt is the Servicer,
any remainder up to the amount equal to 1/12th of
the product of 1.25% and the pool scheduled
principal balance to the Servicer;
12) Any remainder to the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
5 yrs
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until
such Class is reduced to zero;
7) Excess cashflow to fund any Available Funds with
respect to the Group I Certificates excep 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 June 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 [1,298,050.97] (which
represents approximately 2% of the Total
Original Group II Pool Principal Balance).
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
*********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-B
Preliminary Marketing Memo
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the remaining pool balance of the
Certificates is less than 10% of its original balance.
Payment Date: The 7th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in June, 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-2, I A-3, I A-4, I A-5, I A-6, I B-1 and I B-2
certificates. For the Class I A-1 certificates and the
Group II Certificates,interest will accrue from the 7th day
of the preceeding month until the 6th day of the current
month. For the first payment date, interest will accrue
from the closing date to the first Payment Date for the
class I A-1 certificates and the Group II Certificates..For
the Class I A-1 certificates, and the Group II
Certificates, interest is calculated using an actual/360
day count. For the remainder of the certificate classes,
interest is calculated using a 30/360 day count.
ERISA
Considerations: The Class I A-1, I A-2, I A-3, I A-4, and I A-5
Certificates and the Class II A-1 will be ERISA eligible.
The Class I A-6 I B-1 and I B-2 Certificates and the Class
II B-1, II B-2, and II B-3 are not ERISA eligible. However,
investors should consult with their counsel with respect to
the consequences under ERISA and the Code of the Plan's
acquisition and ownership of such Certificates.
SMMEA
Considerations: The Class II A-1 and II B-1 Certificates will constitute
"mortgage related securities" under the Secondary Mortgage
Market Enhancement Act of 1984 "SMMEA".
Group I Group II
Type of Collateral: FIXED ARM
Amount: [$ 155,662,931 $ 64,902,548 ]
Avg Unpaid Balance [ $ 31,677 $ 31,893 ]
Max Orig Balance [ $ 152,426 $ 114,817 ]
WAC: [ 10.835% 10.491% ]
WAC Range: [7.50% - 25.00% 7.99% - 18.00% ]
WAM: [ 213 202 ]
WA Orig Term: [ 215 203 ]
WALTV: [ 83.7% 86.8% ]
New: [ 44.5% 71.7% ]
Used: [ 55.5% 28.3% ]
Park: [ 32.8% 36.7% ]
Non-Park: [ 67.2% 63.3% ]
Single Wide: [ 48.2% 54.5% ]
Double Wide: [ 51.8% 45.5% ]
Prospectus: The Certificates are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus")Complete information with respect to the
Certificates and the Collateral is contained in the
Prospectus. The foregoing is qualified in its entirety by
the information appearing in the Prospectus. To the extent
that the foregoing is inconsistent with the Prospectus, the
Prospectus shall govern in all respects. Sales of the
Certificates may not be consumated unless the purchaser has
received the Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
DATE COUPON
- -------------
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
- --------------
06/98 9.741
07/98 9.741
08/98 9.741
09/98 9.737
10/98 9.737
11/98 9.737
12/98 9.737
01/99 9.737
02/99 9.737
03/99 9.715
04/99 9.725
05/99 9.793
06/99 9.806
07/99 9.813
08/99 9.813
09/99 9.813
10/99 9.813
11/99 9.813
12/99 9.813
01/00 9.813
02/00 9.813
03/00 9.813
04/00 9.813
05/00 9.813
06/00 9.813
07/00 9.813
08/00 9.813
09/00 9.813
10/00 9.813
11/00 9.813
12/00 9.813
01/01 9.813
02/01 9.813
03/01 9.813
04/01 9.813
05/01 9.813
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $37,400,000.00 DATED DATE: 05/27/98
CURRENT COUPON: 5.706% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $37,400,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 05/29/98
ASSUMED CONSTANT LIBOR-1M 5.6563
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 30.600 26.282 28.446 32.772 34.940 37.161
99-24+ 28.997 24.949 26.978 31.033 33.066 35.147
99-25 27.394 23.617 25.510 29.295 31.191 33.133
99-25+ 25.792 22.285 24.043 27.556 29.317 31.121
99-26 24.190 20.953 22.576 25.819 27.444 29.108
99-26+ 22.589 19.622 21.109 24.081 25.571 27.096
99-27 20.987 18.291 19.642 22.344 23.698 25.085
99-27+ 19.387 16.960 18.176 20.607 21.826 23.073
99-28 17.786 15.630 16.710 18.871 19.954 21.063
99-28+ 16.186 14.299 15.245 17.135 18.083 19.053
99-29 14.586 12.969 13.780 15.400 16.212 17.043
99-29+ 12.987 11.640 12.315 13.665 14.341 15.034
99-30 11.388 10.311 10.851 11.930 12.471 13.025
99-30+ 9.789 8.981 9.386 10.196 10.601 11.016
99-31 8.191 7.653 7.922 8.462 8.732 9.009
99-31+ 6.593 6.324 6.459 6.728 6.863 7.001
100-00 4.995 4.996 4.996 4.995 4.995 4.994
100-00+ 3.398 3.668 3.533 3.262 3.127 2.988
100-01 1.801 2.341 2.070 1.530 1.259 0.982
First Payment 0.022 0.022 0.022 0.022 0.022 0.022
Average Life 1.001 1.214 1.097 0.920 0.851 0.790
Last Payment 1.939 2.356 2.189 1.772 1.689 1.606
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $37,000,000.00 DATED DATE: 05/01/98
COUPON: 6.120% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $37,000,000.00 BOND IA2 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.254 6.245 6.250 6.259 6.263 6.267
99-24+ 6.248 6.240 6.244 6.252 6.256 6.260
99-25 6.242 6.236 6.239 6.246 6.249 6.253
99-25+ 6.237 6.231 6.234 6.240 6.243 6.246
99-26 6.231 6.226 6.228 6.233 6.236 6.238
99-26+ 6.225 6.221 6.223 6.227 6.229 6.231
99-27 6.219 6.216 6.217 6.221 6.222 6.224
99-27+ 6.213 6.211 6.212 6.214 6.215 6.216
99-28 6.207 6.206 6.206 6.208 6.208 6.209
99-28+ 6.201 6.201 6.201 6.201 6.202 6.202
99-29 6.195 6.196 6.196 6.195 6.195 6.195
99-29+ 6.189 6.191 6.190 6.189 6.188 6.187
99-30 6.184 6.186 6.185 6.182 6.181 6.180
99-30+ 6.178 6.181 6.179 6.176 6.174 6.173
99-31 6.172 6.176 6.174 6.170 6.168 6.165
