-------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): August 14, 1998
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and servicer
under the Pooling and Servicing Agreement, dated as of July
26, 1998, providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1998C).
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, Series1998C, 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: August 14, 1998
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-C
- -----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [36,800,000] Class IA-1 Fixed Rate Group Certificates - [1M LIBOR + TBD bps]
$ [38,300,000] Class IA-2 Fixed Rate Group Certificates - [ TBD %]
$ [21,800,000] Class IA-3 Fixed Rate Group Certificates - [ TBD %]
$ [15,200,000] Class IA-4 Fixed Rate Group Certificates - [ TBD %]
$ [20,539,000] Class IA-5 Fixed Rate Group Certificates - [ TBD %]
$ [13,020,000] Class IA-6 Fixed Rate Group Certificates - [ TBD %]
$ [ 3,662,000] Class IM-1 Fixed Rate Group Certificates - [ TBD %]
$ [ 6,104,000] Class IB-1 Fixed Rate Group Certificates - [ TBD %]
$ [ 7,324,000] Class IB-2 Fixed Rate Group Certificates - [ TBD %]
GROUP II CERTIFICATES:
$ [61,502,000] Class IIA-1 Adjustable Rate Group
Certificates - [1M LIBOR + TBD bps]
$ [ 9,572,000] Class IIB-1 Adjustable Rate Group
Certificates - [1M LIBOR + TBD bps]
$ [ 4,277,000] Class IIB-2 Adjustable Rate Group
Certificates - [1M LIBOR + TBD bps]
$ [ 6,110,000] Class IIB-3 Adjustable Rate Group
Certificates - [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-C transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis.
The decision to adopt any strategy remains your responsibility. PSI (or any of
its affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities
or derivative instruments mentioned herein. No sale of any securities,
commodities or derivative instruments should be consumated without the
purchaser first having received a prospectus and, if required, prospectus
supplement. Finally, PSI has not addressed the legal, accounting and tax
implications of the analysis with respect to you, and PSI strongly urges you
to seek advice from your counsel, accountant and tax advisor. The Certificates
are being offered pursuant to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). The information contained herein will
be superseded by the final Prospectus.
******************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-C
Preliminary Marketing Memo
Title of Securities: VMF 1998-C, Class IA-1, Class IA-2, Class IA-3, Class
IA-4, Class IA-5, Class IA-6, Class IM-1, 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
5) Limited Guarantee of Clayton Homes, Inc.
(Class I B-2 and Class II B-3 only)
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.
Cross-
Collateralization: Excess spread from each of the two collateral groups,
if not needed to credit enhance its own group will be
available to credit enhance the other group.
Subordination: GROUP I (Fixed) GROUP II (Adjustable)
------- --------
Class IA-1 - IA-5 + IIA-1 (AAA/AAA) [18.50]% [24.50]%
Class IA-6 + IIB-1 (AA-/AA-) [10.50]% [12.75]%
Class IM-1 (A/A) [ 8.25]% N/A
Class IB-1 + IIB-2 (BBB/BBB) [ 4.50]% [ 7.50]%
Class IB-2 + IIB-3 (BBB/BBB)
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-5 + IIA-1 (AAA/AAA) [81.50]% [75.50]%
Class IA-6 + IIB-1 (AA-/AA-) [ 8.00]% [11.75]%
Class IM-1 (A/A) [ 2.25]% N/A
Class IB-1 + IIB-2 (BBB/BBB) [ 3.75]% [ 5.25]%
Class 1B-2 + IIB-3 (BBB/BBB) [ 4.50]% [ 7.50]%
O/C N/A [0 to 3.75]%
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-C
Preliminary Marketing Memo
- ------------------------------------------------------------------------------
<TABLE>
Fixed-Rate Group
<CAPTION>
Class 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 M-1 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Amount($000): [36,800 38,300 21,800 15,200 20,539 13,020 3,662 6,104 7,324]
Coupon: [1ML TBD TBD TBD TBD TBD TBD TBD TBD]
[+ + [XX] bps
Approx. Price: [<----------------------------------------------------[TBD]------------------------------------------->]
Yield(%): [<----------------------------------------------------[TBD]------------------------------------------->]
Spread: [<----------------------------------------------------[TBD]------------------------------------------->]
Avg Life [1.002 3.003 5.002 7.007 10.026 12.444 9.001 6.498 11.092]
To Call:
Avg Life
To Mat.: [1.002 3.003 5.002 7.007 10.026 14.969 9.559 6.498 15.283]
1st Prin Pymt: [09/07/98 08/07/00 11/07/02 09/07/04 10/07/06 02/07/11 09/07/03 09/07/03 12/07/06]
Last Prin Pmt
To 10% Call: [08/07/00 11/07/02 09/07/04 10/07/06 02/07/11 02/07/11 02/07/11 12/07/06 02/07/11]
Last Prin Pmt
To Mat.: [08/07/00 11/07/02 09/07/04 10/07/06 03/07/11 07/07/17 07/07/17 12/07/06 05/07/28]
Stated Mat: [05/07/05 06/07/10 10/07/13 06/07/16 09/07/21 10/07/28 10/07/28 02/07/15 10/07/28]
Expected
Settlement: [<----------------------------------------------------[08/27/98] ------------------------------------->]
Pymt Delay: 0 days [<-------------------------------------------6 days -------------------------------------->]
Interest Pmt Act/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [08/27/98] [<----------------------------------------[08/01/98]------------------------------------->]
Ratings: AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AA-/AA- A/A BBB/BBB BBB/BBB ]
(S&P/Fitch)
Pricing Date: [<-------------------------------------------------------[TBD] --------------------------------------->]
</TABLE>
Prepayment Speed: 200% MHP
Total Group Size: [$162,749,801.49]
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 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-C
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS I M-1 AND CLASS 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 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;
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 A-3 | I A-4 | I A-5 | I A-6 |
| | | | | | |
|-----|-----|----------|--------|-------|--------|
|///////////////////| |
|///////////////////| 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>
********************* PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-C
Preliminary Marketing Memo
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 - 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 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;
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 A-3 | I A-4 | I A-5 | I A-6 | I M-1 | I B-1 | I B-2 |
| | | | | | | | | |
|-------|-------|-------|-------|-------|-------|-------|-------|-------|
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 September 2003
2) Class I M-1 Percentage plus Class I B Percentage is
at least [18.376] % (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
[$3,254,996.03](which represents approximately 2%
of the Total Original Group I Pool 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.
********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-C
Preliminary Marketing Memo
- ------------------------------------------------------------------------------
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- ------------------------------------------------------------------------------
Amount(000): [61,502 9,572 4,277 6,110]
Coupon: 1ML+ [TBD]bps 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD]
Approx. Price: [TBD TBD TBD TBD]
Avg Life
To Call: [3.875 5.907 8.244 11.655]
Avg Life
To Mat: [3.983 5.907 8.244 12.651]
1st Prin Pymt: [09/07/1998 09/07/2003 09/07/2005 04/07/2008]
Last Prin Pmt:
To 10% Call: [02/07/2011 09/07/2005 04/07/2008 02/07/2011]
Last Prin Pmt
To Mat.: [09/07/2014 09/07/2005 04/07/2008 09/07/2015]
Stated Maturity: [10/07/2028 01/07/2014 02/07/2015 10/07/2028]
Expected
Settlement: [<------------------------08/27/98------------------------->]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [08/27/98] [08/27/98] [08/27/98] [08/27/98]
Rating: AAA/AAA AA-/AA- BBB/BBB BBB/BBB
(S&P/Fitch)
Pricing Date: [<----------------------------TBD------------------------->]
Prepayment Speed: 225% MHP
Total Group Size: [$81,461,171.12]
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 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.
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-C
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates (subject to the
Net Funds Cap);
2) Senior percentage of principal payments to Class II
A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to Class
II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to Class
II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to Class
II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the
Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) So long as Vanderbilt is the Servicer, any remainder up
to the amount equal to 1/12th of the product of 1.25%
and the pool scheduled principal balance to the Servicer;
12) Any remainder to the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
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>
*********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-C
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until such
Class is reduced to zero;
7) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net
Funds Cap Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
9) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to the
Servicer;
10) Any remainder to the Class R Certificates.
