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): March 2, 1998
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated
as of January 26, 1998, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1998A).
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.)
4726 Airport Highway
Louisville, Tennessee 37777
- ---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 970-7200
-----------------
<PAGE>
<PAGE>
Item 5. Other Events
------------
Filing of Computational Materials.
- ---------------------------------
In connection with the offering of the Vanderbilt Mortgage
and Finance, Inc. ("Vanderbilt") Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1998A,
Prudential Securities Incorporated and Credit Suisse First
Boston, as the underwriters of the Certificates (the
"Underwriters") have provided certain materials (the
"Computational Materials") for distribution to its potential
investors. Although the Company provided the Underwriters
with certain information regarding the characteristics of
the Contracts in the related portfolio, it did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials
shall mean computer generated tables and/or charts displaying,
with respect to any Class or Classes of Certificates, any of the
following: yield; average life; duration; expected maturity;
interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Contracts;
the proposed structure; decrement tables; or similar information
(tabular or otherwise) of a statistical, mathematical, tabular
or computational nature. The Computational Materials provided
by Prudential Securities Incorporated are attached hereto as
Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials - Prudential Securities
Incorporated
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrants have duly caused this report to be
signed on their behalf by the undersigned hereunto duly
authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By: /s/ David R. Jordan
-----------------------------
Name: David R. Jordan
Title: Vice President
CLAYTON HOMES, INC.
By: /s/ Kevin T. Clayton
-------------------------
Name: Kevin T. Clayton
Title: President
Dated: March 2, 1998
<PAGE>
Exhibit Index
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials, Prudential Securities Incorporated 6
******************** PRELIMINARY INFORMATION ONLY ************************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1998-A
- ---------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ (43,650,000.00) Class IA-1 Fixed Rate Certificates - (1M LIBOR + XX bps)
$ (33,810,000.00) Class IA-2 Fixed Rate Certificates - (%)
$ (25,000,000.00) Class IA-3 Fixed Rate Certificates - (%)
$ (10,790,000.00) Class IA-4 Fixed Rate Certificates - (%)
$ (11,265,000.00) Class IA-5 Fixed Rate Certificates - (%)
$ (12,148,000.00) Class IA-6 Fixed Rate Certificates - (%)
$ ( 9,111,000.00) Class IB-1 Fixed Rate Certificates - (%)
$ ( 6,074,000.00) Class IB-2 Fixed Rate Certificates - NOT OFFERED
GROUP II CERTIFICATES:
$ (51,883,000.00) Class IIA-1 Adjustable Rate Certificates -
(1M LIBOR + XX bps)
$ ( 8,022,000.00) Class IIB-1 Adjustable Rate Certificates -
(1M LIBOR + XX bps)
$ ( 3,585,000.00) Class IIB-2 Adjustable Rate Certificates -
(1M LIBOR + XX bps)
$ ( 4,779,000.00) Class IIB-3 Adjustable Rate Certificates - NOT OFFERED
- ---------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1998-A 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 consummated 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-A
Preliminary Marketing Memo
Title of Securities: VMF 1998-A, Class IA-1, Class IA-2, Class IA-3,
Class IA-4, Class IA-5, Class IA-6, Class IB-1 and
Class IB-2 Fixed Rate Group Certificates and Class
IIA-1,Class IIB-1, Class IIB-2 and Class IIB-3
Adjustable Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Trustee: The Chase Manhattan Bank
CREDIT ENHANCEMENT
------------------
1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
Excess Interest: Excess interest cashflows from each group will be
available as credit enhancement for the related
group.
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of
the senior Certificates relative to the amortization
of the related collateral, generally in the early
months of the transaction. Accelerated amortization
is achieved by applying excess servicing and the
servicing fee (while VMF is the servicer) collected
on the collateral to the payment of principal on the
Senior Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the certificates faster than
the principal amortization of the respective
collateral pool, an O/C amount equal to the excess
of the aggregate principal balance of the collateral
pool over the principal balance of the related
Certificates is created. Excess cashflow will be
directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event
the acceleration feature will cease, unless it is
once again necessary to maintain the required O/C
level.
FIXED RATE CERTIFICATES
NA
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: (0.00%) Target: (3.75%)
These O/C percentages are subject to step-downs beginning in
month (61) if the Subordinate Class Principal distribution tests are met.
Cross-
Collateralization: Excess spread from each of the two collateral groups, if
not needed to credit enhance its own group will be
available to credit enhance the other group.
Subordination:
GROUP I (Fixed) GROUP II (Adjustable)
------- --------
Class IA-1 - IA-5 + IIA-1 (Aaa/AAA) (18.00)% (24.00)%
Class IA-6 + IIB-1 (Aa3/AA-) (10.00)% (12.25)%
Class IB-1 + IIB-2 (Baa2/BBB) ( 4.00)% ( 7.00)%
Class IB-2 + IIB-3 (N/A)
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-5 + IIA-1 (Aaa/AAA) (82.00)% (76.00)%
Class IA-6 + IIB-1 (Aa3/AA-) ( 8.00)% (11.75)%
Class IB-1 + IIB-2 (Baa2/BBB) ( 6.00)% ( 5.25)%
Class 1B-2 + IIB-3 (N/A) ( 4.00)% ( 7.00)%
O/C NA (0 to 3.75)%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
********************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1998-A
Preliminary Marketing Memo
- ---------------------------------------------------------------------------
Fixed-Rate Group
**CERTIFICATE**
**NOT OFFERED**
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
Amount(000):
(43,650 33,810 25,000 10,790 11,265 12,148 9,111 6,074)
Coupon:
(1ML XXX XXX XX XX XX XX XXX) (+ (XX) bps
Approx. Price:
(<-----------------------------TBD--------------------------------------->)
Y i e l d ( % ) :
(<-----------------------------TBD--------------------------------------->)
Spread:
(<-----------------------------TBD--------------------------------------->)
Avg Life
(1.00 3.00 5.00 7.00 8.85 10.72 6.62 10.27)
To Call:
Avg Life
(1.00 3.00 5.00 7.00 8.85 13.00 6.62 15.01)
To Mat.:
1st Prin Pymt:
(3/07/98 04/07/00 03/07/02 06/07/04 12/07/05 06/07/08 03/07/03
11/07/06)
Last Prin Pmt
To 10% Call:
(04/07/00 03/07/02 06/07/04 12/07/05 06/07/08 12/07/08 11/07/06
12/07/08)
Last Prin Pmt
To Mat.:
(04/07/00 03/07/02 06/07/04 12/07/05 06/07/08 03/07/15 11/07/06
11/07/27)
Stated Mat:
(08/07/03 11/07/06 10/07/11 06/07/14 01/07/18 02/07/28 04/07/13
02/07/28)
Expected
Settlement:
(<-------------------------------(03/5/98)------------------------------->)
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: ( 0 3 / 0 5 / 9 8 )
(<----------------------------(02/01/98)-------------------------------->)
Ratings:
Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- Baa2/BBB N/A
(Moody's/Fitch)
Pricing Date: ()
Prepayment Speed: 200% MHP
Total Group Size: ($151,848,000)
Class IA-1 Pass
Through Rate: The Class I A-1 Pass Through Rate will equal the lesser
of i) One Month LIBOR plus (TBD%) and ii) the weighted
average gross coupon of the contracts less the (1.25%)
servicing fee.