99-31+ 6.166 6.171 6.169 6.163 6.161 6.158
100-00 6.160 6.166 6.163 6.157 6.154 6.151
100-00+ 6.154 6.161 6.158 6.151 6.147 6.144
100-01 6.148 6.156 6.152 6.144 6.140 6.136
100-01+ 6.142 6.151 6.147 6.138 6.134 6.129
100-02 6.137 6.146 6.142 6.132 6.127 6.122
100-02+ 6.131 6.141 6.136 6.125 6.120 6.115
100-03 6.125 6.136 6.131 6.119 6.113 6.107
100-03+ 6.119 6.132 6.125 6.113 6.106 6.100
100-04 6.113 6.127 6.120 6.106 6.100 6.093
100-04+ 6.107 6.122 6.115 6.100 6.093 6.086
100-05 6.101 6.117 6.109 6.094 6.086 6.078
100-05+ 6.096 6.112 6.104 6.087 6.079 6.071
100-06 6.090 6.107 6.098 6.081 6.072 6.064
100-06+ 6.084 6.102 6.093 6.075 6.066 6.057
100-07 6.078 6.097 6.088 6.068 6.059 6.049
100-07+ 6.072 6.092 6.082 6.062 6.052 6.042
First Payment 1.939 2.356 2.189 1.772 1.689 1.606
Average Life 3.002 3.631 3.288 2.760 2.554 2.378
Last Payment 4.106 5.022 4.522 3.772 3.522 3.272
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $21,700,000.00 DATED DATE: 05/01/98
COUPON: 6.220% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $21,700,000.00 BOND IA3 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.336 6.330 6.333 6.339 6.342 6.344
99-24+ 6.332 6.327 6.330 6.335 6.337 6.340
99-25 6.329 6.324 6.326 6.331 6.333 6.335
99-25+ 6.325 6.321 6.323 6.327 6.329 6.331
99-26 6.321 6.318 6.320 6.323 6.324 6.326
99-26+ 6.317 6.315 6.316 6.319 6.320 6.321
99-27 6.314 6.312 6.313 6.315 6.316 6.317
99-27+ 6.310 6.308 6.309 6.311 6.311 6.312
99-28 6.306 6.305 6.306 6.307 6.307 6.307
99-28+ 6.302 6.302 6.302 6.303 6.303 6.303
99-29 6.299 6.299 6.299 6.299 6.298 6.298
99-29+ 6.295 6.296 6.295 6.294 6.294 6.294
99-30 6.291 6.293 6.292 6.290 6.290 6.289
99-30+ 6.287 6.290 6.289 6.286 6.285 6.284
99-31 6.284 6.287 6.285 6.282 6.281 6.280
99-31+ 6.280 6.284 6.282 6.278 6.277 6.275
100-00 6.276 6.280 6.278 6.274 6.272 6.270
100-00+ 6.273 6.277 6.275 6.270 6.268 6.266
100-01 6.269 6.274 6.271 6.266 6.264 6.261
100-01+ 6.265 6.271 6.268 6.262 6.259 6.257
100-02 6.261 6.268 6.265 6.258 6.255 6.252
100-02+ 6.258 6.265 6.261 6.254 6.251 6.247
100-03 6.254 6.262 6.258 6.250 6.246 6.243
100-03+ 6.250 6.259 6.254 6.246 6.242 6.238
100-04 6.246 6.255 6.251 6.242 6.238 6.233
100-04+ 6.243 6.252 6.248 6.238 6.233 6.229
100-05 6.239 6.249 6.244 6.234 6.229 6.224
100-05+ 6.235 6.246 6.241 6.230 6.225 6.220
100-06 6.231 6.243 6.237 6.226 6.220 6.215
100-06+ 6.228 6.240 6.234 6.222 6.216 6.210
100-07 6.224 6.237 6.230 6.218 6.212 6.206
100-07+ 6.220 6.234 6.227 6.214 6.207 6.201
First Payment 4.106 5.022 4.522 3.772 3.522 3.272
Average Life 5.002 6.218 5.545 4.564 4.210 3.915
Last Payment 6.106 7.606 6.856 5.522 4.939 4.606
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $12,900,000.00 DATED DATE: 05/01/98
COUPON: 6.450% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $12,900,000.00 BOND IA4 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.563 6.560 6.561 6.566 6.568 6.570
99-24+ 6.560 6.557 6.559 6.562 6.565 6.567
99-25 6.558 6.555 6.556 6.559 6.561 6.563
99-25+ 6.555 6.552 6.553 6.556 6.558 6.560
99-26 6.552 6.550 6.551 6.553 6.554 6.556
99-26+ 6.549 6.547 6.548 6.550 6.551 6.552
99-27 6.546 6.545 6.545 6.547 6.548 6.549
99-27+ 6.543 6.542 6.543 6.544 6.544 6.545
99-28 6.540 6.540 6.540 6.541 6.541 6.541
99-28+ 6.538 6.538 6.538 6.538 6.538 6.538
99-29 6.535 6.535 6.535 6.535 6.534 6.534
99-29+ 6.532 6.533 6.532 6.531 6.531 6.530
99-30 6.529 6.530 6.530 6.528 6.528 6.527
99-30+ 6.526 6.528 6.527 6.525 6.524 6.523
99-31 6.523 6.525 6.524 6.522 6.521 6.519
99-31+ 6.520 6.523 6.522 6.519 6.517 6.516
100-00 6.518 6.520 6.519 6.516 6.514 6.512
100-00+ 6.515 6.518 6.516 6.513 6.511 6.509
100-01 6.512 6.516 6.514 6.510 6.507 6.505
100-01+ 6.509 6.513 6.511 6.507 6.504 6.501
100-02 6.506 6.511 6.509 6.504 6.501 6.498
100-02+ 6.503 6.508 6.506 6.500 6.497 6.494
100-03 6.500 6.506 6.503 6.497 6.494 6.490
100-03+ 6.498 6.503 6.501 6.494 6.491 6.487
100-04 6.495 6.501 6.498 6.491 6.487 6.483
100-04+ 6.492 6.499 6.495 6.488 6.484 6.479
100-05 6.489 6.496 6.493 6.485 6.480 6.476
100-05+ 6.486 6.494 6.490 6.482 6.477 6.472
100-06 6.483 6.491 6.488 6.479 6.474 6.469
100-06+ 6.481 6.489 6.485 6.476 6.470 6.465
100-07 6.478 6.486 6.482 6.473 6.467 6.461
100-07+ 6.475 6.484 6.480 6.470 6.464 6.458
First Payment 6.106 7.606 6.856 5.522 4.939 4.606
Average Life 7.005 8.584 7.760 6.324 5.716 5.202
Last Payment 8.022 9.689 8.772 7.272 6.606 5.939
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $17,084,000.00 DATED DATE: 05/01/98
COUPON: 6.560% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $17,084,000.00 BOND IA5 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.670 6.668 6.669 6.672 6.673 6.675
99-24+ 6.668 6.666 6.667 6.669 6.671 6.672
99-25 6.666 6.664 6.665 6.667 6.668 6.669
99-25+ 6.664 6.662 6.663 6.665 6.666 6.667
99-26 6.661 6.660 6.661 6.662 6.663 6.664
99-26+ 6.659 6.658 6.659 6.660 6.660 6.661
99-27 6.657 6.656 6.657 6.657 6.658 6.658
99-27+ 6.655 6.654 6.654 6.655 6.655 6.656
99-28 6.653 6.652 6.652 6.653 6.653 6.653
99-28+ 6.650 6.650 6.650 6.650 6.650 6.650
99-29 6.648 6.648 6.648 6.648 6.648 6.648
99-29+ 6.646 6.646 6.646 6.646 6.645 6.645
99-30 6.644 6.644 6.644 6.643 6.643 6.642
99-30+ 6.641 6.642 6.642 6.641 6.640 6.639
99-31 6.639 6.640 6.640 6.638 6.638 6.637
99-31+ 6.637 6.638 6.638 6.636 6.635 6.634
100-00 6.635 6.636 6.636 6.634 6.632 6.631
100-00+ 6.632 6.634 6.633 6.631 6.630 6.628
100-01 6.630 6.632 6.631 6.629 6.627 6.626
100-01+ 6.628 6.630 6.629 6.626 6.625 6.623
100-02 6.626 6.628 6.627 6.624 6.622 6.620
100-02+ 6.623 6.626 6.625 6.622 6.620 6.618
100-03 6.621 6.624 6.623 6.619 6.617 6.615
100-03+ 6.619 6.622 6.621 6.617 6.615 6.612
100-04 6.617 6.620 6.619 6.615 6.612 6.609
100-04+ 6.614 6.618 6.617 6.612 6.610 6.607
100-05 6.612 6.617 6.614 6.610 6.607 6.604
100-05+ 6.610 6.615 6.612 6.607 6.605 6.601
100-06 6.608 6.613 6.610 6.605 6.602 6.599
100-06+ 6.606 6.611 6.608 6.603 6.599 6.596
100-07 6.603 6.609 6.606 6.600 6.597 6.593
