------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): May 24, 1999
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as
of April 26, 1999, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured Housing
Contract Senior/Subordinate Pass-Through Certificates,
Series 1999B).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-75405 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, Series 1999B, Prudential Securities Incorporated
and Morgan Stanley & Co. Incorporated, 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 Morgan Stanley & Co. 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 - Morgan Stanley & Co. 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/ Paul Nichols
----------------------------------
Name: Paul Nichols
Title: Assistant Secretary
CLAYTON HOMES, INC.
By /s/ Amber Krupacs
------------------------------------
Name: Amber Krupacs
Title: Vice President and Secretary
Dated: May 24, 1999
<PAGE>
Exhibit Index
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials, Morgan Stanley & Co. Incorporated
<PAGE>
Exhibit 99.1
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Vanderbilt Mortgage and Finance, Inc. with respect to
the expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise disseminated
in connection with the offer or sale of these or any other securities, except
in connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do no constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD
BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED
BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN
ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT.
In the event of any such offering, these materials, including any description
of the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement. To
Our Readers Worldwide: In addition, please note that this information has been
provided by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley &
Co. International Limited, a member of the Securities and Futures Authority,
and Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
******************** PRELIMINARY INFORMATION ONLY **************************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1999-B
- -----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$[105,000,000] Class IA-1 Adjustable Rate Group Certificates - [1M
LIBOR + TBD bps] $ [40,000,000] Class IA-2 Fixed Rate Group
Certificates - [TBD] $ [63,000,000] Class IA-3 Fixed Rate Group
Certificates - [TBD] $ [62,000,000] Class IA-4 Fixed Rate Group
Certificates - [TBD] $ [27,000,000] Class IA-5 Fixed Rate Group
Certificates - [TBD] $ [25,406,000] Class IA-6 Fixed Rate Group
Certificates - [TBD] $ [28,934,000] Class IA-7 Fixed Rate Group
Certificates - [TBD] $ [16,534,000] Class IM-1 Fixed Rate Group
Certificates - [TBD] $ [16,534,000] Class IB-1 Fixed Rate Group
Certificates - [TBD] $ [28,934,000] Class IB-2 Fixed Rate Group
Certificates - [TBD]
<TABLE>
<CAPTION>
GROUP II CERTIFICATES:
<S> <C> <C>
$ [81,547,000] Class IIA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [11,349,000] Class IIB-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 6,071,000] Class IIB-2 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 6,598,000] Class IIB-3 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
******************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
Preliminary Marketing Memo
Title of Securities: VMF 1999-B, Class IA-1, Class
IA-2, Class IA-3, Class IA-4, Class IA-5, Class
IA-6, Class IA-7, 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: [3.50%]
These O/C percentages are subject to step-downs
beginning in month [61] if the Subordinate Class
Principal distribution tests are met.
Cross-
Collateralization: Excess spread from each of the two collateral
groups, if not needed to credit enhance its own
group will be available to credit enhance the other
group.
<TABLE>
<CAPTION>
Subordination: GROUP I (Fixed) GROUP II (Adjustable)
--------------- -------- -----------
<S> <C> <C> <C> <C> <C>
Class IA-1 - IA-6 + IIA-1 (AAA/AAA) [22.00]% [22.75]%
Class IA-7 (AA/AA-) [15.00]% N/A
Class II B-1 (AA-/AA-) N/A [12.00]%
Class IM-1 (A/A) [11.00]% N/A
Class IB-1 + IIB-2 (BBB/BBB) [ 7.00]% [6.25]%
Class IB-2 + IIB-3 (BBB/BBB) [3.50]%
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-6 + IIA-1 (AAA/AAA) [78.00]% [77.25]%
Class IA-7 (AA/AA-) [ 7.00]% N/A
Class IIB-1 (AA-/AA-) N/A [10.75]%
Class IM-1 (A/A) [ 4.00]% N/A
Class IB-1 + IIB-2 (BBB/BBB) [ 4.00]% [ 5.75]%
Class 1B-2 + IIB-3 (BBB/BBB) [ 7.00]% [ 6.25]%
O/C N/A [ 3.50]%
</TABLE>
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
Preliminary Marketing Memo
- --------------------------------------------------------------------------------
Fixed-Rate Group
<TABLE>
<CAPTION>
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 A-7
<S> <C> <C> <C> <C> <C> <C> <C>
Amount($000): [105,000,000 40,000,000 63,000,000 62,000,000 27,000,000 25,406,000 28,934,000
Coupon: [--------------------------------------------------------TBD----------------------------------------
Approx. Price: [--------------------------------------------------------TBD----------------------------------------
Yield(%): [--------------------------------------------------------TBD----------------------------------------
Spread (bps): [--------------------------------------------------------TBD----------------------------------------
Avg Life
To Call: [0.833 2.123 3.236 5.016 7.391 9.730 11.679
Avg Life
To Mat.: [0.833 2.123 3.236 5.016 7.391 9.730 14.281
1st Prin Pymt:
To 10% Call: [06/07/1999 02/07/2001 12/07/2001 06/07/2003 11/07/2005 11/07/2007 09/07/2010
Last Prin Pmt
To 10% Call: [02/07/2001 12/07/2001 06/07/2003 11/07/2005 11/07/2007 09/07/2010 02/07/2011
Last Prin Pmt
To Mat.: [02/07/2001 12/07/2001 06/07/2003 11/07/2005 11/07/2007 09/07/2010 10/07/2017
Stated Mat: [10/07/2006 11/07/2008 03/07/2013 04/07/2018 06/07/2021 08/07/2024 07/07/2029
Expected
Settlement: [----------------------------------------------------[05/27/99] ------------------------------------
Pymt Delay: 0 days [-------------------------------------------6 days ---------------------------------
Interest Pmt Act/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [05/27/99] [----------------------------------------[05/01/99]------------------------------------
Ratings: [AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AA/AA-
(S&P/Fitch)
Pricing Date: [-----------------------------------------------------------[TBD]-----------------------------------
</TABLE>
Prepayment Speed: 225% MHP
Total Group Size: [$413,342,481.26]
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.
TABLE CONT.
Class Class Class
I M-1 I B-1 I B-2
Amount($000): 16,534,000 16,534,000 28,934,000]
Coupon: -----------]
Approx. Price: -----------]
Yield(%): -----------]
Spread (bps): -----------]
Avg Life
To Call: 8.654 6.057 10.138 ]
Avg Life
To Mat.: 9.347 6.057 13.037 ]
1st Prin Pymt:
To 10% Call: 06/07/2004 06/07/2004 09/07/2006]
Last Prin Pmt
To 10% Call: 02/07/2011 09/07/2006 02/07/2011]
Last Prin Pmt
To Mat.: 10/07/2017 09/07/2006 12/07/2027]
Stated Mat: 07/07/2029 01/07/2016 07/07/2029]
Expected
Settlement: -----------]
Pymt Delay: -----------]
Interest Pmt 30/360 30/360 30/360
Basis:
Dated Date: -----------]
Ratings: A/A BBB/BBB BBB/BBB ]
(S&P/Fitch)
Pricing Date: -----------]
Prepayment Speed:
Total Group Size:
Class IA-1 Pass
Through Rate:
Servicing Fee:
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
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-6;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I A-3, I
A-4, I A-5, and I A-6 until such class is reduced
to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-7 Certificates;
4) Senior percentage of principal payments to Class
I A-7 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 A-7 |
| | | | | | | |
|-----|-----|----------|--------|-------|-------|--------|
|///////////////////| |
|///////////////////| I M-1 |
|///////////////////|----------------------------------- |
|///////////////////| I B-1 | I B-2 |
----------------------------------------------------------
5 yrs
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
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-6 Certificates;
2) 100% of principal payments sequentially to Classes
I A-1, I A-2, I A-3, I A-4, I A-5, and I A-6
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-7 Certificates;
4) 100% of principal payments to Class I A-7 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 A-7 | 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 June 2004
2) Class I M-1 Percentage plus Class I B
Percentage is at least [26.250] % (which is
1.75 times the sum of the original Class I M-1
Percentage and the original Class I B
Percentage).
3) Cumulative Realized Losses do not exceed [7]%
for year 2004, [8]% for year 2005, and [9]% for
year 2006 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
[$8,266,849.63] (which represents approximately
2% of the Total Original Group I Pool Principal
Balance).
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
Preliminary Marketing Memo
- --------------------------------------------------------------------------------
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- --------------------------------------------------------------------------------
Amount(000): [81,547,000 11,349,000 6,071,000 6,598,000]
Coupon: [--------------------------TBD----------------------------]
Approx. Price: [--------------------------TBD----------------------------]
Avg Life
To Call: [3.667 5.862 8.336 11.359]
Avg Life
To Mat: [3.798 5.862 8.336 12.839]
1st Prin Pymt:
To 10% Call: [06/07/1999 06/07/2004 06/07/2006 05/07/2009]
Last Prin Pmt
To 10% Call: [02/07/2011 06/07/2006 05/07/2009 02/07/2011]
Last Prin Pmt
To Mat.: [04/07/2015 06/07/2006 05/07/2009 07/07/2016]
Stated Maturity: [07/07/2029 05/07/2015 06/07/2016 07/07/2029]
Expected
Settlement: [------------------------05/27/99-------------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [05/27/99] [05/27/99] [05/27/99] [05/27/99]
Rating:
(S&P/Fitch) [AAA/AAA AA-/AA- BBB/BBB BBB/BBB]
Pricing Date: [-----------------------[TBD]--------------------------]
Prepayment Speed: 250% MHP
Total Group Size: [$105,565,830.29]
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.
