SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): August 17, 1999
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and servicer
under the Pooling and Servicing Agreement, dated as of July
26, 1999, providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1999C).
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 1999C, 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 Prudential Securities Incorporated and
Morgan Stanley & Co. Incorporated are attached hereto as Exhibits 99.1 and
99.2, respectively.
<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
99.2 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: August 17, 1999
<PAGE>
Exhibit Index
Exhibit Page
99.1 Computational Material, Prudential Securities Incorporated
99.2 Computational Materials, Morgan Stanley & Co. Incorporated
***************** PRELIMINARY INFORMATION ONLY ************************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1999-C
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROUP I CERTIFICATES:
<S> <C> <C>
$ [68,000,000] Class IA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD]
$ [46,000,000] Class IA-2 Fixed Rate Group Certificates - [TBD]
$ [43,000,000] Class IA-3 Fixed Rate Group Certificates - [TBD]
$ [32,209,000] Class IA-4 Fixed Rate Group Certificates - [TBD]
$ [13,090,000] Class IA-5 Fixed Rate Group Certificates - [TBD]
$ [9,520,000] Class IM-1 Fixed Rate Group Certificates - [TBD]
$ [9,520,000] Class IB-1 Fixed Rate Group Certificates - [TBD]
$ [16,660,000] Class IB-2 Fixed Rate Group Certificates - [TBD]
GROUP II CERTIFICATES:
$ [110,240,000] Class IIA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 15,543,000] Class IIB-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 8,675,000] Class IIB-2 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 10,121,000] Class IIB-3 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
- ------------------------------------------------------------------------------
</TABLE>
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1999-C transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis.
The decision to adopt any strategy remains your responsibility. PSI (or any of
its affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities
or derivative instruments mentioned herein. No sale of any securities,
commodities or derivative instruments should be consumated without the
purchaser first having received a prospectus and, if required, prospectus
supplement. Finally, PSI has not addressed the legal, accounting and tax
implications of the analysis with respect to you, and PSI strongly urges you
to seek advice from your counsel, accountant and tax advisor. The Certificates
are being offered pursuant to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). The information contained herein will
be superseded by the final Prospectus.
<PAGE>
************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Title
of Securities: VMF 1999-C, Class IA-1, Class IA-2, Class IA-3, Class
IA-4, Class IA-5, 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>
Class IA-1 - IA-4 + IIA-1 (Aaa/AAA) [20.50]% [23.75]%
Class IA-5 + IIB-1 (Aa3/AA-) [15.00]% [13.00]%
Class IM-1 (A2/A) [11.00]% N/A
Class IB-1 + IIB-2 (Baa2/BBB) [ 7.00]% [7.00]%
Class IB-2 + IIB-3 (Baa2/BBB) [3.50]%
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-4 + IIA-1 (Aaa/AAA) [79.50]% [76.25]%
Class IA-5 + IIB-1 (Aa3/AA-) [ 5.50]% [10.75]%
Class IM-1 (A2/A) [ 4.00]% N/A
Class IB-1 + IIB-2 (Baa2/BBB) [ 4.00]% [ 6.00]%
Class 1B-2 + IIB-3 (Baa2/BBB) [ 7.00]% [ 7.00]%
O/C N/A [ 3.50]%
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
************************* PRELIMINARY INFORMATION ONLY*************************
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
- -------------------------------------------------------------------------------
Fixed-Rate
Group
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I M-1 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount($000): [68,000,000 46,000,000 43,000,000 32,209,000 13,090,000 9,520,000 9,520,000 16,660,000]
Coupon: [-------------------------------------------TBD-----------------------------------------------]
Approx. Price: [-------------------------------------------TBD-----------------------------------------------]
Yield(%): [-------------------------------------------TBD-----------------------------------------------]
Spread (bps): [-------------------------------------------TBD-----------------------------------------------]
Avg Life
To Call: [1.107 3.066 5.296 9.584 12.111 8.873 6.112 10.450]
Avg Life
To Mat.: [1.107 3.066 5.296 9.639 15.545 9.558 6.112 13.407]
]
1st Prin Pymt:
To 10% Call: [09/07/1999 11/07/2001 09/07/2003 11/07/2006 10/07/2011 09/07/2004 09/07/2004 02/07/2007]
Last Prin Pmt
To 10% Call: [11/07/2001 09/07/2003 11/07/2006 10/07/2011 10/07/2011 10/07/2011 02/07/2007 10/07/2011]
Last Prin Pmt
To Mat.: [11/07/2001 09/07/2003 11/07/2006 11/07/2012 09/07/2018 09/07/2018 02/07/2007 11/07/2028]
Stated Mat: [11/07/2008 11/07/2013 01/07/2020 06/07/2026 10/07/2029 10/07/2029 04/07/2017 10/07/2029]
Expected
Settlement: [----------------------------------[08/27/99] ------------------------------------------]
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: [08/27/99] [------------------------------[08/01/99]-----------------------------------]
Ratings: [Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB]
(S&P/Fitch)
Pricing Date: [------------------------------------------------[TBD]------------------------------------]
</TABLE>
Prepayment Speed: 225% MHP
Total Group Size: [$237,999,859.76]
Class IA-1
Remittance 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 (if Vanderbilt is no longer
the servicer).
Maximum Rate: Remittance rates on the Group I Certificates are
subject to a maximum rate equal to (a) the weighted
average contract rate of the Group I contracts less
(b) if Vanderbilt is no longer the servicer, the
servicing fee of [1.25%].
Servicing Fee: For as long as Vanderbilt is the servicer, the
servicing fee of [1.25]% per annum is subordinate to
the Offered Certificates on a monthly basis.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
************************ PRELIMINARY INFORMATION ONLY*****************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS I M-1 AND CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-4;
2) Senior percentage of principal payments sequentially
to Classes I A-1, I A-2, I A-3, and I A-4 until such
class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-5 Certificates;
4) Senior percentage of principal payments to Class
I A-5 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 M-1 |
|///////////////////|----------------------------------- |
|///////////////////| I B-1 | I B-2 |
----------------------------------------------------------
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
********************** PRELIMINARY INFORMATION ONLY ******************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cashflow Priority:
CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-4 Certificates;
2) 100% of principal payments sequentially to Classes
I A-1, I A-2, I A-3, and I A-4 until such class
is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-5 Certificates;
4) 100% of principal payments to Class I A-5 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 M-1 | I B-1 | I B-2 |
| | | | | | | | |
|-------|-------|-------|-------|-------|-------|-------|-------|
Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET IF:
1) Remittance Date is on or after September 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 [$4,759,997.20](which represents
approximately 2% of the Total Original Group I
Pool Principal Balance).
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
********************** PRELIMINARY INFORMATION ONLY *******************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount(000): [110,240,000 15,543,000 8,675,000 10,121,000]
Coupon: [--------------------------TBD-----------------------------]
Approx. Price: [--------------------------TBD-----------------------------]
Avg Life
To Call: [3.718 5.845 8.053 11.519]
Avg Life
To Mat: [3.853 5.845 8.053 12.888]
1st Prin Pymt:
To 10% Call: [09/07/1999 09/07/2004 05/07/2006 04/07/2009]
Last Prin Pmt
To 10% Call: [10/07/2011 05/07/2006 04/07/2009 10/07/2011]
Last Prin Pmt
To Mat.: [03/07/2016 05/07/2006 04/07/2009 08/07/2017]
Stated Maturity: [10/07/2029 05/07/2016 07/07/2017 10/07/2029]
Expected Settlement: [---------------------------08/27/99-----------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [08/27/99] [08/27/99] [08/27/99] [08/27/99]
Rating: (S&P/Fitch) [Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB]
Pricing Date: [------------------------TBD-------------------------------]
Prepayment Speed: 250% MHP
Total Group Size: [$144,579,545.37]
</TABLE>
Group II Pass
Through Rate: The Group II Pass Through Rate will equal the lesser of
i) One Month LIBOR plus [TBD%] and ii) the Net Funds Cap
as described herein.
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon
on the Class Adjustable Rate Certificates :
IIA-1 - shall increase to [2x] the respective margin
IIB-1 - shall increase by an additional [50 BP]
IIB-2 - shall increase by an additional [50 BP]
IIB-3 shall increase by an additional [50 BP]
Net Funds Cap: The difference between the a) collateral WAC and b) the
the sum of i) if the OC is less than its target, [0.75]%
spread cushion, and ii) if the Company is no longer
the Servicer, [1.25]%.
Net Funds Cap
Carryover: If on any Payment Date the Group II Certificate
interest distribution amount is less than the Group
II Pass-Through Rate (which is subject to a maximum
equal to the Weighted Average Life Cap of the
collateral), the amount of such shortfall and the
aggregate of such shortfalls from previous payment
dates together with accrued interest at the
Pass-Through Rate will be carried forward to the
next Payment Date until paid.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
************************** PRELIMINARY INFORMATION ONLY ***************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates (subject
to the Net Funds Cap);
2) Senior percentage of principal payments to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to
zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to
zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to
zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I
Certificates except the Net Funds Cap Carryover
Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
12) Any remainder to the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
<PAGE>
************************** PRELIMINARY INFORMATION ONLY **************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until
such Class is reduced to zero;
7) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I Certificates
except the Net Funds Cap Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
9) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
10) Any remainder to the Class R Certificates.
-----------------------------------------------------------------
| | | | |
| | | | |
| II A-1 | II B-1| II B-2| II B-3|
| | | | |
|---------------------------------------|-------|-------|-------|
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after September 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 [$2,891,590.91]
(which represents approximately 2% of the
Total Original Group II Pool Principal
Balance).
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ***************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the aggregate remaining
pool balance of both Groups is less than 10% of
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 September, 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 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, and I A-4
Certificates and the Class II A-1 will be ERISA
eligible. The Class I A-5, 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 [ $237,999,859.76 $144,579,545.37 ]
Avg Unpaid Balance: [ $39,488.94 $38,431.56 ]
Max Original Balance: [ $243,000.00 $124,462.55 ]
WAC: [ 9.800% 10.380% ]
Coupon Range: [ 5.990% - 25.000% 7.990% - 24.990% ]
WAM: [ 262.065 229.166 ]
WA Orig Term [ 266.748 229.783 ]
WALTV: [ 85.267% 85.586% ]
New [ 72.31% 77.17% ]
Used [ 27.69% 22.83% ]
Single [ 36.98% 45.25% ]
Multi [ 57.55% 54.75% ]
Site Built [ 5.47% 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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES REFERRED TO HEREIN.
INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND
PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO
BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED
BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT
TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE
FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND
THE RELATED PROSPECTUS.