100-07+ 6.601 6.607 6.604 6.598 6.594 6.590
First Payment 8.022 9.689 8.772 7.272 6.606 5.939
Average Life 9.750 11.561 10.619 8.943 8.197 7.508
Last Payment 11.856 13.189 12.522 11.106 10.272 9.439
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
</TABLE>
******************** PRELIMINARY INFORMATION ONLY *******************
<TABLE>
<CAPTION>
CURRENT BALANCE: $11,675,000.00 DATED DATE: 05/01/98
COUPON: 6.800% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $11,675,000.00 BOND IA6 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-23 6.918 6.917 6.918 6.919 6.920 6.920
99-23+ 6.916 6.915 6.916 6.917 6.917 6.918
99-24 6.914 6.913 6.914 6.915 6.915 6.916
99-24+ 6.912 6.911 6.912 6.913 6.913 6.914
99-25 6.910 6.910 6.910 6.911 6.911 6.912
99-25+ 6.908 6.908 6.908 6.909 6.909 6.910
99-26 6.906 6.906 6.906 6.907 6.907 6.907
99-26+ 6.904 6.904 6.904 6.905 6.905 6.905
99-27 6.902 6.902 6.902 6.903 6.903 6.903
99-27+ 6.900 6.900 6.900 6.901 6.901 6.901
99-28 6.899 6.898 6.898 6.899 6.899 6.899
99-28+ 6.897 6.897 6.897 6.897 6.896 6.896
99-29 6.895 6.895 6.895 6.894 6.894 6.894
99-29+ 6.893 6.893 6.893 6.892 6.892 6.892
99-30 6.891 6.891 6.891 6.890 6.890 6.890
99-30+ 6.889 6.889 6.889 6.888 6.888 6.888
99-31 6.887 6.887 6.887 6.886 6.886 6.886
99-31+ 6.885 6.885 6.885 6.884 6.884 6.883
100-00 6.883 6.884 6.883 6.882 6.882 6.881
100-00+ 6.881 6.882 6.881 6.880 6.880 6.879
100-01 6.879 6.880 6.879 6.878 6.878 6.877
100-01+ 6.877 6.878 6.877 6.876 6.876 6.875
100-02 6.875 6.876 6.876 6.874 6.873 6.873
100-02+ 6.873 6.874 6.874 6.872 6.871 6.870
100-03 6.871 6.873 6.872 6.870 6.869 6.868
100-03+ 6.869 6.871 6.870 6.868 6.867 6.866
100-04 6.867 6.869 6.868 6.866 6.865 6.864
100-04+ 6.865 6.867 6.866 6.864 6.863 6.862
100-05 6.863 6.865 6.864 6.862 6.861 6.860
100-05+ 6.861 6.863 6.862 6.860 6.859 6.857
100-06 6.859 6.862 6.860 6.858 6.857 6.855
100-06+ 6.857 6.860 6.858 6.856 6.855 6.853
First Payment 11.856 13.189 12.522 11.106 10.272 9.439
Average Life 11.856 13.189 12.522 11.349 10.887 10.327
Last Payment 11.856 13.189 12.522 11.356 10.939 10.439
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
</TABLE>
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $10,119,000.00 DATED DATE: 05/01/98
COUPON: 7.180% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $10,119,000.00 BOND IB1 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.313 7.312 7.313 7.314 7.314 7.314
99-24+ 7.310 7.309 7.310 7.311 7.311 7.311
99-25 7.307 7.307 7.307 7.308 7.308 7.308
99-25+ 7.304 7.304 7.304 7.305 7.305 7.305
99-26 7.301 7.301 7.301 7.301 7.302 7.302
99-26+ 7.298 7.298 7.298 7.298 7.299 7.299
99-27 7.295 7.295 7.295 7.295 7.295 7.296
99-27+ 7.292 7.292 7.292 7.292 7.292 7.292
99-28 7.289 7.289 7.289 7.289 7.289 7.289
99-28+ 7.286 7.286 7.286 7.286 7.286 7.286
99-29 7.283 7.283 7.283 7.283 7.283 7.283
99-29+ 7.280 7.280 7.280 7.280 7.280 7.280
99-30 7.277 7.278 7.277 7.277 7.277 7.277
99-30+ 7.274 7.275 7.274 7.274 7.274 7.274
99-31 7.271 7.272 7.271 7.271 7.271 7.270
99-31+ 7.268 7.269 7.269 7.268 7.268 7.267
100-00 7.265 7.266 7.266 7.265 7.264 7.264
100-00+ 7.262 7.263 7.263 7.262 7.261 7.261
100-01 7.259 7.260 7.260 7.259 7.258 7.258
100-01+ 7.256 7.257 7.257 7.256 7.255 7.255
100-02 7.253 7.254 7.254 7.253 7.252 7.252
100-02+ 7.250 7.252 7.251 7.250 7.249 7.248
100-03 7.247 7.249 7.248 7.247 7.246 7.245
100-03+ 7.244 7.246 7.245 7.243 7.243 7.242
100-04 7.241 7.243 7.242 7.240 7.240 7.239
100-04+ 7.238 7.240 7.239 7.237 7.237 7.236
100-05 7.235 7.237 7.236 7.234 7.234 7.233
100-05+ 7.232 7.234 7.233 7.231 7.230 7.230
100-06 7.229 7.231 7.230 7.228 7.227 7.227
100-06+ 7.226 7.228 7.227 7.225 7.224 7.223
100-07 7.223 7.226 7.224 7.222 7.221 7.220
100-07+ 7.220 7.223 7.221 7.219 7.218 7.217
First Payment 5.022 5.022 5.022 5.022 5.022 5.022
Average Life 6.825 7.183 6.990 6.681 6.555 6.444
Last Payment 9.106 9.939 9.439 8.856 8.522 8.356
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
</TABLE>
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $7,784,000.00 DATED DATE: 05/01/98
COUPON: 7.630% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $7,784,000.00 BOND IB2 YIELD TABLE YIELD TABLE DATE: 05/29/98
PREPAYMENT SPEED
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.769 7.768 7.769 7.770 7.770 7.771
99-24+ 7.767 7.766 7.767 7.767 7.768 7.768
99-25 7.765 7.764 7.765 7.765 7.766 7.766
99-25+ 7.763 7.762 7.762 7.763 7.763 7.764
99-26 7.761 7.760 7.760 7.761 7.761 7.761
99-26+ 7.758 7.758 7.758 7.759 7.759 7.759
99-27 7.756 7.756 7.756 7.756 7.756 7.757
99-27+ 7.754 7.754 7.754 7.754 7.754 7.754
99-28 7.752 7.752 7.752 7.752 7.752 7.752
99-28+ 7.750 7.750 7.750 7.750 7.750 7.750
99-29 7.748 7.748 7.748 7.748 7.747 7.747
99-29+ 7.746 7.746 7.746 7.745 7.745 7.745
99-30 7.743 7.744 7.744 7.743 7.743 7.743
99-30+ 7.741 7.742 7.742 7.741 7.741 7.740
99-31 7.739 7.740 7.739 7.739 7.738 7.738
99-31+ 7.737 7.738 7.737 7.737 7.736 7.736
100-00 7.735 7.736 7.735 7.734 7.734 7.733
100-00+ 7.733 7.734 7.733 7.732 7.732 7.731
100-01 7.730 7.732 7.731 7.730 7.729 7.729
100-01+ 7.728 7.730 7.729 7.728 7.727 7.726
100-02 7.726 7.728 7.727 7.725 7.725 7.724
100-02+ 7.724 7.726 7.725 7.723 7.723 7.722
100-03 7.722 7.724 7.723 7.721 7.720 7.719
100-03+ 7.720 7.722 7.721 7.719 7.718 7.717
100-04 7.718 7.720 7.719 7.717 7.716 7.715
100-04+ 7.715 7.718 7.717 7.714 7.714 7.713
100-05 7.713 7.716 7.714 7.712 7.711 7.710
100-05+ 7.711 7.714 7.712 7.710 7.709 7.708
100-06 7.709 7.712 7.710 7.708 7.707 7.706
100-06+ 7.707 7.710 7.708 7.706 7.705 7.703
100-07 7.705 7.707 7.706 7.703 7.702 7.701
100-07+ 7.703 7.705 7.704 7.701 7.700 7.699
First Payment 9.106 9.939 9.439 8.856 8.522 8.356
Average Life 11.180 12.325 11.740 10.733 10.350 9.936
Last Payment 11.856 13.189 12.522 11.356 10.939 10.439
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
</TABLE>
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $48,674,000.00 DATED DATE: 05/27/98