<PAGE>
************************* PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates (subject to
the Net Funds Cap);
2) Senior percentage of principal payments to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I
Certificates except the Net Funds Cap Carryover
Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
12) Any remainder to the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
5 yrs
<PAGE>
************************* PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until
such Class is reduced to zero;
7) Excess cashflow to fund any Available Funds
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 June 2004
2) Class II B Percentage + O/C is at least [50.0%]
3) Cumulative Realized Losses do not exceed [7]%
for year 2004, [8]% for year 2005 , and [9]% for
year 2006 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 [$2,111,316.61] (which
represents approximately 2% of the Total
Original Group II Pool Principal Balance).
<PAGE>
************************* PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-B
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 the
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 June, 1999.
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 A-7, 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, I A-5 and I
A-6 Certificates and the Class II A-1 will be ERISA
eligible. The Class I A-7, 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 [ $413,342,481.26 $105,565,830.29 ]
Avg Unpaid Balance: [ $31,228.66 $35,700.31 ]
Max Original Balance: [ $250,321.36 $123,179.00 ]
WAC: [ 10.446% 10.716% ]
WAC Range: [ 7.000% - 18.000% 7.990% - 18.500% ]
WAM: [ 242.455 217.281 ]
WA Orig Term [ 261.873 217.939 ]
WALTV: [ 87.365% 86.574% ]
New [ 80.34% 72.71% ]
Used [ 19.66% 27.29% ]
Single [ 48.68% 51.29% ]
Multi [ 50.80% 48.71% ]
Site Built [ 0.52% 0.00% ]
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.
<PAGE>
Projected Available Funds Cap of GROUP II:
=========================================
(GROSS COUPON - [75] bp CARVE-OUT, Using 30/360 Day Count)
* Assuming VMF is the servicer
DATE COUPON
- -------------
06/99 9.966
07/99 9.966
08/99 9.966
09/99 9.966
10/99 9.966
11/99 9.966
12/99 9.966
01/00 9.988
02/00 9.988
03/00 10.154
04/00 10.370
05/00 10.520
06/00 10.551
07/00 10.564
08/00 10.564
09/00 10.564
10/00 10.564
11/00 10.564
12/00 10.564
01/01 10.564
02/01 10.564
03/01 10.564
04/01 10.564
05/01 10.564
06/01 10.564
<PAGE>
CURRENT BALANCE: $105,000,000.00
CURRENT COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $105,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 4.9138
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 39.384 33.648 36.486 42.335 45.321 48.387
99-24+ 37.482 32.104 34.765 40.248 43.047 45.921
99-25 35.580 30.562 33.045 38.162 40.773 43.456
99-25+ 33.679 29.019 31.325 36.076 38.500 40.991
99-26 31.778 27.477 29.605 33.990 36.228 38.526
99-26+ 29.877 25.936 27.886 31.905 33.956 36.063
99-27 27.977 24.394 26.167 29.820 31.685 33.600
99-27+ 26.077 22.853 24.449 27.736 29.414 31.137
99-28 24.178 21.313 22.730 25.652 27.143 28.675
99-28+ 22.279 19.772 21.013 23.569 24.874 26.214
99-29 20.381 18.232 19.296 21.486 22.604 23.753
99-29+ 18.483 16.693 17.579 19.404 20.336 21.293
99-30 16.586 15.153 15.862 17.322 18.068 18.833
99-30+ 14.689 13.615 14.146 15.241 15.800 16.374
99-31 12.792 12.076 12.430 13.160 13.533 13.915
99-31+ 10.896 10.538 10.715 11.080 11.266 11.457
100-00 9.000 9.000 9.000 9.000 9.000 9.000
100-00+ 7.105 7.463 7.285 6.921 6.734 6.543
100-01 5.210 5.925 5.571 4.842 4.469 4.087
100-01+ 3.315 4.389 3.858 2.763 2.205 1.631
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 0.833 1.036 0.925 0.758 0.694 0.638
Last Payment 1.694 2.111 1.944 1.611 1.444 1.361
<PAGE>
CURRENT BALANCE: $40,000,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $40,000,000.00 BOND IA2 BE-YIELD TABLE
PREPAYMENT SPEED
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.138 6.124 6.131 6.145 6.152 6.159
99-24+ 6.129 6.117 6.123 6.136 6.142 6.149
99-25 6.121 6.110 6.116 6.127 6.133 6.139
99-25+ 6.113 6.104 6.109 6.118 6.123 6.128
99-26 6.105 6.097 6.101 6.109 6.114 6.118
99-26+ 6.097 6.091 6.094 6.101 6.104 6.108
99-27 6.089 6.084 6.087 6.092 6.095 6.097
99-27+ 6.081 6.077 6.079 6.083 6.085 6.087
99-28 6.073 6.071 6.072 6.074 6.075 6.077
99-28+ 6.065 6.064 6.065 6.065 6.066 6.066
99-29 6.057 6.057 6.057 6.057 6.056 6.056
99-29+ 6.049 6.051 6.050 6.048 6.047 6.046
99-30 6.041 6.044 6.043 6.039 6.037 6.035
99-30+ 6.033 6.038 6.035 6.030 6.028 6.025
99-31 6.025 6.031 6.028 6.021 6.018 6.015
99-31+ 6.017 6.024 6.021 6.013 6.008 6.004
100-00 6.009 6.018 6.013 6.004 5.999 5.994
100-00+ 6.001 6.011 6.006 5.995 5.989 5.984
100-01 5.992 6.005 5.999 5.986 5.980 5.973
100-01+ 5.984 5.998 5.991 5.977 5.970 5.963
100-02 5.976 5.991 5.984 5.969 5.961 5.953
100-02+ 5.968 5.985 5.977 5.960 5.951 5.942
100-03 5.960 5.978 5.969 5.951 5.942 5.932
100-03+ 5.952 5.972 5.962 5.942 5.932 5.922
100-04 5.944 5.965 5.955 5.934 5.923 5.912
100-04+ 5.936 5.958 5.947 5.925 5.913 5.901
100-05 5.928 5.952 5.940 5.916 5.904 5.891
100-05+ 5.920 5.945 5.933 5.907 5.894 5.881
100-06 5.912 5.939 5.925 5.898 5.884 5.870
100-06+ 5.904 5.932 5.918 5.890 5.875 5.860
100-07 5.896 5.925 5.911 5.881 5.865 5.850
100-07+ 5.888 5.919 5.904 5.872 5.856 5.840
First Payment 1.694 2.111 1.944 1.611 1.444 1.361
Average Life 2.123 2.623 2.348 1.932 1.770 1.632
Last Payment 2.528 3.111 2.778 2.278 2.111 1.944
<PAGE>
CURRENT BALANCE: $63,000,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $63,000,000.00 BOND IA3 BE-YIELD TABLE
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.358 6.349 6.353 6.362 6.367 6.371
99-24+ 6.352 6.345 6.348 6.356 6.360 6.364
99-25 6.347 6.340 6.343 6.350 6.354 6.357
99-25+ 6.341 6.335 6.338 6.344 6.347 6.350
99-26 6.336 6.331 6.333 6.338 6.341 6.343
99-26+ 6.330 6.326 6.328 6.332 6.334 6.336
99-27 6.325 6.322 6.323 6.326 6.328 6.330
99-27+ 6.319 6.317 6.318 6.320 6.321 6.323
99-28 6.314 6.312 6.313 6.314 6.315 6.316
99-28+ 6.308 6.308 6.308 6.308 6.308 6.309
99-29 6.303 6.303 6.303 6.302 6.302 6.302
99-29+ 6.297 6.299 6.298 6.296 6.296 6.295
99-30 6.292 6.294 6.293 6.290 6.289 6.288
99-30+ 6.286 6.290 6.288 6.284 6.283 6.281
99-31 6.281 6.285 6.283 6.278 6.276 6.274
99-31+ 6.275 6.280 6.278 6.273 6.270 6.267
100-00 6.270 6.276 6.273 6.267 6.263 6.260
100-00+ 6.264 6.271 6.268 6.261 6.257 6.253
100-01 6.259 6.267 6.263 6.255 6.250 6.246
100-01+ 6.253 6.262 6.258 6.249 6.244 6.239
100-02 6.248 6.258 6.253 6.243 6.238 6.232
100-02+ 6.242 6.253 6.248 6.237 6.231 6.225
100-03 6.237 6.248 6.243 6.231 6.225 6.218
100-03+ 6.231 6.244 6.238 6.225 6.218 6.211
100-04 6.226 6.239 6.233 6.219 6.212 6.205
100-04+ 6.220 6.235 6.228 6.213 6.205 6.198
100-05 6.215 6.230 6.223 6.207 6.199 6.191
100-05+ 6.209 6.226 6.218 6.201 6.193 6.184
100-06 6.204 6.221 6.213 6.195 6.186 6.177
100-06+ 6.199 6.216 6.208 6.189 6.180 6.170
100-07 6.193 6.212 6.203 6.183 6.173 6.163