<PAGE>
Projected Available Funds Cap of GROUP II:
=========================================
(GROSS COUPON - [75] bp CARVE-OUT, Using 30/360 Day Count)
* Assuming VMF is the servicer
DATE COUPON
- -------------
09/99 9.630
10/99 9.630
11/99 9.630
12/99 9.630
01/00 9.630
02/00 9.630
03/00 9.630
04/00 9.662
05/00 9.662
06/00 9.816
07/00 10.043
08/00 10.288
09/00 10.367
10/00 10.378
11/00 10.378
12/00 10.378
01/01 10.378
02/01 10.378
03/01 10.378
04/01 10.378
05/01 10.378
06/01 10.378
07/01 10.378
08/01 10.378
09/01 10.378
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
CURRENT BALANCE: $68,000,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $68,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 48.224 44.267 46.245 50.205 52.191 54.194
99-24+ 46.770 43.061 44.915 48.627 50.489 52.366
99-25 45.317 41.855 43.586 47.049 48.787 50.539
99-25+ 43.863 40.649 42.256 45.472 47.085 48.712
99-26 42.410 39.444 40.927 43.895 45.384 46.885
99-26+ 40.958 38.239 39.598 42.319 43.683 45.059
99-27 39.505 37.034 38.269 40.742 41.983 43.234
99-27+ 38.053 35.829 36.941 39.167 40.283 41.408
99-28 36.602 34.625 35.613 37.591 38.583 39.584
99-28+ 35.150 33.421 34.286 36.016 36.884 37.759
99-29 33.699 32.217 32.958 34.441 35.185 35.935
99-29+ 32.249 31.014 31.631 32.867 33.487 34.112
99-30 30.798 29.810 30.304 31.293 31.789 32.288
99-30+ 29.348 28.607 28.978 29.719 30.091 30.466
99-31 27.899 27.405 27.652 28.146 28.394 28.643
99-31+ 26.449 26.202 26.326 26.573 26.697 26.822
100-00 25.000 25.000 25.000 25.000 25.000 25.000
100-00+ 23.551 23.798 23.675 23.428 23.304 23.179
100-01 22.103 22.596 22.350 21.856 21.608 21.358
100-01+ 20.655 21.395 21.025 20.284 19.913 19.538
100-02 19.207 20.194 19.700 18.713 18.218 17.718
100-02+ 17.759 18.993 18.376 17.142 16.523 15.899
100-03 16.312 17.793 17.052 15.571 14.829 14.080
100-03+ 14.865 16.592 15.729 14.001 13.135 12.261
100-04 13.419 15.392 14.406 12.431 11.441 10.443
100-04+ 11.973 14.192 13.083 10.862 9.748 8.625
100-05 10.527 12.993 11.760 9.293 8.055 6.808
100-05+ 9.081 11.794 10.438 7.724 6.363 4.991
100-06 7.636 10.595 9.115 6.156 4.671 3.174
100-06+ 6.191 9.396 7.794 4.587 2.979 1.358
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 1.107 1.346 1.215 1.017 0.940 0.873
Last Payment 2.194 2.694 2.444 2.028 1.861 1.778
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
CURRENT BALANCE: $46,000,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $46,000,000.00 BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 7.302 7.294 7.298 7.306 7.310 7.314
99-24+ 7.296 7.290 7.293 7.300 7.304 7.307
99-25 7.291 7.285 7.288 7.294 7.297 7.300
99-25+ 7.285 7.280 7.282 7.287 7.290 7.292
99-26 7.279 7.275 7.277 7.281 7.283 7.285
99-26+ 7.273 7.270 7.271 7.275 7.276 7.278
99-27 7.267 7.265 7.266 7.268 7.269 7.270
99-27+ 7.261 7.260 7.261 7.262 7.262 7.263
99-28 7.255 7.255 7.255 7.255 7.256 7.256
99-28+ 7.249 7.250 7.250 7.249 7.249 7.248
99-29 7.244 7.245 7.244 7.243 7.242 7.241
99-29+ 7.238 7.240 7.239 7.236 7.235 7.234
99-30 7.232 7.235 7.234 7.230 7.228 7.227
99-30+ 7.226 7.230 7.228 7.224 7.221 7.219
99-31 7.220 7.225 7.223 7.217 7.215 7.212
99-31+ 7.214 7.220 7.217 7.211 7.208 7.205
100-00 7.208 7.216 7.212 7.205 7.201 7.197
100-00+ 7.202 7.211 7.207 7.198 7.194 7.190
100-01 7.197 7.206 7.201 7.192 7.187 7.183
100-01+ 7.191 7.201 7.196 7.186 7.181 7.175
100-02 7.185 7.196 7.190 7.179 7.174 7.168
100-02+ 7.179 7.191 7.185 7.173 7.167 7.161
100-03 7.173 7.186 7.180 7.167 7.160 7.154
100-03+ 7.167 7.181 7.174 7.160 7.153 7.146
100-04 7.161 7.176 7.169 7.154 7.146 7.139
100-04+ 7.156 7.171 7.163 7.148 7.140 7.132
100-05 7.150 7.166 7.158 7.141 7.133 7.124
100-05+ 7.144 7.161 7.153 7.135 7.126 7.117
100-06 7.138 7.156 7.147 7.129 7.119 7.110
100-06+ 7.132 7.152 7.142 7.122 7.112 7.103
100-07 7.126 7.147 7.137 7.116 7.106 7.095
100-07+ 7.120 7.142 7.131 7.110 7.099 7.088
First Payment 2.194 2.694 2.444 2.028 1.861 1.778
Average Life 3.066 3.739 3.371 2.810 2.593 2.407
Last Payment 4.028 4.861 4.444 3.694 3.361 3.111
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
CURRENT BALANCE: $43,000,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $43,000,000.00 BOND IA3 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 7.587 7.582 7.584 7.590 7.593 7.595
99-24+ 7.583 7.579 7.581 7.586 7.588 7.590
99-25 7.580 7.576 7.578 7.582 7.584 7.586
99-25+ 7.576 7.573 7.574 7.578 7.579 7.581
99-26 7.572 7.570 7.571 7.574 7.575 7.576
99-26+ 7.569 7.567 7.568 7.570 7.571 7.572
99-27 7.565 7.564 7.564 7.566 7.566 7.567
99-27+ 7.561 7.560 7.561 7.562 7.562 7.562
99-28 7.557 7.557 7.557 7.557 7.557 7.557
99-28+ 7.554 7.554 7.554 7.553 7.553 7.553
99-29 7.550 7.551 7.551 7.549 7.549 7.548
99-29+ 7.546 7.548 7.547 7.545 7.544 7.543
99-30 7.543 7.545 7.544 7.541 7.540 7.539
99-30+ 7.539 7.542 7.541 7.537 7.536 7.534
99-31 7.535 7.539 7.537 7.533 7.531 7.529
99-31+ 7.531 7.536 7.534 7.529 7.527 7.525
100-00 7.528 7.533 7.530 7.525 7.522 7.520
100-00+ 7.524 7.530 7.527 7.521 7.518 7.515
100-01 7.520 7.527 7.524 7.517 7.514 7.511
100-01+ 7.517 7.524 7.520 7.513 7.509 7.506
100-02 7.513 7.521 7.517 7.509 7.505 7.501
100-02+ 7.509 7.518 7.514 7.505 7.501 7.497
100-03 7.506 7.515 7.510 7.501 7.496 7.492
100-03+ 7.502 7.512 7.507 7.497 7.492 7.487
100-04 7.498 7.509 7.504 7.493 7.488 7.483
100-04+ 7.494 7.506 7.500 7.489 7.483 7.478
100-05 7.491 7.503 7.497 7.485 7.479 7.473
100-05+ 7.487 7.499 7.493 7.481 7.474 7.469
100-06 7.483 7.496 7.490 7.477 7.470 7.464
100-06+ 7.480 7.493 7.487 7.473 7.466 7.459
100-07 7.476 7.490 7.483 7.469 7.461 7.455
100-07+ 7.472 7.487 7.480 7.465 7.457 7.450
First Payment 4.028 4.861 4.444 3.694 3.361 3.111
Average Life 5.296 6.774 5.960 4.758 4.329 3.994
Last Payment 7.194 9.111 8.111 6.361 5.611 4.944
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $32,209,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $32,209,000.00 BOND IA4 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 7.824 7.821 7.822 7.825 7.827 7.828
99-24+ 7.821 7.819 7.820 7.822 7.824 7.825
99-25 7.819 7.817 7.818 7.820 7.821 7.822
99-25+ 7.816 7.815 7.816 7.817 7.818 7.819
99-26 7.814 7.813 7.813 7.815 7.815 7.816
99-26+ 7.812 7.811 7.811 7.812 7.813 7.813
99-27 7.809 7.809 7.809 7.810 7.810 7.810
99-27+ 7.807 7.807 7.807 7.807 7.807 7.807
99-28 7.804 7.804 7.804 7.804 7.804 7.804
99-28+ 7.802 7.802 7.802 7.802 7.802 7.801
99-29 7.800 7.800 7.800 7.799 7.799 7.798
99-29+ 7.797 7.798 7.798 7.797 7.796 7.795
99-30 7.795 7.796 7.795 7.794 7.793 7.792
99-30+ 7.792 7.794 7.793 7.792 7.790 7.789
99-31 7.790 7.792 7.791 7.789 7.788 7.786
99-31+ 7.788 7.790 7.789 7.786 7.785 7.783
100-00 7.785 7.788 7.787 7.784 7.782 7.780
100-00+ 7.783 7.785 7.784 7.781 7.779 7.777
100-01 7.780 7.783 7.782 7.779 7.777 7.774
100-01+ 7.778 7.781 7.780 7.776 7.774 7.771
100-02 7.776 7.779 7.778 7.774 7.771 7.768
100-02+ 7.773 7.777 7.775 7.771 7.768 7.765
100-03 7.771 7.775 7.773 7.768 7.766 7.762
100-03+ 7.769 7.773 7.771 7.766 7.763 7.759
100-04 7.766 7.771 7.769 7.763 7.760 7.756
100-04+ 7.764 7.769 7.766 7.761 7.757 7.753
100-05 7.761 7.767 7.764 7.758 7.754 7.750
100-05+ 7.759 7.764 7.762 7.756 7.752 7.747
100-06 7.757 7.762 7.760 7.753 7.749 7.744
100-06+ 7.754 7.760 7.757 7.750 7.746 7.741
100-07 7.752 7.758 7.755 7.748 7.743 7.738
100-07+ 7.749 7.756 7.753 7.745 7.741 7.735
First Payment 7.194 9.111 8.111 6.361 5.611 4.944
Average Life 9.584 11.611 10.565 8.671 7.808 6.998
Last Payment 12.111 13.444 12.778 11.528 10.944 9.944
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $13,090,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $13,090,000.00 BOND IA5 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 8.169 8.168 8.168 8.169 8.169 8.170
99-24+ 8.167 8.166 8.166 8.167 8.167 8.168
99-25 8.164 8.164 8.164 8.165 8.165 8.165
99-25+ 8.162 8.162 8.162 8.163 8.163 8.163
99-26 8.160 8.160 8.160 8.160 8.161 8.161
99-26+ 8.158 8.158 8.158 8.158 8.158 8.159
99-27 8.156 8.156 8.156 8.156 8.156 8.156
99-27+ 8.154 8.154 8.154 8.154 8.154 8.154
99-28 8.152 8.152 8.152 8.152 8.152 8.152
99-28+ 8.150 8.150 8.150 8.150 8.150 8.150
99-29 8.148 8.148 8.148 8.148 8.147 8.147
99-29+ 8.146 8.146 8.146 8.145 8.145 8.145
99-30 8.144 8.144 8.144 8.143 8.143 8.143
99-30+ 8.141 8.142 8.142 8.141 8.141 8.141
99-31 8.139 8.140 8.140 8.139 8.139 8.138
99-31+ 8.137 8.138 8.138 8.137 8.136 8.136
100-00 8.135 8.136 8.136 8.135 8.134 8.134
100-00+ 8.133 8.134 8.134 8.133 8.132 8.131
100-01 8.131 8.132 8.132 8.130 8.130 8.129
100-01+ 8.129 8.130 8.130 8.128 8.128 8.127
100-02 8.127 8.128 8.128 8.126 8.125 8.125
100-02+ 8.125 8.126 8.126 8.124 8.123 8.122
100-03 8.123 8.124 8.124 8.122 8.121 8.120
100-03+ 8.121 8.123 8.122 8.120 8.119 8.118
100-04 8.119 8.121 8.120 8.118 8.117 8.116
100-04+ 8.116 8.119 8.118 8.115 8.114 8.113
100-05 8.114 8.117 8.116 8.113 8.112 8.111
100-05+ 8.112 8.115 8.114 8.111 8.110 8.109
100-06 8.110 8.113 8.112 8.109 8.108 8.107
100-06+ 8.108 8.111 8.110 8.107 8.106 8.104
100-07 8.106 8.109 8.108 8.105 8.104 8.102
100-07+ 8.104 8.107 8.106 8.103 8.101 8.100
First Payment 12.111 13.444 12.778 11.528 10.944 9.944
Average Life 12.111 13.444 12.778 11.528 11.109 10.632
Last Payment 12.111 13.444 12.778 11.528 11.111 10.694
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $9,520,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $9,520,000.00 BOND IM1 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 8.477 8.476 8.477 8.477 8.478 8.478
99-24+ 8.474 8.474 8.474 8.475 8.475 8.475
99-25 8.472 8.471 8.471 8.472 8.472 8.473
99-25+ 8.469 8.469 8.469 8.469 8.470 8.470
99-26 8.466 8.466 8.466 8.467 8.467 8.467
99-26+ 8.464 8.464 8.464 8.464 8.464 8.464
99-27 8.461 8.461 8.461 8.461 8.461 8.461
99-27+ 8.459 8.459 8.459 8.459 8.459 8.459
99-28 8.456 8.456 8.456 8.456 8.456 8.456
99-28+ 8.453 8.454 8.453 8.453 8.453 8.453
99-29 8.451 8.451 8.451 8.450 8.450 8.450
99-29+ 8.448 8.449 8.448 8.448 8.448 8.447
99-30 8.445 8.446 8.446 8.445 8.445 8.445
99-30+ 8.443 8.444 8.443 8.442 8.442 8.442
99-31 8.440 8.441 8.441 8.440 8.439 8.439
99-31+ 8.437 8.439 8.438 8.437 8.437 8.436
100-00 8.435 8.436 8.435 8.434 8.434 8.433
100-00+ 8.432 8.433 8.433 8.432 8.431 8.431
100-01 8.430 8.431 8.430 8.429 8.428 8.428
100-01+ 8.427 8.428 8.428 8.426 8.426 8.425
100-02 8.424 8.426 8.425 8.424 8.423 8.422
100-02+ 8.422 8.423 8.423 8.421 8.420 8.419
100-03 8.419 8.421 8.420 8.418 8.417 8.417
100-03+ 8.416 8.418 8.417 8.416 8.415 8.414
100-04 8.414 8.416 8.415 8.413 8.412 8.411
100-04+ 8.411 8.413 8.412 8.410 8.409 8.408
100-05 8.409 8.411 8.410 8.407 8.406 8.406
100-05+ 8.406 8.409 8.407 8.405 8.404 8.403
100-06 8.403 8.406 8.405 8.402 8.401 8.400
100-06+ 8.401 8.404 8.402 8.399 8.398 8.397
100-07 8.398 8.401 8.400 8.397 8.396 8.394
100-07+ 8.395 8.399 8.397 8.394 8.393 8.392
First Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average Life 8.873 9.631 9.235 8.558 8.306 8.073
Last Payment 12.111 13.444 12.778 11.528 11.111 10.694
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $9,520,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $9,520,000.00 BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
95-12 9.554 9.525 9.540 9.566 9.576 9.586
95-12+ 9.550 9.521 9.537 9.562 9.573 9.582
95-13 9.547 9.518 9.533 9.559 9.569 9.578
95-13+ 9.543 9.514 9.530 9.555 9.565 9.575
95-14 9.540 9.511 9.526 9.551 9.562 9.571
95-14+ 9.536 9.507 9.523 9.548 9.558 9.567
95-15 9.532 9.504 9.519 9.544 9.554 9.563
95-15+ 9.529 9.500 9.516 9.540 9.551 9.560
95-16 9.525 9.497 9.512 9.537 9.547 9.556
95-16+ 9.521 9.493 9.508 9.533 9.543 9.552
95-17 9.518 9.490 9.505 9.529 9.540 9.549
95-17+ 9.514 9.486 9.501 9.526 9.536 9.545
95-18 9.511 9.483 9.498 9.522 9.532 9.541
95-18+ 9.507 9.479 9.494 9.518 9.528 9.537
95-19 9.503 9.476 9.491 9.515 9.525 9.534
95-19+ 9.500 9.472 9.487 9.511 9.521 9.530
95-20 9.496 9.469 9.484 9.507 9.517 9.526
95-20+ 9.493 9.465 9.480 9.504 9.514 9.523