CURRENT COUPON: 5.826% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $48,674,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 05/29/98
ASSUMED CONSTANT LIBOR-1M 5.6563
********** TO CALL**********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 24.995 23.863 24.397 25.668 26.447 27.375
99-24+ 24.494 23.433 23.933 25.125 25.855 26.725
99-25 23.994 23.003 23.470 24.582 25.264 26.075
99-25+ 23.493 22.573 23.007 24.039 24.672 25.425
99-26 22.992 22.144 22.544 23.497 24.081 24.776
99-26+ 22.492 21.714 22.081 22.954 23.490 24.127
99-27 21.992 21.285 21.618 22.412 22.898 23.478
99-27+ 21.492 20.856 21.156 21.870 22.308 22.829
99-28 20.992 20.427 20.693 21.328 21.717 22.180
99-28+ 20.492 19.998 20.231 20.786 21.126 21.532
99-29 19.993 19.569 19.769 20.244 20.536 20.883
99-29+ 19.493 19.140 19.307 19.703 19.946 20.235
99-30 18.994 18.712 18.845 19.162 19.356 19.588
99-30+ 18.495 18.283 18.383 18.621 18.766 18.940
99-31 17.996 17.855 17.921 18.080 18.177 18.292
99-31+ 17.497 17.427 17.460 17.539 17.587 17.645
100-00 16.998 16.999 16.999 16.998 16.998 16.998
100-00+ 16.500 16.571 16.537 16.458 16.409 16.351
100-01 16.002 16.143 16.076 15.918 15.820 15.705
100-01+ 15.503 15.715 15.615 15.378 15.232 15.058
100-02 15.005 15.288 15.155 14.838 14.643 14.412
100-02+ 14.507 14.860 14.694 14.298 14.055 13.766
100-03 14.010 14.433 14.233 13.758 13.467 13.120
100-03+ 13.512 14.006 13.773 13.219 12.879 12.474
100-04 13.015 13.579 13.313 12.680 12.291 11.829
100-04+ 12.517 13.152 12.853 12.140 11.704 11.183
100-05 12.020 12.725 12.393 11.602 11.116 10.538
100-05+ 11.523 12.298 11.933 11.063 10.529 9.893
100-06 11.026 11.872 11.473 10.524 9.942 9.249
100-06+ 10.530 11.445 11.014 9.986 9.355 8.604
100-07 10.033 11.019 10.554 9.447 8.769 7.960
100-07+ 9.537 10.593 10.095 8.909 8.182 7.316
First Payment 0.022 0.022 0.022 0.022 0.022 0.022
Average Life 3.738 4.455 4.088 3.407 3.082 2.759
Last Payment 11.856 12.356 12.106 11.689 11.522 11.356
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $7,789,000.00 DATED DATE: 05/27/98
CURRENT COUPON: 6.006% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $7,789,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 05/29/98
ASSUMED CONSTANT LIBOR-1M 5.6563
********** TO CALL*********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 39.984 39.828 39.964 39.954 39.920 39.881
99-24+ 39.672 39.526 39.653 39.644 39.612 39.576
99-25 39.360 39.224 39.343 39.334 39.304 39.270
99-25+ 39.049 38.922 39.032 39.024 38.997 38.965
99-26 38.737 38.620 38.721 38.714 38.689 38.659
99-26+ 38.425 38.318 38.411 38.404 38.381 38.354
99-27 38.113 38.016 38.101 38.094 38.073 38.049
99-27+ 37.802 37.714 37.790 37.785 37.766 37.744
99-28 37.490 37.412 37.480 37.475 37.458 37.438
99-28+ 37.178 37.110 37.169 37.165 37.150 37.133
99-29 36.867 36.808 36.859 36.856 36.843 36.828
99-29+ 36.555 36.507 36.549 36.546 36.535 36.523
99-30 36.244 36.205 36.239 36.237 36.228 36.218
99-30+ 35.933 35.903 35.929 35.927 35.921 35.913
99-31 35.621 35.602 35.619 35.618 35.613 35.609
99-31+ 35.310 35.300 35.309 35.308 35.306 35.304
100-00 34.999 34.999 34.999 34.999 34.999 34.999
100-00+ 34.688 34.698 34.689 34.690 34.692 34.694
100-01 34.377 34.396 34.379 34.381 34.385 34.390
100-01+ 34.066 34.095 34.070 34.071 34.078 34.085
100-02 33.755 33.794 33.760 33.762 33.771 33.781
100-02+ 33.444 33.493 33.450 33.453 33.464 33.476
100-03 33.133 33.192 33.141 33.144 33.157 33.172
100-03+ 32.822 32.891 32.831 32.835 32.850 32.867
100-04 32.512 32.590 32.522 32.527 32.544 32.563
100-04+ 32.201 32.289 32.212 32.218 32.237 32.259
100-05 31.890 31.988 31.903 31.909 31.930 31.955
100-05+ 31.580 31.687 31.594 31.600 31.624 31.651
100-06 31.269 31.386 31.285 31.292 31.317 31.347
100-06+ 30.959 31.085 30.975 30.983 31.011 31.043
100-07 30.648 30.785 30.666 30.675 30.704 30.739
100-07+ 30.338 30.484 30.357 30.366 30.398 30.435
First Payment 5.022 5.022 5.022 5.106 5.106 5.106
Average Life 5.911 6.159 5.944 5.954 6.004 6.063
Last Payment 6.856 8.106 7.439 6.939 7.022 7.106
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $3,246,000.00 DATED DATE: 05/27/98
CURRENT COUPON: 6.656% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $3,246,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 05/29/98
ASSUMED CONSTANT LIBOR-1M 5.6563
********** TO CALL**********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 104.046 103.599 103.816 104.195 104.183 104.118
99-24+ 103.793 103.374 103.577 103.932 103.921 103.860
99-25 103.540 103.148 103.338 103.670 103.659 103.602
99-25+ 103.286 102.923 103.100 103.407 103.398 103.345
99-26 103.033 102.698 102.861 103.145 103.136 103.087
99-26+ 102.780 102.473 102.622 102.882 102.874 102.829
99-27 102.527 102.248 102.383 102.620 102.613 102.572
99-27+ 102.274 102.023 102.145 102.358 102.351 102.314
99-28 102.021 101.798 101.906 102.095 102.089 102.057
99-28+ 101.768 101.573 101.668 101.833 101.828 101.799
99-29 101.515 101.348 101.429 101.571 101.567 101.542
99-29+ 101.262 101.123 101.191 101.309 101.305 101.285
99-30 101.010 100.898 100.952 101.047 101.044 101.028
99-30+ 100.757 100.673 100.714 100.785 100.783 100.770
99-31 100.504 100.449 100.476 100.523 100.521 100.513
99-31+ 100.252 100.224 100.237 100.261 100.260 100.256
100-00 99.999 99.999 99.999 99.999 99.999 99.999
100-00+ 99.746 99.774 99.761 99.737 99.738 99.742
100-01 99.494 99.550 99.523 99.475 99.477 99.485
100-01+ 99.242 99.325 99.285 99.214 99.216 99.228
100-02 98.989 99.101 99.047 98.952 98.955 98.971
100-02+ 98.737 98.876 98.809 98.690 98.694 98.714
100-03 98.484 98.652 98.571 98.429 98.433 98.458
100-03+ 98.232 98.428 98.333 98.167 98.172 98.201
100-04 97.980 98.203 98.095 97.906 97.912 97.944
100-04+ 97.728 97.979 97.857 97.644 97.651 97.688
100-05 97.476 97.755 97.619 97.383 97.390 97.431
100-05+ 97.224 97.531 97.382 97.121 97.130 97.174
100-06 96.972 97.306 97.144 96.860 96.869 96.918
100-06+ 96.720 97.082 96.906 96.599 96.609 96.661
100-07 96.468 96.858 96.669 96.338 96.348 96.405
100-07+ 96.216 96.634 96.431 96.076 96.088 96.149