100-07+ 6.188 6.207 6.198 6.177 6.167 6.156
First Payment 2.528 3.111 2.778 2.278 2.111 1.944
Average Life 3.236 3.970 3.570 2.952 2.710 2.500
Last Payment 4.028 4.861 4.444 3.694 3.361 3.111
</TABLE>
<PAGE>
CURRENT BALANCE: $62,000,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $62,000,000.00 BOND IA4 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.607 6.601 6.604 6.611 6.614 6.616
99-24+ 6.604 6.598 6.601 6.606 6.609 6.612
99-25 6.600 6.595 6.597 6.602 6.605 6.607
99-25+ 6.596 6.592 6.594 6.598 6.600 6.602
99-26 6.592 6.589 6.591 6.594 6.596 6.597
99-26+ 6.589 6.586 6.587 6.590 6.591 6.593
99-27 6.585 6.583 6.584 6.586 6.587 6.588
99-27+ 6.581 6.580 6.580 6.582 6.582 6.583
99-28 6.577 6.577 6.577 6.578 6.578 6.578
99-28+ 6.573 6.573 6.573 6.574 6.574 6.574
99-29 6.570 6.570 6.570 6.569 6.569 6.569
99-29+ 6.566 6.567 6.567 6.565 6.565 6.564
99-30 6.562 6.564 6.563 6.561 6.560 6.559
99-30+ 6.558 6.561 6.560 6.557 6.556 6.554
99-31 6.555 6.558 6.556 6.553 6.551 6.550
99-31+ 6.551 6.555 6.553 6.549 6.547 6.545
100-00 6.547 6.552 6.550 6.545 6.542 6.540
100-00+ 6.543 6.549 6.546 6.541 6.538 6.535
100-01 6.540 6.546 6.543 6.536 6.534 6.531
100-01+ 6.536 6.543 6.539 6.532 6.529 6.526
100-02 6.532 6.540 6.536 6.528 6.525 6.521
100-02+ 6.528 6.537 6.533 6.524 6.520 6.516
100-03 6.525 6.534 6.529 6.520 6.516 6.512
100-03+ 6.521 6.530 6.526 6.516 6.511 6.507
100-04 6.517 6.527 6.522 6.512 6.507 6.502
100-04+ 6.513 6.524 6.519 6.508 6.502 6.497
100-05 6.510 6.521 6.516 6.504 6.498 6.493
100-05+ 6.506 6.518 6.512 6.500 6.494 6.488
100-06 6.502 6.515 6.509 6.495 6.489 6.483
100-06+ 6.498 6.512 6.505 6.491 6.485 6.478
100-07 6.495 6.509 6.502 6.487 6.480 6.474
100-07+ 6.491 6.506 6.498 6.483 6.476 6.469
First Payment 4.028 4.861 4.444 3.694 3.361 3.111
Average Life 5.016 6.419 5.645 4.516 4.129 3.818
Last Payment 6.444 8.194 7.278 5.694 4.944 4.611
</TABLE>
<PAGE>
CURRENT BALANCE: $27,000,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $27,000,000.00 BOND IA5 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.880 6.876 6.878 6.883 6.885 6.888
99-24+ 6.877 6.874 6.876 6.880 6.882 6.885
99-25 6.875 6.872 6.873 6.877 6.879 6.881
99-25+ 6.872 6.869 6.871 6.873 6.875 6.877
99-26 6.869 6.867 6.868 6.870 6.872 6.874
99-26+ 6.866 6.865 6.865 6.867 6.869 6.870
99-27 6.864 6.862 6.863 6.864 6.865 6.866
99-27+ 6.861 6.860 6.860 6.861 6.862 6.862
99-28 6.858 6.858 6.858 6.858 6.858 6.859
99-28+ 6.855 6.855 6.855 6.855 6.855 6.855
99-29 6.853 6.853 6.853 6.852 6.852 6.851
99-29+ 6.850 6.851 6.850 6.849 6.848 6.848
99-30 6.847 6.848 6.848 6.846 6.845 6.844
99-30+ 6.844 6.846 6.845 6.843 6.842 6.840
99-31 6.841 6.844 6.843 6.840 6.838 6.837
99-31+ 6.839 6.841 6.840 6.837 6.835 6.833
100-00 6.836 6.839 6.838 6.834 6.832 6.829
100-00+ 6.833 6.837 6.835 6.831 6.828 6.825
100-01 6.830 6.834 6.832 6.828 6.825 6.822
100-01+ 6.828 6.832 6.830 6.825 6.822 6.818
100-02 6.825 6.830 6.827 6.822 6.818 6.814
100-02+ 6.822 6.827 6.825 6.819 6.815 6.811
100-03 6.819 6.825 6.822 6.816 6.811 6.807
100-03+ 6.817 6.823 6.820 6.813 6.808 6.803
100-04 6.814 6.820 6.817 6.810 6.805 6.800
100-04+ 6.811 6.818 6.815 6.807 6.801 6.796
100-05 6.808 6.816 6.812 6.804 6.798 6.792
100-05+ 6.805 6.813 6.810 6.801 6.795 6.788
100-06 6.803 6.811 6.807 6.798 6.791 6.785
100-06+ 6.800 6.809 6.805 6.795 6.788 6.781
100-07 6.797 6.806 6.802 6.791 6.785 6.777
100-07+ 6.794 6.804 6.800 6.788 6.781 6.774
First Payment 6.444 8.194 7.278 5.694 4.944 4.611
Average Life 7.391 9.283 8.287 6.568 5.800 5.148
Last Payment 8.444 10.444 9.361 7.528 6.694 5.944
</TABLE>
<PAGE>
CURRENT BALANCE: $25,406,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $25,406,000.00 BOND IA6 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.117 7.115 7.116 7.119 7.120 7.122
99-24+ 7.115 7.113 7.114 7.116 7.118 7.120
99-25 7.113 7.111 7.112 7.114 7.115 7.117
99-25+ 7.110 7.109 7.110 7.111 7.112 7.114
99-26 7.108 7.107 7.107 7.109 7.110 7.111
99-26+ 7.106 7.105 7.105 7.106 7.107 7.108
99-27 7.103 7.103 7.103 7.104 7.104 7.105
99-27+ 7.101 7.101 7.101 7.101 7.102 7.102
99-28 7.099 7.099 7.099 7.099 7.099 7.099
99-28+ 7.097 7.097 7.097 7.097 7.096 7.096
99-29 7.094 7.095 7.095 7.094 7.094 7.093
99-29+ 7.092 7.093 7.092 7.092 7.091 7.091
99-30 7.090 7.091 7.090 7.089 7.088 7.088
99-30+ 7.087 7.089 7.088 7.087 7.086 7.085
99-31 7.085 7.087 7.086 7.084 7.083 7.082
99-31+ 7.083 7.085 7.084 7.082 7.080 7.079
100-00 7.081 7.083 7.082 7.079 7.078 7.076
100-00+ 7.078 7.081 7.080 7.077 7.075 7.073
100-01 7.076 7.079 7.078 7.074 7.072 7.070
100-01+ 7.074 7.077 7.075 7.072 7.070 7.067
100-02 7.071 7.075 7.073 7.069 7.067 7.064
100-02+ 7.069 7.073 7.071 7.067 7.065 7.062
100-03 7.067 7.071 7.069 7.065 7.062 7.059
100-03+ 7.065 7.069 7.067 7.062 7.059 7.056
100-04 7.062 7.067 7.065 7.060 7.057 7.053
100-04+ 7.060 7.065 7.063 7.057 7.054 7.050
100-05 7.058 7.063 7.061 7.055 7.051 7.047
100-05+ 7.056 7.061 7.058 7.052 7.049 7.044
100-06 7.053 7.059 7.056 7.050 7.046 7.041
100-06+ 7.051 7.057 7.054 7.047 7.043 7.038
100-07 7.049 7.055 7.052 7.045 7.041 7.036
100-07+ 7.046 7.053 7.050 7.042 7.038 7.033
First Payment 8.444 10.444 9.361 7.528 6.694 5.944
Average Life 9.730 11.939 10.775 8.772 7.890 7.056
Last Payment 11.278 13.361 12.444 10.278 9.278 8.361
</TABLE>
<PAGE>
CURRENT BALANCE: $28,934,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $28,934,000.00 BOND IA7 BE-YIELD TABLE
PREPAYMENT SPEED
PRICING SPEED
<TABLE>
<CAPTION>
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.362 7.360 7.361 7.363 7.363 7.364
99-24+ 7.360 7.359 7.359 7.360 7.361 7.362
99-25 7.358 7.357 7.357 7.358 7.359 7.359
99-25+ 7.356 7.355 7.355 7.356 7.357 7.357
99-26 7.354 7.353 7.353 7.354 7.354 7.355
99-26+ 7.352 7.351 7.351 7.352 7.352 7.352
99-27 7.350 7.349 7.349 7.350 7.350 7.350
99-27+ 7.348 7.347 7.347 7.348 7.348 7.348
99-28 7.345 7.345 7.345 7.345 7.346 7.346
99-28+ 7.343 7.344 7.343 7.343 7.343 7.343
99-29 7.341 7.342 7.342 7.341 7.341 7.341
99-29+ 7.339 7.340 7.340 7.339 7.339 7.339
99-30 7.337 7.338 7.338 7.337 7.337 7.336
99-30+ 7.335 7.336 7.336 7.335 7.334 7.334
99-31 7.333 7.334 7.334 7.333 7.332 7.332
99-31+ 7.331 7.332 7.332 7.331 7.330 7.329
100-00 7.329 7.330 7.330 7.328 7.328 7.327
100-00+ 7.327 7.328 7.328 7.326 7.326 7.325
100-01 7.325 7.327 7.326 7.324 7.323 7.322
100-01+ 7.323 7.325 7.324 7.322 7.321 7.320
100-02 7.321 7.323 7.322 7.320 7.319 7.318
100-02+ 7.319 7.321 7.320 7.318 7.317 7.315
100-03 7.317 7.319 7.318 7.316 7.314 7.313
100-03+ 7.315 7.317 7.316 7.314 7.312 7.311
100-04 7.313 7.315 7.314 7.311 7.310 7.308
100-04+ 7.311 7.313 7.312 7.309 7.308 7.306
100-05 7.309 7.312 7.310 7.307 7.306 7.304
100-05+ 7.307 7.310 7.308 7.305 7.303 7.301
100-06 7.305 7.308 7.306 7.303 7.301 7.299
100-06+ 7.303 7.306 7.304 7.301 7.299 7.297
100-07 7.301 7.304 7.302 7.299 7.297 7.295
100-07+ 7.299 7.302 7.300 7.297 7.294 7.292
First Payment 11.278 13.361 12.444 10.278 9.278 8.361