95-21 9.489 9.462 9.476 9.500 9.510 9.519
95-21+ 9.486 9.458 9.473 9.497 9.506 9.515
95-22 9.482 9.455 9.469 9.493 9.503 9.511
95-22+ 9.478 9.452 9.466 9.489 9.499 9.508
95-23 9.475 9.448 9.462 9.486 9.495 9.504
95-23+ 9.471 9.445 9.459 9.482 9.492 9.500
95-24 9.468 9.441 9.455 9.478 9.488 9.497
95-24+ 9.464 9.438 9.452 9.475 9.484 9.493
95-25 9.460 9.434 9.448 9.471 9.481 9.489
95-25+ 9.457 9.431 9.445 9.468 9.477 9.486
95-26 9.453 9.427 9.441 9.464 9.473 9.482
95-26+ 9.450 9.424 9.437 9.460 9.470 9.478
95-27 9.446 9.420 9.434 9.457 9.466 9.474
95-27+ 9.442 9.417 9.430 9.453 9.462 9.471
First Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average Life 6.112 6.362 6.226 6.016 5.933 5.861
Last Payment 7.444 7.944 7.611 7.194 7.028 6.861
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $16,660,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $16,660,000.00 BOND IB2 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
<S> <C> <C> <C> <C> <C> <C>
90-21 10.026 9.946 9.986 10.065 10.099 10.133
90-21+ 10.024 9.943 9.983 10.062 10.096 10.130
90-22 10.021 9.941 9.981 10.059 10.093 10.127
90-22+ 10.018 9.938 9.978 10.057 10.090 10.124
90-23 10.015 9.936 9.975 10.054 10.088 10.121
90-23+ 10.013 9.933 9.973 10.051 10.085 10.118
90-24 10.010 9.931 9.970 10.048 10.082 10.115
90-24+ 10.007 9.928 9.968 10.046 10.079 10.112
90-25 10.005 9.926 9.965 10.043 10.076 10.110
90-25+ 10.002 9.923 9.962 10.040 10.073 10.107
90-26 9.999 9.921 9.960 10.037 10.071 10.104
90-26+ 9.997 9.918 9.957 10.035 10.068 10.101
90-27 9.994 9.916 9.955 10.032 10.065 10.098
90-27+ 9.991 9.913 9.952 10.029 10.062 10.095
90-28 9.989 9.910 9.949 10.026 10.059 10.092
90-28+ 9.986 9.908 9.947 10.024 10.057 10.090
90-29 9.983 9.905 9.944 10.021 10.054 10.087
90-29+ 9.981 9.903 9.941 10.018 10.051 10.084
90-30 9.978 9.900 9.939 10.016 10.048 10.081
90-30+ 9.975 9.898 9.936 10.013 10.045 10.078
90-31 9.973 9.895 9.934 10.010 10.043 10.075
90-31+ 9.970 9.893 9.931 10.007 10.040 10.072
91-00 9.967 9.890 9.928 10.005 10.037 10.070
91-00+ 9.965 9.888 9.926 10.002 10.034 10.067
91-01 9.962 9.885 9.923 9.999 10.031 10.064
91-01+ 9.959 9.883 9.921 9.996 10.029 10.061
91-02 9.957 9.880 9.918 9.994 10.026 10.058
91-02+ 9.954 9.878 9.916 9.991 10.023 10.055
91-03 9.951 9.875 9.913 9.988 10.020 10.052
91-03+ 9.949 9.873 9.910 9.985 10.017 10.050
91-04 9.946 9.870 9.908 9.983 10.015 10.047
91-04+ 9.943 9.868 9.905 9.980 10.012 10.044
First Payment 7.444 7.944 7.611 7.194 7.028 6.861
Average Life 10.450 11.500 10.954 10.011 9.662 9.336
Last Payment 12.111 13.444 12.778 11.528 11.111 10.694
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $110,240,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $110,240,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 48.007 46.873 47.412 48.676 49.431 50.328
99-24+ 47.505 46.442 46.948 48.133 48.840 49.681
99-25 47.004 46.012 46.483 47.590 48.250 49.034
99-25+ 46.502 45.582 46.019 47.046 47.659 48.388
99-26 46.001 45.152 45.556 46.503 47.069 47.741
99-26+ 45.500 44.722 45.092 45.960 46.479 47.095
99-27 44.999 44.292 44.628 45.418 45.889 46.449
99-27+ 44.499 43.862 44.165 44.875 45.299 45.803
99-28 43.998 43.432 43.701 44.333 44.710 45.158
99-28+ 43.498 43.003 43.238 43.791 44.120 44.512
99-29 42.998 42.574 42.775 43.249 43.531 43.867
99-29+ 42.498 42.144 42.312 42.707 42.942 43.222
99-30 41.998 41.715 41.850 42.165 42.353 42.577
99-30+ 41.498 41.286 41.387 41.624 41.765 41.933
99-31 40.999 40.857 40.925 41.082 41.176 41.288
99-31+ 40.499 40.429 40.462 40.541 40.588 40.644
100-00 40.000 40.000 40.000 40.000 40.000 40.000
100-00+ 39.501 39.572 39.538 39.459 39.412 39.356
100-01 39.002 39.143 39.076 38.918 38.824 38.713
100-01+ 38.503 38.715 38.614 38.378 38.237 38.069
100-02 38.004 38.287 38.153 37.838 37.650 37.426
100-02+ 37.506 37.859 37.691 37.297 37.062 36.783
100-03 37.008 37.431 37.230 36.757 36.475 36.140
100-03+ 36.509 37.003 36.768 36.217 35.889 35.497
100-04 36.011 36.576 36.307 35.678 35.302 34.855
100-04+ 35.513 36.148 35.846 35.138 34.716 34.213
100-05 35.016 35.721 35.386 34.599 34.129 33.571
100-05+ 34.518 35.294 34.925 34.060 33.543 32.929
100-06 34.021 34.867 34.464 33.521 32.957 32.287
100-06+ 33.523 34.440 34.004 32.982 32.372 31.646
100-07 33.026 34.013 33.544 32.443 31.786 31.004
100-07+ 32.529 33.586 33.084 31.905 31.201 30.363
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 3.718 4.437 4.064 3.387 3.076 2.763
Last Payment 12.111 12.861 12.444 11.778 11.611 11.361
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $15,543,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $15,543,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 70.021 69.822 69.987 69.993 69.960 69.923
99-24+ 69.707 69.520 69.675 69.680 69.650 69.615
99-25 69.392 69.219 69.363 69.368 69.339 69.307
99-25+ 69.078 68.917 69.051 69.055 69.029 68.999
99-26 68.764 68.615 68.739 68.743 68.719 68.691
99-26+ 68.450 68.314 68.427 68.431 68.409 68.383
99-27 68.136 68.012 68.115 68.119 68.098 68.075
99-27+ 67.822 67.711 67.803 67.807 67.788 67.767
99-28 67.509 67.409 67.492 67.495 67.478 67.460
99-28+ 67.195 67.108 67.180 67.182 67.168 67.152
99-29 66.881 66.807 66.868 66.871 66.858 66.844
99-29+ 66.567 66.505 66.557 66.559 66.549 66.537
99-30 66.254 66.204 66.245 66.247 66.239 66.229
99-30+ 65.940 65.903 65.934 65.935 65.929 65.922
99-31 65.627 65.602 65.623 65.623 65.619 65.615
99-31+ 65.313 65.301 65.311 65.312 65.310 65.307
100-00 65.000 65.000 65.000 65.000 65.000 65.000
100-00+ 64.687 64.699 64.689 64.688 64.690 64.693
100-01 64.373 64.398 64.378 64.377 64.381 64.386
100-01+ 64.060 64.097 64.067 64.065 64.072 64.079
100-02 63.747 63.797 63.756 63.754 63.762 63.771
100-02+ 63.434 63.496 63.445 63.443 63.453 63.465
100-03 63.121 63.195 63.134 63.131 63.144 63.158
100-03+ 62.808 62.895 62.823 62.820 62.834 62.851
100-04 62.495 62.594 62.512 62.509 62.525 62.544
100-04+ 62.182 62.294 62.201 62.198 62.216 62.237
100-05 61.869 61.993 61.891 61.887 61.907 61.930
100-05+ 61.556 61.693 61.580 61.576 61.598 61.624
100-06 61.244 61.393 61.269 61.265 61.289 61.317
100-06+ 60.931 61.092 60.959 60.954 60.980 61.011
100-07 60.618 60.792 60.648 60.643 60.671 60.704
100-07+ 60.306 60.492 60.338 60.332 60.363 60.398
First Payment 5.028 5.028 5.028 5.111 5.111 5.111
Average Life 5.845 6.153 5.897 5.885 5.931 5.986
Last Payment 6.694 8.028 7.278 6.778 6.861 6.944
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $8,675,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $8,675,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 304.238 303.783 304.005 304.412 304.450 304.387
99-24+ 303.972 303.547 303.754 304.136 304.172 304.113
99-25 303.707 303.310 303.504 303.860 303.893 303.838
99-25+ 303.442 303.073 303.253 303.584 303.615 303.564
99-26 303.177 302.836 303.003 303.308 303.336 303.289
99-26+ 302.912 302.600 302.752 303.032 303.058 303.015
99-27 302.647 302.363 302.502 302.756 302.780 302.740
99-27+ 302.382 302.127 302.251 302.480 302.502 302.466
99-28 302.117 301.890 302.001 302.204 302.223 302.192
99-28+ 301.852 301.654 301.751 301.929 301.945 301.918
99-29 301.588 301.417 301.500 301.653 301.667 301.644
99-29+ 301.323 301.181 301.250 301.377 301.389 301.370
99-30 301.058 300.945 301.000 301.102 301.111 301.096
99-30+ 300.794 300.708 300.750 300.826 300.833 300.822
99-31 300.529 300.472 300.500 300.551 300.556 300.548
99-31+ 300.264 300.236 300.250 300.275 300.278 300.274
100-00 300.000 300.000 300.000 300.000 300.000 300.000
100-00+ 299.736 299.764 299.750 299.725 299.722 299.726
100-01 299.471 299.528 299.500 299.449 299.445 299.453
100-01+ 299.207 299.292 299.250 299.174 299.167 299.179
100-02 298.943 299.056 299.001 298.899 298.890 298.905
100-02+ 298.678 298.820 298.751 298.624 298.612 298.632
100-03 298.414 298.584 298.501 298.349 298.335 298.358
100-03+ 298.150 298.349 298.252 298.074 298.057 298.085
100-04 297.886 298.113 298.002 297.799 297.780 297.811
100-04+ 297.622 297.877 297.753 297.524 297.503 297.538
100-05 297.358 297.642 297.503 297.249 297.226 297.265
100-05+ 297.094 297.406 297.254 296.974 296.948 296.992
100-06 296.830 297.170 297.005 296.700 296.671 296.718
100-06+ 296.567 296.935 296.755 296.425 296.394 296.445
100-07 296.303 296.699 296.506 296.150 296.117 296.172
100-07+ 296.039 296.464 296.257 295.876 295.840 295.899
First Payment 6.694 8.028 7.278 6.778 6.861 6.944
Average Life 8.053 9.519 8.740 7.595 7.496 7.647
Last Payment 9.611 11.278 10.444 8.944 8.361 8.444
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $10,121,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $10,121,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
<S> <C> <C> <C> <C> <C> <C>
99-24 343.422 343.248 343.333 343.522 343.618 343.704
99-24+ 343.208 343.045 343.124 343.301 343.392 343.472
99-25 342.994 342.841 342.916 343.081 343.166 343.240
99-25+ 342.779 342.638 342.707 342.860 342.939 343.008
99-26 342.565 342.435 342.499 342.640 342.713 342.777
99-26+ 342.351 342.232 342.290 342.420 342.486 342.545
99-27 342.137 342.029 342.082 342.200 342.260 342.313
99-27+ 341.923 341.826 341.873 341.980 342.034 342.082
99-28 341.710 341.623 341.665 341.759 341.808 341.850
99-28+ 341.496 341.420 341.457 341.539 341.582 341.619
99-29 341.282 341.217 341.248 341.319 341.356 341.388
99-29+ 341.068 341.014 341.040 341.099 341.129 341.156
99-30 340.854 340.811 340.832 340.879 340.903 340.925
99-30+ 340.641 340.608 340.624 340.659 340.678 340.694
99-31 340.427 340.405 340.416 340.440 340.452 340.462
99-31+ 340.214 340.203 340.208 340.220 340.226 340.231
100-00 340.000 340.000 340.000 340.000 340.000 340.000
100-00+ 339.787 339.797 339.792 339.780 339.774 339.769
100-01 339.573 339.595 339.584 339.561 339.549 339.538
100-01+ 339.360 339.392 339.376 339.341 339.323 339.307
100-02 339.146 339.190 339.169 339.121 339.097 339.076
100-02+ 338.933 338.987 338.961 338.902 338.872 338.845
100-03 338.720 338.785 338.753 338.682 338.646 338.614
100-03+ 338.507 338.583 338.545 338.463 338.421 338.383
100-04 338.293 338.380 338.338 338.244 338.195 338.153
100-04+ 338.080 338.178 338.130 338.024 337.970 337.922
100-05 337.867 337.976 337.923 337.805 337.745 337.691
100-05+ 337.654 337.774 337.715 337.586 337.519 337.461
100-06 337.441 337.571 337.508 337.366 337.294 337.230
100-06+ 337.228 337.369 337.300 337.147 337.069 337.000
100-07 337.015 337.167 337.093 336.928 336.844 336.769
100-07+ 336.802 336.965 336.886 336.709 336.618 336.539
First Payment 9.611 11.278 10.444 8.944 8.361 8.444
Average Life 11.519 12.617 12.050 10.982 10.517 10.124
Last Payment 12.111 12.861 12.444 11.778 11.611 11.361
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
- --------------------------------------------------------------------------------
- Vanderbilt 1999C
- Cut Off Date of Tape is 7/26/99
- Fixed-rate
- $237,999,859.76
- --------------------------------------------------------------------------------
Number of Loans: 6,027
Aggregate Unpaid Principal Balance: $237,999,859.76
Aggregate Original Principal Balance: $240,016,333.05
Weighted Average Gross Coupon: 9.800%
Gross Coupon Range: 5.990% - 25.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $39,488.94
Average Original Principal Balance: $39,823.52
Maximum Unpaid Principal Balance: $241,761.21
Minimum Unpaid Principal Balance: $1,802.06
Maximum Original Principal Balance: $243,000.00
Minimum Original Principal Balance: $2,376.25
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 262.065
Stated Rem Term Range: 13.000 - 360.000
Weighted Average Age : 4.683
Age Range: 0.000 - 117.000
Weighted Average Original Term: 266.748
Original Term Range: 18.000 - 360.000
Weighted Average Original LTV: 85.267
Original LTV Range: 2.713% - 100.000%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 28115 12 loans $1,155,667.87 0.49%
New 72.31% $172,096,028
Used 27.69% $65,903,832
Multi-section 57.55% $136,980,359