First Payment 6.856 8.106 7.439 6.939 7.022 7.106
Average Life 7.891 9.245 8.533 7.518 7.543 7.701
Last Payment 9.106 10.522 9.772 8.439 8.106 8.356
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
******************** PRELIMINARY INFORMATION ONLY **************************
<TABLE>
<CAPTION>
CURRENT BALANCE: $5,193,000.00 DATED DATE: 05/27/98
CURRENT COUPON: 6.906% vmf98bf FIRST PAYMENT: 06/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $5,193,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 05/29/98
ASSUMED CONSTANT LIBOR-1M 5.6563
********** TO CALL**********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 128.211 128.047 128.124 128.301 128.401 128.456
99-24+ 128.010 127.856 127.928 128.095 128.188 128.240
99-25 127.809 127.665 127.733 127.888 127.975 128.023
99-25+ 127.608 127.475 127.537 127.681 127.762 127.807
99-26 127.407 127.284 127.342 127.475 127.549 127.591
99-26+ 127.206 127.093 127.146 127.268 127.337 127.375
99-27 127.005 126.903 126.951 127.062 127.124 127.158
99-27+ 126.804 126.712 126.755 126.855 126.911 126.942
99-28 126.604 126.522 126.560 126.649 126.699 126.726
99-28+ 126.403 126.331 126.365 126.443 126.486 126.510
99-29 126.202 126.141 126.170 126.236 126.273 126.294
99-29+ 126.002 125.951 125.974 126.030 126.061 126.078
99-30 125.801 125.760 125.779 125.824 125.849 125.862
99-30+ 125.601 125.570 125.584 125.618 125.636 125.646
99-31 125.400 125.380 125.389 125.411 125.424 125.431
99-31+ 125.200 125.189 125.194 125.205 125.211 125.215
100-00 124.999 124.999 124.999 124.999 124.999 124.999
100-00+ 124.799 124.809 124.804 124.793 124.787 124.783
100-01 124.598 124.619 124.609 124.587 124.575 124.568
100-01+ 124.398 124.429 124.414 124.381 124.362 124.352
100-02 124.198 124.239 124.220 124.175 124.150 124.137
100-02+ 123.998 124.049 124.025 123.969 123.938 123.921
100-03 123.797 123.859 123.830 123.763 123.726 123.706
100-03+ 123.597 123.669 123.635 123.558 123.514 123.490
100-04 123.397 123.479 123.441 123.352 123.302 123.275
100-04+ 123.197 123.289 123.246 123.146 123.090 123.059
100-05 122.997 123.099 123.051 122.940 122.878 122.844
100-05+ 122.797 122.910 122.857 122.735 122.667 122.629
100-06 122.597 122.720 122.662 122.529 122.455 122.414
100-06+ 122.397 122.530 122.468 122.324 122.243 122.198
100-07 122.197 122.341 122.273 122.118 122.031 121.983
100-07+ 121.997 122.151 122.079 121.913 121.820 121.768
First Payment 9.106 10.522 9.772 8.439 8.106 8.356
Average Life 11.094 12.003 11.558 10.654 10.214 9.969
Last Payment 11.856 12.356 12.106 11.689 11.522 11.356
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
- VMF98B
- Cut Off Date of Tape is 4/25/98
- $155,662,931.40
- FIX
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 4,914
Aggregate Unpaid Principal Balance: $155,662,931.40
Aggregate Original Principal Balance: $157,118,619.97
Weighted Average Gross Coupon: 10.835%
Gross Coupon Range: 7.500% - 25.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $31,677.44
Average Original Principal Balance: $31,973.67
Maximum Unpaid Principal Balance: $152,240.38
Minimum Unpaid Principal Balance: $1,585.42
Maximum Original Principal Balance: $152,426.09
Minimum Original Principal Balance: $1,700.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 213.444
Stated Rem Term Range: 12.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.825
Age Range: 0.000 - 128.000
Weighted Average Original Term: 215.269
Original Term Range: 12.000 - 360.000
Weighted Average Original LTV: 83.716
Original LTV Range: 5.591% - 179.762%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 75098 20 loans $682,224.17 0.44%
New 44.52% $69,303,425
Used 55.48% $86,359,506
Single 48.21% $75,050,244
Multi 51.79% $80,612,687
Not Parked 67.24% $104,674,096
Parked 32.76% $50,988,835
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
Geographical Distribution - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alaska 1 35,865.66 0.02
Alabama 96 3,287,393.93 2.11
Arkansas 22 856,921.90 0.55
Arizona 47 1,416,745.28 0.91
California 4 135,448.31 0.09
Colorado 68 2,466,875.02 1.58
Connecticut 3 80,600.60 0.05
Delaware 14 472,468.11 0.30
Florida 349 11,218,095.37 7.21
Georgia 92 2,463,210.78 1.58
Iowa 21 494,101.57 0.32
Illinois 35 905,728.75 0.58
Indiana 58 1,237,774.58 0.80
Kansas 4 103,993.40 0.07
Kentucky 156 4,030,111.01 2.59
Louisiana 130 4,212,814.27 2.71
Massachusetts 1 9,771.99 0.01
Maryland 3 52,124.44 0.03
Maine 2 83,469.55 0.05
Michigan 115 2,987,695.04 1.92
Minnesota 20 652,494.32 0.42
Missouri 119 3,841,240.10 2.47
Mississippi 37 1,061,058.43 0.68
Montana 19 683,599.67 0.44
North Carolina 496 14,815,610.19 9.52
North Dakota 4 135,609.04 0.09
Nebraska 1 25,084.67 0.02
New Hampshire 1 25,841.76 0.02
New Jersey 1 27,150.00 0.02
New Mexico 57 2,380,627.04 1.53
Nevada 3 59,974.88 0.04
New York 83 2,778,832.46 1.79
Ohio 158 4,629,294.46 2.97
Oklahoma 55 1,978,264.86 1.27
Ontario 1 10,463.91 0.01
Oregon 2 56,384.19 0.04
Pennsylvania 214 6,059,260.87 3.89
South Carolina 261 8,207,008.42 5.27
Tennessee 489 13,840,121.31 8.89
Texas 1159 43,511,064.32 27.95
Virginia 232 6,464,956.58 4.15
Washington 1 8,120.80 0.01
Wisconsin 192 5,319,056.67 3.42
West Virginia 86 2,440,392.05 1.57
Wyoming 2 100,210.84 0.06
- --------------------------------------------------------------------------
Total............... 4914 $ 155,662,931.40 100.00%
==========================================================================
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 10 100,645 0.06
1988 25 237,702 0.15
1989 4 69,300 0.04
1990 23 314,319 0.20
1991 15 259,808 0.17
1992 27 495,780 0.32
1993 6 104,217 0.07
1994 6 152,845 0.10
1995 6 169,460 0.11
1996 6 189,404 0.12
1997 260 8,475,440 5.44
1998 4526 145,094,012 93.21
- --------------------------------------------------------------------------
Total................. 4914 $155,662,931 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
Distribution of Original Amounts - Group I Contracts
<TABLE>