Average Life 11.679 13.361 12.444 10.964 10.293 9.662
Last Payment 11.694 13.361 12.444 11.028 10.444 9.944
</TABLE>
<PAGE>
CURRENT BALANCE: $16,534,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $16,534,000.00 BOND IM1 BE-YIELD TABLE
PREPAYMENT SPEED
PRICING SPEED
<TABLE>
<CAPTION>
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.623 7.622 7.623 7.624 7.624 7.625
99-24+ 7.621 7.620 7.620 7.621 7.622 7.622
99-25 7.618 7.617 7.618 7.619 7.619 7.619
99-25+ 7.616 7.615 7.615 7.616 7.616 7.616
99-26 7.613 7.612 7.613 7.613 7.613 7.614
99-26+ 7.610 7.610 7.610 7.611 7.611 7.611
99-27 7.608 7.608 7.608 7.608 7.608 7.608
99-27+ 7.605 7.605 7.605 7.605 7.605 7.605
99-28 7.603 7.603 7.603 7.603 7.603 7.603
99-28+ 7.600 7.600 7.600 7.600 7.600 7.600
99-29 7.598 7.598 7.598 7.597 7.597 7.597
99-29+ 7.595 7.595 7.595 7.595 7.595 7.594
99-30 7.592 7.593 7.593 7.592 7.592 7.592
99-30+ 7.590 7.590 7.590 7.589 7.589 7.589
99-31 7.587 7.588 7.588 7.587 7.586 7.586
99-31+ 7.585 7.586 7.585 7.584 7.584 7.583
100-00 7.582 7.583 7.583 7.582 7.581 7.581
100-00+ 7.579 7.581 7.580 7.579 7.578 7.578
100-01 7.577 7.578 7.578 7.576 7.576 7.575
100-01+ 7.574 7.576 7.575 7.574 7.573 7.572
100-02 7.572 7.573 7.573 7.571 7.570 7.570
100-02+ 7.569 7.571 7.570 7.568 7.568 7.567
100-03 7.567 7.569 7.568 7.566 7.565 7.564
100-03+ 7.564 7.566 7.565 7.563 7.562 7.561
100-04 7.561 7.564 7.563 7.560 7.559 7.559
100-04+ 7.559 7.561 7.560 7.558 7.557 7.556
100-05 7.556 7.559 7.557 7.555 7.554 7.553
100-05+ 7.554 7.556 7.555 7.553 7.551 7.550
100-06 7.551 7.554 7.552 7.550 7.549 7.548
100-06+ 7.549 7.551 7.550 7.547 7.546 7.545
100-07 7.546 7.549 7.547 7.545 7.543 7.542
100-07+ 7.543 7.547 7.545 7.542 7.541 7.539
First Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average Life 8.654 9.441 9.013 8.336 8.055 7.810
Last Payment 11.694 13.361 12.444 11.028 10.444 9.944
</TABLE>
<PAGE>
CURRENT BALANCE: $16,534,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $16,534,000.00 BOND IB1 BE-YIELD TABLE
PREPAYMENT SPEED
PRICING SPEED
<TABLE>
<CAPTION>
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 8.831 8.830 8.830 8.831 8.831 8.831
99-24+ 8.827 8.827 8.827 8.827 8.828 8.828
99-25 8.824 8.823 8.824 8.824 8.824 8.824
99-25+ 8.820 8.820 8.820 8.820 8.821 8.821
99-26 8.817 8.817 8.817 8.817 8.817 8.817
99-26+ 8.813 8.813 8.813 8.813 8.814 8.814
99-27 8.810 8.810 8.810 8.810 8.810 8.810
99-27+ 8.806 8.807 8.806 8.806 8.806 8.806
99-28 8.803 8.803 8.803 8.803 8.803 8.803
99-28+ 8.800 8.800 8.800 8.799 8.799 8.799
99-29 8.796 8.796 8.796 8.796 8.796 8.796
99-29+ 8.793 8.793 8.793 8.793 8.792 8.792
99-30 8.789 8.790 8.789 8.789 8.789 8.789
99-30+ 8.786 8.786 8.786 8.786 8.785 8.785
99-31 8.782 8.783 8.783 8.782 8.782 8.782
99-31+ 8.779 8.780 8.779 8.779 8.778 8.778
100-00 8.775 8.776 8.776 8.775 8.775 8.775
100-00+ 8.772 8.773 8.772 8.772 8.771 8.771
100-01 8.769 8.770 8.769 8.768 8.768 8.767
100-01+ 8.765 8.766 8.766 8.765 8.764 8.764
100-02 8.762 8.763 8.762 8.761 8.761 8.760
100-02+ 8.758 8.759 8.759 8.758 8.757 8.757
100-03 8.755 8.756 8.755 8.754 8.754 8.753
100-03+ 8.751 8.753 8.752 8.751 8.750 8.750
100-04 8.748 8.749 8.749 8.747 8.747 8.746
100-04+ 8.744 8.746 8.745 8.744 8.743 8.743
100-05 8.741 8.743 8.742 8.740 8.740 8.739
100-05+ 8.738 8.739 8.738 8.737 8.736 8.736
100-06 8.734 8.736 8.735 8.733 8.733 8.732
100-06+ 8.731 8.733 8.732 8.730 8.729 8.728
100-07 8.727 8.729 8.728 8.726 8.726 8.725
100-07+ 8.724 8.726 8.725 8.723 8.722 8.721
First Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average Life 6.057 6.276 6.157 5.970 5.895 5.830
Last Payment 7.278 7.694 7.444 7.111 6.944 6.778
</TABLE>
<PAGE>
CURRENT BALANCE: $28,934,000.00
COUPON: TBD vmf99bf
FACTOR: 1.0000000000
ORIGINAL BALANCE: $28,934,000.00 BOND IB2 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
96-10 9.370 9.337 9.354 9.386 9.401 9.415
96-10+ 9.368 9.335 9.352 9.383 9.398 9.413
96-11 9.365 9.332 9.349 9.381 9.396 9.410
96-11+ 9.362 9.330 9.347 9.378 9.393 9.407
96-12 9.360 9.328 9.344 9.375 9.390 9.405
96-12+ 9.357 9.325 9.342 9.373 9.388 9.402
96-13 9.355 9.323 9.339 9.370 9.385 9.399
96-13+ 9.352 9.320 9.337 9.367 9.382 9.396
96-14 9.350 9.318 9.334 9.365 9.380 9.394
96-14+ 9.347 9.316 9.332 9.362 9.377 9.391
96-15 9.345 9.313 9.329 9.360 9.374 9.388
96-15+ 9.342 9.311 9.327 9.357 9.371 9.385
96-16 9.340 9.309 9.324 9.354 9.369 9.383
96-16+ 9.337 9.306 9.322 9.352 9.366 9.380
96-17 9.334 9.304 9.320 9.349 9.363 9.377
96-17+ 9.332 9.301 9.317 9.347 9.361 9.374
96-18 9.329 9.299 9.315 9.344 9.358 9.372
96-18+ 9.327 9.297 9.312 9.341 9.355 9.369
96-19 9.324 9.294 9.310 9.339 9.353 9.366
96-19+ 9.322 9.292 9.307 9.336 9.350 9.363
96-20 9.319 9.289 9.305 9.334 9.347 9.361
96-20+ 9.317 9.287 9.302 9.331 9.345 9.358
96-21 9.314 9.285 9.300 9.328 9.342 9.355
96-21+ 9.312 9.282 9.297 9.326 9.339 9.352
96-22 9.309 9.280 9.295 9.323 9.337 9.350
96-22+ 9.307 9.277 9.292 9.321 9.334 9.347
96-23 9.304 9.275 9.290 9.318 9.331 9.344
96-23+ 9.302 9.273 9.288 9.315 9.329 9.342
96-24 9.299 9.270 9.285 9.313 9.326 9.339
96-24+ 9.297 9.268 9.283 9.310 9.323 9.336
96-25 9.294 9.266 9.280 9.308 9.321 9.333
96-25+ 9.291 9.263 9.278 9.305 9.318 9.331
First Payment 7.278 7.694 7.444 7.111 6.944 6.778
Average Life 10.138 11.249 10.645 9.687 9.289 8.941
Last Payment 11.694 13.361 12.444 11.028 10.444 9.944
</TABLE>
<PAGE>
CURRENT BALANCE: $81,547,000.00
CURRENT COUPON: TBD vmf99ba
FACTOR: 1.0000000000
ORIGINAL BALANCE: $81,547,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 4.9138
PRICING SPEED
<TABLE>
<CAPTION>
225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 30.944 29.882 30.385 31.572 32.287 33.115
99-24+ 30.446 29.451 29.922 31.035 31.706 32.481
99-25 29.949 29.020 29.460 30.498 31.124 31.848
99-25+ 29.451 28.589 28.998 29.961 30.542 31.215
99-26 28.954 28.158 28.535 29.425 29.961 30.582
99-26+ 28.457 27.728 28.073 28.889 29.380 29.949
99-27 27.960 27.297 27.611 28.352 28.799 29.316
99-27+ 27.464 26.867 27.150 27.816 28.219 28.684
99-28 26.967 26.437 26.688 27.281 27.638 28.051
99-28+ 26.471 26.007 26.227 26.745 27.058 27.419
99-29 25.974 25.577 25.765 26.209 26.477 26.787
99-29+ 25.478 25.147 25.304 25.674 25.897 26.156
99-30 24.982 24.717 24.843 25.139 25.318 25.524
99-30+ 24.487 24.288 24.382 24.604 24.738 24.893
99-31 23.991 23.858 23.921 24.069 24.158 24.262
99-31+ 23.495 23.429 23.461 23.535 23.579 23.631
100-00 23.000 23.000 23.000 23.000 23.000 23.000
100-00+ 22.505 22.571 22.540 22.466 22.421 22.369
100-01 22.010 22.142 22.079 21.931 21.842 21.739
100-01+ 21.515 21.713 21.619 21.397 21.264 21.109
100-02 21.020 21.285 21.159 20.864 20.685 20.479
100-02+ 20.525 20.856 20.699 20.330 20.107 19.849
100-03 20.031 20.428 20.240 19.796 19.529 19.220
100-03+ 19.537 19.999 19.780 19.263 18.951 18.590
100-04 19.042 19.571 19.321 18.730 18.373 17.961
100-04+ 18.548 19.143 18.861 18.197 17.796 17.332
100-05 18.055 18.715 18.402 17.664 17.219 16.703
100-05+ 17.561 18.287 17.943 17.131 16.641 16.074