Single-section 36.98% $88,012,516
Site Built 5.47% $13,006,985
Not Parked 56.94 $135,507,871
Parked 28.61 $68,086,759
Site Built 5.47 $13,006,985
Not available (21st Cent) 8.99 $21,398,245
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
Geographical Distribution of Manufactured Homes as of
Origination - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 79 2,363,067 0.99
Arkansas 72 2,970,811 1.25
Arizona 171 7,959,521 3.34
California 26 1,652,823 0.69
Colorado 126 5,145,761 2.16
Connecticut 1 43,503 0.02
Delaware 28 1,150,640 0.48
Florida 259 10,421,376 4.38
Georgia 120 4,863,272 2.04
Iowa 83 3,237,581 1.36
Idaho 11 301,175 0.13
Illinois 69 2,700,200 1.13
Indiana 117 3,197,963 1.34
Kansas 29 1,174,293 0.49
Kentucky 139 4,748,523 2.00
Louisiana 182 6,706,361 2.82
Massachusetts 4 198,848 0.08
Maryland 26 1,226,343 0.52
Maine 6 525,611 0.22
Michigan 220 7,361,448 3.09
Minnesota 69 2,435,838 1.02
Missouri 195 7,644,281 3.21
Mississippi 37 1,203,761 0.51
Montana 7 503,568 0.21
North Carolina 667 29,514,217 12.40
North Dakota 3 212,587 0.09
New Jersey 10 715,930 0.30
New Mexico 100 5,469,393 2.30
Nevada 7 685,200 0.29
New York 65 3,947,507 1.66
Ohio 161 6,651,361 2.79
Oklahoma 35 1,248,914 0.52
Oregon 37 2,384,070 1.00
Pennsylvania 55 2,258,974 0.95
South Carolina 422 17,206,063 7.23
South Dakota 6 628,404 0.26
Tennessee 572 20,621,360 8.66
Texas 1035 38,367,440 16.12
Utah 5 454,606 0.19
Virginia 302 12,314,974 5.17
Washington 4 291,340 0.12
Wisconsin 440 13,735,519 5.77
West Virginia 23 1,426,039 0.60
Wyoming 2 129,396 0.05
- --------------------------------------------------------------------------
Total............... 6027 $ 237,999,860 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
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
1989 1 10,255 0.00
1990 2 32,446 0.01
1991 5 80,606 0.03
1992 10 155,742 0.07
1993 17 292,375 0.12
1994 3 87,348 0.04
1995 8 230,252 0.10
1996 47 1,435,861 0.60
1997 46 1,550,517 0.65
1998 1517 86,848,450 36.49
1999 4371 147,276,008 61.88
- --------------------------------------------------------------------------
Total................. 6027 $237,999,860 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
$ 0.01 <= Balance <= $ 5,000.00 7 24,043 0.01
$ 5,000.01 <= Balance <= $ 10,000.00 137 1,081,386 0.45
$ 10,000.01 <= Balance <= $ 15,000.00 382 4,750,587 2.00
$ 15,000.01 <= Balance <= $ 20,000.00 549 9,472,179 3.98
$ 20,000.01 <= Balance <= $ 25,000.00 700 15,585,022 6.55
$ 25,000.01 <= Balance <= $ 30,000.00 747 20,327,372 8.54
$ 30,000.01 <= Balance <= $ 35,000.00 710 22,889,029 9.62
$ 35,000.01 <= Balance <= $ 40,000.00 548 20,304,358 8.53
$ 40,000.01 <= Balance <= $ 45,000.00 439 18,599,157 7.81
$ 45,000.01 <= Balance <= $ 50,000.00 378 17,798,974 7.48
$ 50,000.01 <= Balance <= $ 55,000.00 278 14,486,841 6.09
$ 55,000.01 <= Balance <= $ 60,000.00 213 12,142,255 5.10
$ 60,000.01 <= Balance <= $ 65,000.00 160 9,927,632 4.17
$ 65,000.01 <= Balance <= $ 70,000.00 121 8,099,824 3.40
$ 70,000.01 <= Balance <= $ 75,000.00 121 8,696,309 3.65
$ 75,000.01 <= Balance <= $ 80,000.00 90 6,917,468 2.91
$ 80,000.01 <= Balance <= $ 85,000.00 72 5,874,767 2.47
$ 85,000.01 <= Balance <= $ 90,000.00 71 6,156,854 2.59
$ 90,000.01 <= Balance <= $ 95,000.00 46 4,228,862 1.78
$ 95,000.01 <= Balance <= $100,000.00 55 5,324,374 2.24
$100,000.01 <= Balance <= $105,000.00 35 3,548,437 1.49
$105,000.01 <= Balance <= $110,000.00 35 3,739,309 1.57
$110,000.01 <= Balance <= $115,000.00 26 2,909,100 1.22
$115,000.01 <= Balance <= $120,000.00 32 3,735,341 1.57
$120,000.01 <= Balance <= $125,000.00 12 1,463,223 0.61
$125,000.01 <= Balance <= $130,000.00 15 1,889,558 0.79
$130,000.01 <= Balance <= $135,000.00 4 526,113 0.22
$135,000.01 <= Balance <= $140,000.00 6 820,019 0.34
$140,000.01 <= Balance <= $145,000.00 4 565,486 0.24
$145,000.01 <= Balance <= $150,000.00 2 294,482 0.12
$150,000.01 <= Balance <= $155,000.00 6 907,750 0.38
$155,000.01 <= Balance <= $160,000.00 4 630,145 0.26
$160,000.01 <= Balance <= $165,000.00 1 161,218 0.07
$165,000.01 <= Balance <= $170,000.00 2 332,602 0.14
Balance > $170,000.00 19 3,789,785 1.59
- --------------------------------------------------------------------------------------
Total.................... 6027 $237,999,860 100.00%
======================================================================================
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
Less than 61.000% 322 8,034,159 3.38
From 61.000% to 65.999% 194 6,327,308 2.66
From 66.000% to 70.999% 272 10,488,780 4.41
From 71.000% to 75.999% 368 14,428,707 6.06
From 76.000% to 80.999% 609 27,312,673 11.48
From 81.000% to 85.999% 878 37,571,619 15.79
From 86.000% to 90.999% 1695 63,181,201 26.55
From 91.000% to 100.000% 1689 70,655,414 29.69
- --------------------------------------------------------------------------
Total.................... 6027 $237,999,860 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
Cut-off Date Contract Rate - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
Gross Coupon < 6.000% 1 115,191 0.05
6.000% < Gross Coupon <= 7.000% 449 39,684,090 16.67
7.000% < Gross Coupon <= 8.000% 52 3,121,006 1.31
8.000% < Gross Coupon <= 9.000% 317 16,069,016 6.75
9.000% < Gross Coupon <= 10.000% 1823 78,390,437 32.94
10.000% < Gross Coupon <= 11.000% 1633 56,159,704 23.60
11.000% < Gross Coupon <= 12.000% 700 20,303,729 8.53
12.000% < Gross Coupon <= 13.000% 617 15,293,201 6.43
13.000% < Gross Coupon <= 14.000% 242 5,269,133 2.21
14.000% < Gross Coupon <= 15.000% 110 2,280,145 0.96
15.000% < Gross Coupon <= 16.000% 45 730,252 0.31
16.000% < Gross Coupon <= 17.000% 12 227,686 0.10
17.000% < Gross Coupon <= 18.000% 22 332,007 0.14
18.000% < Gross Coupon <= 19.000% 2 18,410 0.01
20.000% < Gross Coupon <= 21.000% 1 4,050 0.00
24.000% < Gross Coupon <= 25.000% 1 1,802 0.00
- ----------------------------------------------------------------------------
Total.......... 6027 $237,999,860 100.00%
============================================================================
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
12 < Rem Term <= 72 265 3,252,943 1.37%
72 < Rem Term <= 84 167 2,518,666 1.06%
84 < Rem Term <= 120 645 12,844,427 5.40%
120 < Rem Term <= 156 529 13,423,545 5.64%
156 < Rem Term <= 180 903 25,946,084 10.90%
180 < Rem Term <= 240 1,526 56,331,019 23.67%
240 < Rem Term <= 300 655 30,685,544 12.89%
300 < Rem Term <= 360 1,337 92,997,633 39.07%
- -------------------------------------------------------------------
Total............ 6,027 237,999,860 100.00%
===================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
Distribution of Model Years - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
<S> <C> <C> <C>
1964 1 28,330 0.01
1966 1 7,801 0.00
1967 3 21,528 0.01
1968 3 41,149 0.02
1969 4 83,870 0.04
1970 9 90,370 0.04
1971 7 75,362 0.03
1972 19 242,696 0.10
1973 19 199,692 0.08
1974 14 159,501 0.07
1975 11 142,358 0.06
1976 18 276,405 0.12
1977 17 298,185 0.13
1978 29 466,125 0.20
1979 19 305,735 0.13
1980 30 685,298 0.29
1981 37 673,570 0.28
1982 39 585,844 0.25
1983 51 864,578 0.36
1984 90 1,623,364 0.68
1985 84 1,610,325 0.68
1986 69 1,226,829 0.52
1987 80 1,651,346 0.69
1988 99 2,074,684 0.87
1989 86 1,972,920 0.83
1990 105 2,384,401 1.00
1991 116 2,591,808 1.09
1992 145 3,772,515 1.59
1993 188 5,059,378 2.13
1994 229 6,340,029 2.66
1995 407 12,310,930 5.17
1996 497 16,686,035 7.01
1997 672 30,837,701 12.96
1998 1227 65,475,591 27.51
1999 1430 69,555,610 29.23
2000 172 7,577,997 3.18
- -----------------------------------------------------------------
Total........ 6027 $237,999,860 100.00%
=================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
- Vanderbilt 1999C
- Cut Off Date of Tape is 7/26/99
- Adjustable-rate
- $144,579,545.37
- --------------------------------------------------------------------------------
<S> <C> <C>
Number of Loans: 3,762
Index: 5 Yr. CMT, 1 Yr. CMT
Aggregate Unpaid Principal Balance: $144,579,545.37
Aggregate Original Principal Balance: $144,994,656.84
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.380%
Gross Coupon Range: 7.990% - 24.990%
Weighted Average Margin (Gross): 5.260%
Gross Margin Range: 1.580% - 19.550%
Weighted Average Life Cap (Gross): 16.184% *Excludes 1 capless loan
Gross Life Cap Range: 12.990% - 30.990%
Weighted Average Life Floor (Gross): 5.260%
Gross Life Floor Range: 1.580% - 19.550%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $38,431.56
Average Original Principal Balance: $38,541.91
Maximum Unpaid Principal Balance: $124,322.90
Minimum Unpaid Principal Balance: $5,400.75
Maximum Original Principal Balance: $124,462.55
Minimum Original Principal Balance: $5,400.75
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 229.166
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.617
Age Range: 0.000 - 26.000
Weighted Average Original Term: 229.783
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 85.586
Original LTV Range: 16.322% - 100.000%
Weighted Average Periodic Interest Cap: 1.595% *Excludes 1 capless loan
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.357
Months to Interest Roll Range: 0 - 13
Weighted Average Interest Roll Frequency: 12.000
Interest Frequency Range: 12 - 12
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 76208 29 loans $1,042,347.68 0.72%
New 77.17% $111,571,125
Used 22.83% $33,008,420
Multi-section 54.75% $79,155,276
Single-section 45.25% $65,424,270
Not Parked 69.62 $100,657,728
Parked 30.38 $43,921,817
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
Geographical Distribution of Manufactured Homes as of Origination -
Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
Alabama 48 1,650,990 1.14
Arkansas 29 1,046,708 0.72
Arizona 15 626,834 0.43
California 1 62,621 0.04
Colorado 15 692,707 0.48
Connecticut 2 70,601 0.05
Delaware 6 331,144 0.23
Florida 173 6,100,506 4.22
Georgia 72 2,768,812 1.92
Iowa 2 42,312 0.03
Illinois 1 30,156 0.02
Indiana 30 1,138,075 0.79
Kansas 4 141,606 0.10
Kentucky 326 11,565,084 8.00
Louisiana 148 5,431,435 3.76
Maryland 12 428,605 0.30
Michigan 6 237,911 0.16
Missouri 28 1,062,002 0.73
Mississippi 50 1,636,151 1.13
North Carolina 672 29,793,633 20.61
New Jersey 1 60,188 0.04
New Mexico 21 821,332 0.57
New York 5 229,284 0.16
Ohio 27 1,063,770 0.74
Oklahoma 27 909,672 0.63
Pennsylvania 7 256,804 0.18
South Carolina 402 16,863,501 11.66
Tennessee 685 25,049,301 17.33
Texas 644 22,088,173 15.28
Virginia 273 11,350,244 7.85
Wisconsin 2 44,983 0.03
West Virginia 28 984,399 0.68
- -----------------------------------------------------------------------------
Total............... 3762 $ 144,579,545 100.00%
=============================================================================
</TABLE>
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
1996 4 104,860 0.07
1997 22 637,240 0.44
1998 17 717,058 0.50
1999 3719 143,120,387 98.99
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
$ 5,000.01 <= Balance <= $ 10,000.00 48 388,402 0.27
$ 10,000.01 <= Balance <= $ 15,000.00 122 1,580,081 1.09
$ 15,000.01 <= Balance <= $ 20,000.00 201 3,540,460 2.45
$ 20,000.01 <= Balance <= $ 25,000.00 350 7,909,868 5.47
$ 25,000.01 <= Balance <= $ 30,000.00 540 14,854,096 10.27
$ 30,000.01 <= Balance <= $ 35,000.00 617 19,977,705 13.82
$ 35,000.01 <= Balance <= $ 40,000.00 484 17,983,692 12.44
$ 40,000.01 <= Balance <= $ 45,000.00 266 11,232,444 7.77
$ 45,000.01 <= Balance <= $ 50,000.00 295 14,001,107 9.68
$ 50,000.01 <= Balance <= $ 55,000.00 210 10,973,762 7.59
$ 55,000.01 <= Balance <= $ 60,000.00 192 10,962,161 7.58
$ 60,000.01 <= Balance <= $ 65,000.00 156 9,714,884 6.72
$ 65,000.01 <= Balance <= $ 70,000.00 95 6,378,448 4.41
$ 70,000.01 <= Balance <= $ 75,000.00 75 5,429,988 3.76
$ 75,000.01 <= Balance <= $ 80,000.00 32 2,485,000 1.72
$ 80,000.01 <= Balance <= $ 85,000.00 30 2,474,226 1.71