-----------------------------------------------------------------
| | | | |
| | | | |
| II A-1 | II B-1| II B-2| II B-3|
| | | | |
|---------------------------------------|-------|-------|-------|
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after September 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 [$1,629,223.42] (which represents
approximately 2% of the Total Original Group II
Pool 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>
********************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1998-C
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 September, 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 M-1, 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, 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 [ $162,749,801.49 $81,461,171.12 ]
Avg Unpaid Balance: [ $34,444.40 $35,173.22 ]
Max Original Balance: [ $137,116.77 $107,510.00 ]
WAC: [ 10.631% 10.274% ]
WAC Range: [ 7.990% - 18.400% 7.990% - 16.000% ]
WAM: [ 231.100 213.065 ]
WA Orig Term [ 232.073 213.636 ]
WALTV: [ 84.759% 87.152% ]
New [ 65.00% 77.24% ]
Used [ 35.00% 22.76% ]
Single [ 44.24% 49.36% ]
Multi [ 55.76% 50.64% ]
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>
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
------------
09/98 9.524
10/98 9.524
11/98 9.524
12/98 9.524
01/99 9.524
02/99 9.524
03/99 9.524
04/99 9.524
05/99 9.522
06/99 9.498
07/99 9.450
08/99 9.395
09/99 9.373
10/99 9.366
11/99 9.366
12/99 9.366
01/00 9.366
02/00 9.366
03/00 9.366
04/00 9.366
05/00 9.366
06/00 9.366
07/00 9.366
08/00 9.366
09/00 9.366
10/00 9.366
11/00 9.366
12/00 9.366
01/01 9.366
02/01 9.366
03/01 9.366
04/01 9.366
05/01 9.366
06/01 9.366
07/01 9.366
08/01 9.366
09/01 9.366
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>
CURRENT BALANCE: $36,800,000.00 DATED DATE: 08/27/98
CURRENT COUPON: 5.698% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $36,800,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6484
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
ARM 225 225 225 225 225 225
99-24 30.616 26.168 28.397 32.846 35.095 37.353
99-24+ 29.012 24.843 26.932 31.103 33.211 35.327
99-25 27.409 23.518 25.468 29.360 31.327 33.302
99-25+ 25.806 22.193 24.004 27.618 29.444 31.277
99-26 24.203 20.869 22.540 25.875 27.561 29.253
99-26+ 22.601 19.545 21.077 24.134 25.679 27.230
99-27 20.999 18.221 19.613 22.392 23.797 25.207
99-27+ 19.398 16.898 18.151 20.651 21.915 23.184
99-28 17.797 15.575 16.688 18.911 20.034 21.162
99-28+ 16.196 14.252 15.226 17.170 18.153 19.140
99-29 14.595 12.929 13.764 15.431 16.273 17.118
99-29+ 12.995 11.607 12.303 13.691 14.393 15.098
99-30 11.395 10.285 10.841 11.952 12.514 13.077
99-30+ 9.796 8.963 9.381 10.214 10.635 11.057
99-31 8.197 7.642 7.920 8.475 8.756 9.038
99-31+ 6.598 6.321 6.460 6.737 6.878 7.019
100-00 5.000 5.000 5.000 5.000 5.000 5.000
100-00+ 3.402 3.679 3.540 3.263 3.123 2.982
100-01 1.804 2.359 2.081 1.526 1.246 0.964
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 1.002 1.222 1.101 0.919 0.848 0.787
Last Payment 1.944 2.361 2.111 1.778 1.694 1.528
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.
<PAGE>
CURRENT BALANCE: $38,300,000.00 DATED DATE: 08/01/98
COUPON: 5.890% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/01/98
ORIGINAL BALANCE: $38,300,000.00 BOND IA2 BE-YIELD TABLE
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
99-24 6.020 6.010 6.015 6.024 6.029 6.034
99-24+ 6.014 6.005 6.009 6.018 6.022 6.026
99-25 6.008 6.000 6.004 6.012 6.015 6.019
99-25+ 6.002 5.996 5.999 6.005 6.008 6.012
99-26 5.996 5.991 5.993 5.999 6.002 6.004
99-26+ 5.990 5.986 5.988 5.993 5.995 5.997
99-27 5.984 5.981 5.983 5.986 5.988 5.990
99-27+ 5.979 5.976 5.977 5.980 5.981 5.982
99-28 5.973 5.971 5.972 5.974 5.974 5.975
99-28+ 5.967 5.966 5.967 5.967 5.968 5.968
99-29 5.961 5.961 5.961 5.961 5.961 5.961
99-29+ 5.955 5.956 5.956 5.955 5.954 5.953
99-30 5.949 5.952 5.950 5.948 5.947 5.946
99-30+ 5.943 5.947 5.945 5.942 5.940 5.939
99-31 5.938 5.942 5.940 5.936 5.933 5.931
99-31+ 5.932 5.937 5.934 5.929 5.927 5.924
100-00 5.926 5.932 5.929 5.923 5.920 5.917
100-00+ 5.920 5.927 5.924 5.917 5.913 5.910
100-01 5.914 5.922 5.918 5.910 5.906 5.902
100-01+ 5.908 5.917 5.913 5.904 5.899 5.895
100-02 5.903 5.912 5.908 5.898 5.893 5.888
100-02+ 5.897 5.908 5.902 5.891 5.886 5.880
100-03 5.891 5.903 5.897 5.885 5.879 5.873
100-03+ 5.885 5.898 5.891 5.879 5.872 5.866
100-04 5.879 5.893 5.886 5.872 5.865 5.859
100-04+ 5.873 5.888 5.881 5.866 5.859 5.851
100-05 5.868 5.883 5.875 5.860 5.852 5.844
100-05+ 5.862 5.878 5.870 5.853 5.845 5.837
100-06 5.856 5.873 5.865 5.847 5.838 5.830
100-06+ 5.850 5.869 5.859 5.841 5.831 5.822
100-07 5.844 5.864 5.854 5.834 5.825 5.815
100-07+ 5.838 5.859 5.849 5.828 5.818 5.808
First Payment 1.944 2.361 2.111 1.778 1.694 1.528
Average Life 3.003 3.667 3.303 2.754 2.544 2.364
Last Payment 4.194 5.111 4.611 3.778 3.528 3.278
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.
<PAGE>
CURRENT BALANCE: $21,800,000.00 DATED DATE: 08/01/98
COUPON: 5.995% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $21,800,000.00 BOND IA3 BE-YIELD TABLE
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
99-24 6.106 6.100 6.103 6.109 6.112 6.115
99-24+ 6.102 6.097 6.100 6.105 6.108 6.110
99-25 6.099 6.094 6.096 6.101 6.103 6.106
99-25+ 6.095 6.091 6.093 6.097 6.099 6.101
99-26 6.091 6.088 6.089 6.093 6.095 6.096
99-26+ 6.087 6.084 6.086 6.089 6.090 6.092
99-27 6.084 6.081 6.083 6.085 6.086 6.087
99-27+ 6.080 6.078 6.079 6.081 6.082 6.082
99-28 6.076 6.075 6.076 6.077 6.077 6.078
99-28+ 6.073 6.072 6.072 6.073 6.073 6.073
99-29 6.069 6.069 6.069 6.069 6.069 6.068
99-29+ 6.065 6.066 6.066 6.065 6.064 6.064
99-30 6.061 6.063 6.062 6.061 6.060 6.059
99-30+ 6.058 6.060 6.059 6.057 6.056 6.055
99-31 6.054 6.057 6.055 6.053 6.051 6.050
99-31+ 6.050 6.054 6.052 6.049 6.047 6.045
100-00 6.047 6.051 6.049 6.044 6.043 6.041
100-00+ 6.043 6.048 6.045 6.040 6.038 6.036
100-01 6.039 6.045 6.042 6.036 6.034 6.031
100-01+ 6.035 6.041 6.038 6.032 6.030 6.027
100-02 6.032 6.038 6.035 6.028 6.025 6.022
100-02+ 6.028 6.035 6.032 6.024 6.021 6.017
100-03 6.024 6.032 6.028 6.020 6.017 6.013
100-03+ 6.021 6.029 6.025 6.016 6.012 6.008
100-04 6.017 6.026 6.021 6.012 6.008 6.004
100-04+ 6.013 6.023 6.018 6.008 6.004 5.999
100-05 6.009 6.020 6.015 6.004 5.999 5.994
100-05+ 6.006 6.017 6.011 6.000 5.995 5.990
100-06 6.002 6.014 6.008 5.996 5.991 5.985
100-06+ 5.998 6.011 6.005 5.992 5.986 5.980
100-07 5.995 6.008 6.001 5.988 5.982 5.976
100-07+ 5.991 6.005 5.998 5.984 5.978 5.971
First Payment 4.194 5.111 4.611 3.778 3.528 3.278
Average Life 5.002 6.277 5.569 4.547 4.184 3.880
Last Payment 6.028 7.611 6.778 5.444 4.944 4.528
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.