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing
fee of (1.25)% per annum is subordinate to the Offered
Certificates on a monthly basis.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
********************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1998-A
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 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) 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-A
Preliminary Marketing Memo
Class I B Distribution
Test:
The Class I B Distribution Test is met if:
1) Remittance Date is on or after March 2003
2) Class I B Percentage is at least (17.500) % (which is 1.75
times the original Class I B Percentage)
3) Cumulative Realized Losses do not exceed 7% for year 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
($3,036,000) (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-A
Preliminary Marketing Memo
- ---------------------------------------------------------------------------
Adjustable-Rate Certificates
**CERTIFICATE**
**NOT OFFERED**
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- ---------------------------------------------------------------------------
Amount(000): (51,883 8,022 3,585 4,779)
Coupon: 1ML+ (XX) 1ML+ (XX) 1ML+ (XX) 1ML+ (XX)
Approx. Price:
(<----------------------TBD--------------------------------)
Spread:
(<----------------------TBD--------------------------------)
Avg Life
To Call: (3.60 5.91 8.14 10.58)
Avg Life
To Mat: (3.77 5.91 8.14 12.26)
1st Prin Pymt: (03/07/98 03/07/03 02/07/05 09/07/07)
Last Prin Pmt
To 10% Call: (12/07/08 02/07/05 09/07/07 12/07/08)
Exp Mat: (05/07/13 02/07/05 09/07/07 04/07/14)
Stated Maturity: (02/07/28 08/07/12 08/07/13 02/07/28)
Expected
Settlement:
(<------------------------03/5/98------------------------->)
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: (03/05/98) (03/05/98) (03/05/98) (03/05/98)
Rating: Aaa/AAA Aa3/AA- Baa2/BBB N/A
(Moody's/Fitch)
Pricing Date: ()
Prepayment Speed: 225% MHP
Total Group Size: ($68,269,000)
Group II Pass
Through Rate: The Group II Pass Through Rate will equal the lesser of
i) One Month LIBOR plus (TBD%) and ii) the Net Funds Cap
as described herein.
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon on
the Class Adjustable Rate Certificates : IIA-1 - shall
increase by (2x) the respective margins
IIB-1 - shall increase by an additional (50 BP)
IIB-2 - shall increase by an additional (50 BP)
IIB-3 - shall increase by an additional (50 BP)
Net Funds Cap: The difference between the a) collateral WAC and b) the
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-A
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-A
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 March 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 ($ 1,365,380) (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-A
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 March, 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 preceding 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: ( $ 151,848,254 $ 68,269,357 )
Avg Unpaid Balance ( $ 25,633 $ 31,887 )
Max Orig Balance ( $252,972 $ 102,865 )
WAC: ( 11.173% 10.826% )
WAC Range: ( 7.99% - 18.00% 8.00% - 17.25% )
WAM: ( 184 198 )
WA Orig Term: ( 202 201 )
WALTV: ( 85.6% 86.6% )
New: ( 60.7% 78.0% )
Used: ( 39.3% 22.0% )
Park: ( 25.2% 33.0% )
Non-Park: ( 74.8% 67.0% )
Single Wide: ( 53.9% 51.8% )
Double Wide: ( 46.1% 48.2% )
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 consummated unless the purchaser has received the
Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
Projected Available Funds Cap of GROUP II:
=========================================
(GROSS COUPON - 75 Bp CARVE-OUT, Using 30/360 Day Count)
* Assuming VMF is the servicer
DATE COUPON
- -------------
03/98 10.075
04/98 10.075
05/98 10.075
06/98 10.074
07/98 10.066
08/98 10.066
09/98 10.062
10/98 10.062
11/98 10.062
12/98 9.861
01/99 9.657
02/99 9.542
03/99 9.498
04/99 9.487
05/99 9.487
06/99 9.486
07/99 9.486
08/99 9.485
09/99 9.485
10/99 9.485
11/99 9.484
12/99 9.484
01/00 9.483
02/00 9.483
03/00 9.483
04/00 9.482
05/00 9.482
06/00 9.481
07/00 9.481
08/00 9.480
09/00 9.480
10/00 9.480
11/00 9.479
12/00 9.479
01/01 9.478
02/01 9.478
03/01 9.477
04/01 9.476
05/01 9.476
06/01 9.475
07/01 9.475
08/01 9.474
09/01 9.474
10/01 9.473
11/01 9.472
12/01 9.472
01/02 9.471
02/02 9.471
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $43,650,000.00 DATED DATE: 03/05/98
CURRENT COUPON: 5.745% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $43,650,000.00
BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 03/05/98
ASSUMED CONSTANT LIBOR-1M 5.6250
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 37.682 33.259 35.450 39.950 42.254 44.622
99-24+ 36.074 31.928 33.982 38.200 40.360 42.580
99-25 34.466 30.598 32.514 36.451 38.466 40.538
99-25+ 32.859 29.267 31.046 34.701 36.573 38.496
99-26 31.252 27.937 29.579 32.953 34.680 36.455
99-26+ 29.646 26.608 28.113 31.204 32.787 34.415
99-27 28.040 25.278 26.646 29.457 30.895 32.374
99-27+ 26.434 23.949 25.180 27.709 29.004 30.335
99-28 24.829 22.620 23.714 25.962 27.113 28.296
99-28+ 23.224 21.291 22.249 24.215 25.222 26.257
99-29 21.620 19.963 20.784 22.469 23.332 24.219
99-29+ 20.015 18.635 19.319 20.723 21.442 22.181
99-30 18.412 17.308 17.854 18.978 19.553 20.144
99-30+ 16.808 15.980 16.390 17.233 17.664 18.107
99-31 15.205 14.653 14.927 15.488 15.776 16.071
99-31+ 13.602 13.326 13.463 13.744 13.888 14.035
100-00 12.000 12.000 12.000 12.000 12.000 12.000
100-00+ 10.398 10.674 10.537 10.257 10.113 9.965
100-01 8.796 9.348 9.075 8.514 8.226 7.931
100-01+ 7.195 8.022 7.613 6.771 6.340 5.897
100-02 5.594 6.697 6.151 5.029 4.454 3.864
100-02+ 3.994 5.372 4.689 3.287 2.569 1.831
100-03 2.394 4.048 3.228 1.545 0.684 -0.202
100-03+ 0.794 2.723 1.768 -0.196 -1.201 -2.234