<CAPTION>
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> <C>
$ 0.01 Balance <= $ 5,000.00 12 44,276 0.03
$ 5,000.01 < Balance <= $ 10,000.00 222 1,722,928 1.11
$ 10,000.01 < Balance <= $ 15,000.00 428 5,411,205 3.48
$ 15,000.01 < Balance <= $ 20,000.00 624 10,539,797 6.77
$ 20,000.01 < Balance <= $ 25,000.00 678 15,065,916 9.68
$ 25,000.01 < Balance <= $ 30,000.00 659 17,915,117 11.51
$ 30,000.01 < Balance <= $ 35,000.00 590 19,056,511 12.24
$ 35,000.01 < Balance <= $ 40,000.00 446 16,653,991 10.70
$ 40,000.01 < Balance <= $ 45,000.00 324 13,650,684 8.77
$ 45,000.01 < Balance <= $ 50,000.00 233 10,983,308 7.06
$ 50,000.01 < Balance <= $ 55,000.00 192 10,032,524 6.45
$ 55,000.01 < Balance <= $ 60,000.00 146 8,340,464 5.36
$ 60,000.01 < Balance <= $ 65,000.00 107 6,608,334 4.25
$ 65,000.01 < Balance <= $ 70,000.00 84 5,660,830 3.64
$ 70,000.01 < Balance <= $ 75,000.00 58 4,178,301 2.68
$ 75,000.01 < Balance <= $ 80,000.00 35 2,709,218 1.74
$ 80,000.01 < Balance <= $ 85,000.00 22 1,804,245 1.16
$ 85,000.01 < Balance <= $ 90,000.00 13 1,141,967 0.73
$ 90,000.01 < Balance <= $ 95,000.00 17 1,572,575 1.01
$ 95,000.01 < Balance <= $100,000.00 9 869,889 0.56
$100,000.01 < Balance <= $105,000.00 1 102,353 0.07
$105,000.01 < Balance <= $110,000.00 9 957,235 0.61
$110,000.01 < Balance <= $115,000.00 1 112,795 0.07
$120,000.01 < Balance <= $125,000.00 2 247,761 0.16
$125,000.01 < Balance <= $130,000.00 1 128,466 0.08
$150,000.01 < Balance <= $155,000.00 1 152,240 0.10
- -----------------------------------------------------------------------------------------
Total.................... 4914 $155,662,931 100.00%
=========================================================================================
</TABLE>
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% 513 11,418,437 7.34
From 61% to 66% 225 6,336,328 4.07
From 66% to 71% 280 8,326,884 5.35
From 71% to 76% 329 10,215,685 6.56
From 76% to 81% 415 13,253,541 8.51
From 81% to 86% 593 18,138,697 11.65
From 86% to 91% 1224 41,148,043 26.43
From 91% to 100% 1307 45,757,579 29.40
From 100% to 101% 7 232,531 0.15
Over 101% 21 835,207 0.54
- --------------------------------------------------------------------------
Total.................... 4914 $155,662,931 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
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 10 484,211.36 0.31
8.001% < Gross Coupon <= 9.000 187 10,354,055.29 6.65
9.001% < Gross Coupon <= 10.000 1035 39,864,378.42 25.61
10.001% < Gross Coupon <= 11.000 1575 50,803,819.07 32.64
11.001% < Gross Coupon <= 12.000 971 30,305,758.56 19.47
12.001% < Gross Coupon <= 13.000 627 15,090,817.44 9.69
13.001% < Gross Coupon <= 14.000 277 5,366,606.68 3.45
14.001% < Gross Coupon <= 15.000 147 2,165,435.54 1.39
15.001% < Gross Coupon <= 16.000 34 519,906.50 0.33
16.001% < Gross Coupon <= 17.000 18 280,905.67 0.18
17.001% < Gross Coupon <= 18.000 30 402,035.68 0.26
18.001% < Gross Coupon <= 19.000 2 23,415.77 0.02
24.001% < Gross Coupon <= 25.000 1 1,585.42 0.00
- ----------------------------------------------------------------------------
Total.......... 4914 $155,662,931.40 100.00%
============================================================================
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
0 < Rem Term <= 12 1 1,585.42 0.00%
12 < Rem Term <= 72 387 4,475,928.57 2.88%
72 < Rem Term <= 84 275 4,432,007.97 2.85%
84 < Rem Term <= 120 773 15,656,971.46 10.06%
120 < Rem Term <= 156 593 15,460,393.62 9.93%
156 < Rem Term <= 180 759 22,737,587.06 14.61%
180 < Rem Term <= 240 1,254 47,124,228.17 30.27%
240 < Rem Term <= 300 578 27,931,634.67 17.94%
300 < Rem Term <= 360 294 17,842,594.46 11.46%
- -------------------------------------------------------------------
Total............ 4,914 155,662,931.40 100.00%
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
Distribution of Model Year - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
Not Provided 3 111,091.89 0.07
1961 1 17,368.61 0.01
1964 1 36,021.78 0.02
1965 1 54,022.30 0.03
1966 2 16,979.93 0.01
1967 1 2,671.99 0.00
1968 1 11,375.77 0.01
1969 1 2,387.49 0.00
1970 5 58,795.07 0.04
1971 8 76,040.22 0.05
1972 19 238,826.67 0.15
1973 15 172,360.58 0.11
1974 14 145,171.29 0.09
1975 16 172,646.38 0.11
1976 15 194,120.96 0.12
1977 17 227,514.18 0.15
1978 35 427,357.13 0.27
1979 27 371,832.33 0.24
1980 35 425,601.88 0.27
1981 34 503,103.82 0.32
1982 44 618,417.06 0.40
1983 54 785,961.64 0.50
1984 101 1,612,375.45 1.04
1985 98 1,660,787.15 1.07
1986 90 1,536,173.07 0.99
1987 114 2,007,902.28 1.29
1988 120 2,025,470.58 1.30
1989 129 2,757,217.86 1.77
1990 123 2,627,203.21 1.69
1991 175 4,037,724.61 2.59
1992 191 4,557,605.89 2.93
1993 264 7,313,952.82 4.70
1994 349 11,031,263.38 7.09
1995 412 14,607,440.24 9.38
1996 439 16,262,983.27 10.45
1997 657 26,051,942.41 16.74
1998 1303 52,903,220.21 33.99
- --------------------------------------------------------------------------
Total............... 4914 $155,662,931.40 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
- VMF98B
- Cut Off Date of Tape is 4/25/98
- $64,902,548.27
- ARM
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,035
Aggregate Unpaid Principal Balance: $64,902,548.27
Aggregate Original Principal Balance: $65,158,743.41
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.491%
Gross Coupon Range: 7.990% - 18.000%
Weighted Average Margin (Gross): 4.892%
Gross Margin Range: 0.250% - 12.580%
Weighted Average Life Cap (Gross): 16.222%
* Excludes loans without Life Caps
Gross Life Cap Range: 12.750% - 24.000%
Weighted Average Life Floor (Gross): 4.892%
Gross Life Floor Range: 0.250% - 12.580%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $31,893.14
Average Original Principal Balance: $32,019.04
Maximum Unpaid Principal Balance: $114,817.40
Minimum Unpaid Principal Balance: $4,974.38
Maximum Original Principal Balance: $114,817.40
Minimum Original Principal Balance: $4,974.38
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 201.952