<PAGE>
CURRENT BALANCE: $15,200,000.00 DATED DATE: 08/01/98
COUPON: 6.135% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $15,200,000.00 BOND IA4 BE-YIELD TABLE
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
99-24 6.241 6.237 6.238 6.243 6.246 6.248
99-24+ 6.238 6.234 6.236 6.240 6.242 6.244
99-25 6.235 6.232 6.233 6.237 6.239 6.241
99-25+ 6.232 6.229 6.231 6.234 6.235 6.237
99-26 6.229 6.227 6.228 6.231 6.232 6.234
99-26+ 6.226 6.225 6.225 6.228 6.229 6.230
99-27 6.224 6.222 6.223 6.225 6.225 6.226
99-27+ 6.221 6.220 6.220 6.221 6.222 6.223
99-28 6.218 6.217 6.218 6.218 6.219 6.219
99-28+ 6.215 6.215 6.215 6.215 6.215 6.216
99-29 6.212 6.213 6.212 6.212 6.212 6.212
99-29+ 6.210 6.210 6.210 6.209 6.209 6.208
99-30 6.207 6.208 6.207 6.206 6.205 6.205
99-30+ 6.204 6.205 6.205 6.203 6.202 6.201
99-31 6.201 6.203 6.202 6.200 6.199 6.197
99-31+ 6.198 6.201 6.200 6.197 6.195 6.194
100-00 6.195 6.198 6.197 6.194 6.192 6.190
100-00+ 6.193 6.196 6.194 6.191 6.189 6.187
100-01 6.190 6.193 6.192 6.188 6.185 6.183
100-01+ 6.187 6.191 6.189 6.185 6.182 6.179
100-02 6.184 6.189 6.187 6.182 6.179 6.176
100-02+ 6.181 6.186 6.184 6.178 6.175 6.172
100-03 6.179 6.184 6.181 6.175 6.172 6.169
100-03+ 6.176 6.182 6.179 6.172 6.169 6.165
100-04 6.173 6.179 6.176 6.169 6.165 6.161
100-04+ 6.170 6.177 6.174 6.166 6.162 6.158
100-05 6.167 6.174 6.171 6.163 6.159 6.154
100-05+ 6.164 6.172 6.168 6.160 6.155 6.151
100-06 6.162 6.170 6.166 6.157 6.152 6.147
100-06+ 6.159 6.167 6.163 6.154 6.149 6.143
100-07 6.156 6.165 6.161 6.151 6.145 6.140
100-07+ 6.153 6.163 6.158 6.148 6.142 6.136
First
Payment 6.028 7.611 6.778 5.444 4.944 4.528
Average
Life 7.007 8.672 7.793 6.314 5.704 5.193
Last
Payment 8.111 9.861 8.944 7.278 6.611 6.028
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.
<PAGE>
CURRENT BALANCE: $20,539,000.00 DATED DATE: 08/01/98
COUPON: 6.325% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $20,539,000.00 BOND IA5 BE-YIELD TABLE
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
99-24 6.429 6.427 6.428 6.430 6.432 6.433
99-24+ 6.427 6.425 6.426 6.428 6.429 6.431
99-25 6.425 6.423 6.424 6.426 6.427 6.428
99-25+ 6.422 6.421 6.422 6.423 6.424 6.425
99-26 6.420 6.419 6.420 6.421 6.422 6.423
99-26+ 6.418 6.417 6.418 6.419 6.419 6.420
99-27 6.416 6.415 6.416 6.416 6.417 6.418
99-27+ 6.414 6.413 6.413 6.414 6.414 6.415
99-28 6.412 6.411 6.411 6.412 6.412 6.412
99-28+ 6.409 6.409 6.409 6.409 6.410 6.410
99-29 6.407 6.407 6.407 6.407 6.407 6.407
99-29+ 6.405 6.406 6.405 6.405 6.405 6.404
99-30 6.403 6.404 6.403 6.403 6.402 6.402
99-30+ 6.401 6.402 6.401 6.400 6.400 6.399
99-31 6.399 6.400 6.399 6.398 6.397 6.396
99-31+ 6.396 6.398 6.397 6.396 6.395 6.394
100-00 6.394 6.396 6.395 6.393 6.392 6.391
100-00+ 6.392 6.394 6.393 6.391 6.390 6.388
100-01 6.390 6.392 6.391 6.389 6.387 6.386
100-01+ 6.388 6.390 6.389 6.386 6.385 6.383
100-02 6.386 6.388 6.387 6.384 6.382 6.380
100-02+ 6.383 6.386 6.385 6.382 6.380 6.378
100-03 6.381 6.384 6.383 6.379 6.377 6.375
100-03+ 6.379 6.383 6.381 6.377 6.375 6.373
100-04 6.377 6.381 6.379 6.375 6.372 6.370
100-04+ 6.375 6.379 6.377 6.372 6.370 6.367
100-05 6.373 6.377 6.375 6.370 6.367 6.365
100-05+ 6.370 6.375 6.373 6.368 6.365 6.362
100-06 6.368 6.373 6.371 6.366 6.363 6.359
100-06+ 6.366 6.371 6.369 6.363 6.360 6.357
100-07 6.364 6.369 6.367 6.361 6.358 6.354
100-07+ 6.362 6.367 6.365 6.359 6.355 6.351
First
Payment 8.111 9.861 8.944 7.278 6.611 6.028
Average
Life 10.026 11.956 10.953 9.177 8.400 7.692
Last
Payment 12.444 13.778 13.111 11.611 10.694 9.861
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.
<PAGE>
CURRENT BALANCE: $13,020,000.00 DATED DATE: 08/01/98
COUPON: 6.520% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $13,020,000.00 BOND IA6 BE-YIELD TABLE
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
99-24 6.626 6.625 6.626 6.627 6.627 6.628
99-24+ 6.624 6.623 6.624 6.625 6.625 6.626
99-25 6.622 6.622 6.622 6.623 6.623 6.624
99-25+ 6.621 6.620 6.620 6.621 6.621 6.622
99-26 6.619 6.618 6.618 6.619 6.619 6.620
99-26+ 6.617 6.616 6.617 6.617 6.617 6.618
99-27 6.615 6.615 6.615 6.615 6.615 6.615
99-27+ 6.613 6.613 6.613 6.613 6.613 6.613
99-28 6.611 6.611 6.611 6.611 6.611 6.611
99-28+ 6.609 6.609 6.609 6.609 6.609 6.609
99-29 6.607 6.607 6.607 6.607 6.607 6.607
99-29+ 6.605 6.606 6.606 6.605 6.605 6.605
99-30 6.604 6.604 6.604 6.603 6.603 6.603
99-30+ 6.602 6.602 6.602 6.601 6.601 6.601
99-31 6.600 6.600 6.600 6.600 6.599 6.599
99-31+ 6.598 6.599 6.598 6.598 6.597 6.597
100-00 6.596 6.597 6.596 6.596 6.595 6.595
100-00+ 6.594 6.595 6.595 6.594 6.593 6.593
100-01 6.592 6.593 6.593 6.592 6.591 6.591
100-01+ 6.590 6.592 6.591 6.590 6.589 6.589
100-02 6.589 6.590 6.589 6.588 6.587 6.586
100-02+ 6.587 6.588 6.587 6.586 6.585 6.584
100-03 6.585 6.586 6.586 6.584 6.583 6.582
100-03+ 6.583 6.585 6.584 6.582 6.581 6.580
100-04 6.581 6.583 6.582 6.580 6.579 6.578
100-04+ 6.579 6.581 6.580 6.578 6.577 6.576
100-05 6.577 6.579 6.578 6.576 6.575 6.574
100-05+ 6.575 6.577 6.576 6.574 6.573 6.572
100-06 6.573 6.576 6.575 6.572 6.571 6.570
100-06+ 6.572 6.574 6.573 6.570 6.569 6.568
100-07 6.570 6.572 6.571 6.568 6.567 6.566
100-07+ 6.568 6.570 6.569 6.566 6.565 6.564
First
Payment 12.444 13.778 13.111 11.611 10.694 9.861
Average
Life 12.444 13.778 13.111 11.852 11.312 10.813
Last
Payment 12.444 13.778 13.111 11.861 11.361 10.944
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.