100-06 17.067 17.860 17.484 16.599 16.064 15.446
100-06+ 16.574 17.432 17.025 16.066 15.488 14.818
100-07 16.081 17.004 16.567 15.534 14.911 14.190
100-07+ 15.587 16.577 16.108 15.002 14.334 13.562
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 3.667 4.311 3.982 3.365 3.072 2.785
Last Payment 11.694 12.028 11.861 11.528 11.361 11.278
</TABLE>
<PAGE>
CURRENT BALANCE: $11,349,000.00
CURRENT COUPON: TBD vmf99ba
FACTOR: 1.0000000000
ORIGINAL BALANCE: $11,349,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 4.9138
PRICING SPEED
<TABLE>
<CAPTION>
225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 49.928 49.643 49.845 49.910 49.877 49.839
99-24+ 49.619 49.352 49.542 49.603 49.572 49.536
99-25 49.311 49.062 49.239 49.296 49.267 49.233
99-25+ 49.003 48.771 48.936 48.989 48.962 48.930
99-26 48.695 48.481 48.633 48.681 48.656 48.628
99-26+ 48.386 48.190 48.330 48.374 48.351 48.325
99-27 48.078 47.900 48.027 48.067 48.047 48.023
99-27+ 47.770 47.610 47.724 47.760 47.742 47.720
99-28 47.462 47.320 47.421 47.453 47.437 47.418
99-28+ 47.154 47.029 47.118 47.147 47.132 47.115
99-29 46.846 46.739 46.815 46.840 46.827 46.813
99-29+ 46.538 46.449 46.513 46.533 46.523 46.511
99-30 46.231 46.159 46.210 46.226 46.218 46.208
99-30+ 45.923 45.869 45.907 45.920 45.913 45.906
99-31 45.615 45.580 45.605 45.613 45.609 45.604
99-31+ 45.308 45.290 45.302 45.306 45.304 45.302
100-00 45.000 45.000 45.000 45.000 45.000 45.000
100-00+ 44.692 44.710 44.698 44.694 44.696 44.698
100-01 44.385 44.421 44.395 44.387 44.391 44.396
100-01+ 44.078 44.131 44.093 44.081 44.087 44.094
100-02 43.770 43.841 43.791 43.775 43.783 43.792
100-02+ 43.463 43.552 43.489 43.468 43.479 43.491
100-03 43.156 43.262 43.187 43.162 43.175 43.189
100-03+ 42.848 42.973 42.885 42.856 42.871 42.887
100-04 42.541 42.684 42.583 42.550 42.567 42.586
100-04+ 42.234 42.394 42.281 42.244 42.263 42.284
100-05 41.927 42.105 41.979 41.938 41.959 41.983
100-05+ 41.620 41.816 41.677 41.632 41.655 41.681
100-06 41.313 41.527 41.375 41.326 41.351 41.380
100-06+ 41.006 41.238 41.074 41.021 41.048 41.079
100-07 40.700 40.949 40.772 40.715 40.744 40.777
100-07+ 40.393 40.660 40.470 40.409 40.440 40.476
First Payment 5.028 5.028 5.028 5.111 5.111 5.111
Average Life 5.862 6.310 5.987 5.885 5.933 5.989
Last Payment 7.028 8.278 7.611 6.778 6.861 6.944
</TABLE>
<PAGE>
CURRENT BALANCE: $6,071,000.00
CURRENT COUPON: TBD vmf99ba
FACTOR: 1.0000000000
ORIGINAL BALANCE: $6,071,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 4.9138
PRICING SPEED
<TABLE>
<CAPTION>
225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 238.979 238.560 238.764 239.186 239.282 239.244
99-24+ 238.730 238.338 238.529 238.924 239.014 238.978
99-25 238.481 238.115 238.293 238.662 238.746 238.713
99-25+ 238.232 237.892 238.057 238.400 238.478 238.447
99-26 237.983 237.669 237.822 238.139 238.210 238.182
99-26+ 237.734 237.447 237.587 237.877 237.942 237.916
99-27 237.485 237.224 237.351 237.615 237.675 237.651
99-27+ 237.237 237.001 237.116 237.353 237.407 237.386
99-28 236.988 236.779 236.881 237.092 237.139 237.120
99-28+ 236.739 236.556 236.645 236.830 236.872 236.855
99-29 236.491 236.334 236.410 236.568 236.604 236.590
99-29+ 236.242 236.111 236.175 236.307 236.337 236.325
99-30 235.994 235.889 235.940 236.045 236.069 236.060
99-30+ 235.745 235.667 235.705 235.784 235.802 235.795
99-31 235.497 235.444 235.470 235.523 235.535 235.530
99-31+ 235.248 235.222 235.235 235.261 235.267 235.265
100-00 235.000 235.000 235.000 235.000 235.000 235.000
100-00+ 234.752 234.778 234.765 234.739 234.733 234.735
100-01 234.503 234.556 234.530 234.478 234.466 234.470
100-01+ 234.255 234.334 234.296 234.216 234.199 234.206
100-02 234.007 234.112 234.061 233.955 233.932 233.941
100-02+ 233.759 233.890 233.826 233.694 233.665 233.676
100-03 233.511 233.668 233.591 233.433 233.398 233.412
100-03+ 233.263 233.446 233.357 233.172 233.131 233.147
100-04 233.015 233.224 233.122 232.912 232.864 232.883
100-04+ 232.767 233.002 232.888 232.651 232.597 232.618
100-05 232.519 232.780 232.653 232.390 232.330 232.354
100-05+ 232.271 232.559 232.419 232.129 232.064 232.090
100-06 232.024 232.337 232.185 231.869 231.797 231.826
100-06+ 231.776 232.115 231.950 231.608 231.530 231.561
100-07 231.528 231.894 231.716 231.347 231.264 231.297
100-07+ 231.281 231.672 231.482 231.087 230.997 231.033
First Payment 7.028 8.278 7.611 6.778 6.861 6.944
Average Life 8.336 9.759 9.009 7.774 7.530 7.619
Last Payment 9.944 11.444 10.694 9.278 8.611 8.361
</TABLE>
<PAGE>
CURRENT BALANCE: $6,598,000.00
CURRENT COUPON: TBD vmf99ba
FACTOR: 1.0000000000
ORIGINAL BALANCE: $6,598,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 4.9138
<TABLE>
<CAPTION>
PRICING SPEED
225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 278.279 278.170 278.218 278.356 278.445 278.533
99-24+ 278.074 277.972 278.016 278.146 278.229 278.312
99-25 277.869 277.773 277.815 277.936 278.013 278.091
99-25+ 277.664 277.575 277.614 277.726 277.798 277.870
99-26 277.459 277.377 277.412 277.516 277.582 277.649
99-26+ 277.253 277.178 277.211 277.306 277.367 277.428
99-27 277.048 276.980 277.010 277.096 277.152 277.207
99-27+ 276.843 276.782 276.809 276.886 276.936 276.986
99-28 276.638 276.584 276.608 276.677 276.721 276.765
99-28+ 276.433 276.386 276.406 276.467 276.506 276.544
99-29 276.229 276.188 276.205 276.257 276.290 276.324
99-29+ 276.024 275.990 276.004 276.048 276.075 276.103
99-30 275.819 275.792 275.803 275.838 275.860 275.882
99-30+ 275.614 275.594 275.603 275.628 275.645 275.662
99-31 275.409 275.396 275.402 275.419 275.430 275.441
99-31+ 275.205 275.198 275.201 275.209 275.215 275.220
100-00 275.000 275.000 275.000 275.000 275.000 275.000
100-00+ 274.795 274.802 274.799 274.791 274.785 274.780
100-01 274.591 274.604 274.599 274.581 274.570 274.559
100-01+ 274.386 274.407 274.398 274.372 274.355 274.339
100-02 274.182 274.209 274.197 274.163 274.141 274.119
100-02+ 273.977 274.011 273.997 273.953 273.926 273.898
100-03 273.773 273.814 273.796 273.744 273.711 273.678
100-03+ 273.569 273.616 273.596 273.535 273.496 273.458
100-04 273.364 273.419 273.395 273.326 273.282 273.238
100-04+ 273.160 273.221 273.195 273.117 273.067 273.018
100-05 272.956 273.024 272.994 272.908 272.853 272.798
100-05+ 272.752 272.826 272.794 272.699 272.638 272.578
100-06 272.547 272.629 272.594 272.490 272.424 272.358
100-06+ 272.343 272.432 272.393 272.281 272.209 272.138
100-07 272.139 272.234 272.193 272.072 271.995 271.918
100-07+ 271.935 272.037 271.993 271.864 271.781 271.698
First Payment 9.944 11.444 10.694 9.278 8.611 8.361
Average Life 11.359 11.993 11.708 10.962 10.538 10.149
Last Payment 11.694 12.028 11.861 11.528 11.361 11.278
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
- Vanderbilt 99B
- Cut Off Date of Tape is 4/26/99
- Fixed-rate
- $413,342,481.26
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 13,236
Aggregate Unpaid Principal Balance: $413,342,481.26