First Payment 0.006 0.006 0.006 0.006 0.006 0.006
Average Life 1.000 1.218 1.099 0.916 0.844 0.781
Last Payment 2.089 2.506 2.256 1.922 1.756 1.589
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $33,810,000.00 DATED DATE: 02/01/98
COUPON: 6.165% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $33,810,000.00
BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 03/05/98
PREPAYMENT SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 6.300 6.292 6.296 6.305 6.309 6.313
99-24+ 6.294 6.287 6.291 6.298 6.302 6.306
99-25 6.288 6.282 6.285 6.292 6.295 6.299
99-25+ 6.283 6.277 6.280 6.285 6.288 6.291
99-26 6.277 6.272 6.274 6.279 6.282 6.284
99-26+ 6.271 6.267 6.269 6.273 6.275 6.277
99-27 6.265 6.262 6.263 6.266 6.268 6.270
99-27+ 6.259 6.257 6.258 6.260 6.261 6.262
99-28 6.253 6.252 6.252 6.254 6.254 6.255
99-28+ 6.247 6.247 6.247 6.247 6.248 6.248
99-29 6.241 6.242 6.242 6.241 6.241 6.240
99-29+ 6.235 6.237 6.236 6.235 6.234 6.233
99-30 6.230 6.232 6.231 6.228 6.227 6.226
99-30+ 6.224 6.227 6.225 6.222 6.220 6.219
99-31 6.218 6.222 6.220 6.216 6.214 6.211
99-31+ 6.212 6.217 6.214 6.209 6.207 6.204
100-00 6.206 6.212 6.209 6.203 6.200 6.197
100-00+ 6.200 6.207 6.204 6.197 6.193 6.190
100-01+ 6.188 6.197 6.193 6.184 6.180 6.175
100-02 6.183 6.192 6.187 6.178 6.173 6.168
100-02+ 6.177 6.187 6.182 6.171 6.166 6.161
100-03 6.171 6.182 6.176 6.165 6.159 6.153
100-03+ 6.165 6.177 6.171 6.159 6.152 6.146
100-04 6.159 6.172 6.166 6.152 6.146 6.139
100-04+ 6.153 6.167 6.160 6.146 6.139 6.131
100-05 6.147 6.162 6.155 6.140 6.132 6.124
100-05+ 6.141 6.157 6.149 6.133 6.125 6.117
100-06 6.136 6.152 6.144 6.127 6.118 6.110
100-06+ 6.130 6.147 6.138 6.121 6.112 6.102
100-07 6.124 6.142 6.133 6.114 6.105 6.095
100-07+ 6.118 6.137 6.128 6.108 6.098 6.088
First Payment 2.089 2.506 2.256 1.922 1.756 1.589
Average Life 3.000 3.591 3.273 2.764 2.559 2.379
Last Payment 4.006 4.756 4.339 3.756 3.422 3.172
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $25,000,000.00 DATED DATE: 02/01/98
COUPON: 6.320% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $25,000,000.00
BOND IA3 BE-YIELD TABLE YIELD TABLE DATE: 03/05/98
PREPAYMENT SPEED
PRICING SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 6.439 6.434 6.436 6.441 6.444 6.446
99-24+ 6.435 6.430 6.433 6.437 6.439 6.442
99-25 6.431 6.427 6.429 6.433 6.435 6.437
99-25+ 6.427 6.424 6.426 6.429 6.431 6.432
99-26 6.424 6.421 6.422 6.425 6.426 6.428
99-26+ 6.420 6.418 6.419 6.421 6.422 6.423
99-27 6.416 6.414 6.415 6.417 6.418 6.419
99-27+ 6.412 6.411 6.412 6.413 6.414 6.414
99-28 6.409 6.408 6.408 6.409 6.409 6.410
99-28+ 6.405 6.405 6.405 6.405 6.405 6.405
99-29 6.401 6.401 6.401 6.401 6.401 6.400
99-29+ 6.397 6.398 6.398 6.397 6.396 6.396
99-30 6.393 6.395 6.394 6.393 6.392 6.391
99-30+ 6.390 6.392 6.391 6.389 6.388 6.387
99-31 6.386 6.389 6.387 6.385 6.383 6.382
99-31+ 6.382 6.385 6.384 6.381 6.379 6.377
100-00 6.378 6.382 6.380 6.377 6.375 6.373
100-00+ 6.375 6.379 6.377 6.373 6.370 6.368
100-01 6.371 6.376 6.373 6.369 6.366 6.364
100-01+ 6.367 6.372 6.370 6.365 6.362 6.359
100-02 6.363 6.369 6.366 6.360 6.358 6.355
100-02+ 6.360 6.366 6.363 6.356 6.353 6.350
100-03 6.356 6.363 6.359 6.352 6.349 6.345
100-03+ 6.352 6.360 6.356 6.348 6.345 6.341
100-04 6.348 6.356 6.352 6.344 6.340 6.336
100-04+ 6.345 6.353 6.349 6.340 6.336 6.332
100-05 6.341 6.350 6.346 6.336 6.332 6.327
100-05+ 6.337 6.347 6.342 6.332 6.327 6.323
100-06 6.333 6.343 6.339 6.328 6.323 6.318
100-06+ 6.330 6.340 6.335 6.324 6.319 6.313
100-07 6.326 6.337 6.332 6.320 6.315 6.309
100-07+ 6.322 6.334 6.328 6.316 6.310 6.30
First Payment 3.172 4.006 4.756 4.339 3.756 3.422
Average Life 5.000 6.009 5.469 4.600 4.260 3.974
Last Payment 6.256 7.422 6.839 5.756 5.256 4.839
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $10,790,000.00 DATED DATE: 02/01/98
COUPON: 6.595% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $10,790,000.00
BOND IA4 BE-YIELD TABLE YIELD TABLE DATE: 03/05/98
PREPAYMENT SPEED
PRICING SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 6.712 6.709 6.710 6.714 6.716 6.718
99-24+ 6.709 6.707 6.708 6.711 6.713 6.714
99-25 6.706 6.704 6.705 6.708 6.709 6.711
99-25+ 6.703 6.701 6.702 6.705 6.706 6.707
99-26 6.701 6.699 6.700 6.702 6.703 6.704
99-26+ 6.698 6.696 6.697 6.698 6.699 6.700
99-27 6.695 6.694 6.694 6.695 6.696 6.697
99-27+ 6.692 6.691 6.692 6.692 6.693 6.693
99-28 6.689 6.689 6.689 6.689 6.689 6.690
99-28+ 6.686 6.686 6.686 6.686 6.686 6.686
99-29 6.683 6.684 6.683 6.683 6.683 6.683
99-29+ 6.680 6.681 6.681 6.680 6.680 6.679
99-30 6.678 6.679 6.678 6.677 6.676 6.676
99-30+ 6.675 6.676 6.675 6.674 6.673 6.672
99-31 6.672 6.673 6.673 6.671 6.670 6.668
99-31+ 6.669 6.671 6.670 6.668 6.666 6.665
100-00 6.666 6.668 6.667 6.665 6.663 6.661
100-00+ 6.663 6.666 6.665 6.662 6.660 6.658
100-01 6.660 6.663 6.662 6.659 6.657 6.654
100-01+ 6.657 6.661 6.659 6.655 6.653 6.651
100-02 6.655 6.658 6.657 6.652 6.650 6.647
100-02+ 6.652 6.656 6.654 6.649 6.647 6.644
100-03 6.649 6.653 6.651 6.646 6.643 6.640
100-03+ 6.646 6.651 6.648 6.643 6.640 6.637
100-04 6.643 6.648 6.646 6.640 6.637 6.633
100-04+ 6.640 6.646 6.643 6.637 6.634 6.630
100-05 6.637 6.643 6.640 6.634 6.630 6.626
100-05+ 6.635 6.640 6.638 6.631 6.627 6.622
100-06 6.632 6.638 6.635 6.628 6.624 6.619
100-06+ 6.629 6.635 6.632 6.625 6.620 6.615
100-07 6.626 6.633 6.630 6.622 6.617 6.612
100-07+ 6.623 6.630 6.627 6.619 6.614 6.608
First Payment 6.256 7.422 6.839 5.756 5.256 4.839
Average Life 7.000 8.197 7.586 6.434 5.901 5.406
Last Payment 7.756 9.006 8.339 7.256 6.672 6.089
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $11,265,000.00 DATED DATE: 02/01/98
COUPON: 6.700% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $11,265,000.00
BOND IA5 BE-YIELD TABLE YIELD TABLE DATE: 03/05/98
PREPAYMENT SPEED