<PAGE>
CURRENT BALANCE: $3,662,000.00 DATED DATE: 08/01/98
COUPON: 6.720% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $3,662,000.00 BOND IM1 BE-YIELD TABLE
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
99-24 6.836 6.835 6.836 6.837 6.837 6.838
99-24+ 6.834 6.833 6.833 6.834 6.835 6.835
99-25 6.831 6.830 6.831 6.832 6.832 6.832
99-25+ 6.829 6.828 6.829 6.829 6.830 6.830
99-26 6.826 6.826 6.826 6.827 6.827 6.827
99-26+ 6.824 6.824 6.824 6.824 6.824 6.825
99-27 6.822 6.821 6.821 6.822 6.822 6.822
99-27+ 6.819 6.819 6.819 6.819 6.819 6.819
99-28 6.817 6.817 6.817 6.817 6.817 6.817
99-28+ 6.814 6.814 6.814 6.814 6.814 6.814
99-29 6.812 6.812 6.812 6.812 6.812 6.812
99-29+ 6.809 6.810 6.810 6.809 6.809 6.809
99-30 6.807 6.807 6.807 6.807 6.807 6.807
99-30+ 6.805 6.805 6.805 6.804 6.804 6.804
99-31 6.802 6.803 6.803 6.802 6.802 6.801
99-31+ 6.800 6.801 6.800 6.799 6.799 6.799
100-00 6.797 6.798 6.798 6.797 6.797 6.796
100-00+ 6.795 6.796 6.795 6.794 6.794 6.794
100-01 6.792 6.794 6.793 6.792 6.791 6.791
100-01+ 6.790 6.791 6.791 6.789 6.789 6.788
100-02 6.788 6.789 6.788 6.787 6.786 6.786
100-02+ 6.785 6.787 6.786 6.784 6.784 6.783
100-03 6.783 6.784 6.784 6.782 6.781 6.781
100-03+ 6.780 6.782 6.781 6.780 6.779 6.778
100-04 6.778 6.780 6.779 6.777 6.776 6.775
100-04+ 6.776 6.778 6.777 6.775 6.774 6.773
100-05 6.773 6.775 6.774 6.772 6.771 6.770
100-05+ 6.771 6.773 6.772 6.770 6.769 6.768
100-06 6.768 6.771 6.769 6.767 6.766 6.765
100-06+ 6.766 6.768 6.767 6.765 6.764 6.763
100-07 6.763 6.766 6.765 6.762 6.761 6.760
100-07+ 6.761 6.764 6.762 6.760 6.758 6.757
First
Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average
Life 9.001 9.758 9.363 8.686 8.412 8.176
Last
Payment 12.444 13.778 13.111 11.861 11.361 10.944
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.
<PAGE>
CURRENT BALANCE: $6,104,000.00 DATED DATE: 08/01/98
COUPON: 6.880% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $6,104,000.00 BOND IB1 BE-YIELD TABLE
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
99-24 7.006 7.005 7.006 7.006 7.007 7.007
99-24+ 7.003 7.002 7.003 7.003 7.004 7.004
99-25 7.000 6.999 7.000 7.000 7.000 7.001
99-25+ 6.997 6.996 6.996 6.997 6.997 6.998
99-26 6.994 6.993 6.993 6.994 6.994 6.994
99-26+ 6.991 6.990 6.990 6.991 6.991 6.991
99-27 6.988 6.987 6.987 6.988 6.988 6.988
99-27+ 6.984 6.984 6.984 6.985 6.985 6.985
99-28 6.981 6.981 6.981 6.981 6.981 6.981
99-28+ 6.978 6.978 6.978 6.978 6.978 6.978
99-29 6.975 6.975 6.975 6.975 6.975 6.975
99-29+ 6.972 6.972 6.972 6.972 6.972 6.972
99-30 6.969 6.969 6.969 6.969 6.969 6.969
99-30+ 6.966 6.966 6.966 6.966 6.966 6.965
99-31 6.963 6.963 6.963 6.963 6.962 6.962
99-31+ 6.960 6.960 6.960 6.959 6.959 6.959
100-00 6.957 6.957 6.957 6.956 6.956 6.956
100-00+ 6.954 6.955 6.954 6.953 6.953 6.952
100-01 6.950 6.952 6.951 6.950 6.950 6.949
100-01+ 6.947 6.949 6.948 6.947 6.946 6.946
100-02 6.944 6.946 6.945 6.944 6.943 6.943
100-02+ 6.941 6.943 6.942 6.941 6.940 6.940
100-03 6.938 6.940 6.939 6.938 6.937 6.936
100-03+ 6.935 6.937 6.936 6.934 6.934 6.933
100-04 6.932 6.934 6.933 6.931 6.931 6.930
100-04+ 6.929 6.931 6.930 6.928 6.927 6.927
100-05 6.926 6.928 6.927 6.925 6.924 6.924
100-05+ 6.923 6.925 6.924 6.922 6.921 6.920
100-06 6.920 6.922 6.921 6.919 6.918 6.917
100-06+ 6.917 6.919 6.918 6.916 6.915 6.914
100-07 6.914 6.916 6.915 6.913 6.912 6.911
100-07+ 6.910 6.913 6.912 6.909 6.908 6.908
First
Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average
Life 6.498 6.827 6.649 6.369 6.258 6.161
Last
Payment 8.278 8.944 8.611 8.028 7.778 7.611
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.
<PAGE>
CURRENT BALANCE: $7,324,000.00 DATED DATE: 08/01/98
COUPON: 7.425% vmf98cf FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $7,324,000.00 BOND IB2 BE-YIELD TABLE
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
99-24 7.558 7.557 7.558 7.559 7.559 7.559
99-24+ 7.556 7.555 7.556 7.556 7.557 7.557
99-25 7.554 7.553 7.553 7.554 7.555 7.555
99-25+ 7.552 7.551 7.551 7.552 7.552 7.553
99-26 7.550 7.549 7.549 7.550 7.550 7.550
99-26+ 7.547 7.547 7.547 7.548 7.548 7.548
99-27 7.545 7.545 7.545 7.545 7.545 7.546
99-27+ 7.543 7.543 7.543 7.543 7.543 7.543
99-28 7.541 7.541 7.541 7.541 7.541 7.541
99-28+ 7.539 7.539 7.539 7.539 7.539 7.539
99-29 7.537 7.537 7.537 7.537 7.536 7.536
99-29+ 7.534 7.535 7.535 7.534 7.534 7.534
99-30 7.532 7.533 7.533 7.532 7.532 7.532
99-30+ 7.530 7.531 7.531 7.530 7.530 7.529
99-31 7.528 7.529 7.528 7.528 7.527 7.527
99-31+ 7.526 7.527 7.526 7.525 7.525 7.525
100-00 7.524 7.525 7.524 7.523 7.523 7.522
100-00+ 7.522 7.523 7.522 7.521 7.521 7.520
100-01 7.519 7.521 7.520 7.519 7.518 7.518
100-01+ 7.517 7.519 7.518 7.517 7.516 7.515
100-02 7.515 7.517 7.516 7.514 7.514 7.513
100-02+ 7.513 7.515 7.514 7.512 7.512 7.511
100-03 7.511 7.513 7.512 7.510 7.509 7.509
100-03+ 7.509 7.511 7.510 7.508 7.507 7.506
100-04 7.507 7.509 7.508 7.506 7.505 7.504
100-04+ 7.504 7.507 7.506 7.503 7.502 7.502
100-05 7.502 7.505 7.503 7.501 7.500 7.499
100-05+ 7.500 7.503 7.501 7.499 7.498 7.497
100-06 7.498 7.501 7.499 7.497 7.496 7.495
100-06+ 7.496 7.499 7.497 7.495 7.493 7.492
100-07 7.494 7.497 7.495 7.492 7.491 7.490
100-07+ 7.492 7.495 7.493 7.490 7.489 7.488
First
Payment 8.278 8.944 8.611 8.028 7.778 7.611
Average
Life 11.092 12.208 11.631 10.620 10.210 9.858
Last
Payment 12.444 13.778 13.111 11.861 11.361 10.944
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.