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.907
Age Range: 0.000 - 131.000
Weighted Average Original Term: 202.859
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 86.751
Original LTV Range: 7.857% - 100.000%
Weighted Average Periodic Interest Cap: 1.526%
* Excludes loans without Periodic Interest Caps
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.373
*** Calculated from the 5/98 to next rolldate
Months to Interest Roll Range: 1 - 13
Weighted Average Interest Roll Frequency: 11.987
Interest Frequency Range: 6 - 12
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 76208 26 loans $ 792,189.35 1.22%
New 71.69% $46,526,820
Used 28.31% $18,375,729
Single 54.51% $35,375,150
Multi 45.49% $29,527,398
Not Parked 63.27% $41,062,463
Parked 36.73% $23,840,085
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
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
Alaska 1 36,511.37 0.06
Alabama 13 347,610.66 0.54
Arkansas 4 104,872.73 0.16
Arizona 19 674,853.45 1.04
California 2 57,838.82 0.09
Colorado 3 136,533.51 0.21
Delaware 5 229,781.36 0.35
Florida 119 3,473,297.08 5.35
Georgia 30 874,194.33 1.35
Illinois 2 60,792.77 0.09
Indiana 7 299,431.36 0.46
Kentucky 166 4,761,749.87 7.34
Louisiana 85 2,665,692.77 4.11
Maryland 2 75,518.52 0.12
Michigan 2 42,218.01 0.07
Missouri 22 701,482.83 1.08
Mississippi 26 675,127.64 1.04
North Carolina 360 12,821,221.00 19.75
Nebraska 1 53,869.78 0.08
New Jersey 3 117,836.62 0.18
New Mexico 19 726,806.30 1.12
New York 2 97,203.57 0.15
Ohio 9 244,732.61 0.38
Oklahoma 23 692,418.88 1.07
Oregon 1 48,128.38 0.07
Pennsylvania 2 92,930.49 0.14
South Carolina 195 6,407,611.36 9.87
Tennessee 374 11,922,689.78 18.37
Texas 459 13,629,997.89 21.00
Virginia 76 2,641,800.60 4.07
West Virginia 3 187,793.93 0.29
- --------------------------------------------------------------------------
Total............... 2035 $ 64,902,548.27 100.00%
==========================================================================
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 6 59,880 0.09
1988 3 30,684 0.05
1990 3 51,284 0.08
1991 1 9,452 0.01
1993 1 27,267 0.04
1996 1 44,764 0.07
1997 7 300,101 0.46
1998 2013 64,379,117 99.19
- --------------------------------------------------------------------------
Total................. 2035 $ 64,902,548 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<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> <C>
$ 0.01 Balance <= $ 5,000.00 1 4,974 0.01
$ 5,000.01 < Balance <= $ 10,000.00 51 429,234 0.66
$ 10,000.01 < Balance <= $ 15,000.00 115 1,476,142 2.27
$ 15,000.01 < Balance <= $ 20,000.00 230 3,985,900 6.14
$ 20,000.01 < Balance <= $ 25,000.00 282 6,321,623 9.74
$ 25,000.01 < Balance <= $ 30,000.00 363 9,971,710 15.36
$ 30,000.01 < Balance <= $ 35,000.00 314 10,178,371 15.68
$ 35,000.01 < Balance <= $ 40,000.00 197 7,331,856 11.30
$ 40,000.01 < Balance <= $ 45,000.00 150 6,346,671 9.78
$ 45,000.01 < Balance <= $ 50,000.00 94 4,440,301 6.84
$ 50,000.01 < Balance <= $ 55,000.00 80 4,172,961 6.43
$ 55,000.01 < Balance <= $ 60,000.00 62 3,545,402 5.46
$ 60,000.01 < Balance <= $ 65,000.00 37 2,313,424 3.56
$ 65,000.01 < Balance <= $ 70,000.00 27 1,825,791 2.81
$ 70,000.01 < Balance <= $ 75,000.00 14 1,015,778 1.57
$ 75,000.01 < Balance <= $ 80,000.00 7 546,664 0.84
$ 80,000.01 < Balance <= $ 85,000.00 5 409,751 0.63
$ 85,000.01 < Balance <= $ 90,000.00 2 176,645 0.27
$ 90,000.01 < Balance <= $ 95,000.00 2 184,940 0.28
$105,000.01 < Balance <= $110,000.00 1 109,593 0.17
$110,000.01 < Balance <= $115,000.00 1 114,817 0.18
- ---------------------------------------------------------------------------------------------
Total.................... 2035 $ 64,902,548 100.00%
=============================================================================================
</TABLE>
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% 77 1,896,051 2.92
From 61% to 66% 42 1,236,341 1.90
From 66% to 71% 45 1,483,728 2.29
From 71% to 76% 89 2,923,374 4.50
From 76% to 81% 167 5,830,219 8.98
From 81% to 86% 290 9,065,814 13.97
From 86% to 91% 617 19,837,396 30.56
From 91% to 100% 708 22,629,626 34.87
- --------------------------------------------------------------------------
Total.................... 2035 $ 64,902,548 100.00%
==========================================================================
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 6 377,780.37 0.58
8.001% < Gross Coupon <= 9.000 184 7,021,465.75 10.82
9.001% < Gross Coupon <= 10.000 613 22,359,783.96 34.45
10.001% < Gross Coupon <= 11.000 476 15,451,027.55 23.81
11.001% < Gross Coupon <= 12.000 513 13,946,712.13 21.49
12.001% < Gross Coupon <= 13.000 144 3,740,753.94 5.76
13.001% < Gross Coupon <= 14.000 79 1,622,903.26 2.50
14.001% < Gross Coupon <= 15.000 17 340,720.64 0.52
15.001% < Gross Coupon <= 16.000 2 30,442.87 0.05
17.001% < Gross Coupon <= 18.000 1 10,957.80 0.02
- ----------------------------------------------------------------------------
Total.......... 2035 $ 64,902,548.27 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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 62 669,225.03 1.03%
72 < Rem Term <= 84 106 1,732,862.15 2.67%
84 < Rem Term <= 120 230 4,693,773.09 7.23%
120 < Rem Term <= 156 311 8,045,574.48 12.40%
156 < Rem Term <= 180 326 9,486,068.04 14.62%
180 < Rem Term <= 240 735 26,400,116.52 40.68%
240 < Rem Term <= 300 247 12,763,824.03 19.67%
300 < Rem Term <= 360 18 1,111,104.93 1.71%
- -------------------------------------------------------------------
Total............ 2,035 64,902,548.27 100.00%
===================================================================
Distribution of Lifetime Cap - Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life CAP Loans Balance Balance
<S> <C> <C> <C> <C>
CAPLESS 9 0.44 108,925.68 0.17
12.501 Life CAP <= 13.000 1 0.05 53,916.44 0.08
13.001 Life CAP <= 13.500 2 0.10 52,871.49 0.08
13.501 Life CAP <= 14.000 37 1.82 1,307,602.22 2.01