PRICING SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 6.816 6.813 6.814 6.817 6.818 6.819
99-24+ 6.813 6.811 6.812 6.814 6.815 6.817
99-25 6.811 6.809 6.810 6.812 6.813 6.814
99-25+ 6.808 6.807 6.808 6.809 6.810 6.811
99-26 6.806 6.805 6.805 6.807 6.807 6.808
99-26+ 6.804 6.803 6.803 6.804 6.805 6.805
99-27 6.801 6.800 6.801 6.801 6.802 6.802
99-27+ 6.799 6.798 6.798 6.799 6.799 6.799
99-28 6.796 6.796 6.796 6.796 6.796 6.797
99-28+ 6.794 6.794 6.794 6.794 6.794 6.794
99-29 6.791 6.792 6.792 6.791 6.791 6.791
99-29+ 6.789 6.790 6.789 6.789 6.788 6.788
99-30 6.787 6.787 6.787 6.786 6.786 6.785
99-30+ 6.784 6.785 6.785 6.784 6.783 6.782
99-31 6.782 6.783 6.782 6.781 6.780 6.780
99-31+ 6.779 6.781 6.780 6.779 6.778 6.777
100-00 6.777 6.779 6.778 6.776 6.775 6.774
100-00+ 6.775 6.777 6.776 6.773 6.772 6.771
100-01 6.772 6.774 6.773 6.771 6.770 6.768
100-01+ 6.770 6.772 6.771 6.768 6.767 6.765
100-02 6.767 6.770 6.769 6.766 6.764 6.762
100-02+ 6.765 6.768 6.766 6.763 6.762 6.760
100-03 6.763 6.766 6.764 6.761 6.759 6.757
100-03+ 6.760 6.764 6.762 6.758 6.756 6.754
100-04 6.758 6.761 6.760 6.756 6.754 6.751
100-04+ 6.755 6.759 6.757 6.753 6.751 6.748
100-05 6.753 6.757 6.755 6.751 6.748 6.745
100-05+ 6.750 6.755 6.753 6.748 6.745 6.743
100-06 6.748 6.753 6.750 6.746 6.743 6.740
100-06+ 6.746 6.751 6.748 6.743 6.740 6.737
100-07 6.743 6.749 6.746 6.740 6.737 6.734
100-07+ 6.741 6.746 6.744 6.738 6.735 6.731
First Payment 7.756 9.006 8.339 7.256 6.672 6.089
Average Life 8.852 10.318 9.532 8.236 7.665 7.116
Last Payment 10.256 11.922 11.006 9.506 8.839 8.256
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $12,148,000.00 DATED DATE: 02/01/98
COUPON: 6.890% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $12,148,000.00
BOND IA6 BE-YIELD TABLE YIELD TABLE DATE: 03/05/98
***TO CALL***
PREPAYMENT SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 7.008 7.007 7.007 7.009 7.009 7.010
99-24+ 7.006 7.005 7.005 7.006 7.007 7.007
99-25 7.004 7.003 7.003 7.004 7.005 7.005
99-25+ 7.002 7.001 7.001 7.002 7.002 7.003
99-26 7.000 6.999 6.999 7.000 7.000 7.000
99-26+ 6.997 6.997 6.997 6.998 6.998 6.998
99-27 6.995 6.995 6.995 6.995 6.996 6.996
99-27+ 6.993 6.993 6.993 6.993 6.993 6.993
99-28 6.991 6.991 6.991 6.991 6.991 6.991
99-28+ 6.989 6.989 6.989 6.989 6.989 6.989
99-29 6.987 6.987 6.987 6.987 6.987 6.987
99-29+ 6.985 6.985 6.985 6.985 6.984 6.984
99-30 6.983 6.983 6.983 6.982 6.982 6.982
99-30+ 6.980 6.981 6.981 6.980 6.980 6.980
99-31 6.978 6.979 6.979 6.978 6.978 6.977
99-31+ 6.976 6.977 6.977 6.976 6.975 6.975
100-00 6.974 6.975 6.975 6.974 6.973 6.973
100-00+ 6.972 6.973 6.972 6.971 6.971 6.970
100-01 6.970 6.971 6.970 6.969 6.969 6.968
100-01+ 6.968 6.969 6.968 6.967 6.966 6.966
100-02 6.966 6.967 6.966 6.965 6.964 6.963
100-02+ 6.963 6.965 6.964 6.963 6.962 6.961
100-03 6.961 6.963 6.962 6.961 6.960 6.959
100-03+ 6.959 6.961 6.960 6.958 6.957 6.956
100-04 6.957 6.959 6.958 6.956 6.955 6.954
100-04+ 6.955 6.957 6.956 6.954 6.953 6.952
100-05 6.953 6.955 6.954 6.952 6.951 6.949
100-05+ 6.951 6.953 6.952 6.950 6.948 6.947
100-06 6.949 6.951 6.950 6.948 6.946 6.945
100-06+ 6.946 6.949 6.948 6.945 6.944 6.942
100-07 6.944 6.947 6.946 6.943 6.942 6.940
100-07+ 6.942 6.945 6.944 6.941 6.939 6.938
First Payment 10.256 11.922 11.006 9.506 8.839 8.256
Average Life 10.721 11.922 11.248 10.316 9.826 9.394
Last Payment 10.756 11.922 11.256 10.422 10.006 9.672
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $9,111,000.00 DATED DATE: 02/01/98
COUPON: 7.190% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $9,111,000.00
BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 03/05/98
***TO CALL***
PREPAYMENT SPEED
PRICING SPEED
PRICING SPEED
FIX 200.0%/ 150.00%/ 175.00%/ 225.00%/ 250.00%/ 275.00%/
FLTR 225 225 225 225 225 225
99-24 7.324 7.324 7.324 7.325 7.325 7.325
99-24+ 7.321 7.321 7.321 7.321 7.322 7.322
99-25 7.318 7.318 7.318 7.318 7.318 7.319
99-25+ 7.315 7.315 7.315 7.315 7.315 7.316
99-26 7.312 7.312 7.312 7.312 7.312 7.312
99-26+ 7.309 7.309 7.309 7.309 7.309 7.309
99-27 7.306 7.306 7.306 7.306 7.306 7.306
99-27+ 7.303 7.303 7.303 7.303 7.303 7.303
99-28 7.300 7.300 7.300 7.300 7.300 7.300
99-28+ 7.296 7.297 7.297 7.296 7.296 7.296
99-29 7.293 7.294 7.293 7.293 7.293 7.293
99-29+ 7.290 7.291 7.290 7.290 7.290 7.290
99-30 7.287 7.288 7.287 7.287 7.287 7.287
99-30+ 7.284 7.285 7.284 7.284 7.284 7.284
99-31 7.281 7.282 7.281 7.281 7.281 7.281
99-31+ 7.278 7.279 7.278 7.278 7.278 7.277
100-00 7.275 7.276 7.275 7.275 7.274 7.274
100-00+ 7.272 7.273 7.272 7.272 7.271 7.271
100-01 7.269 7.270 7.269 7.268 7.268 7.268
100-01+ 7.266 7.267 7.266 7.265 7.265 7.265
100-02 7.263 7.264 7.263 7.262 7.262 7.261
100-02+ 7.260 7.261 7.260 7.259 7.259 7.258
100-03 7.257 7.258 7.257 7.256 7.256 7.255
100-03+ 7.253 7.255 7.254 7.253 7.252 7.252
100-04 7.250 7.252 7.251 7.250 7.249 7.249
100-04+ 7.247 7.249 7.248 7.247 7.246 7.246
100-05 7.244 7.246 7.245 7.244 7.243 7.242
100-05+ 7.241 7.243 7.242 7.241 7.240 7.239
100-06 7.238 7.240 7.239 7.237 7.237 7.236
100-06+ 7.235 7.237 7.236 7.234 7.234 7.233
100-07 7.232 7.234 7.233 7.231 7.230 7.230
100-07+ 7.229 7.231 7.230 7.228 7.227 7.227
First Payment 5.006 5.006 5.006 5.006 5.006 5.006
Average Life 6.621 6.865 6.736 6.517 6.423 6.338
Last Payment 8.672 9.172 8.922 8.422 8.256 8.089
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $51,883,000.00 DATED DATE: 03/05/98
CURRENT COUPON: 5.835% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $51,883,000.00
BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 03/05/98
***TO CALL***
ASSUMED CONSTANT LIBOR-1M 5.6250
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 29.232 28.081 28.634 29.901 30.681 31.59
99-24+ 28.717 27.638 28.155 29.343 30.075 30.92
99-25 28.201 27.194 27.677 28.786 29.469 30.26
99-25+ 27.686 26.751 27.200 28.228 28.862 29.60