<PAGE>
CURRENT BALANCE: $61,502,000.00 DATED DATE: 08/27/98
CURRENT COUPON: 5.818% vmf98ca FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
YIELD TABLE DATE: 08/27/98
ORIGINAL BALANCE: $61,502,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6484
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 24.768 23.682 24.199 25.410 26.145 27.000
99-24+ 24.282 23.263 23.748 24.884 25.572 26.374
99-25 23.795 22.845 23.297 24.357 25.000 25.748
99-25+ 23.309 22.427 22.846 23.830 24.427 25.121
99-26 22.823 22.008 22.396 23.304 23.855 24.496
99-26+ 22.337 21.590 21.945 22.778 23.283 23.870
99-27 21.851 21.172 21.495 22.252 22.711 23.244
99-27+ 21.365 20.755 21.045 21.726 22.139 22.619
99-28 20.879 20.337 20.595 21.200 21.567 21.994
99-28+ 20.394 19.919 20.145 20.674 20.995 21.369
99-29 19.909 19.502 19.695 20.149 20.424 20.744
99-29+ 19.423 19.085 19.246 19.624 19.853 20.120
99-30 18.938 18.668 18.796 19.099 19.282 19.495
99-30+ 18.454 18.250 18.347 18.574 18.711 18.871
99-31 17.969 17.834 17.898 18.049 18.141 18.247
99-31+ 17.484 17.417 17.449 17.524 17.570 17.624
100-00 17.000 17.000 17.000 17.000 17.000 17.000
100-00+ 16.516 16.583 16.551 16.476 16.430 16.377
100-01 16.032 16.167 16.103 15.952 15.860 15.753
100-01+ 15.548 15.751 15.654 15.428 15.290 15.130
100-02 15.064 15.334 15.206 14.904 14.721 14.508
100-02+ 14.580 14.918 14.757 14.380 14.151 13.885
100-03 14.097 14.502 14.309 13.857 13.582 13.263
100-03+ 13.613 14.087 13.861 13.334 13.013 12.640
100-04 13.130 13.671 13.414 12.810 12.444 12.018
100-04+ 12.647 13.255 12.966 12.287 11.876 11.397
100-05 12.164 12.840 12.518 11.765 11.307 10.775
100-05+ 11.681 12.424 12.071 11.242 10.739 10.154
100-06 11.199 12.009 11.624 10.719 10.171 9.532
100-06+ 10.716 11.594 11.176 10.197 9.603 8.911
100-07 10.234 11.179 10.729 9.675 9.035 8.290
100-07+ 9.752 10.764 10.282 9.153 8.468 7.670
First
Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average
Life 3.875 4.612 4.231 3.536 3.208 2.888
Last
Payment 12.444 13.028 12.694 12.194 11.944 11.778
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.
<PAGE>
CURRENT BALANCE: $9,572,000.00 DATED DATE: 08/27/98
CURRENT COUPON: 5.988% vmf98ca FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $9,572,000.00 YIELD TABLE DATE: 08/27/98
BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6484
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 38.987 38.731 38.918 38.965 38.932 38.895
99-24+ 38.675 38.435 38.611 38.654 38.624 38.588
99-25 38.363 38.139 38.303 38.344 38.315 38.282
99-25+ 38.051 37.843 37.995 38.033 38.006 37.976
99-26 37.739 37.547 37.687 37.722 37.698 37.670
99-26+ 37.427 37.251 37.380 37.412 37.389 37.364
99-27 37.115 36.955 37.072 37.101 37.081 37.057
99-27+ 36.803 36.659 36.765 36.791 36.773 36.751
99-28 36.492 36.364 36.457 36.481 36.464 36.446
99-28+ 36.180 36.068 36.150 36.170 36.156 36.140
99-29 35.868 35.772 35.843 35.860 35.848 35.834
99-29+ 35.557 35.477 35.535 35.550 35.540 35.528
99-30 35.245 35.181 35.228 35.240 35.232 35.222
99-30+ 34.934 34.886 34.921 34.930 34.924 34.917
99-31 34.623 34.591 34.614 34.620 34.616 34.611
99-31+ 34.311 34.295 34.307 34.310 34.308 34.306
100-00 34.000 34.000 34.000 34.000 34.000 34.000
100-00+ 33.689 33.705 33.693 33.690 33.692 33.695
100-01 33.378 33.410 33.386 33.380 33.384 33.389
100-01+ 33.067 33.115 33.079 33.071 33.077 33.084
100-02 32.755 32.819 32.773 32.761 32.769 32.779
100-02+ 32.444 32.525 32.466 32.451 32.462 32.473
100-03 32.134 32.230 32.159 32.142 32.154 32.168
100-03+ 31.823 31.935 31.853 31.832 31.847 31.863
100-04 31.512 31.640 31.546 31.523 31.539 31.558
100-04+ 31.201 31.345 31.240 31.213 31.232 31.253
100-05 30.890 31.050 30.933 30.904 30.924 30.948
100-05+ 30.580 30.756 30.627 30.595 30.617 30.643
100-06 30.269 30.461 30.320 30.286 30.310 30.338
100-06+ 29.959 30.166 30.014 29.976 30.003 30.033
100-07 29.648 29.872 29.708 29.667 29.696 29.729
100-07+ 29.338 29.578 29.402 29.358 29.389 29.424
First Payment 5.028 5.028 5.028 5.111 5.111 5.111
Average Life 5.907 6.319 6.014 5.938 5.986 6.042
Last Payment 7.028 8.444 7.694 6.861 6.944 7.111
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.
<PAGE>
CURRENT BALANCE: $4,277,000.00 DATED DATE: 08/27/98
CURRENT COUPON: 6.628% vmf98ca FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $4,277,000.00 YIELD TABLE DATE: 08/27/98
BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6484
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 101.913 101.475 101.688 102.119 102.184 102.127
99-24+ 101.669 101.257 101.457 101.861 101.922 101.869
99-25 101.424 101.040 101.226 101.603 101.660 101.610
99-25+ 101.179 100.822 100.995 101.346 101.398 101.352
99-26 100.934 100.605 100.765 101.088 101.136 101.094
99-26+ 100.689 100.388 100.534 100.830 100.875 100.836
99-27 100.445 100.170 100.304 100.573 100.613 100.578
99-27+ 100.200 99.953 100.073 100.315 100.352 100.320
99-28 99.955 99.736 99.842 100.058 100.090 100.062
99-28+ 99.711 99.519 99.612 99.801 99.829 99.804
99-29 99.466 99.302 99.382 99.543 99.567 99.546
99-29+ 99.222 99.085 99.151 99.286 99.306 99.288
99-30 98.977 98.868 98.921 99.029 99.045 99.031
99-30+ 98.733 98.651 98.691 98.771 98.783 98.773
99-31 98.489 98.434 98.460 98.514 98.522 98.515
99-31+ 98.244 98.217 98.230 98.257 98.261 98.258
100-00 98.000 98.000 98.000 98.000 98.000 98.000
100-00+ 97.756 97.783 97.770 97.743 97.739 97.742
100-01 97.512 97.566 97.540 97.486 97.478 97.485
100-01+ 97.268 97.350 97.310 97.229 97.217 97.228
100-02 97.023 97.133 97.080 96.972 96.956 96.970
100-02+ 96.779 96.916 96.850 96.715 96.695 96.713
100-03 96.535 96.700 96.620 96.459 96.434 96.456
100-03+ 96.292 96.483 96.390 96.202 96.174 96.198
100-04 96.048 96.267 96.160 95.945 95.913 95.941
100-04+ 95.804 96.050 95.931 95.688 95.652 95.684
100-05 95.560 95.834 95.701 95.432 95.392 95.427
100-05+ 95.316 95.617 95.471 95.175 95.131 95.170
100-06 95.073 95.401 95.242 94.919 94.870 94.913
100-06+ 94.829 95.185 95.012 94.662 94.610 94.656
100-07 94.585 94.968 94.782 94.406 94.350 94.399
100-07+ 94.342 94.752 94.553 94.150 94.089 94.142
First Payment 7.028 8.444 7.694 6.861 6.944 7.111
Average Life 8.244 9.703 8.934 7.700 7.537 7.673
Last Payment 9.611 11.111 10.361 8.944 8.278 8.278
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.