$ 85,000.01 <= Balance <= $ 90,000.00 13 1,138,673 0.79
$ 90,000.01 <= Balance <= $ 95,000.00 13 1,196,975 0.83
$ 95,000.01 <= Balance <= $100,000.00 12 1,170,280 0.81
$100,000.01 <= Balance <= $105,000.00 5 511,759 0.35
$105,000.01 <= Balance <= $110,000.00 3 318,703 0.22
$110,000.01 <= Balance <= $115,000.00 1 114,112 0.08
$115,000.01 <= Balance <= $120,000.00 1 118,397 0.08
$120,000.01 <= Balance <= $125,000.00 1 124,323 0.09
- --------------------------------------------------------------------------------------------
Total.................... 3762 $144,579,545 100.00%
============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Distribution of Original Loan-to-Value Ratios - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
Less than 61.000% 104 2,994,961 2.07
From 61.000% to 65.999% 89 3,216,179 2.22
From 66.000% to 70.999% 147 5,798,437 4.01
From 71.000% to 75.999% 252 10,320,780 7.14
From 76.000% to 80.999% 326 14,325,241 9.91
From 81.000% to 85.999% 531 20,602,435 14.25
From 86.000% to 90.999% 1299 49,925,090 34.53
From 91.000% to 100.000% 1014 37,396,423 25.87
- --------------------------------------------------------------------------
Total.................... 3762 $144,579,545 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
Cut-off Date Contract Rate - Group I Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
7.000% < Gross Coupon <= 8.000% 276 13,596,141 9.40
8.000% < Gross Coupon <= 9.000% 205 10,556,346 7.30
9.000% < Gross Coupon <= 10.000% 1153 47,478,990 32.84
10.000% < Gross Coupon <= 11.000% 575 22,411,724 15.50
11.000% < Gross Coupon <= 12.000% 1154 38,429,061 26.58
12.000% < Gross Coupon <= 13.000% 274 8,634,727 5.97
13.000% < Gross Coupon <= 14.000% 120 3,384,041 2.34
14.000% < Gross Coupon <= 15.000% 4 80,742 0.06
24.000% < Gross Coupon <= 25.000% 1 7,774 0.01
- ----------------------------------------------------------------------------
Total.......... 3762 $144,579,545 100.00%
============================================================================
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C>
12 < Rem Term <= 72 65 740,787 0.51%
72 < Rem Term <= 84 82 1,318,062 0.91%
84 < Rem Term <= 120 206 4,472,732 3.09%
120 < Rem Term <= 156 462 12,455,680 8.62%
156 < Rem Term <= 180 612 19,259,632 13.32%
180 < Rem Term <= 240 1,500 58,781,957 40.66%
240 < Rem Term <= 300 601 33,029,584 22.85%
300 < Rem Term <= 360 234 14,521,112 10.04%
- -------------------------------------------------------------------
Total............ 3,762 144,579,545 100.00%
===================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
Distribution of Lifetime Floor - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
<S> <C> <C> <C>
1.501 <= Life Floor <= 2.000 1 46,611 0.03
2.501 <= Life Floor <= 3.000 275 13,415,708 9.28
3.001 <= Life Floor <= 3.500 56 3,144,911 2.18
3.501 <= Life Floor <= 4.000 145 6,864,272 4.75
4.001 <= Life Floor <= 4.500 293 13,704,825 9.48
4.501 <= Life Floor <= 5.000 785 31,323,660 21.67
5.001 <= Life Floor <= 5.500 499 19,741,237 13.65
5.501 <= Life Floor <= 6.000 198 7,177,495 4.96
6.001 <= Life Floor <= 6.500 497 17,349,154 12.00
6.501 <= Life Floor <= 7.000 574 18,555,258 12.83
7.001 <= Life Floor <= 7.500 248 7,835,972 5.42
7.501 <= Life Floor <= 8.000 74 2,192,885 1.52
8.001 <= Life Floor <= 8.500 74 2,065,059 1.43
8.501 <= Life Floor <= 9.000 37 1,034,022 0.72
9.001 <= Life Floor <= 9.500 3 79,642 0.06
9.501 <= Life Floor <= 10.000 2 41,059 0.03
19.501 <= Life Floor <= 20.000 1 7,774 0.01
- ---------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
Capless 1 34,607 0.02
12.501 <=Life CAP <= 13.000 63 2,712,744 1.88
13.001 <=Life CAP <= 13.500 2 68,253 0.05
13.501 <=Life CAP <= 14.000 221 11,215,265 7.76
14.001 <=Life CAP <= 14.500 81 4,078,110 2.82
14.501 <=Life CAP <= 15.000 258 11,374,830 7.87
15.001 <=Life CAP <= 15.500 396 17,043,408 11.79
15.501 <=Life CAP <= 16.000 765 30,420,791 21.04
16.001 <=Life CAP <= 16.500 477 18,640,512 12.89
16.501 <=Life CAP <= 17.000 253 8,750,328 6.05
17.001 <=Life CAP <= 17.500 487 16,725,250 11.57
17.501 <=Life CAP <= 18.000 467 14,689,367 10.16
18.001 <=Life CAP <= 18.500 153 5,005,187 3.46
18.501 <=Life CAP <= 19.000 46 1,376,573 0.95
19.001 <=Life CAP <= 19.500 70 1,937,279 1.34
19.501 <=Life CAP <= 20.000 18 448,445 0.31
20.001 <=Life CAP <= 20.500 1 12,224 0.01
20.501 <=Life CAP <= 21.000 2 38,599 0.03
30.501 <=Life CAP <= 31.000 1 7,774 0.01
- -------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
=========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
Distribution of Gross Margin - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Gross Margin Loans Balance Balance
<S> <C> <C> <C>
1.501 <=Gross Margin <= 2.000 1 46,611 0.03
2.501 <=Gross Margin <= 3.000 275 13,415,708 9.28
3.001 <=Gross Margin <= 3.500 56 3,144,911 2.18
3.501 <=Gross Margin <= 4.000 145 6,864,272 4.75
4.001 <=Gross Margin <= 4.500 293 13,704,825 9.48
4.501 <=Gross Margin <= 5.000 785 31,323,660 21.67
5.001 <=Gross Margin <= 5.500 499 19,741,237 13.65
5.501 <=Gross Margin <= 6.000 198 7,177,495 4.96
6.001 <=Gross Margin <= 6.500 497 17,349,154 12.00
6.501 <=Gross Margin <= 7.000 574 18,555,258 12.83
7.001 <=Gross Margin <= 7.500 248 7,835,972 5.42
7.501 <=Gross Margin <= 8.000 74 2,192,885 1.52
8.001 <=Gross Margin <= 8.500 74 2,065,059 1.43
8.501 <=Gross Margin <= 9.000 37 1,034,022 0.72
9.001 <=Gross Margin <= 9.500 3 79,642 0.06
9.501 <=Gross Margin <= 10.000 2 41,059 0.03
19.501 <=Gross Margin <= 20.000 1 7,774 0.01
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
</TABLE>
Distribution of Next Interest Adjustment Date - Group II Contracts
<TABLE>
<CAPTION>
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
<S> <C> <C> <C>
08/01/99 1 $28,612 00.02
09/01/99 10 $321,033 00.22
10/01/99 1 $28,583 00.02
11/01/99 8 $312,289 00.22
12/01/99 6 $175,592 00.12
02/01/00 2 $86,532 00.06
03/01/00 10 $392,317 00.27
04/01/00 84 $3,467,629 02.40
05/01/00 724 $26,521,210 18.34
06/01/00 1150 $43,568,724 30.13
07/01/00 1270 $49,245,396 34.06
08/01/00 427 $17,334,950 11.99
09/01/00 69 $3,096,679 02.14
- -------------------------------------------------------------------------------
Total........ 3762 $144,579,545 100.00%
===============================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DSESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
Capless 1 34,607 0.02
1.000 1505 58,491,282 40.46
2.000 2256 86,053,656 59.52
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
Distribution of Rate Index - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Index Loans Balance Balance
<S> <C> <C> <C>
1 Year CMT 1 $34,607 .02
5 Year CMT 3,761 $144,544,938 99.98
- -----------------------------------------------------------------------
Total..... 3,762 $144,579,545 100.00%
=======================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
1970 1 7,750 0.01
1972 7 76,279 0.05
1973 3 38,697 0.03
1974 2 21,676 0.01
1975 3 51,349 0.04
1976 2 42,688 0.03
1977 3 23,786 0.02
1978 8 92,421 0.06
1979 7 95,465 0.07
1980 9 140,632 0.10
1981 12 183,346 0.13
1982 19 305,095 0.21
1983 23 399,907 0.28
1984 20 307,881 0.21
1985 32 507,661 0.35
1986 28 484,441 0.34
1987 20 345,387 0.24
1988 38 738,255 0.51
1989 19 389,662 0.27
1990 39 806,334 0.56
1991 33 637,715 0.44
1992 44 965,891 0.67
1993 52 1,403,795 0.97
1994 80 2,262,998 1.57
1995 153 4,809,211 3.33
1996 271 8,706,698 6.02
1997 174 5,946,237 4.11
1998 371 14,845,335 10.27
1999 1930 83,370,114 57.66
2000 359 16,572,839 11.46
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR
INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND
SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION
SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
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-C
- -----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [68,000,000] Class IA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD]
$ [46,000,000] Class IA-2 Fixed Rate Group Certificates - [TBD]
$ [43,000,000] Class IA-3 Fixed Rate Group Certificates - [TBD]
$ [32,209,000] Class IA-4 Fixed Rate Group Certificates - [TBD]
$ [13,090,000] Class IA-5 Fixed Rate Group Certificates - [TBD]
$ [9,520,000] Class IM-1 Fixed Rate Group Certificates - [TBD]
$ [9,520,000] Class IB-1 Fixed Rate Group Certificates - [TBD]
$ [16,660,000] Class IB-2 Fixed Rate Group Certificates - [TBD]
<TABLE>
<CAPTION>
GROUP II CERTIFICATES:
<S> <C> <C>
$ [110,240,000] Class IIA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 15,543,000] Class IIB-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 8,675,000] Class IIB-2 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 10,121,000] Class IIB-3 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
******************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Title of Securities: VMF 1999-C, Class IA-1, Class IA-2,
Class IA-3, Class IA-4, Class IA-5, 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-4 + IIA-1 (Aaa/AAA)[20.50]% [23.75]%
Class IA-5 + IIB-1 (Aa3/AA-)[15.00]% [13.00]%
Class IM-1 (A2/A) [11.00]% N/A
Class IB-1 + IIB-2 (Baa2/BBB) [ 7.00]% [7.00]%
Class IB-2 + IIB-3 (Baa2/BBB) [3.50]%
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-4 + IIA-1 (Aaa/AAA)[79.50]% [76.25]%
Class IA-5 + IIB-1 (Aa3/AA-)[ 5.50]% [10.75]%
Class IM-1 (A2/A) [ 4.00]% N/A
Class IB-1 + IIB-2 (Baa2/BBB) [ 4.00]% [ 6.00]%
Class 1B-2 + IIB-3 (Baa2/BBB) [ 7.00]% [ 7.00]%
O/C N/A [ 3.50]%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
**************************PRELIMINARY INFORMATION ONLY*************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
- -------------------------------------------------------------------------------------------------------------------------
Fixed-Rate Group
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I M-1 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Amount($000): [68,000,000 46,000,000 43,000,000 32,209,000 13,090,000 9,520,000 9,520,000 16,660,000]
Coupon: [-------------------------------------------TBD-----------------------------------------------]
Approx. Price: [-------------------------------------------TBD-----------------------------------------------]
Yield(%): [-------------------------------------------TBD-----------------------------------------------]
Spread (bps): [-------------------------------------------TBD-----------------------------------------------]
Avg Life
To Call: [1.107 3.066 5.296 9.584 12.111 8.873 6.112 10.450]
Avg Life
To Mat.: [1.107 3.066 5.296 9.639 15.545 9.558 6.112 13.407]
1st Prin Pymt:
To 10% Call: [09/07/1999 11/07/2001 09/07/2003 11/07/2006 10/07/2011 09/07/2004 09/07/2004 02/07/2007]
Last Prin Pmt
To 10% Call: [11/07/2001 09/07/2003 11/07/2006 10/07/2011 10/07/2011 10/07/2011 02/07/2007 10/07/2011]
Last Prin Pmt
To Mat.: [11/07/2001 09/07/2003 11/07/2006 11/07/2012 09/07/2018 09/07/2018 02/07/2007 11/07/2028]
Stated Mat: [11/07/2008 11/07/2013 01/07/2020 06/07/2026 10/07/2029 10/07/2029 04/07/2017 10/07/2029]
Expected
Settlement: [----------------------------------[08/27/99] ------------------------------------------]
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: [08/27/99] [------------------------------[08/01/99]-----------------------------------]
Ratings: [Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB]
(S&P/Fitch)
Pricing Date: [----------------------------------------------[TBD]------------------------------------]
</TABLE>
Prepayment Speed: 225% MHP
Total Group Size: [$237,999,859.76]
Class IA-1
Remittance 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 (if Vanderbilt is no longer the servicer).
Maximum Rate: Remittance rates on the Group I Certificates are subject to
a maximum rate equal to (a) the weighted average contract
rate of the Group I contracts less (b) if Vanderbilt is no
longer the servicer, the servicing fee of [1.25%].