99-26 27.171 26.308 26.722 27.671 28.257 28.94
99-26+ 26.656 25.865 26.244 27.115 27.651 28.27
99-27 26.141 25.422 25.767 26.558 27.045 27.61
99-27+ 25.626 24.979 25.289 26.001 26.440 26.95
99-28 25.111 24.536 24.812 25.445 25.835 26.29
99-28+ 24.597 24.094 24.335 24.889 25.230 25.62
99-29 24.083 23.652 23.858 24.333 24.625 24.96
99-29+ 23.568 23.209 23.382 23.777 24.020 24.30
99-30 23.054 22.767 22.905 23.221 23.416 23.64
99-30+ 22.541 22.325 22.429 22.666 22.812 22.98
99-31 22.027 21.883 21.952 22.110 22.208 22.32
99-31+ 21.513 21.442 21.476 21.555 21.604 21.66
100-00 21.000 21.000 21.000 21.000 21.000 21.00
100-00+ 20.487 20.559 20.524 20.445 20.396 20.34
100-01 19.974 20.117 20.048 19.890 19.793 19.67
100-01+ 19.461 19.676 19.573 19.336 19.190 19.02
100-02 18.948 19.235 19.097 18.782 18.587 18.36
100-02+ 18.435 18.794 18.622 18.227 17.984 17.70
100-03 17.923 18.353 18.147 17.673 17.382 17.04
100-03+ 17.411 17.912 17.672 17.120 16.779 16.38
100-04 16.899 17.472 17.197 16.566 16.177 15.72
100-04+ 16.387 17.031 16.722 16.012 15.575 15.06
100-05 15.875 16.591 16.247 15.459 14.973 14.40
100-05+ 15.363 16.151 15.773 14.906 14.371 13.74
100-06 14.851 15.711 15.298 14.353 13.770 13.08
100-06+ 14.340 15.271 14.824 13.800 13.168 12.43
100-07 13.829 14.831 14.350 13.247 12.567 11.77
100-07+ 13.318 14.391 13.876 12.695 11.966 11.11
First Payment 0.006 0.006 0.006 0.006 0.006 0.006
Average Life 3.596 4.277 3.921 3.289 2.982 2.682
Last Payment 10.756 11.422 11.006 10.589 10.339 10.172
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $8,022,000.00 DATED DATE: 03/05/98
CURRENT COUPON: 6.025% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $8,022,000.00
BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 03/05/98
ASSUMED CONSTANT LIBOR-1M 5.6250
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 44.992 44.795 44.950 44.963 44.928 44.88
99-24+ 44.680 44.495 44.640 44.652 44.620 44.58
99-25 44.367 44.195 44.330 44.342 44.311 44.27
99-25+ 44.055 43.895 44.021 44.031 44.003 43.97
99-26 43.743 43.595 43.711 43.721 43.695 43.66
99-26+ 43.430 43.295 43.401 43.411 43.387 43.35
99-27 43.118 42.995 43.092 43.100 43.079 43.05
99-27+ 42.806 42.695 42.782 42.790 42.770 42.74
99-28 42.494 42.396 42.473 42.480 42.462 42.44
99-28+ 42.182 42.096 42.164 42.170 42.154 42.13
99-29 41.870 41.796 41.854 41.859 41.846 41.83
99-29+ 41.558 41.497 41.545 41.549 41.539 41.52
99-30 41.247 41.197 41.236 41.239 41.231 41.22
99-30+ 40.935 40.898 40.927 40.929 40.923 40.91
99-31 40.623 40.599 40.618 40.620 40.615 40.61
99-31+ 40.312 40.299 40.309 40.310 40.308 40.30
100-00 40.000 40.000 40.000 40.000 40.000 40.00
100-00+ 39.688 39.701 39.691 39.690 39.692 39.69
100-01 39.377 39.402 39.382 39.381 39.385 39.39
100-01+ 39.066 39.103 39.074 39.071 39.078 39.08
100-02 38.754 38.803 38.765 38.761 38.770 38.78
100-02+ 38.443 38.504 38.456 38.452 38.463 38.47
100-03 38.132 38.206 38.148 38.143 38.156 38.17
100-03+ 37.820 37.907 37.839 37.833 37.848 37.86
100-04 37.509 37.608 37.530 37.524 37.541 37.56
100-04+ 37.198 37.309 37.222 37.215 37.234 37.25
100-05 36.887 37.010 36.914 36.905 36.927 36.95
100-05+ 36.576 36.712 36.605 36.596 36.620 36.64
100-06 36.265 36.413 36.297 36.287 36.313 36.34
100-06+ 35.955 36.114 35.989 35.978 36.006 36.03
100-07 35.644 35.816 35.681 35.669 35.699 35.73
100-07+ 35.333 35.517 35.373 35.360 35.393 35.43
First Payment 5.006 5.006 5.006 5.089 5.089 5.172
Average Life 5.906 6.221 5.973 5.948 5.999 6.059
Last Payment 6.922 8.256 7.589 6.922 7.006 7.172
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT BALANCE: $3,585,000.00 DATED DATE: 03/05/98
CURRENT COUPON: 6.725% vmf8a FIRST PAYMENT: 03/07/98
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $3,585,000.00
BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 03/05/98
***TO CALL***
ASSUMED CONSTANT LIBOR-1M 5.6250
PRICING SPEED
FIX 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/ 200.0%/
FLTR 225 175 200 250 275 300
99-24 113.964 113.543 113.747 114.143 114.178 114.1
99-24+ 113.715 113.321 113.512 113.884 113.916 113.8
99-25 113.467 113.100 113.278 113.624 113.655 113.5
99-25+ 113.219 112.878 113.043 113.365 113.394 113.3
99-26 112.972 112.656 112.809 113.106 113.132 113.0
99-26+ 112.724 112.435 112.575 112.847 112.871 112.8
99-27 112.476 112.213 112.340 112.588 112.610 112.5
99-27+ 112.228 111.992 112.106 112.329 112.349 112.3
99-28 111.980 111.770 111.872 112.070 112.087 112.0
99-28+ 111.733 111.549 111.638 111.811 111.826 111.7
99-29 111.485 111.327 111.404 111.552 111.565 111.5
99-29+ 111.237 111.106 111.170 111.293 111.304 111.2
99-30 110.990 110.885 110.936 111.035 111.043 111.0
99-30+ 110.742 110.664 110.702 110.776 110.782 110.7
99-31 110.495 110.442 110.468 110.517 110.522 110.5
99-31+ 110.247 110.221 110.234 110.259 110.261 110.2
100-00 110.000 110.000 110.000 110.000 110.000 110.0
100-00+ 109.753 109.779 109.766 109.741 109.739 109.7
100-01 109.505 109.558 109.532 109.483 109.479 109.4
100-01+ 109.258 109.337 109.299 109.225 109.218 109.2
100-02 109.011 109.116 109.065 108.966 108.957 108.9
100-02+ 108.764 108.895 108.832 108.708 108.697 108.7
100-03 108.517 108.674 108.598 108.450 108.436 108.4
100-03+ 108.270 108.453 108.364 108.191 108.176 108.2
100-04 108.023 108.233 108.131 107.933 107.916 107.9
100-04+ 107.776 108.012 107.898 107.675 107.655 107.6
100-05 107.529 107.791 107.664 107.417 107.395 107.4
100-05+ 107.282 107.570 107.431 107.159 107.135 107.1
100-06 107.035 107.350 107.198 106.901 106.875 106.9
100-06+ 106.788 107.129 106.964 106.643 106.614 106.6
100-07 106.542 106.909 106.731 106.385 106.354 106.4
100-07+ 106.295 106.688 106.498 106.127 106.094 106.1
First Payment 6.922 8.256 7.589 6.922 7.006 7.172
Average Life 8.145 9.495 8.788 7.675 7.583 7.746
Last Payment 9.506 10.922 10.172 8.839 8.256 8.422
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.