<PAGE>
CURRENT BALANCE: $6,110,000.00 DATED DATE: 08/27/98
CURRENT COUPON: 6.928% vmf98ca FIRST PAYMENT: 09/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $6,110,000.00 YIELD TABLE DATE: 08/27/98
BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6484
********** TO CALL **********
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 131.113 130.950 131.030 131.208 131.313 131.402
99-24+ 130.918 130.765 130.840 131.007 131.105 131.189
99-25 130.723 130.581 130.651 130.806 130.898 130.976
99-25+ 130.529 130.396 130.461 130.606 130.691 130.763
99-26 130.334 130.211 130.272 130.405 130.484 130.550
99-26+ 130.139 130.027 130.082 130.204 130.276 130.337
99-27 129.945 129.842 129.893 130.004 130.069 130.125
99-27+ 129.750 129.658 129.703 129.803 129.862 129.912
99-28 129.555 129.474 129.514 129.603 129.655 129.699
99-28+ 129.361 129.289 129.324 129.402 129.448 129.487
99-29 129.166 129.105 129.135 129.202 129.241 129.274
99-29+ 128.972 128.921 128.946 129.001 129.034 129.062
99-30 128.777 128.737 128.757 128.801 128.827 128.849
99-30+ 128.583 128.552 128.567 128.601 128.620 128.637
99-31 128.389 128.368 128.378 128.400 128.414 128.425
99-31+ 128.194 128.184 128.189 128.200 128.207 128.212
100-00 128.000 128.000 128.000 128.000 128.000 128.000
100-00+ 127.806 127.816 127.811 127.800 127.793 127.788
100-01 127.612 127.632 127.622 127.600 127.587 127.576
100-01+ 127.417 127.448 127.433 127.400 127.380 127.363
100-02 127.223 127.264 127.244 127.200 127.173 127.151
100-02+ 127.029 127.080 127.055 127.000 126.967 126.939
100-03 126.835 126.896 126.866 126.800 126.760 126.727
100-03+ 126.641 126.712 126.677 126.600 126.554 126.515
100-04 126.447 126.529 126.489 126.400 126.348 126.303
100-04+ 126.253 126.345 126.300 126.200 126.141 126.091
100-05 126.059 126.161 126.111 126.000 125.935 125.879
100-05+ 125.866 125.978 125.923 125.800 125.729 125.668
100-06 125.672 125.794 125.734 125.601 125.522 125.456
100-06+ 125.478 125.610 125.545 125.401 125.316 125.244
100-07 125.284 125.427 125.357 125.201 125.110 125.032
100-07+ 125.090 125.243 125.168 125.002 124.904 124.821
First Payment 9.611 11.111 10.361 8.944 8.278 8.278
Average Life 11.655 12.667 12.149 11.147 10.638 10.236
Last Payment 12.444 13.028 12.694 12.194 11.944 11.778
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.
<PAGE>
- --------------------------------------------------------------------------------
- Vanderbilt 98C
- Cut Off Date of Tape is 07/27/98
- $162,749,801.49
- FIX
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 4,725
Aggregate Unpaid Principal Balance: $162,749,801.49
Aggregate Original Principal Balance: $163,246,992.44
Weighted Average Gross Coupon: 10.631%
Gross Coupon Range: 7.990% - 18.400%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $34,444.40
Average Original Principal Balance: $34,549.63
Maximum Unpaid Principal Balance: $136,177.22
Minimum Unpaid Principal Balance: $4,285.48
Maximum Original Principal Balance: $137,116.77
Minimum Original Principal Balance: $4,285.48
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 231.100
Stated Rem Term Range: 34.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 0.972
Age Range: 0.000 - 18.000
Weighted Average Original Term: 232.073
Original Term Range: 36.000 - 360.000
Weighted Average Original LTV: 84.759
Original LTV Range: 4.443% - 235.873%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 78724 53 loans $1,109,014.75 0.68%
New 65.00% $105,785,372
Used 35.00% $56,964,430
Single-section 44.24% $71,998,303
Multi-section 55.76% $90,751,498
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.
<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 104 3,923,446.61 2.41
Arkansas 44 1,523,900.49 0.94
Arizona 40 1,136,617.50 0.70
California 12 483,213.22 0.30
Colorado 60 2,235,041.17 1.37
Connecticut 4 102,583.14 0.06
Delaware 21 910,587.42 0.56
Florida 350 11,820,984.01 7.26
Georgia 103 3,010,782.68 1.85
Iowa 8 243,853.44 0.15
Idaho 2 99,395.37 0.06
Illinois 16 360,034.72 0.22
Indiana 36 779,659.06 0.48
Kansas 5 202,629.42 0.12
Kentucky 154 4,399,461.99 2.70
Louisiana 118 4,786,611.14 2.94
Maryland 5 187,716.47 0.12
Michigan 180 6,519,740.59 4.01
Minnesota 9 256,391.52 0.16
Missouri 235 7,449,516.77 4.58
Mississippi 30 1,050,844.13 0.65
Montana 68 2,510,652.35 1.54
North Carolina 419 13,839,994.55 8.50
North Dakota 3 125,974.93 0.08
New Hampshire 1 8,283.98 0.01
New Jersey 3 118,632.73 0.07
New Mexico 97 3,999,730.47 2.46
Nevada 8 307,370.14 0.19
New York 47 1,338,196.89 0.82
Ohio 146 4,741,120.20 2.91
Oklahoma 72 2,947,273.59 1.81
Oregon 5 148,517.86 0.09
Pennsylvania 82 2,309,962.14 1.42
South Carolina 321 10,208,431.10 6.27
South Dakota 1 29,547.00 0.02
Tennessee 485 15,308,512.38 9.41
Texas 1037 40,912,954.58 25.14
Utah 2 97,498.01 0.06
Virginia 262 8,422,406.75 5.18
Vermont 1 26,505.74 0.02
Washington 4 120,292.07 0.07
Wisconsin 4 79,344.52 0.05
West Virginia 118 3,564,646.89 2.19
Wyoming 3 100,941.76 0.06
- --------------------------------------------------------------------------
Total............... 4725 $162,749,801.49 100.00%
==========================================================================
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
1990 2 96,168 0.06
1995 1 22,222 0.01
1997 13 490,063 0.30
1998 4709 162,141,348 99.63
- --------------------------------------------------------------------------
Total................. 4725 $162,749,801 100.00%
==========================================================================
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.
<PAGE>
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
$ 0.01 Balance <= $ 5,000.00 7 31,706 0.02
$ 5,000.01 < Balance <= $ 10,000.00 131 1,067,522 0.66
$ 10,000.01 < Balance <= $ 15,000.00 346 4,350,615 2.67
$ 15,000.01 < Balance <= $ 20,000.00 479 8,439,851 5.19
$ 20,000.01 < Balance <= $ 25,000.00 597 13,402,329 8.23
$ 25,000.01 < Balance <= $ 30,000.00 624 17,078,763 10.49
$ 30,000.01 < Balance <= $ 35,000.00 597 19,305,968 11.86
$ 35,000.01 < Balance <= $ 40,000.00 476 17,756,087 10.91
$ 40,000.01 < Balance <= $ 45,000.00 379 16,039,193 9.86
$ 45,000.01 < Balance <= $ 50,000.00 285 13,499,117 8.29
$ 50,000.01 < Balance <= $ 55,000.00 243 12,728,583 7.82
$ 55,000.01 < Balance <= $ 60,000.00 151 8,648,766 5.31
$ 60,000.01 < Balance <= $ 65,000.00 120 7,461,001 4.58
$ 65,000.01 < Balance <= $ 70,000.00 86 5,770,213 3.55
$ 70,000.01 < Balance <= $ 75,000.00 55 3,978,737 2.44
$ 75,000.01 < Balance <= $ 80,000.00 43 3,320,226 2.04
$ 80,000.01 < Balance <= $ 85,000.00 26 2,145,693 1.32
$ 85,000.01 < Balance <= $ 90,000.00 27 2,361,047 1.45
$ 90,000.01 < Balance <= $ 95,000.00 18 1,653,467 1.02
$ 95,000.01 < Balance <= $100,000.00 14 1,351,522 0.83
$100,000.01 < Balance <= $105,000.00 6 617,779 0.38
$105,000.01 < Balance <= $110,000.00 5 540,019 0.33
$110,000.01 < Balance <= $115,000.00 2 224,080 0.14
$115,000.01 < Balance <= $120,000.00 3 346,664 0.21
$120,000.01 < Balance <= $125,000.00 2 241,135 0.15
$125,000.01 < Balance <= $130,000.00 2 253,542 0.16
$135,000.01 < Balance <= $140,000.00 1 136,177 0.08
- -----------------------------------------------------------------------------
Total.................... 4725 $162,749,801 100.00%
=============================================================================
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% 379 9,065,747 5.57
From 61% to 65.99999% 199 5,924,247 3.64
From 66% to 70.99999% 249 8,017,670 4.93
From 71% to 75.99999% 313 9,968,236 6.12
From 76% to 80.99999% 461 15,591,116 9.58
From 81% to 85.99999% 572 19,207,020 11.80
From 86% to 90.99999% 1143 41,241,403 25.34
From 91% to 100.00000% 1382 52,624,538 32.33
From 100% to 101.00000% 3 95,829 0.06
Over 101.00000% 24 1,013,995 0.62
- --------------------------------------------------------------------------
Total.................... 4725 $162,749,801 100.00%
==========================================================================
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.