Aggregate Original Principal Balance: $436,602,851.23
Weighted Average Gross Coupon: 10.446%
Gross Coupon Range: 7.000% - 18.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $31,228.66
Average Original Principal Balance: $32,986.01
Maximum Unpaid Principal Balance: $250,017.00
Minimum Unpaid Principal Balance: $4,051.36
Maximum Original Principal Balance: $250,321.36
Minimum Original Principal Balance: $4,698.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 242.455
Stated Rem Term Range: 33.000 - 360.000
Weighted Average Age : 19.419
Age Range: 0.000 - 132.000
Weighted Average Original Term: 261.873
Original Term Range: 36.000 - 360.000
Weighted Average Original LTV: 87.365
Original LTV Range: 16.864% - 100.000%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 76009 26 loans $1,074,953.68 0.26%
New 9,822 80.34% $332,071,572
Used 3,414 19.66% $81,270,910
Multi-section 4,738 50.80% $209,993,782
Single-section 8,466 48.68% $201,201,153
Site Built 32 .52% $2,147,546
Not Parked 9,256 72.42% $299,344,769
Parked 3,377 21.27% $87,907,886
Site Built 32 .52% $2,147,546
Not available (21C) 571 5.79% $23,942,279
<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
Alaska 1 40,265 0.01
Alabama 459 12,848,410 3.11
Arkansas 267 8,757,468 2.12
Arizona 410 19,059,986 4.61
California 34 1,726,780 0.42
Colorado 194 7,717,106 1.87
Connecticut 1 74,500 0.02
Dist of Col 1 13,553 0.00
Delaware 40 1,363,132 0.33
Florida 616 19,859,204 4.80
Georgia 538 16,545,638 4.00
Iowa 74 3,217,634 0.78
Idaho 8 386,919 0.09
Illinois 91 3,404,338 0.82
Indiana 114 3,236,693 0.78
Kansas 63 2,545,974 0.62
Kentucky 491 11,963,643 2.89
Louisiana 401 12,922,172 3.13
Maryland 30 843,825 0.20
Maine 4 274,337 0.07
Michigan 235 8,710,155 2.11
Minnesota 63 2,680,730 0.65
Missouri 299 9,852,358 2.38
Mississippi 176 5,093,914 1.23
Montana 4 141,138 0.03
North Carolina 1921 58,047,783 14.04
North Dakota 4 122,539 0.03
Nebraska 1 21,123 0.01
New Jersey 8 296,711 0.07
New Mexico 291 9,873,122 2.39
Nevada 19 1,136,714 0.28
New York 45 1,415,446 0.34
Ohio 264 8,038,781 1.94
Oklahoma 130 4,300,777 1.04
Oregon 44 1,977,101 0.48
Pennsylvania 45 1,589,328 0.38
South Carolina 1450 41,903,051 10.14
South Dakota 1 37,006 0.01
Tennessee 1102 28,587,994 6.92
Texas 2447 77,568,986 18.77
Utah 9 373,955 0.09
Virginia 672 18,520,517 4.48
Washington 26 1,179,188 0.29
Wisconsin 63 2,450,656 0.59
West Virginia 69 2,285,107 0.55
Wyoming 11 336,722 0.08
- --------------------------------------------------------------------------
Total............... 13236 $ 413,342,481 100.00%
==========================================================================
<PAGE>
Years of Origination of Contracts - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1982 1 15,700 0.00
1986 1 18,387 0.00
1988 1 8,920 0.00
1989 1 12,717 0.00
1990 9 119,973 0.03
1991 16 283,942 0.07
1992 21 398,360 0.10
1993 2349 44,391,604 10.74
1994 11 239,778 0.06
1995 40 1,131,955 0.27
1996 3490 107,840,765 26.09
1997 1522 48,042,601 11.62
1998 1767 81,200,182 19.64
1999 4007 129,637,599 31.36
- --------------------------------------------------------------------------
Total................. 13236 $413,342,481 100.00%
==========================================================================
<PAGE>
Distribution of Original Amounts - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C> <C>
$ 0.01 Balance <= $ 5,000.00 1 4,693 0.00
$ 5,000.01 < Balance <= $ 10,000.00 174 1,317,881 0.32
$ 10,000.01 < Balance <= $ 15,000.00 695 7,891,371 1.91
$ 15,000.01 < Balance <= $ 20,000.00 1,412 21,657,302 5.24
$ 20,000.01 < Balance <= $ 25,000.00 2,279 46,071,646 11.15
$ 25,000.01 < Balance <= $ 30,000.00 2,445 62,278,255 15.07
$ 30,000.01 < Balance <= $ 35,000.00 1,907 58,830,058 14.23
$ 35,000.01 < Balance <= $ 40,000.00 1,160 41,660,576 10.08
$ 40,000.01 < Balance <= $ 45,000.00 886 36,124,727 8.74
$ 45,000.01 < Balance <= $ 50,000.00 656 30,212,362 7.31
$ 50,000.01 < Balance <= $ 55,000.00 450 22,930,046 5.55
$ 55,000.01 < Balance <= $ 60,000.00 306 17,190,982 4.16
$ 60,000.01 < Balance <= $ 65,000.00 219 13,525,736 3.27
$ 65,000.01 < Balance <= $ 70,000.00 158 10,558,597 2.55
$ 70,000.01 < Balance <= $ 75,000.00 120 8,618,956 2.09
$ 75,000.01 < Balance <= $ 80,000.00 75 5,746,378 1.39
$ 80,000.01 < Balance <= $ 85,000.00 62 5,083,353 1.23
$ 85,000.01 < Balance <= $ 90,000.00 52 4,492,333 1.09
$ 90,000.01 < Balance <= $ 95,000.00 47 4,303,740 1.04
$ 95,000.01 < Balance <= $100,000.00 30 2,881,412 0.70
$100,000.01 < Balance <= $105,000.00 23 2,331,820 0.56
$105,000.01 < Balance <= $110,000.00 19 2,034,947 0.49
$110,000.01 < Balance <= $115,000.00 13 1,451,413 0.35
$115,000.01 < Balance <= $120,000.00 10 1,154,251 0.28
$120,000.01 < Balance <= $125,000.00 12 1,456,468 0.35
$125,000.01 < Balance <= $130,000.00 4 507,935 0.12
$130,000.01 < Balance <= $135,000.00 5 655,821 0.16
$135,000.01 < Balance <= $140,000.00 5 671,991 0.16
$140,000.01 < Balance <= $145,000.00 7 990,751 0.24
$145,000.01 < Balance <= $150,000.00 1 144,492 0.03
$150,000.01 < Balance <= $155,000.00 1 151,484 0.04
$160,000.01 < Balance <= $165,000.00 1 160,686 0.04
Balance > $170,000.00 1 250,017 0.06
- -----------------------------------------------------------------------------------------
Total.................... 13236 $413,342,481 100.00%
=========================================================================================
</TABLE>
Distribution of Original Loan-to-Value Ratios - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 444 9,731,971 2.35
From 61.000% to 65.999% 293 8,393,285 2.03
From 66.000% to 70.999% 364 12,006,748 2.90
From 71.000% to 75.999% 535 17,865,630 4.32
From 76.000% to 80.999% 933 30,465,649 7.37
From 81.000% to 85.999% 1559 49,880,740 12.07
From 86.000% to 90.999% 4890 142,999,708 34.60
From 91.000% to 100.000% 4218 141,998,751 34.35
- --------------------------------------------------------------------------
Total.................... 13236 $413,342,481 100.00%
==========================================================================
<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
6.001% < Gross Coupon <= 7.000 80 7,315,823 1.77
7.001% < Gross Coupon <= 8.000 223 14,824,377 3.59
8.001% < Gross Coupon <= 9.000 839 42,626,300 10.31
9.001% < Gross Coupon <= 10.000 2401 89,638,230 21.69
10.001% < Gross Coupon <= 11.000 4004 125,543,614 30.37
11.001% < Gross Coupon <= 12.000 3687 93,414,936 22.60
12.001% < Gross Coupon <= 13.000 1498 31,123,711 7.53
13.001% < Gross Coupon <= 14.000 350 6,686,535 1.62
14.001% < Gross Coupon <= 15.000 133 1,854,457 0.45
15.001% < Gross Coupon <= 16.000 15 181,928 0.04
16.001% < Gross Coupon <= 17.000 5 118,964 0.03
17.001% < Gross Coupon <= 18.000 1 13,608 0.00
- ----------------------------------------------------------------------------
Total.......... 13236 $413,342,481 100.00%
============================================================================
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 <= 72 896 10,533,976 2.55%