___________________________________________________________________________
- VMF8A
- Cut Off Date of Tape is 1/28/98
- FIX
- $151,848,253.76
- Mortgage Summary Report
___________________________________________________________________________
Number of Mortgage Loans: 5,924
Aggregate Unpaid Principal Balance: $151,848,253.76
Aggregate Original Principal Balance: $168,097,032.43
Weighted Average Gross Coupon: 11.173%
Gross Coupon Range: 7.990% - 18.000%
___________________________________________________________________________
Average Unpaid Principal Balance: $25,632.72
Average Original Principal Balance: $28,375.60
Maximum Unpaid Principal Balance: $247,289.65
Minimum Unpaid Principal Balance: $3,221.70
Maximum Original Principal Balance: $252,972.13
Minimum Original Principal Balance: $4,405.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 184.112
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age : 18.170
Age Range: 0.000 - 138.000
Weighted Average Original Term: 202.282
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 85.623
Original LTV Range: 6.767% - 100.389%
___________________________________________________________________________
Greatest Zip Code Concentration
Zip 28025 67 loans $1,041,446.65 0.686%
New 60.66% $92,112,831
Used 39.34% $59,735,423
Single 53.87 $81,804,497
Multi 46.13 $70,043,757
Parked 25.21 $38,274,526
Not Parked 74.79 $113,573,728
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
Aggregate Percent of
Unpaid Aggregate
Number of Principal Principal
State Loans Balance Balance
Alabama 210 4,469,587 2.94
Arizona 36 1,204,012 0.79
Arkansas 43 1,418,902 0.93
California 15 722,641 0.48
Colorado 52 1,662,238 1.09
Connecticut 1 182,323 0.12
Delaware 11 354,204 0.23
Florida 388 11,276,041 7.43
Georgia 157 3,098,823 2.04
Idaho 5 298,418 0.20
Illinois 6 136,280 0.09
Indiana 39 1,140,741 0.75
Iowa 6 188,301 0.12
Kansas 2 34,196 0.02
Kentucky 207 4,027,220 2.65
Louisiana 553 7,822,069 5.15
Maryland 12 471,799 0.31
Massachusetts 1 39,655 0.03
Michigan 86 2,573,043 1.69
Minnesota 7 227,660 0.15
Mississippi 80 1,478,356 0.97
Missouri 87 2,081,663 1.37
Montana 8 337,239 0.22
Nebraska 1 10,722 0.01
Nevada 5 178,648 0.12
New Jersey 10 392,313 0.26
New Mexico 34 1,591,067 1.05
New York 96 3,015,254 1.99
North Carolina 834 20,035,288 13.19
Ohio 215 6,705,595 4.42
Oklahoma 41 1,415,563 0.93
Oregon 6 190,927 0.13
Pennsylvania 133 3,484,257 2.29
Rhode Island 2 31,541 0.02
South Carolina 474 12,234,702 8.06
Tennessee 760 16,794,650 11.06
Texas 907 30,570,328 20.13
Utah 3 154,098 0.10
Vermont 1 43,738 0.03
Virginia 296 7,082,569 4.66
Washington 6 305,979 0.20
West Virginia 80 2,189,575 1.44
Wisconsin 3 65,706 0.04
Wyoming 5 110,327 0.07
___________________________________________________________________________
Total................... 5,924 151,848,254 100.00%
===========================================================================
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.
Years of Origination of Contracts - Group I Contracts
Percentage of
Number of Aggregate Principal Contracts by
Contracts Balance Outstanding
Year of As of Outstanding Principal Balance
Origination Cut-off Date As of Cut-off Date As of Cut-off Date
1984 1 17,554 0.01
1985 4 84,586 0.06
1986 21 252,309 0.17
1987 272 3,107,956 2.05
1988 76 909,700 0.60
1989 140 1,791,971 1.18
1990 428 3,475,725 2.29
1991 409 5,233,270 3.45
1992 964 17,198,777 11.33
1993 109 1,975,239 1.30
1994 4 112,545 0.07
1995 19 520,263 0.34
1996 62 2,528,622 1.67
1997 2,968 100,434,207 66.14
1998 447 14,205,530 9.36
________________________________________________________________________
Total... 5,924 $151,848,254 100.00%
===========================================================================
Distribution of Original Amounts - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Oustanding
Original Contract Amount As of Oustanding Principal Balance
(in Dollars) Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
$ 0.01 Balance <= 5,000.00 2 8,952 0.01
$ 5,000.01 < Balance <= 10,000.00 126 887,102 0.58
$ 10,000.01 < Balance <= 15,000.00 724 7,071,239 4.66
$ 15,000.01 < Balance <= 20,000.00 1,315 17,380,050 11.45
$ 20,000.01 < Balance <= 25,000.00 1,065 20,052,883 13.21
$ 25,000.01 < Balance <= 30,000.00 741 18,512,572 12.19
$ 30,000.01 < Balance <= 35,000.00 502 15,283,330 10.06
$ 35,000.01 < Balance <= 40,000.00 384 13,691,534 9.02
$ 40,000.01 < Balance <= 45,000.00 263 10,744,687 7.08
$ 45,000.01 < Balance <= 50,000.00 220 10,071,107 6.63
$ 50,000.01 < Balance <= 55,000.00 149 7,696,248 5.07
$ 55,000.01 < Balance <= 60,000.00 119 6,772,328 4.46
$ 60,000.01 < Balance <= 65,000.00 79 4,870,643 3.21
$ 65,000.01 < Balance <= 70,000.00 74 4,961,157 3.27
$ 70,000.01 < Balance <= 75,000.00 51 3,671,807 2.42
$ 75,000.01 < Balance <= 80,000.00 30 2,312,742 1.52
$ 80,000.01 < Balance <= 85,000.00 21 1,723,489 1.14
$ 85,000.01 < Balance <= 90,000.00 24 2,094,765 1.38
$ 90,000.01 < Balance <= 95,000.00 2 184,366 0.12
$ 95,000.01 < Balance <= 100,000.00 8 782,491 0.52
$100,000.01 < Balance <= 105,000.00 8 817,592 0.54
$105,000.01 < Balance <= 110,000.00 4 428,152 0.28
$110,000.01 < Balance <= 115,000.00 2 224,897 0.15
$115,000.01 < Balance <= 120,000.00 1 115,087 0.08
$120,000.01 < Balance <= 125,000.00 3 369,472 0.24
$125,000.01 < Balance <= 130,000.00 1 125,209 0.08
$130,000.01 < Balance <= 135,000.00 1 130,991 0.09
$135,000.01 or Greater 5 863,361 0.57
____________________________________________________________________________________________________
Total... 5,924 $151,848,254 100.00%
====================================================================================================
</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.
Distribution of Original Loan-to-Value Ratios - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Original Contracts Principal Balance by Outstanding
Loan-To-Value As of Outstanding Principal Balance
Ratio Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
Less than 61% 400 8,389,527 5.52
From 61.000% to 65.999% 188 4,663,364 3.07
From 66.000% to 70.999% 222 5,724,562 3.77
From 71.000% to 75.999% 336 8,823,858 5.81
From 76.000% to 80.999% 454 12,848,333 8.46
From 81.000% to 85.999% 585 17,116,120 11.27
From 86.000% to 90.999% 1,533 41,033,931 27.02
From 91.000% to 99.999% 1,337 40,660,825 26.78
From 100.000% to 101.000% 869 12,587,735 8.29
_________________________________________________________________________________________________
Total.................... 5,924 $151,848,254 100.00%
=================================================================================================
</TABLE>
Cut-off Date Contract Rates - Group I
Contracts
<TABLE>
<CAPTION> Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Outstanding
Ranges of Contracts by As of Outstanding Principal Balance
Contract Rate Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
7.001% < Gross Coupon <= 8.00% 41 1,830,744 1.21
8.001% < Gross Coupon <= 9.00% 198 11,005,470 7.25
9.001% < Gross Coupon <= 10.00% 672 25,769,805 16.97
10.001% < Gross Coupon <= 11.00% 1,574 40,167,514 26.45
11.001% < Gross Coupon <= 12.00% 1,601 40,644,812 26.77
12.001% < Gross Coupon <= 13.00% 793 16,667,494 10.98
13.001% < Gross Coupon <= 14.00% 507 8,517,443 5.61
14.001% < Gross Coupon <= 15.00% 413 5,590,494 3.68
15.001% < Gross Coupon <= 16.00% 112 1,504,591 0.99
16.001% < Gross Coupon <= 17.00% 9 90,179 0.06
17.001% < Gross Coupon <= 18.00% 4 59,709 0.04
_______________________________________________________________________________________________________
Total..... 5,924 $151,848,254 100.00%
=======================================================================================================
</TABLE>
Remaining Months to Maturity - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Outstanding
Months Remaining As of Outstanding Principal Balance
As of Cut-off Date Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
20 < Rem Term <= 72 1,412 15,802,251 10.41
73 < Rem Term <= 84 502 7,771,327 5.12
85 < Rem Term <= 120 1,376 27,880,037 18.36
121 < Rem Term <= 156 503 14,001,271 9.22
157 < Rem Term <= 180 533 16,451,353 10.83
181 < Rem Term <= 240 975 35,704,285 23.51
241 < Rem Term <= 299 321 16,833,395 11.09
300 < Rem Term <= 360 302 17,404,335 11.46
____________________________________________________________________________________________________
Total..... 5,924 $151,848,254 100.00%
====================================================================================================
</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.