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.
<PAGE>
************************* PRELIMINARY INFORMATION ONLY**************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS I M-1 AND CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-4;
2) Senior percentage of principal payments sequentially
to Classes I A-1, I A-2, I A-3, and I A-4 until such
class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-5 Certificates;
4) Senior percentage of principal payments to Class I
A-5 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 M-1 |
|///////////////////|----------------------------------- |
|///////////////////| I B-1 | I B-2 |
----------------------------------------------------------
5 yrs
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cashflow Priority:
CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-4 Certificates;
2) 100% of principal payments sequentially to Classes I
A-1, I A-2, I A-3, and I A-4 until such class is
reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-5 Certificates;
4) 100% of principal payments to Class I A-5 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 M-1 | I B-1 | I B-2 |
| | | | | | | | |
|-------|-------|-------|-------|-------|-------|-------|-------|
Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET IF:
1) Remittance Date is on or after September 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
[$4,759,997.20] (which represents approximately 2%
of the Total Original Group I Pool Principal
Balance).
<PAGE>
<TABLE>
<CAPTION>
************************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
- -----------------------------------------------------------------------------------------------------------------
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Amount(000): [110,240,000 15,543,000 8,675,000 10,121,000]
Coupon: [--------------------------TBD-----------------------------]
Approx. Price: [--------------------------TBD-----------------------------]
Avg Life
To Call: [3.718 5.845 8.053 11.519]
Avg Life
To Mat: [3.853 5.845 8.053 12.888]
1st Prin Pymt:
To 10% Call: [09/07/1999 09/07/2004 05/07/2006 04/07/2009]
Last Prin Pmt
To 10% Call: [10/07/2011 05/07/2006 04/07/2009 10/07/2011]
Last Prin Pmt
To Mat.: [03/07/2016 05/07/2006 04/07/2009 08/07/2017]
Stated Maturity: [10/07/2029 05/07/2016 07/07/2017 10/07/2029]
Expected Settlement: [------------------------08/27/99-----------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [08/27/99] [08/27/99] [08/27/99] [08/27/99]
Rating: (S&P/Fitch) [Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB]
Pricing Date: [------------------------TBD----------------------------]
</TABLE>
Prepayment Speed: 250% MHP
Total Group Size: [$144,579,545.37]
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-C
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates (subject to
the Net Funds Cap);
2) Senior percentage of principal payments to Class II
A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I Certificates
except the Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
12) Any remainder to the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
5 yrs
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class II
A-1 until such class is reduced to zero;
3) Current interest and any previously unreimburse
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until
such Class is reduced to zero;
7) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I Certificates
except the Net Funds Cap Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
9) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
10) Any remainder to the Class R Certificates.
-----------------------------------------------------------------
| | | | |
| | | | |
| II A-1 | II B-1| II B-2| II B-3|
| | | | |
|---------------------------------------|-------|-------|-------|
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after September 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 [$2,891,590.91] (which represents
approximately 2% of the Total Original Group II
Pool Principal Balance).
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-C
Preliminary Marketing Memo
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the aggregate remaining pool
balance of both Groups is less than 10% of 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 September, 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 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, and I A-4 Certificates
and the Class II A-1 will be ERISA eligible. The Class
I A-5, 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 [ $237,999,859.76 $144,579,545.37 ]
Avg Unpaid Balance: [ $39,488.94 $38,431.56 ]
Max Original Balance: [ $243,000.00 $124,462.55 ]
WAC: [ 9.800% 10.380% ]
Coupon Range: [ 5.990% - 25.000% 7.990% - 24.990% ]
WAM: [ 262.065 229.166 ]
WA Orig Term [ 266.748 229.783 ]
WALTV: [ 85.267% 85.586% ]
New [ 72.31% 77.17% ]
Used [ 27.69% 22.83% ]
Single [ 36.98% 45.25% ]
Multi [ 57.55% 54.75% ]
Site Built [ 5.47% 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
- -------------
09/99 9.630
10/99 9.630
11/99 9.630
12/99 9.630
01/00 9.630
02/00 9.630
03/00 9.630
04/00 9.662
05/00 9.662
06/00 9.816
07/00 10.043
08/00 10.288
09/00 10.367
10/00 10.378
11/00 10.378
12/00 10.378
01/01 10.378
02/01 10.378
03/01 10.378
04/01 10.378
05/01 10.378
06/01 10.378
07/01 10.378
08/01 10.378
09/01 10.378
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $68,000,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $68,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
</TABLE>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 48.224 44.267 46.245 50.205 52.191 54.194
99-24+ 46.770 43.061 44.915 48.627 50.489 52.366
99-25 45.317 41.855 43.586 47.049 48.787 50.539
99-25+ 43.863 40.649 42.256 45.472 47.085 48.712
99-26 42.410 39.444 40.927 43.895 45.384 46.885
99-26+ 40.958 38.239 39.598 42.319 43.683 45.059
99-27 39.505 37.034 38.269 40.742 41.983 43.234
99-27+ 38.053 35.829 36.941 39.167 40.283 41.408
99-28 36.602 34.625 35.613 37.591 38.583 39.584
99-28+ 35.150 33.421 34.286 36.016 36.884 37.759
99-29 33.699 32.217 32.958 34.441 35.185 35.935
99-29+ 32.249 31.014 31.631 32.867 33.487 34.112
99-30 30.798 29.810 30.304 31.293 31.789 32.288
99-30+ 29.348 28.607 28.978 29.719 30.091 30.466
99-31 27.899 27.405 27.652 28.146 28.394 28.643
99-31+ 26.449 26.202 26.326 26.573 26.697 26.822
100-00 25.000 25.000 25.000 25.000 25.000 25.000
100-00+ 23.551 23.798 23.675 23.428 23.304 23.179
100-01 22.103 22.596 22.350 21.856 21.608 21.358
100-01+ 20.655 21.395 21.025 20.284 19.913 19.538
100-02 19.207 20.194 19.700 18.713 18.218 17.718
100-02+ 17.759 18.993 18.376 17.142 16.523 15.899
100-03 16.312 17.793 17.052 15.571 14.829 14.080
100-03+ 14.865 16.592 15.729 14.001 13.135 12.261
100-04 13.419 15.392 14.406 12.431 11.441 10.443
100-04+ 11.973 14.192 13.083 10.862 9.748 8.625
100-05 10.527 12.993 11.760 9.293 8.055 6.808
100-05+ 9.081 11.794 10.438 7.724 6.363 4.991
100-06 7.636 10.595 9.115 6.156 4.671 3.174
100-06+ 6.191 9.396 7.794 4.587 2.979 1.358
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 1.107 1.346 1.215 1.017 0.940 0.873
Last Payment 2.194 2.694 2.444 2.028 1.861 1.778
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $46,000,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $46,000,000.00 BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 7.302 7.294 7.298 7.306 7.310 7.314
99-24+ 7.296 7.290 7.293 7.300 7.304 7.307
99-25 7.291 7.285 7.288 7.294 7.297 7.300
99-25+ 7.285 7.280 7.282 7.287 7.290 7.292
99-26 7.279 7.275 7.277 7.281 7.283 7.285
99-26+ 7.273 7.270 7.271 7.275 7.276 7.278
99-27 7.267 7.265 7.266 7.268 7.269 7.270
99-27+ 7.261 7.260 7.261 7.262 7.262 7.263
99-28 7.255 7.255 7.255 7.255 7.256 7.256
99-28+ 7.249 7.250 7.250 7.249 7.249 7.248
99-29 7.244 7.245 7.244 7.243 7.242 7.241
99-29+ 7.238 7.240 7.239 7.236 7.235 7.234
99-30 7.232 7.235 7.234 7.230 7.228 7.227
99-30+ 7.226 7.230 7.228 7.224 7.221 7.219
99-31 7.220 7.225 7.223 7.217 7.215 7.212
99-31+ 7.214 7.220 7.217 7.211 7.208 7.205
100-00 7.208 7.216 7.212 7.205 7.201 7.197
100-00+ 7.202 7.211 7.207 7.198 7.194 7.190
100-01 7.197 7.206 7.201 7.192 7.187 7.183
100-01+ 7.191 7.201 7.196 7.186 7.181 7.175
100-02 7.185 7.196 7.190 7.179 7.174 7.168
100-02+ 7.179 7.191 7.185 7.173 7.167 7.161
100-03 7.173 7.186 7.180 7.167 7.160 7.154
100-03+ 7.167 7.181 7.174 7.160 7.153 7.146
100-04 7.161 7.176 7.169 7.154 7.146 7.139
100-04+ 7.156 7.171 7.163 7.148 7.140 7.132
100-05 7.150 7.166 7.158 7.141 7.133 7.124
100-05+ 7.144 7.161 7.153 7.135 7.126 7.117
100-06 7.138 7.156 7.147 7.129 7.119 7.110
100-06+ 7.132 7.152 7.142 7.122 7.112 7.103
100-07 7.126 7.147 7.137 7.116 7.106 7.095
100-07+ 7.120 7.142 7.131 7.110 7.099 7.088
First Payment 2.194 2.694 2.444 2.028 1.861 1.778
Average Life 3.066 3.739 3.371 2.810 2.593 2.407
Last Payment 4.028 4.861 4.444 3.694 3.361 3.111
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $43,000,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $43,000,000.00 BOND IA3 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 7.587 7.582 7.584 7.590 7.593 7.595
99-24+ 7.583 7.579 7.581 7.586 7.588 7.590
99-25 7.580 7.576 7.578 7.582 7.584 7.586
99-25+ 7.576 7.573 7.574 7.578 7.579 7.581
99-26 7.572 7.570 7.571 7.574 7.575 7.576
99-26+ 7.569 7.567 7.568 7.570 7.571 7.572
99-27 7.565 7.564 7.564 7.566 7.566 7.567
99-27+ 7.561 7.560 7.561 7.562 7.562 7.562
99-28 7.557 7.557 7.557 7.557 7.557 7.557
99-28+ 7.554 7.554 7.554 7.553 7.553 7.553
99-29 7.550 7.551 7.551 7.549 7.549 7.548
99-29+ 7.546 7.548 7.547 7.545 7.544 7.543
99-30 7.543 7.545 7.544 7.541 7.540 7.539
99-30+ 7.539 7.542 7.541 7.537 7.536 7.534
99-31 7.535 7.539 7.537 7.533 7.531 7.529
99-31+ 7.531 7.536 7.534 7.529 7.527 7.525
100-00 7.528 7.533 7.530 7.525 7.522 7.520
100-00+ 7.524 7.530 7.527 7.521 7.518 7.515
100-01 7.520 7.527 7.524 7.517 7.514 7.511
100-01+ 7.517 7.524 7.520 7.513 7.509 7.506
100-02 7.513 7.521 7.517 7.509 7.505 7.501
100-02+ 7.509 7.518 7.514 7.505 7.501 7.497
100-03 7.506 7.515 7.510 7.501 7.496 7.492
100-03+ 7.502 7.512 7.507 7.497 7.492 7.487
100-04 7.498 7.509 7.504 7.493 7.488 7.483
100-04+ 7.494 7.506 7.500 7.489 7.483 7.478
100-05 7.491 7.503 7.497 7.485 7.479 7.473
100-05+ 7.487 7.499 7.493 7.481 7.474 7.469
100-06 7.483 7.496 7.490 7.477 7.470 7.464
100-06+ 7.480 7.493 7.487 7.473 7.466 7.459
100-07 7.476 7.490 7.483 7.469 7.461 7.455
100-07+ 7.472 7.487 7.480 7.465 7.457 7.450
First Payment 4.028 4.861 4.444 3.694 3.361 3.111
Average Life 5.296 6.774 5.960 4.758 4.329 3.994
Last Payment 7.194 9.111 8.111 6.361 5.611 4.944
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $32,209,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $32,209,000.00 BOND IA4 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 7.824 7.821 7.822 7.825 7.827 7.828
99-24+ 7.821 7.819 7.820 7.822 7.824 7.825
99-25 7.819 7.817 7.818 7.820 7.821 7.822
99-25+ 7.816 7.815 7.816 7.817 7.818 7.819
99-26 7.814 7.813 7.813 7.815 7.815 7.816
99-26+ 7.812 7.811 7.811 7.812 7.813 7.813
99-27 7.809 7.809 7.809 7.810 7.810 7.810
99-27+ 7.807 7.807 7.807 7.807 7.807 7.807
99-28 7.804 7.804 7.804 7.804 7.804 7.804
99-28+ 7.802 7.802 7.802 7.802 7.802 7.801