72 < Rem Term <= 84 575 9,125,061 2.21%
84 < Rem Term <= 120 2,078 42,134,171 10.19%
120 < Rem Term <= 156 1,049 24,335,656 5.89%
156 < Rem Term <= 180 1,113 30,512,726 7.38%
180 < Rem Term <= 240 3,250 101,018,901 24.44%
240 < Rem Term <= 300 1,549 60,152,996 14.55%
300 < Rem Term <= 360 2,726 135,528,995 32.79%
- -------------------------------------------------------------------
Total............ 13,236 413,342,481 100.00%
===================================================================
<PAGE>
Distribution of Model Years - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
1965 1 6,888 0.00
1966 1 16,942 0.00
1968 1 57,052 0.01
1970 5 55,861 0.01
1971 9 157,164 0.04
1972 13 172,556 0.04
1973 10 192,824 0.05
1974 17 268,092 0.06
1975 9 132,379 0.03
1976 14 142,804 0.03
1977 23 318,307 0.08
1978 26 367,205 0.09
1979 52 771,957 0.19
1980 52 766,063 0.19
1981 56 832,893 0.20
1982 72 922,741 0.22
1983 90 1,246,919 0.30
1984 133 1,941,249 0.47
1985 147 2,119,166 0.51
1986 105 1,853,907 0.45
1987 118 1,961,141 0.47
1988 126 2,364,772 0.57
1989 143 2,788,473 0.67
1990 141 2,839,669 0.69
1991 201 4,066,434 0.98
1992 327 6,850,575 1.66
1993 1819 37,154,457 8.99
1994 612 14,904,467 3.61
1995 795 23,142,376 5.60
1996 2624 83,793,195 20.27
1997 2407 85,400,597 20.66
1998 1687 72,036,674 17.43
1999 1400 63,696,679 15.41
- --------------------------------------------------------------------------
Total................. 13236 $413,342,481 100.00%
==========================================================================
<PAGE>
- --------------------------------------------------------------------------------
- Vanderbilt 99B
- Cut Off Date of Tape is 4/26/99
- Adjustable-rate
- $105,565,830.29
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,957
Index: 5 Yr. CMT, 1 Yr. CMT
Aggregate Unpaid Principal Balance: $105,565,830.29
Aggregate Original Principal Balance: $106,019,813.64
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.716%
Gross Coupon Range: 7.990% - 18.500%
Weighted Average Margin (Gross): 5.995%
Gross Margin Range: 3.030% - 13.540%
Weighted Average Life Cap (Gross): 16.472%
Gross Life Cap Range: 12.990% - 24.500%
Weighted Average Life Floor (Gross): 5.995%
Gross Life Floor Range: 3.030% - 13.540%
Average Unpaid Principal Balance: $35,700.31
Average Original Principal Balance: $35,853.84
Maximum Unpaid Principal Balance: $122,785.87
Minimum Unpaid Principal Balance: $4,146.05
Maximum Original Principal Balance: $123,179.00
Minimum Original Principal Balance: $4,383.02
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 217.281
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.657
Age Range: 0.000 - 131.000
Weighted Average Original Term: 217.939
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 86.574
Original LTV Range: 22.623% - 100.000%
Weighted Average Periodic Interest Cap: 1.570%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.328
Months to Interest Roll Range: 0 - 13
Weighted Average Interest Roll Frequency: 11.996
Interest Frequency Range: 6 - 12
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 76208 26 loans $827,602.59 0.78%
New 72.71% $76,754,339
Used 27.29% $28,811,491
Multi-section 48.71% $51,418,196
Single-section 51.29% $54,147,634
Not Parked 65.11% $68,737,375
Parked 34.89% $36,828,455
<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 45 1,382,504 1.31
Arkansas 25 783,361 0.74
Arizona 15 673,936 0.64
California 1 24,323 0.02
Colorado 13 443,351 0.42
Connecticut 1 44,908 0.04
Dist of Col 1 40,129 0.04
Delaware 8 357,283 0.34
Florida 129 4,455,490 4.22
Georgia 66 2,242,290 2.12
Illinois 1 22,975 0.02
Indiana 18 725,053 0.69
Kansas 2 58,951 0.06
Kentucky 235 7,471,870 7.08
Louisiana 142 4,650,850 4.41
Maryland 7 286,553 0.27
Missouri 21 764,014 0.72
Mississippi 29 952,772 0.90
North Carolina 549 22,030,257 20.87
New Jersey 2 104,183 0.10
New Mexico 17 664,484 0.63
New York 3 161,932 0.15
Ohio 14 431,863 0.41
Oklahoma 11 410,086 0.39
Pennsylvania 5 167,820 0.16
South Carolina 316 12,062,290 11.43
Tennessee 541 18,656,787 17.67
Texas 533 17,665,749 16.73
Virginia 192 7,324,540 6.94
West Virginia 15 505,229 0.48
- --------------------------------------------------------------------------
Total............... 2957 $ 105,565,830 100.00%
==========================================================================
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
1988 3 30,762 0.03
1989 2 33,671 0.03
1996 1 4,146 0.00
1997 1 25,471 0.02
1998 24 1,221,085 1.16
1999 2926 104,250,696 98.75
- --------------------------------------------------------------------------
Total................. 2957 $105,565,830 100.00%
==========================================================================
<PAGE>
Distribution of Original Amounts - Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C> <C>
$ 0.01 Balance <= $ 5,000.00 1 4,263 0.00
$ 5,000.01 < Balance <= $ 10,000.00 46 376,182 0.36
$ 10,000.01 < Balance <= $ 15,000.00 132 1,639,202 1.55
$ 15,000.01 < Balance <= $ 20,000.00 220 3,835,966 3.63
$ 20,000.01 < Balance <= $ 25,000.00 349 7,847,544 7.43
$ 25,000.01 < Balance <= $ 30,000.00 481 13,248,305 12.55
$ 30,000.01 < Balance <= $ 35,000.00 500 16,108,841 15.26
$ 35,000.01 < Balance <= $ 40,000.00 309 11,439,911 10.84
$ 40,000.01 < Balance <= $ 45,000.00 205 8,664,503 8.21
$ 45,000.01 < Balance <= $ 50,000.00 177 8,305,270 7.87
$ 50,000.01 < Balance <= $ 55,000.00 156 8,179,337 7.75
$ 55,000.01 < Balance <= $ 60,000.00 118 6,775,328 6.42
$ 60,000.01 < Balance <= $ 65,000.00 74 4,615,510 4.37
$ 65,000.01 < Balance <= $ 70,000.00 68 4,577,442 4.34
$ 70,000.01 < Balance <= $ 75,000.00 41 2,958,753 2.80
$ 75,000.01 < Balance <= $ 80,000.00 28 2,168,131 2.05
$ 80,000.01 < Balance <= $ 85,000.00 15 1,233,397 1.17
$ 85,000.01 < Balance <= $ 90,000.00 13 1,134,775 1.07
$ 90,000.01 < Balance <= $ 95,000.00 7 641,751 0.61
$ 95,000.01 < Balance <= $100,000.00 3 293,673 0.28
$100,000.01 < Balance <= $105,000.00 5 509,080 0.48
$105,000.01 < Balance <= $110,000.00 5 537,237 0.51
$110,000.01 < Balance <= $115,000.00 1 109,471 0.10
$115,000.01 < Balance <= $120,000.00 1 118,574 0.11
$120,000.01 < Balance <= $125,000.00 2 243,387 0.23
- -----------------------------------------------------------------------------------------
Total.................... 2957 $105,565,830 100.00%
=========================================================================================
</TABLE>
Distribution of Original Loan-to-Value Ratios - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 90 2,535,885 2.40
From 61.000% to 65.999% 66 2,279,867 2.16
From 66.000% to 70.999% 78 3,106,405 2.94
From 71.000% to 75.999% 156 6,202,899 5.88
From 76.000% to 80.999% 212 8,360,353 7.92
From 81.000% to 85.999% 403 14,593,754 13.82
From 86.000% to 90.999% 916 32,073,041 30.38
From 91.000% to 100.000% 1036 36,413,626 34.49
- --------------------------------------------------------------------------