<PAGE>
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 4 149,118.41 0.09
8.001% < Gross Coupon <= 9.000 528 25,527,085.28 15.68
9.001% < Gross Coupon <= 10.000 978 38,262,880.96 23.51
10.001% < Gross Coupon <= 11.000 1514 50,570,294.25 31.07
11.001% < Gross Coupon <= 12.000 766 24,771,394.97 15.22
12.001% < Gross Coupon <= 13.000 595 16,269,044.98 10.00
13.001% < Gross Coupon <= 14.000 204 4,822,084.45 2.96
14.001% < Gross Coupon <= 15.000 71 1,372,635.53 0.84
15.001% < Gross Coupon <= 16.000 18 262,629.73 0.16
16.001% < Gross Coupon <= 17.000 8 118,607.29 0.07
17.001% < Gross Coupon <= 18.000 34 545,134.29 0.33
18.001% < Gross Coupon <= 19.000 5 78,891.35 0.05
- ----------------------------------------------------------------------------
Total.......... 4725 $162,749,801.49 100.00%
============================================================================
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
12 < Rem Term <= 72 206 2,443,196.17 1.50%
72 < Rem Term <= 84 222 3,300,732.10 2.03%
84 < Rem Term <= 120 540 11,209,211.59 6.89%
120 < Rem Term <= 156 502 12,692,268.73 7.80%
156 < Rem Term <= 180 775 22,559,043.20 13.86%
180 < Rem Term <= 240 1,346 51,030,874.07 31.36%
240 < Rem Term <= 300 680 32,867,373.98 20.20%
300 < Rem Term <= 360 454 26,647,101.65 16.37%
- -------------------------------------------------------------------
Total............ 4,725 162,749,801.49 100.00%
===================================================================
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.
<PAGE>
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 available 22 661,949 0.41
1964 2 41,209 0.03
1967 2 44,637 0.03
1968 3 23,369 0.01
1969 3 64,932 0.04
1970 6 73,832 0.05
1971 5 47,940 0.03
1972 10 170,824 0.10
1973 14 173,808 0.11
1974 9 155,384 0.10
1975 7 91,350 0.06
1976 11 176,704 0.11
1977 12 181,829 0.11
1978 19 368,370 0.23
1979 23 311,054 0.19
1980 19 302,892 0.19
1981 29 438,542 0.27
1982 32 457,649 0.28
1983 58 994,864 0.61
1984 96 1,719,447 1.06
1985 103 1,684,540 1.04
1986 69 1,321,027 0.81
1987 73 1,448,227 0.89
1988 76 1,487,831 0.91
1989 89 2,022,425 1.24
1990 86 1,888,624 1.16
1991 136 3,468,840 2.13
1992 131 3,387,835 2.08
1993 170 4,800,522 2.95
1994 265 8,257,673 5.07
1995 325 11,201,888 6.88
1996 461 16,342,831 10.04
1997 650 25,572,698 15.71
1998 1524 65,251,639 40.09
1999 185 8,112,613 4.98
- --------------------------------------------------------------------------
Total................. 4725 $162,749,801 100.00%
==========================================================================
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.
<PAGE>
- --------------------------------------------------------------------------------
- Vanderbilt 98C
- Cut Off Date of Tape is 07/27/98
- ARM
- $81,461,171.12
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,316
Aggregate Unpaid Principal Balance: $81,461,171.12
Aggregate Original Principal Balance: $81,672,323.50
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.274%
Gross Coupon Range: 7.990% - 16.000%
Weighted Average Margin (Gross): 4.685%
Gross Margin Range: 2.370% - 10.390%
Weighted Average Life Cap (Gross): 16.036%
Gross Life Cap Range: 12.990% - 22.000%
Weighted Average Life Floor (Gross): 4.685%
Gross Life Floor Range: 2.370% - 10.390%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $35,173.22
Average Original Principal Balance: $35,264.39
Maximum Unpaid Principal Balance: $107,510.00
Minimum Unpaid Principal Balance: $5,148.07
Maximum Original Principal Balance: $107,510.00
Minimum Original Principal Balance: $5,148.07
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 213.065
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.571
Age Range: 0.000 - 5.000
Weighted Average Original Term: 213.636
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 87.152
Original LTV Range: 16.557% - 100.000%
Weighted Average Periodic Interest Cap: 1.568%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 11.395
Months to Interest Roll Range: 7 - 14
Weighted Average Interest Roll Frequency: 12.000
Interest Frequency Range: 12 - 12
- --------------------------------------------------------------------------------
Greatest ZIP Code Concentration
Zip 76208 22 loans $778,963.99 0.96%
New 77.24% $62,922,634
Used 22.76% $18,538,537
Single 49.36% $40,207,069
Multi 50.64% $41,254,102
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.
<PAGE>
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 11 318,798.31 0.39
Arkansas 15 541,401.93 0.66
Arizona 18 837,993.11 1.03
Colorado 9 414,291.87 0.51
Connecticut 1 43,180.31 0.05
Dist of Col 1 46,412.14 0.06
Delaware 1 39,351.25 0.05
Florida 141 4,458,282.94 5.47
Georgia 54 1,743,741.94 2.14
Iowa 1 28,843.70 0.04
Illinois 1 51,852.93 0.06
Indiana 8 325,087.63 0.40
Kentucky 226 7,369,653.41 9.05
Louisiana 85 2,745,340.94 3.37
Maryland 2 68,507.31 0.08
Michigan 2 103,754.58 0.13
Missouri 25 853,934.74 1.05
Mississippi 33 1,017,394.59 1.25
North Carolina 391 15,405,778.09 18.91
New Jersey 4 168,227.72 0.21
New Mexico 12 407,989.22 0.50
New York 1 15,169.55 0.02
Ohio 18 590,456.21 0.72
Oklahoma 10 372,896.39 0.46
Pennsylvania 1 42,211.00 0.05
South Carolina 248 9,465,485.71 11.62
Tennessee 445 15,235,081.95 18.70
Texas 454 14,679,990.76 18.02
Virginia 88 3,710,995.69 4.56
West Virginia 9 313,900.09 0.39
Wyoming 1 45,165.11 0.06
- ------------------------------------------------------------------------
Total............... 2316 $ 81,461,171.12 100.00%
========================================================================
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
1998 2316 81,461,171 100.00
- --------------------------------------------------------------------------
Total................. 2316 $ 81,461,171 100.00%
==========================================================================
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.
<PAGE>
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
$ 5,000.01 < Balance <= $ 10,000.00 36 292,880 0.36
$ 10,000.01 < Balance <= $ 15,000.00 106 1,362,604 1.67
$ 15,000.01 < Balance <= $ 20,000.00 178 3,167,573 3.89
$ 20,000.01 < Balance <= $ 25,000.00 273 6,192,116 7.60
$ 25,000.01 < Balance <= $ 30,000.00 353 9,738,734 11.96
$ 30,000.01 < Balance <= $ 35,000.00 397 12,865,508 15.79
$ 35,000.01 < Balance <= $ 40,000.00 269 9,997,128 12.27
$ 40,000.01 < Balance <= $ 45,000.00 194 8,237,769 10.11
$ 45,000.01 < Balance <= $ 50,000.00 142 6,705,957 8.23
$ 50,000.01 < Balance <= $ 55,000.00 102 5,339,461 6.55
$ 55,000.01 < Balance <= $ 60,000.00 85 4,876,976 5.99
$ 60,000.01 < Balance <= $ 65,000.00 64 3,981,082 4.89
$ 65,000.01 < Balance <= $ 70,000.00 47 3,136,113 3.85
$ 70,000.01 < Balance <= $ 75,000.00 33 2,388,987 2.93
$ 75,000.01 < Balance <= $ 80,000.00 11 843,396 1.04
$ 80,000.01 < Balance <= $ 85,000.00 10 826,637 1.01
$ 85,000.01 < Balance <= $ 90,000.00 6 519,484 0.64
$ 90,000.01 < Balance <= $ 95,000.00 4 374,053 0.46
$ 95,000.01 < Balance <= $100,000.00 2 197,096 0.24
$100,000.01 < Balance <= $105,000.00 3 310,108 0.38
$105,000.01 < Balance <= $110,000.00 1 107,510 0.13
- ------------------------------------------------------------------------
Total.................... 2316 $ 81,461,171 100.00%
========================================================================
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% 72 1,748,218 2.15
From 61% to 65.99999% 37 1,188,061 1.46
From 66% to 70.99999% 59 2,036,348 2.50
From 71% to 75.99999% 106 3,913,304 4.80
From 76% to 80.99999% 214 8,197,312 10.06
From 81% to 85.99999% 303 10,790,427 13.25
From 86% to 90.99999% 630 22,779,671 27.96
From 91% to 100.00000% 895 30,807,831 37.82
- -----------------------------------------------------------------------------
Total.................... 2316 $ 81,461,171 100.00%
=============================================================================
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.