99-29 7.800 7.800 7.800 7.799 7.799 7.798
99-29+ 7.797 7.798 7.798 7.797 7.796 7.795
99-30 7.795 7.796 7.795 7.794 7.793 7.792
99-30+ 7.792 7.794 7.793 7.792 7.790 7.789
99-31 7.790 7.792 7.791 7.789 7.788 7.786
99-31+ 7.788 7.790 7.789 7.786 7.785 7.783
100-00 7.785 7.788 7.787 7.784 7.782 7.780
100-00+ 7.783 7.785 7.784 7.781 7.779 7.777
100-01 7.780 7.783 7.782 7.779 7.777 7.774
100-01+ 7.778 7.781 7.780 7.776 7.774 7.771
100-02 7.776 7.779 7.778 7.774 7.771 7.768
100-02+ 7.773 7.777 7.775 7.771 7.768 7.765
100-03 7.771 7.775 7.773 7.768 7.766 7.762
100-03+ 7.769 7.773 7.771 7.766 7.763 7.759
100-04 7.766 7.771 7.769 7.763 7.760 7.756
100-04+ 7.764 7.769 7.766 7.761 7.757 7.753
100-05 7.761 7.767 7.764 7.758 7.754 7.750
100-05+ 7.759 7.764 7.762 7.756 7.752 7.747
100-06 7.757 7.762 7.760 7.753 7.749 7.744
100-06+ 7.754 7.760 7.757 7.750 7.746 7.741
100-07 7.752 7.758 7.755 7.748 7.743 7.738
100-07+ 7.749 7.756 7.753 7.745 7.741 7.735
First Payment 7.194 9.111 8.111 6.361 5.611 4.944
Average Life 9.584 11.611 10.565 8.671 7.808 6.998
Last Payment 12.111 13.444 12.778 11.528 10.944 9.944
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $13,090,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $13,090,000.00 BOND IA5 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 8.169 8.168 8.168 8.169 8.169 8.170
99-24+ 8.167 8.166 8.166 8.167 8.167 8.168
99-25 8.164 8.164 8.164 8.165 8.165 8.165
99-25+ 8.162 8.162 8.162 8.163 8.163 8.163
99-26 8.160 8.160 8.160 8.160 8.161 8.161
99-26+ 8.158 8.158 8.158 8.158 8.158 8.159
99-27 8.156 8.156 8.156 8.156 8.156 8.156
99-27+ 8.154 8.154 8.154 8.154 8.154 8.154
99-28 8.152 8.152 8.152 8.152 8.152 8.152
99-28+ 8.150 8.150 8.150 8.150 8.150 8.150
99-29 8.148 8.148 8.148 8.148 8.147 8.147
99-29+ 8.146 8.146 8.146 8.145 8.145 8.145
99-30 8.144 8.144 8.144 8.143 8.143 8.143
99-30+ 8.141 8.142 8.142 8.141 8.141 8.141
99-31 8.139 8.140 8.140 8.139 8.139 8.138
99-31+ 8.137 8.138 8.138 8.137 8.136 8.136
100-00 8.135 8.136 8.136 8.135 8.134 8.134
100-00+ 8.133 8.134 8.134 8.133 8.132 8.131
100-01 8.131 8.132 8.132 8.130 8.130 8.129
100-01+ 8.129 8.130 8.130 8.128 8.128 8.127
100-02 8.127 8.128 8.128 8.126 8.125 8.125
100-02+ 8.125 8.126 8.126 8.124 8.123 8.122
100-03 8.123 8.124 8.124 8.122 8.121 8.120
100-03+ 8.121 8.123 8.122 8.120 8.119 8.118
100-04 8.119 8.121 8.120 8.118 8.117 8.116
100-04+ 8.116 8.119 8.118 8.115 8.114 8.113
100-05 8.114 8.117 8.116 8.113 8.112 8.111
100-05+ 8.112 8.115 8.114 8.111 8.110 8.109
100-06 8.110 8.113 8.112 8.109 8.108 8.107
100-06+ 8.108 8.111 8.110 8.107 8.106 8.104
100-07 8.106 8.109 8.108 8.105 8.104 8.102
100-07+ 8.104 8.107 8.106 8.103 8.101 8.100
First Payment 12.111 13.444 12.778 11.528 10.944 9.944
Average Life 12.111 13.444 12.778 11.528 11.109 10.632
Last Payment 12.111 13.444 12.778 11.528 11.111 10.694
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $9,520,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $9,520,000.00 BOND IM1 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 8.477 8.476 8.477 8.477 8.478 8.478
99-24+ 8.474 8.474 8.474 8.475 8.475 8.475
99-25 8.472 8.471 8.471 8.472 8.472 8.473
99-25+ 8.469 8.469 8.469 8.469 8.470 8.470
99-26 8.466 8.466 8.466 8.467 8.467 8.467
99-26+ 8.464 8.464 8.464 8.464 8.464 8.464
99-27 8.461 8.461 8.461 8.461 8.461 8.461
99-27+ 8.459 8.459 8.459 8.459 8.459 8.459
99-28 8.456 8.456 8.456 8.456 8.456 8.456
99-28+ 8.453 8.454 8.453 8.453 8.453 8.453
99-29 8.451 8.451 8.451 8.450 8.450 8.450
99-29+ 8.448 8.449 8.448 8.448 8.448 8.447
99-30 8.445 8.446 8.446 8.445 8.445 8.445
99-30+ 8.443 8.444 8.443 8.442 8.442 8.442
99-31 8.440 8.441 8.441 8.440 8.439 8.439
99-31+ 8.437 8.439 8.438 8.437 8.437 8.436
100-00 8.435 8.436 8.435 8.434 8.434 8.433
100-00+ 8.432 8.433 8.433 8.432 8.431 8.431
100-01 8.430 8.431 8.430 8.429 8.428 8.428
100-01+ 8.427 8.428 8.428 8.426 8.426 8.425
100-02 8.424 8.426 8.425 8.424 8.423 8.422
100-02+ 8.422 8.423 8.423 8.421 8.420 8.419
100-03 8.419 8.421 8.420 8.418 8.417 8.417
100-03+ 8.416 8.418 8.417 8.416 8.415 8.414
100-04 8.414 8.416 8.415 8.413 8.412 8.411
100-04+ 8.411 8.413 8.412 8.410 8.409 8.408
100-05 8.409 8.411 8.410 8.407 8.406 8.406
100-05+ 8.406 8.409 8.407 8.405 8.404 8.403
100-06 8.403 8.406 8.405 8.402 8.401 8.400
100-06+ 8.401 8.404 8.402 8.399 8.398 8.397
100-07 8.398 8.401 8.400 8.397 8.396 8.394
100-07+ 8.395 8.399 8.397 8.394 8.393 8.392
First Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average Life 8.873 9.631 9.235 8.558 8.306 8.073
Last Payment 12.111 13.444 12.778 11.528 11.111 10.694
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $9,520,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $9,520,000.00 BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
95-12 9.554 9.525 9.540 9.566 9.576 9.586
95-12+ 9.550 9.521 9.537 9.562 9.573 9.582
95-13 9.547 9.518 9.533 9.559 9.569 9.578
95-13+ 9.543 9.514 9.530 9.555 9.565 9.575
95-14 9.540 9.511 9.526 9.551 9.562 9.571
95-14+ 9.536 9.507 9.523 9.548 9.558 9.567
95-15 9.532 9.504 9.519 9.544 9.554 9.563
95-15+ 9.529 9.500 9.516 9.540 9.551 9.560
95-16 9.525 9.497 9.512 9.537 9.547 9.556
95-16+ 9.521 9.493 9.508 9.533 9.543 9.552
95-17 9.518 9.490 9.505 9.529 9.540 9.549
95-17+ 9.514 9.486 9.501 9.526 9.536 9.545
95-18 9.511 9.483 9.498 9.522 9.532 9.541
95-18+ 9.507 9.479 9.494 9.518 9.528 9.537
95-19 9.503 9.476 9.491 9.515 9.525 9.534
95-19+ 9.500 9.472 9.487 9.511 9.521 9.530
95-20 9.496 9.469 9.484 9.507 9.517 9.526
95-20+ 9.493 9.465 9.480 9.504 9.514 9.523
95-21 9.489 9.462 9.476 9.500 9.510 9.519
95-21+ 9.486 9.458 9.473 9.497 9.506 9.515
95-22 9.482 9.455 9.469 9.493 9.503 9.511
95-22+ 9.478 9.452 9.466 9.489 9.499 9.508
95-23 9.475 9.448 9.462 9.486 9.495 9.504
95-23+ 9.471 9.445 9.459 9.482 9.492 9.500
95-24 9.468 9.441 9.455 9.478 9.488 9.497
95-24+ 9.464 9.438 9.452 9.475 9.484 9.493
95-25 9.460 9.434 9.448 9.471 9.481 9.489
95-25+ 9.457 9.431 9.445 9.468 9.477 9.486
95-26 9.453 9.427 9.441 9.464 9.473 9.482
95-26+ 9.450 9.424 9.437 9.460 9.470 9.478
95-27 9.446 9.420 9.434 9.457 9.466 9.474
95-27+ 9.442 9.417 9.430 9.453 9.462 9.471
First Payment 5.028 5.028 5.028 5.028 5.028 5.028
Average Life 6.112 6.362 6.226 6.016 5.933 5.861
Last Payment 7.444 7.944 7.611 7.194 7.028 6.861
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $16,660,000.00 DATED DATE: 08/01/99
COUPON: TBD vmf99cf FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $16,660,000.00 BOND IB2 BE-YIELD TABLE YIELD TABLE DATE: 08/27/99
PREPAYMENT SPEED (MHP)
</TABLE>
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
90-21 10.026 9.946 9.986 10.065 10.099 10.133
90-21+ 10.024 9.943 9.983 10.062 10.096 10.130
90-22 10.021 9.941 9.981 10.059 10.093 10.127
90-22+ 10.018 9.938 9.978 10.057 10.090 10.124
90-23 10.015 9.936 9.975 10.054 10.088 10.121
90-23+ 10.013 9.933 9.973 10.051 10.085 10.118
90-24 10.010 9.931 9.970 10.048 10.082 10.115
90-24+ 10.007 9.928 9.968 10.046 10.079 10.112
90-25 10.005 9.926 9.965 10.043 10.076 10.110
90-25+ 10.002 9.923 9.962 10.040 10.073 10.107
90-26 9.999 9.921 9.960 10.037 10.071 10.104
90-26+ 9.997 9.918 9.957 10.035 10.068 10.101
90-27 9.994 9.916 9.955 10.032 10.065 10.098
90-27+ 9.991 9.913 9.952 10.029 10.062 10.095
90-28 9.989 9.910 9.949 10.026 10.059 10.092
90-28+ 9.986 9.908 9.947 10.024 10.057 10.090
90-29 9.983 9.905 9.944 10.021 10.054 10.087
90-29+ 9.981 9.903 9.941 10.018 10.051 10.084
90-30 9.978 9.900 9.939 10.016 10.048 10.081
90-30+ 9.975 9.898 9.936 10.013 10.045 10.078
90-31 9.973 9.895 9.934 10.010 10.043 10.075
90-31+ 9.970 9.893 9.931 10.007 10.040 10.072
91-00 9.967 9.890 9.928 10.005 10.037 10.070
91-00+ 9.965 9.888 9.926 10.002 10.034 10.067
91-01 9.962 9.885 9.923 9.999 10.031 10.064
91-01+ 9.959 9.883 9.921 9.996 10.029 10.061
91-02 9.957 9.880 9.918 9.994 10.026 10.058
91-02+ 9.954 9.878 9.916 9.991 10.023 10.055
91-03 9.951 9.875 9.913 9.988 10.020 10.052
91-03+ 9.949 9.873 9.910 9.985 10.017 10.050
91-04 9.946 9.870 9.908 9.983 10.015 10.047
91-04+ 9.943 9.868 9.905 9.980 10.012 10.044
First Payment 7.444 7.944 7.611 7.194 7.028 6.861
Average Life 10.450 11.500 10.954 10.011 9.662 9.336
Last Payment 12.111 13.444 12.778 11.528 11.111 10.694
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $110,240,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $110,240,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
</TABLE>
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 48.007 46.873 47.412 48.676 49.431 50.328
99-24+ 47.505 46.442 46.948 48.133 48.840 49.681
99-25 47.004 46.012 46.483 47.590 48.250 49.034
99-25+ 46.502 45.582 46.019 47.046 47.659 48.388
99-26 46.001 45.152 45.556 46.503 47.069 47.741
99-26+ 45.500 44.722 45.092 45.960 46.479 47.095
99-27 44.999 44.292 44.628 45.418 45.889 46.449
99-27+ 44.499 43.862 44.165 44.875 45.299 45.803
99-28 43.998 43.432 43.701 44.333 44.710 45.158
99-28+ 43.498 43.003 43.238 43.791 44.120 44.512
99-29 42.998 42.574 42.775 43.249 43.531 43.867
99-29+ 42.498 42.144 42.312 42.707 42.942 43.222
99-30 41.998 41.715 41.850 42.165 42.353 42.577
99-30+ 41.498 41.286 41.387 41.624 41.765 41.933
99-31 40.999 40.857 40.925 41.082 41.176 41.288
99-31+ 40.499 40.429 40.462 40.541 40.588 40.644
100-00 40.000 40.000 40.000 40.000 40.000 40.000
100-00+ 39.501 39.572 39.538 39.459 39.412 39.356
100-01 39.002 39.143 39.076 38.918 38.824 38.713
100-01+ 38.503 38.715 38.614 38.378 38.237 38.069
100-02 38.004 38.287 38.153 37.838 37.650 37.426
100-02+ 37.506 37.859 37.691 37.297 37.062 36.783
100-03 37.008 37.431 37.230 36.757 36.475 36.140
100-03+ 36.509 37.003 36.768 36.217 35.889 35.497
100-04 36.011 36.576 36.307 35.678 35.302 34.855
100-04+ 35.513 36.148 35.846 35.138 34.716 34.213
100-05 35.016 35.721 35.386 34.599 34.129 33.571
100-05+ 34.518 35.294 34.925 34.060 33.543 32.929
100-06 34.021 34.867 34.464 33.521 32.957 32.287
100-06+ 33.523 34.440 34.004 32.982 32.372 31.646
100-07 33.026 34.013 33.544 32.443 31.786 31.004
100-07+ 32.529 33.586 33.084 31.905 31.201 30.363
First Payment 0.028 0.028 0.028 0.028 0.028 0.028
Average Life 3.718 4.437 4.064 3.387 3.076 2.763
Last Payment 12.111 12.861 12.444 11.778 11.611 11.361
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $15,543,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $15,543,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
</TABLE>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 70.021 69.822 69.987 69.993 69.960 69.923
99-24+ 69.707 69.520 69.675 69.680 69.650 69.615
99-25 69.392 69.219 69.363 69.368 69.339 69.307
99-25+ 69.078 68.917 69.051 69.055 69.029 68.999
99-26 68.764 68.615 68.739 68.743 68.719 68.691
99-26+ 68.450 68.314 68.427 68.431 68.409 68.383
99-27 68.136 68.012 68.115 68.119 68.098 68.075
99-27+ 67.822 67.711 67.803 67.807 67.788 67.767
99-28 67.509 67.409 67.492 67.495 67.478 67.460
99-28+ 67.195 67.108 67.180 67.182 67.168 67.152
99-29 66.881 66.807 66.868 66.871 66.858 66.844
99-29+ 66.567 66.505 66.557 66.559 66.549 66.537
99-30 66.254 66.204 66.245 66.247 66.239 66.229
99-30+ 65.940 65.903 65.934 65.935 65.929 65.922
99-31 65.627 65.602 65.623 65.623 65.619 65.615
99-31+ 65.313 65.301 65.311 65.312 65.310 65.307
100-00 65.000 65.000 65.000 65.000 65.000 65.000