Total.................... 2957 $105,565,830 100.00%
==========================================================================
<PAGE>
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 12 798,381 0.76
8.001% < Gross Coupon <= 9.000 132 6,722,814 6.37
9.001% < Gross Coupon <= 10.000 875 34,511,694 32.69
10.001% < Gross Coupon <= 11.000 510 18,813,296 17.82
11.001% < Gross Coupon <= 12.000 1053 34,316,418 32.51
12.001% < Gross Coupon <= 13.000 244 6,847,303 6.49
13.001% < Gross Coupon <= 14.000 122 3,390,068 3.21
14.001% < Gross Coupon <= 15.000 8 159,100 0.15
18.001% < Gross Coupon <= 19.000 1 6,756 0.01
- ----------------------------------------------------------------------------
Total.......... 2957 $105,565,830 100.00%
============================================================================
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 57 610,135 0.58%
72 < Rem Term <= 84 91 1,434,059 1.36%
84 < Rem Term <= 120 217 4,604,411 4.36%
120 < Rem Term <= 156 437 11,257,457 10.66%
156 < Rem Term <= 180 466 13,718,886 13.00%
180 < Rem Term <= 240 1,191 45,955,796 43.53%
240 < Rem Term <= 300 420 22,986,187 21.77%
300 < Rem Term <= 360 78 4,998,898 4.74%
- -------------------------------------------------------------------
Total............ 2,957 105,565,830 100.00%
===================================================================
<PAGE>
Distribution of Lifetime Floor - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
3.001 Life Floor <= 3.500 12 836,804 0.79
3.501 Life Floor <= 4.000 43 2,212,849 2.10
4.001 Life Floor <= 4.500 115 5,333,676 5.05
4.501 Life Floor <= 5.000 238 10,112,370 9.58
5.001 Life Floor <= 5.500 509 19,911,332 18.86
5.501 Life Floor <= 6.000 431 16,465,099 15.60
6.001 Life Floor <= 6.500 329 10,876,795 10.30
6.501 Life Floor <= 7.000 432 14,654,232 13.88
7.001 Life Floor <= 7.500 424 13,202,665 12.51
7.501 Life Floor <= 8.000 232 6,754,179 6.40
8.001 Life Floor <= 8.500 85 2,410,819 2.28
8.501 Life Floor <= 9.000 74 2,051,406 1.94
9.001 Life Floor <= 9.500 21 517,021 0.49
9.501 Life Floor <= 10.000 6 105,647 0.10
10.001 Life Floor <= 10.500 4 83,465 0.08
11.001 Life Floor <= 11.500 1 30,715 0.03
13.501 Life Floor <= 14.000 1 6,756 0.01
- --------------------------------------------------------------------------
Total................. 2957 $105,565,830 100.00%
==========================================================================
Distribution of Lifetime Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life CAP Loans Balance Balance
Life CAP = 0.000 6 249,997 0.24
12.501 Life CAP <= 13.000 1 41,544 0.04
13.001 Life CAP <= 13.500 4 211,268 0.20
13.501 Life CAP <= 14.000 25 1,261,222 1.19
14.001 Life CAP <= 14.500 58 2,602,715 2.47
14.501 Life CAP <= 15.000 176 7,608,545 7.21
15.001 Life CAP <= 15.500 288 11,747,789 11.13
15.501 Life CAP <= 16.000 600 23,285,151 22.06
16.001 Life CAP <= 16.500 404 15,039,508 14.25
16.501 Life CAP <= 17.000 217 7,108,491 6.73
17.001 Life CAP <= 17.500 472 15,432,632 14.62
17.501 Life CAP <= 18.000 419 13,123,436 12.43
18.001 Life CAP <= 18.500 148 4,280,805 4.06
18.501 Life CAP <= 19.000 39 1,125,505 1.07
19.001 Life CAP <= 19.500 68 1,789,312 1.69
19.501 Life CAP <= 20.000 23 536,917 0.51
20.001 Life CAP <= 20.500 6 87,887 0.08
20.501 Life CAP <= 21.000 1 14,532 0.01
21.001 Life CAP <= 21.500 1 11,819 0.01
24.001 Life CAP <= 24.500 1 6,756 0.01
- --------------------------------------------------------------------------
Total................. 2957 $105,565,830 100.00%
==========================================================================
<PAGE>
Distribution of Gross Margin - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Gross Margin Loans Balance Balance
3.001 Gross Margin <= 3.500 12 836,804 0.79
3.501 Gross Margin <= 4.000 43 2,212,849 2.10
4.001 Gross Margin <= 4.500 115 5,333,676 5.05
4.501 Gross Margin <= 5.000 238 10,112,370 9.58
5.001 Gross Margin <= 5.500 509 19,911,332 18.86
5.501 Gross Margin <= 6.000 431 16,465,099 15.60
6.001 Gross Margin <= 6.500 329 10,876,795 10.30
6.501 Gross Margin <= 7.000 432 14,654,232 13.88
7.001 Gross Margin <= 7.500 424 13,202,665 12.51
7.501 Gross Margin <= 8.000 232 6,754,179 6.40
8.001 Gross Margin <= 8.500 85 2,410,819 2.28
8.501 Gross Margin <= 9.000 74 2,051,406 1.94
9.001 Gross Margin <= 9.500 21 517,021 0.49
9.501 Gross Margin <= 10.000 6 105,647 0.10
10.001 Gross Margin <= 10.500 4 83,465 0.08
11.001 Gross Margin <= 11.500 1 30,715 0.03
13.501 Gross Margin <= 14.000 1 6,756 0.01
- --------------------------------------------------------------------------
Total................. 2957 $105,565,830 100.00%
==========================================================================
NEXT INTEREST ROLLDATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
05/01/99 3 $70,604 00.07
06/01/99 1 $11,819 00.01
08/01/99 4 $105,368 00.10
09/01/99 3 $91,851 00.09
11/01/99 7 $265,884 00.25
12/01/99 6 $392,076 00.37
01/01/00 23 $1,128,315 01.07
02/01/00 628 $21,170,885 20.05
03/01/00 1019 $35,349,364 33.49
04/01/00 951 $35,129,048 33.28
05/01/00 213 $8,327,235 07.89
06/01/00 99 $3,523,381 03.34
- -------------------------------------------------------------------------
Total........ 2957 $105,565,830 100.00%
=========================================================================
<PAGE>
Distribution of Periodic Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
0.000 6 249,997 0.24
1.000 1229 44,887,701 42.52
2.000 1722 60,428,132 57.24
- --------------------------------------------------------------------------
Total................. 2957 $105,565,830 100.00%
==========================================================================
Index
- --------------------------------------------------------------------
Total
# % Current
Loan Pool Balance
1 Yr. CMT 6 .24 $249,997.27
5 Yr. CMT 2,951 99.76 $105,315,833.02
- --------------------------------------------------------------------
Total..... 2,957 100.00% $105,565,830.29
====================================================================
<PAGE>
Distribution of Model Years - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
1967 1 4,263 0.00
1971 1 18,137 0.02
1972 4 40,547 0.04
1973 1 12,987 0.01
1974 1 11,500 0.01
1975 3 35,671 0.03
1976 5 82,110 0.08
1977 3 36,262 0.03
1978 9 102,769 0.10
1979 5 51,473 0.05
1980 6 67,455 0.06
1981 10 167,415 0.16
1982 17 220,023 0.21
1983 30 493,892 0.47
1984 24 335,724 0.32
1985 37 573,562 0.54
1986 35 596,578 0.57
1987 24 383,991 0.36
1988 22 384,910 0.36
1989 30 562,156 0.53
1990 33 666,583 0.63
1991 39 862,301 0.82
1992 35 774,412 0.73
1993 60 1,428,684 1.35
1994 75 1,955,132 1.85
1995 120 3,555,870 3.37
1996 244 7,535,500 7.14
1997 196 6,956,884 6.59
1998 468 17,648,464 16.72
1999 1419 60,000,577 56.84
- --------------------------------------------------------------------------
Total................. 2957 $105,565,830 100.00%
==========================================================================