________________________________________________________________________________
- VMF8A
- Cut Off Date of Tape is 1/28/98
- ARM
- $68,269,356.87
______________________________________________________________________________
Number of Mortgage Loans: 2,141
Aggregate Unpaid Principal Balance: $68,269,356.87
Aggregate Original Principal Balance: $70,056,855.65
_____________________________________________________________________________
Weighted Average Coupon (Gross): 10.826%
Gross Coupon Range: 8.000% - 17.250%
Weighted Average Margin (Gross): 4.775%
Gross Margin Range: - 2.550% - 11.140%
Weighted Average Life Cap (Gross): 16.563% *
Gross Life Cap Range: 13.750% - 23.250%
Weighted Average Life Floor (Gross): 4.775%
Gross Life Floor Range: - 2.550% - 11.140%
______________________________________________________________________________
Average Unpaid Principal Balance: $31,886.67
Average Original Principal Balance: $32,721.56
Maximum Unpaid Principal Balance: $102,750.90
Minimum Unpaid Principal Balance: $3,616.11
Maximum Original Principal Balance: $102,865.28
Minimum Original Principal Balance: $5,506.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 197.610
Stated Rem Term Range: 48.000 - 390.000
Weighted Average Age (First Pay thru Paid Thru): 3.528
Age Range: 0.000 - 147.000
Weighted Average Original Term: 201.137
Original Term Range: 48.000 - 390.000
Weighted Average Original LTV: 86.640
Original LTV Range: 25.232% - 100.000%
Weighted Average Periodic Interest Cap: 1.529% **
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.035 ***
calculated from 2/98 to next rolldate
Months to Interest Roll Range: 1 - 14
Weighted Average Interest Roll Frequency: 11.927
Interest Frequency Range: 6 - 12
_____________________________________________________________________________
___
* Excludes loans without Life Caps
** Excludes loans without Periodic Interest Caps
Greatest Zip code concentration
Zip 75253 12 loans $447,875.64 0.656%
New 77.98% $53,238,018.99
Used 22.02% $15,031,337.88
Single 51.77% $35,343,520.35
Multi 48.23% $32,925,836.52
Parked 33.05% $22,560,660.81
Not Parked 66.95% $45,708,696.06
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
Aggregate Percent of
Unpaid Aggregate
Number of Principal Principal
State Loans Balance Balance
Alabama 10 342,631 0.50
Arizona 24 867,222 1.27
Arkansas 20 637,567 0.93
California 1 17,770 0.03
Colorado 1 49,163 0.07
Delaware 6 201,299 0.29
Florida 97 2,730,711 4.00
Georgia 56 1,155,933 1.69
Indiana 10 377,275 0.55
Kentucky 169 4,958,576 7.26
Louisiana 149 2,686,128 3.93
Maryland 2 91,477 0.13
Mississippi 14 410,844 0.60
Missouri 26 924,823 1.35
New Mexico 21 745,917 1.09
New York 6 264,549 0.39
North Carolina 410 14,913,567 21.85
Ohio 11 319,777 0.47
Oklahoma 23 662,030 0.97
Pennsylvania 6 285,564 0.42
South Carolina 202 7,198,277 10.54
Tennessee 330 10,494,349 15.37
Texas 428 13,703,455 20.07
Virginia 107 3,907,674 5.72
West Virginia 12 322,779 0.47
_____________________________________________________________________________
Total................... 2,141 68,269,357 100.00%
=============================================================================
Years of Origination of Contracts - Group II Contracts
Percentage of
Number of Aggregate Principal Contracts by
Contracts Balance Outstanding
Year of As of Outstanding Principal Balance
Origination Cut-off Date As of Cut-off Date As of Cut-off Date
1985 4 23,377 0.03
1986 17 127,038 0.19
1987 125 1,205,802 1.77
1988 1 11,631 0.02
1990 14 164,979 0.24
1991 5 64,096 0.09
1996 3 168,000 0.25
1997 1,690 57,648,699 84.44
1998 282 8,855,735 12.97
_____________________________________________________________________________
Total... 2,141 $68,269,357 100.00%
=============================================================================
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 II Contracts
______________________________________________________________________________
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Outstanding
Original Contract Amount As of Outstanding Principal Balance
(in Dollars) Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
$ 5,000.01 < Balance <= 10,000.00 35 266,080 0.39
$10,000.01 < Balance <= 15,000.00 135 1,564,533 2.29
$15,000.01 < Balance <= 20,000.00 272 4,089,619 5.99
$20,000.01 < Balance <= 25,000.00 292 6,094,351 8.93
$25,000.01 < Balance <= 30,000.00 319 8,601,643 12.60
$30,000.01 < Balance <= 35,000.00 299 9,643,635 14.13
$35,000.01 < Balance <= 40,000.00 234 8,659,380 12.68
$40,000.01 < Balance <= 45,000.00 153 6,439,759 9.43
$45,000.01 < Balance <= 50,000.00 117 5,550,250 8.13
$50,000.01 < Balance <= 55,000.00 90 4,697,756 6.88
$55,000.01 < Balance <= 60,000.00 66 3,776,206 5.53
$60,000.01 < Balance <= 65,000.00 53 3,275,130 4.80
$65,000.01 < Balance <= 70,000.00 34 2,285,687 3.35
$70,000.01 < Balance <= 75,000.00 17 1,222,829 1.79
$75,000.01 < Balance <= 80,000.00 8 625,560 0.92
$80,000.01 < Balance <= 85,000.00 8 658,053 0.96
$85,000.01 < Balance <= 90,000.00 5 434,598 0.64
$90,000.01 < Balance <= 95,000.00 2 184,163 0.27
$95,000.01 < Balance <= 100,000.00 1 97,376 0.14
$100,000.01 < Balance <= 105,000.00 1 102,751 0.15
____________________________________________________________________________________________________
Total... 2,141 $68,269,357 100.00%
====================================================================================================
</TABLE>
Distribution of Original Loan-to-Value Ratios - Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Original Contracts Principal Balance by Outstanding
Loan-To-Value As of Outstanding Principal Balance
Ratio Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
Less than 61% 79 2,266,711 3.32
From 61.000% to 65.999% 49 1,695,238 2.48
From 66.000% to 70.999% 64 2,082,346 3.05
From 71.000% to 75.999% 96 3,412,452 5.00
From 76.000% to 80.999% 168 5,730,114 8.39
From 81.000% to 85.999% 249 8,647,787 12.67
From 86.000% to 90.999% 583 19,569,788 28.67
From 91.000% to 99.999% 743 23,895,476 35.00
From 100.000% to 105.000% 110 969,445 1.42
_________________________________________________________________________________________________
Total.................... 2,141 $68,269,357 100.00%
=================================================================================================
</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.