<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 51 601,236.99 0.74%
72 < Rem Term <= 84 94 1,582,390.83 1.94%
84 < Rem Term <= 120 190 4,025,329.46 4.94%
120 < Rem Term <= 156 314 8,590,576.05 10.55%
156 < Rem Term <= 180 404 12,517,618.77 15.37%
180 < Rem Term <= 240 847 32,117,622.28 39.43%
240 < Rem Term <= 300 368 19,099,157.62 23.45%
300 < Rem Term <= 360 48 2,927,239.12 3.59%
- -------------------------------------------------------------------
Total............ 2,316 81,461,171.12 100.00%
===================================================================
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 8 398,053.60 0.49
8.001% < Gross Coupon <= 9.000 315 12,730,573.36 15.63
9.001% < Gross Coupon <= 10.000 754 29,026,111.59 35.63
10.001% < Gross Coupon <= 11.000 565 19,790,046.47 24.29
11.001% < Gross Coupon <= 12.000 482 14,500,692.14 17.80
12.001% < Gross Coupon <= 13.000 134 3,664,808.97 4.50
13.001% < Gross Coupon <= 14.000 48 1,161,808.27 1.43
14.001% < Gross Coupon <= 15.000 8 156,334.08 0.19
15.001% < Gross Coupon <= 16.000 2 32,742.64 0.04
- ----------------------------------------------------------------------------
Total.......... 2316 $ 81,461,171.12 100.00%
============================================================================
Distribution of Lifetime Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Percentage Unpaid Aggregate
Gross Mortgage of Loan Principal Principal
Life CAP Loans Total Balance Balance
12.501 Life CAP <= 13.000 1 0.04 32,173.84 0.04
13.001 Life CAP <= 13.500 11 0.47 418,822.07 0.51
13.501 Life CAP <= 14.000 60 2.59 2,130,328.38 2.62
14.001 Life CAP <= 14.500 178 7.69 7,020,099.65 8.62
14.501 Life CAP <= 15.000 241 10.41 9,211,111.48 11.31
15.001 Life CAP <= 15.500 427 18.44 16,943,052.69 20.80
15.501 Life CAP <= 16.000 313 13.51 11,603,283.65 14.24
16.001 Life CAP <= 16.500 172 7.43 5,617,183.27 6.90
16.501 Life CAP <= 17.000 390 16.84 13,500,388.23 16.57
17.001 Life CAP <= 17.500 277 11.96 8,323,907.17 10.22
17.501 Life CAP <= 18.000 97 4.19 2,821,097.33 3.46
18.001 Life CAP <= 18.500 34 1.47 948,670.35 1.16
18.501 Life CAP <= 19.000 76 3.28 2,052,289.73 2.52
19.001 Life CAP <= 19.500 19 0.82 407,589.32 0.50
19.501 Life CAP <= 20.000 12 0.52 308,963.08 0.38
20.001 Life CAP <= 20.500 5 0.22 64,272.98 0.08
20.501 Life CAP <= 21.000 2 0.09 38,790.73 0.05
21.501 Life CAP <= 22.000 1 0.04 19,147.17 0.02
- ----------------------------------------------------------------------------
Total................. 2316 100.00 $ 81,461,171.12 100.00%
============================================================================
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 Lifetime Floor - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Percentage Unpaid Aggregate
Gross Mortgage of Loan Principal Principal
Life Floor Loans Total Balance Balance
2.001 Life Floor <= 2.500 5 0.22 224,797.56 0.28
2.501 Life Floor <= 3.000 87 3.76 3,829,018.39 4.70
3.001 Life Floor <= 3.500 214 9.24 8,443,411.79 10.36
3.501 Life Floor <= 4.000 452 19.52 17,377,090.66 21.33
4.001 Life Floor <= 4.500 280 12.09 10,835,559.63 13.30
4.501 Life Floor <= 5.000 121 5.22 4,339,940.87 5.33
5.001 Life Floor <= 5.500 458 19.78 16,063,517.78 19.72
5.501 Life Floor <= 6.000 368 15.89 11,235,780.78 13.79
6.001 Life Floor <= 6.500 130 5.61 3,871,780.27 4.75
6.501 Life Floor <= 7.000 38 1.64 991,659.64 1.22
7.001 Life Floor <= 7.500 101 4.36 2,804,543.63 3.44
7.501 Life Floor <= 8.000 36 1.55 887,156.09 1.09
8.001 Life Floor <= 8.500 16 0.69 367,837.31 0.45
8.501 Life Floor <= 9.000 5 0.22 78,342.35 0.10
9.001 Life Floor <= 9.500 3 0.13 77,991.73 0.10
9.501 Life Floor <= 10.000 1 0.04 13,595.47 0.02
10.001 Life Floor <= 10.500 1 0.04 19,147.17 0.02
- ----------------------------------------------------------------------------
Total................. 2316 100.00 $81,461,171.12 100.00%
============================================================================
Distribution of Gross Margin - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Percentage Unpaid Aggregate
Gross Mortgage of Loan Principal Principal
Gross Margin Loans Total Balance Balance
2.001 Gross Margin <= 2.500 5 0.22 224,797.56 0.28
2.501 Gross Margin <= 3.000 87 3.76 3,829,018.39 4.70
3.001 Gross Margin <= 3.500 214 9.24 8,443,411.79 10.36
3.501 Gross Margin <= 4.000 452 19.52 17,377,090.66 21.33
4.001 Gross Margin <= 4.500 280 12.09 10,835,559.63 13.30
4.501 Gross Margin <= 5.000 121 5.22 4,339,940.87 5.33
5.001 Gross Margin <= 5.500 458 19.78 16,063,517.78 19.72
5.501 Gross Margin <= 6.000 368 15.89 11,235,780.78 13.79
6.001 Gross Margin <= 6.500 130 5.61 3,871,780.27 4.75
6.501 Gross Margin <= 7.000 38 1.64 991,659.64 1.22
7.001 Gross Margin <= 7.500 101 4.36 2,804,543.63 3.44
7.501 Gross Margin <= 8.000 36 1.55 887,156.09 1.09
8.001 Gross Margin <= 8.500 16 0.69 367,837.31 0.45
8.501 Gross Margin <= 9.000 5 0.22 78,342.35 0.10
9.001 Gross Margin <= 9.500 3 0.13 77,991.73 0.10
9.501 Gross Margin <= 10.000 1 0.04 13,595.47 0.02
10.001 Gross Margin <= 10.500 1 0.04 19,147.17 0.02
- -----------------------------------------------------------------------------
Total................. 2316 100.00 $81,461,171.12 100.00%
=============================================================================
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
02/01/99 1 $9,244 00.01
03/01/99 3 $93,344 00.11
04/01/99 49 $1,542,501 01.89
05/01/99 521 $18,000,637 22.10
06/01/99 691 $23,559,644 28.92
07/01/99 706 $25,611,681 31.44
08/01/99 272 $9,964,065 12.23
09/01/99 73 $2,680,054 03.29
- ------------------------------------------------------------
Total...... 2316 $81,461,171 100.00%
============================================================
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 Periodic Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 1003 35,159,429.00 43.16
2.000 1313 46,301,742.12 56.84
- --------------------------------------------------------------------------
Total................. 2316 $ 81,461,171.12 100.00%
==========================================================================
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
5Y CMT,Annual Reset 2,316 $81,461,171.12 100.00
- -----------------------------------------------------------------
Total..... 2,316 $81,461,171.12 100.00%
=================================================================
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
Not available 14 557,771 0.68
1967 1 6,767 0.01
1969 2 22,998 0.03
1970 1 6,637 0.01
1971 4 53,967 0.07
1972 2 24,682 0.03
1973 3 31,546 0.04
1974 6 65,487 0.08
1975 2 19,944 0.02
1976 4 62,047 0.08
1977 9 120,243 0.15
1978 4 37,069 0.05
1979 4 41,536 0.05
1980 5 90,486 0.11
1981 8 110,225 0.14
1982 11 160,139 0.20
1983 16 236,219 0.29
1984 24 392,906 0.48
1985 20 349,967 0.43
1986 24 414,326 0.51
1987 17 323,004 0.40
1988 19 369,155 0.45
1989 19 377,391 0.46
1990 22 388,742 0.48
1991 35 711,939 0.87
1992 23 466,606 0.57
1993 45 1,173,399 1.44
1994 60 1,841,236 2.26
1995 108 3,394,665 4.17
1996 125 4,263,211 5.23
1997 244 8,506,273 10.44
1998 1241 48,890,433 60.02
1999 194 7,950,157 9.76
- --------------------------------------------------------------------------
Total................. 2316 $ 81,461,171 100.00%
==========================================================================
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.