14.001 Life CAP <= 14.500 105 5.16 3,719,722.71 5.73
14.501 Life CAP <= 15.000 201 9.88 7,278,816.31 11.21
15.001 Life CAP <= 15.500 318 15.63 12,123,384.62 18.68
15.501 Life CAP <= 16.000 276 13.56 9,523,522.30 14.67
16.001 Life CAP <= 16.500 208 10.22 6,483,793.53 9.99
16.501 Life CAP <= 17.000 309 15.18 9,612,556.15 14.81
17.001 Life CAP <= 17.500 251 12.33 7,144,201.50 11.01
17.501 Life CAP <= 18.000 130 6.39 3,168,536.86 4.88
18.001 Life CAP <= 18.500 42 2.06 1,006,869.67 1.55
18.501 Life CAP <= 19.000 72 3.54 1,837,407.01 2.83
19.001 Life CAP <= 19.500 37 1.82 735,485.10 1.13
19.501 Life CAP <= 20.000 19 0.93 422,119.05 0.65
20.001 Life CAP <= 20.500 12 0.59 235,600.16 0.36
20.501 Life CAP <= 21.000 3 0.15 45,816.80 0.07
21.001 Life CAP <= 21.500 1 0.05 13,747.75 0.02
21.501 Life CAP <= 22.000 1 0.05 16,695.12 0.03
23.501 Life CAP <= 24.000 1 0.05 10,957.80 0.02
- --------------------------------------------------------------------------
Total................. 2035 100.00 $ 64,902,548.27 100.00%
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
Distribution of Gross Margin - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Gross Margin Loans Balance Balance
<S> <C> <C> <C> <C> <C>
0.000 Gross Margin <= 1.000 1 0.05 50,879.16 0.08
2.001 Gross Margin <= 2.500 6 0.29 348,723.83 0.54
2.501 Gross Margin <= 3.000 47 2.31 1,858,496.56 2.86
3.001 Gross Margin <= 3.500 133 6.54 5,292,388.33 8.15
3.501 Gross Margin <= 4.000 234 11.50 9,098,546.17 14.02
4.001 Gross Margin <= 4.500 310 15.23 10,734,652.22 16.54
4.501 Gross Margin <= 5.000 255 12.53 8,327,315.42 12.83
5.001 Gross Margin <= 5.500 332 16.31 10,379,613.50 15.99
5.501 Gross Margin <= 6.000 265 13.02 7,460,020.68 11.49
6.001 Gross Margin <= 6.500 200 9.83 5,339,000.17 8.23
6.501 Gross Margin <= 7.000 77 3.78 1,897,960.58 2.92
7.001 Gross Margin <= 7.500 96 4.72 2,468,614.95 3.80
7.501 Gross Margin <= 8.000 32 1.57 613,275.15 0.94
8.001 Gross Margin <= 8.500 23 1.13 573,986.26 0.88
8.501 Gross Margin <= 9.000 13 0.64 253,570.02 0.39
9.001 Gross Margin <= 9.500 7 0.34 148,486.10 0.23
9.501 Gross Margin <= 10.000 1 0.05 15,618.50 0.02
10.001 Gross Margin <= 10.500 2 0.10 30,442.87 0.05
12.501 Gross Margin <= 13.000 1 0.05 10,957.80 0.02
- --------------------------------------------------------------------------
Total................. 2035 100.00 $ 64,902,548.27 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C> <C>
0.000 Life Floor <= 1.000 1 0.05 50,879.16 0.08
2.001 Life Floor <= 2.500 6 0.29 348,723.83 0.54
2.501 Life Floor <= 3.000 47 2.31 1,858,496.56 2.86
3.001 Life Floor <= 3.500 133 6.54 5,292,388.33 8.15
3.501 Life Floor <= 4.000 234 11.50 9,098,546.17 14.02
4.001 Life Floor <= 4.500 310 15.23 10,734,652.22 16.54
4.501 Life Floor <= 5.000 255 12.53 8,327,315.42 12.83
5.001 Life Floor <= 5.500 332 16.31 10,379,613.50 15.99
5.501 Life Floor <= 6.000 265 13.02 7,460,020.68 11.49
6.001 Life Floor <= 6.500 200 9.83 5,339,000.17 8.23
6.501 Life Floor <= 7.000 77 3.78 1,897,960.58 2.92
7.001 Life Floor <= 7.500 96 4.72 2,468,614.95 3.80
7.501 Life Floor <= 8.000 32 1.57 613,275.15 0.94
8.001 Life Floor <= 8.500 23 1.13 573,986.26 0.88
8.501 Life Floor <= 9.000 13 0.64 253,570.02 0.39
9.001 Life Floor <= 9.500 7 0.34 148,486.10 0.23
9.501 Life Floor <= 10.000 1 0.05 15,618.50 0.02
10.001 Life Floor <= 10.500 2 0.10 30,442.87 0.05
12.501 Life Floor <= 13.000 1 0.05 10,957.80 0.02
- --------------------------------------------------------------------------
Total................. 2035 100.00 $ 64,902,548.27 100.00%
==========================================================================
</TABLE>
Distribution of Next Contract Change Date - Group II Contracts
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
06/01/98 5 $67,961 00.10
07/01/98 1 $27,267 00.04
08/01/98 4 $105,273 00.16
09/01/98 2 $21,111 00.03
11/01/98 2 $19,727 00.03
01/01/99 16 $509,654 00.79
02/01/99 429 $13,121,550 20.22
03/01/99 625 $19,529,567 30.09
04/01/99 760 $24,669,707 38.01
05/01/99 144 $5,072,152 07.82
06/01/99 47 $1,758,579 02.71
- --------------------------------------------------------------------
Total...... .. 2035 $64,902,548 100.00%
====================================================================
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 9 108,925.68 0.17
1.000 963 30,688,503.65 47.28
2.000 1063 34,105,118.94 52.55
- --------------------------------------------------------------------------
Total................. 2035 $ 64,902,548.27 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
Distribution of ARM Type - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
5Y CMT Semi-annual Reset 5 69,640.34 0.11
5Y CMT Annual Reset 2021 64,723,982.25 99.72
1Y CMT Annual Reset 2 37,295.83 0.06
Prime 7 71,629.85 0.11
- --------------------------------------------------------------------------
Total................. 2035 $ 64,902,548.27 100.00%
==========================================================================
Distribution of Model Year - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
Not Provided 5 137,209.96 0.21
1968 1 13,386.62 0.02
1969 2 19,191.06 0.03
1971 2 20,571.20 0.03
1972 1 7,074.00 0.01
1973 3 30,750.46 0.05
1974 5 56,260.65 0.09
1975 1 12,257.91 0.02
1976 5 58,325.99 0.09
1977 6 78,210.68 0.12
1978 2 21,948.71 0.03
1979 10 158,941.07 0.24
1980 3 39,573.84 0.06
1981 15 215,651.60 0.33
1982 11 138,633.58 0.21
1983 17 244,534.62 0.38
1984 41 636,453.49 0.98
1985 33 503,674.74 0.78
1986 28 481,608.14 0.74
1987 24 438,568.88 0.68
1988 32 532,820.70 0.82
1989 25 525,271.88 0.81
1990 25 478,197.20 0.74
1991 34 718,153.43 1.11
1992 28 573,928.76 0.88
1993 49 1,258,973.68 1.94
1994 58 1,705,025.80 2.63
1995 111 3,318,146.62 5.11
1996 131 3,981,570.74 6.13
1997 223 7,892,441.44 12.16
1998 1104 40,605,190.82 62.56
- --------------------------------------------------------------------------
Total............... 2035 $ 64,902,548.27 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