Cut-off Date Contract Rates - Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Outstanding
Ranges of Contracts by As of Outstanding Principal Balance
Contract Rate Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
7.001% < Gross Coupon <= 8.00% 1 58,902 0.09
8.001% < Gross Coupon <= 9.00% 37 1,798,178 2.63
9.001% < Gross Coupon <= 10.00% 489 20,020,006 29.33
10.001% < Gross Coupon <= 11.00% 601 20,026,860 29.34
11.001% < Gross Coupon <= 12.00% 615 17,570,062 25.74
12.001% < Gross Coupon <= 13.00% 233 5,773,917 8.46
13.001% < Gross Coupon <= 14.00% 136 2,403,425 3.52
14.001% < Gross Coupon <= 15.00% 23 484,113 0.71
15.001% < Gross Coupon <= 16.00% 3 52,278 0.08
16.001% < Gross Coupon <= 17.00% 2 54,161 0.08
17.001% < Gross Coupon <= 18.00% 1 27,456 0.04
____________________________________________________________________________________________________
Total..... 2,141 $68,269,357 100.00%
====================================================================================================
</TABLE>
Remaining Months to Maturity - Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Outstanding
Months Remaining As of Outstanding Principal Balance
As of Cut-off Date Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
20 < Rem Term <= 72 208 2,072,174 3.04
73 < Rem Term <= 84 82 1,345,778 1.97
85 < Rem Term <= 120 193 3,909,730 5.73
121 < Rem Term <= 156 302 7,992,753 11.71
157 < Rem Term <= 180 319 9,883,486 14.48
181 < Rem Term <= 240 763 28,496,931 41.74
241 < Rem Term <= 299 259 13,750,898 20.14
300 < Rem Term <= 360 14 793,793 1.16
Rem Term = 390 1 23,815 0.03
____________________________________________________________________________________________________
Total..... 2,141 $68,269,357 100.00%
====================================================================================================
</TABLE>
Distribution of Lifetime Cap - Group II Contracts
<TABLE>
Percentage of
Number of Aggregate Contracts
Contracts Principal Balance by Outstanding
As of Outstanding Principal Balance
Lifetime Cap Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
CAPLESS 147 1,367,848 2.00
13.500 < LIFE CAP <= 13.999 7 288,810 0.42
14.000 < LIFE CAP <= 14.499 20 800,241 1.17
14.500 < LIFE CAP <= 14.999 93 3,693,104 5.41
15.000 < LIFE CAP <= 15.499 198 7,936,709 11.63
15.500 < LIFE CAP <= 15.999 354 14,601,100 21.39
16.000 < LIFE CAP <= 16.499 306 10,692,116 15.66
16.500 < LIFE CAP <= 16.999 230 8,636,663 12.65
17.000 < LIFE CAP <= 17.499 281 8,329,710 12.20
17.500 < LIFE CAP <= 17.999 208 5,241,371 7.68
18.000 < LIFE CAP <= 18.499 91 2,227,530 3.26
18.500 < LIFE CAP <= 18.999 100 2,382,532 3.49
19.000 < LIFE CAP <= 19.499 56 1,035,213 1.52
19.500 < LIFE CAP <= 19.999 29 563,486 0.83
20.000 < LIFE CAP <= 20.499 14 312,033 0.46
20.500 < LIFE CAP <= 20.999 1 26,996 0.04
21.000 < LIFE CAP <= 21.499 2 34,310 0.05
21.500 < LIFE CAP <= 21.999 1 17,968 0.03
22.000 < LIFE CAP <= 22.499 1 22,315 0.03
22.500 < LIFE CAP <= 22.999 1 31,846 0.05
23.000 < LIFE CAP <= 23.499 1 27,456 0.04
_________________________________________________________________________________________________
Total................. 2,141 $68,269,357 100.00%
=================================================================================================
</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.
Distribution of Gross Margins - Group II
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
- -2.999 < Margin <= -2.000 1 16,105.09 0.02
1.001 < Margin <= 2.000 2 84,676.70 0.12
2.001 < Margin <= 3.000 29 1,352,265.00 1.98
3.001 < Margin <= 4.000 414 17,800,349.42 26.07
4.001 < Margin <= 5.000 662 21,570,775.79 31.60
5.001 < Margin <= 6.000 640 17,995,362.48 26.36
6.001 < Margin <= 7.000 263 6,624,199.69 9.70
7.001 < Margin <= 8.000 97 2,072,076.04 3.04
8.001 < Margin <= 9.000 26 592,656.15 0.87
9.001 < Margin <= 10.000 4 79,273.82 0.12
10.001 < Margin <= 11.000 1 22,314.99 0.03
11.001 < Margin <= 12.000 2 59,301.70 0.09
__________________________________________________________________________
Total................. 2,141 $ 68,269,356.87 100.00%
==========================================================================
DISTRIBUTION OF LIFETIME FLOOR - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Lifetime Mortgage Principal Principal
Floor Loans Balance Balance
- -2.999 < Life Floor <= -2.0 1 16,105.09 0.02
1.001 < Life Floor <= 2.0 2 84,676.70 0.12
2.001 < Life Floor <= 3.0 29 1,352,265.00 1.98
3.001 < Life Floor <= 4.0 414 17,800,349.42 26.07
4.001 < Life Floor <= 5.0 662 21,570,775.79 31.60
5.001 < Life Floor <= 6.0 640 17,995,362.48 26.36
6.001 < Life Floor <= 7.0 263 6,624,199.69 9.70
7.001 < Life Floor <= 8.0 97 2,072,076.04 3.04
8.001 < Life Floor <= 9.0 26 592,656.15 0.87
9.001 < Life Floor <= 10.0 4 79,273.82 0.12
10.001 < Life Floor <= 11.0 1 22,314.99 0.03
11.001 < Life Floor <= 12.0 2 59,301.70 0.09
__________________________________________________________________________
Total................. 2,141 $ 68,269,356.87 100.00%
==========================================================================
Distribution of Next Contract Rate Change - Group II
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
03/01/98 29 $300,391.95 00.44
04/01/98 28 $323,267.04 00.47
05/01/98 19 $176,697.69 00.26
06/01/98 20 $206,338.36 00.30
07/01/98 30 $472,666.60 00.69
08/01/98 5 $130,002.39 00.19
09/01/98 5 $120,443.83 00.18
10/01/98 48 $1,448,165.47 02.12
11/01/98 541 $18,091,163.77 26.50
12/01/98 674 $23,271,576.62 34.09
01/01/99 468 $15,003,258.46 21.98
02/01/99 221 $6,831,862.23 10.01
03/01/99 51 $1,848,929.12 02.71
04/01/99 2 $44,593.34 00.07
__________________________________________________________________________
Total........ 2141 $68,269,356.87 100.00%
==========================================================================
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
<TABLE>
<CAPTION>
Percentage of
Aggregate Contracts
Number of Principal Balance by Outstanding
Contracts Outstanding Principal Balance
Periodic Cap As of Cut-off Date As of Cut-off Date As of Cut-off Date
<S> <C> <C> <C>
1.000 929 31,526,955.71 46.18
2.000 1064 35,348,686.32 51.78
No Lifetime Cap 148 1,393,714.84 2.04
____________________________________________________________________________________________________
Total................. 2141 $ 68,269,356.87 100.00%
====================================================================================================
</TABLE>
ARM TYPE
_________________________________________________________________________
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Type of Loan Loans Balance Balance
1YR CMT 97 796,702.21 1.17
3YR CMT 1 25,866.54 0.04
5YR CMT Annual Reset 1974 66,646,567.10 97.62
5YR CMT Semi-annual Reset 19 229,074.93 0.34
Prime 50 571,146.09 0.84
_______________________________________________________________________
Total.......... 2141 $ 68,269,356.87 100.00%
=======================================================================
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.