100-00+ 64.687 64.699 64.689 64.688 64.690 64.693
100-01 64.373 64.398 64.378 64.377 64.381 64.386
100-01+ 64.060 64.097 64.067 64.065 64.072 64.079
100-02 63.747 63.797 63.756 63.754 63.762 63.771
100-02+ 63.434 63.496 63.445 63.443 63.453 63.465
100-03 63.121 63.195 63.134 63.131 63.144 63.158
100-03+ 62.808 62.895 62.823 62.820 62.834 62.851
100-04 62.495 62.594 62.512 62.509 62.525 62.544
100-04+ 62.182 62.294 62.201 62.198 62.216 62.237
100-05 61.869 61.993 61.891 61.887 61.907 61.930
100-05+ 61.556 61.693 61.580 61.576 61.598 61.624
100-06 61.244 61.393 61.269 61.265 61.289 61.317
100-06+ 60.931 61.092 60.959 60.954 60.980 61.011
100-07 60.618 60.792 60.648 60.643 60.671 60.704
100-07+ 60.306 60.492 60.338 60.332 60.363 60.398
First Payment 5.028 5.028 5.028 5.111 5.111 5.111
Average Life 5.845 6.153 5.897 5.885 5.931 5.986
Last Payment 6.694 8.028 7.278 6.778 6.861 6.944
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $8,675,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $8,675,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
</TABLE>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 304.238 303.783 304.005 304.412 304.450 304.387
99-24+ 303.972 303.547 303.754 304.136 304.172 304.113
99-25 303.707 303.310 303.504 303.860 303.893 303.838
99-25+ 303.442 303.073 303.253 303.584 303.615 303.564
99-26 303.177 302.836 303.003 303.308 303.336 303.289
99-26+ 302.912 302.600 302.752 303.032 303.058 303.015
99-27 302.647 302.363 302.502 302.756 302.780 302.740
99-27+ 302.382 302.127 302.251 302.480 302.502 302.466
99-28 302.117 301.890 302.001 302.204 302.223 302.192
99-28+ 301.852 301.654 301.751 301.929 301.945 301.918
99-29 301.588 301.417 301.500 301.653 301.667 301.644
99-29+ 301.323 301.181 301.250 301.377 301.389 301.370
99-30 301.058 300.945 301.000 301.102 301.111 301.096
99-30+ 300.794 300.708 300.750 300.826 300.833 300.822
99-31 300.529 300.472 300.500 300.551 300.556 300.548
99-31+ 300.264 300.236 300.250 300.275 300.278 300.274
100-00 300.000 300.000 300.000 300.000 300.000 300.000
100-00+ 299.736 299.764 299.750 299.725 299.722 299.726
100-01 299.471 299.528 299.500 299.449 299.445 299.453
100-01+ 299.207 299.292 299.250 299.174 299.167 299.179
100-02 298.943 299.056 299.001 298.899 298.890 298.905
100-02+ 298.678 298.820 298.751 298.624 298.612 298.632
100-03 298.414 298.584 298.501 298.349 298.335 298.358
100-03+ 298.150 298.349 298.252 298.074 298.057 298.085
100-04 297.886 298.113 298.002 297.799 297.780 297.811
100-04+ 297.622 297.877 297.753 297.524 297.503 297.538
100-05 297.358 297.642 297.503 297.249 297.226 297.265
100-05+ 297.094 297.406 297.254 296.974 296.948 296.992
100-06 296.830 297.170 297.005 296.700 296.671 296.718
100-06+ 296.567 296.935 296.755 296.425 296.394 296.445
100-07 296.303 296.699 296.506 296.150 296.117 296.172
100-07+ 296.039 296.464 296.257 295.876 295.840 295.899
First Payment 6.694 8.028 7.278 6.778 6.861 6.944
Average Life 8.053 9.519 8.740 7.595 7.496 7.647
Last Payment 9.611 11.278 10.444 8.944 8.361 8.444
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CURRENT BALANCE: $10,121,000.00 DATED DATE: 08/27/99
CURRENT COUPON: TBD vmf99ca FIRST PAYMENT: 09/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 12
ORIGINAL BALANCE: $10,121,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/99
ASSUMED CONSTANT LIBOR-1M 5.2788
</TABLE>
*** TO CALL ***
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 343.422 343.248 343.333 343.522 343.618 343.704
99-24+ 343.208 343.045 343.124 343.301 343.392 343.472
99-25 342.994 342.841 342.916 343.081 343.166 343.240
99-25+ 342.779 342.638 342.707 342.860 342.939 343.008
99-26 342.565 342.435 342.499 342.640 342.713 342.777
99-26+ 342.351 342.232 342.290 342.420 342.486 342.545
99-27 342.137 342.029 342.082 342.200 342.260 342.313
99-27+ 341.923 341.826 341.873 341.980 342.034 342.082
99-28 341.710 341.623 341.665 341.759 341.808 341.850
99-28+ 341.496 341.420 341.457 341.539 341.582 341.619
99-29 341.282 341.217 341.248 341.319 341.356 341.388
99-29+ 341.068 341.014 341.040 341.099 341.129 341.156
99-30 340.854 340.811 340.832 340.879 340.903 340.925
99-30+ 340.641 340.608 340.624 340.659 340.678 340.694
99-31 340.427 340.405 340.416 340.440 340.452 340.462
99-31+ 340.214 340.203 340.208 340.220 340.226 340.231
100-00 340.000 340.000 340.000 340.000 340.000 340.000
100-00+ 339.787 339.797 339.792 339.780 339.774 339.769
100-01 339.573 339.595 339.584 339.561 339.549 339.538
100-01+ 339.360 339.392 339.376 339.341 339.323 339.307
100-02 339.146 339.190 339.169 339.121 339.097 339.076
100-02+ 338.933 338.987 338.961 338.902 338.872 338.845
100-03 338.720 338.785 338.753 338.682 338.646 338.614
100-03+ 338.507 338.583 338.545 338.463 338.421 338.383
100-04 338.293 338.380 338.338 338.244 338.195 338.153
100-04+ 338.080 338.178 338.130 338.024 337.970 337.922
100-05 337.867 337.976 337.923 337.805 337.745 337.691
100-05+ 337.654 337.774 337.715 337.586 337.519 337.461
100-06 337.441 337.571 337.508 337.366 337.294 337.230
100-06+ 337.228 337.369 337.300 337.147 337.069 337.000
100-07 337.015 337.167 337.093 336.928 336.844 336.769
100-07+ 336.802 336.965 336.886 336.709 336.618 336.539
First Payment 9.611 11.278 10.444 8.944 8.361 8.444
Average Life 11.519 12.617 12.050 10.982 10.517 10.124
Last Payment 12.111 12.861 12.444 11.778 11.611 11.361
<PAGE>
- --------------------------------------------------------------------------------
- Vanderbilt 1999C
- Cut Off Date of Tape is 7/26/99
- Fixed-rate
- $237,999,859.76
- --------------------------------------------------------------------------------
Number of Loans: 6,027
Aggregate Unpaid Principal Balance: $237,999,859.76
Aggregate Original Principal Balance: $240,016,333.05
Weighted Average Gross Coupon: 9.800%
Gross Coupon Range: 5.990% - 25.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $39,488.94
Average Original Principal Balance: $39,823.52
Maximum Unpaid Principal Balance: $241,761.21
Minimum Unpaid Principal Balance: $1,802.06
Maximum Original Principal Balance: $243,000.00
Minimum Original Principal Balance: $2,376.25
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 262.065
Stated Rem Term Range: 13.000 - 360.000
Weighted Average Age : 4.683
Age Range: 0.000 - 117.000
Weighted Average Original Term: 266.748
Original Term Range: 18.000 - 360.000
Weighted Average Original LTV: 85.267
Original LTV Range: 2.713% - 100.000%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 28115 12 loans $1,155,667.87 0.49%
New 72.31% $172,096,028
Used 27.69% $65,903,832
Multi-section 57.55% $136,980,359
Single-section 36.98% $88,012,516
Site Built 5.47% $13,006,985
Not Parked 56.94 $135,507,871
Parked 28.61 $68,086,759
Site Built 5.47 $13,006,985
Not available (21st Cent) 8.99 $21,398,245
<PAGE>
Geographical Distribution of Manufactured Homes as of
Origination - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 79 2,363,067 0.99
Arkansas 72 2,970,811 1.25
Arizona 171 7,959,521 3.34
California 26 1,652,823 0.69
Colorado 126 5,145,761 2.16
Connecticut 1 43,503 0.02
Delaware 28 1,150,640 0.48
Florida 259 10,421,376 4.38
Georgia 120 4,863,272 2.04
Iowa 83 3,237,581 1.36
Idaho 11 301,175 0.13
Illinois 69 2,700,200 1.13
Indiana 117 3,197,963 1.34
Kansas 29 1,174,293 0.49
Kentucky 139 4,748,523 2.00
Louisiana 182 6,706,361 2.82
Massachusetts 4 198,848 0.08
Maryland 26 1,226,343 0.52
Maine 6 525,611 0.22
Michigan 220 7,361,448 3.09
Minnesota 69 2,435,838 1.02
Missouri 195 7,644,281 3.21
Mississippi 37 1,203,761 0.51
Montana 7 503,568 0.21
North Carolina 667 29,514,217 12.40
North Dakota 3 212,587 0.09
New Jersey 10 715,930 0.30
New Mexico 100 5,469,393 2.30
Nevada 7 685,200 0.29
New York 65 3,947,507 1.66
Ohio 161 6,651,361 2.79
Oklahoma 35 1,248,914 0.52
Oregon 37 2,384,070 1.00
Pennsylvania 55 2,258,974 0.95
South Carolina 422 17,206,063 7.23
South Dakota 6 628,404 0.26
Tennessee 572 20,621,360 8.66
Texas 1035 38,367,440 16.12
Utah 5 454,606 0.19
Virginia 302 12,314,974 5.17
Washington 4 291,340 0.12
Wisconsin 440 13,735,519 5.77
West Virginia 23 1,426,039 0.60
Wyoming 2 129,396 0.05
- --------------------------------------------------------------------------
Total............... 6027 $ 237,999,860 100.00%
==========================================================================
<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
1989 1 10,255 0.00
1990 2 32,446 0.01
1991 5 80,606 0.03
1992 10 155,742 0.07
1993 17 292,375 0.12
1994 3 87,348 0.04
1995 8 230,252 0.10
1996 47 1,435,861 0.60
1997 46 1,550,517 0.65
1998 1517 86,848,450 36.49
1999 4371 147,276,008 61.88
- --------------------------------------------------------------------------
Total................. 6027 $237,999,860 100.00%
==========================================================================
<PAGE>
Distribution of Original Amounts - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
$ 0.01 (= Balance (= $ 5,000.00 7 24,043 0.01
$ 5,000.01 (= Balance (= $ 10,000.00 137 1,081,386 0.45
$ 10,000.01 (= Balance (= $ 15,000.00 382 4,750,587 2.00
$ 15,000.01 (= Balance (= $ 20,000.00 549 9,472,179 3.98
$ 20,000.01 (= Balance (= $ 25,000.00 700 15,585,022 6.55
$ 25,000.01 (= Balance (= $ 30,000.00 747 20,327,372 8.54
$ 30,000.01 (= Balance (= $ 35,000.00 710 22,889,029 9.62
$ 35,000.01 (= Balance (= $ 40,000.00 548 20,304,358 8.53
$ 40,000.01 (= Balance (= $ 45,000.00 439 18,599,157 7.81
$ 45,000.01 (= Balance (= $ 50,000.00 378 17,798,974 7.48
$ 50,000.01 (= Balance (= $ 55,000.00 278 14,486,841 6.09
$ 55,000.01 (= Balance (= $ 60,000.00 213 12,142,255 5.10
$ 60,000.01 (= Balance (= $ 65,000.00 160 9,927,632 4.17
$ 65,000.01 (= Balance (= $ 70,000.00 121 8,099,824 3.40
$ 70,000.01 (= Balance (= $ 75,000.00 121 8,696,309 3.65
$ 75,000.01 (= Balance (= $ 80,000.00 90 6,917,468 2.91
$ 80,000.01 (= Balance (= $ 85,000.00 72 5,874,767 2.47
$ 85,000.01 (= Balance (= $ 90,000.00 71 6,156,854 2.59
$ 90,000.01 (= Balance (= $ 95,000.00 46 4,228,862 1.78
$ 95,000.01 (= Balance (= $100,000.00 55 5,324,374 2.24
$100,000.01 (= Balance (= $105,000.00 35 3,548,437 1.49
$105,000.01 (= Balance (= $110,000.00 35 3,739,309 1.57
$110,000.01 (= Balance (= $115,000.00 26 2,909,100 1.22
$115,000.01 (= Balance (= $120,000.00 32 3,735,341 1.57
$120,000.01 (= Balance (= $125,000.00 12 1,463,223 0.61
$125,000.01 (= Balance (= $130,000.00 15 1,889,558 0.79
$130,000.01 (= Balance (= $135,000.00 4 526,113 0.22
$135,000.01 (= Balance (= $140,000.00 6 820,019 0.34
$140,000.01 (= Balance (= $145,000.00 4 565,486 0.24
$145,000.01 (= Balance (= $150,000.00 2 294,482 0.12
$150,000.01 (= Balance (= $155,000.00 6 907,750 0.38
$155,000.01 (= Balance (= $160,000.00 4 630,145 0.26
$160,000.01 (= Balance (= $165,000.00 1 161,218 0.07
$165,000.01 (= Balance (= $170,000.00 2 332,602 0.14
Balance > $170,000.00 19 3,789,785 1.59
- ---------------------------------------------------------------------------
Total.................... 6027 $237,999,860 100.00%
===========================================================================
Distribution of Original Loan-to-Value Ratios - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 322 8,034,159 3.38
From 61.000% to 65.999% 194 6,327,308 2.66
From 66.000% to 70.999% 272 10,488,780 4.41
From 71.000% to 75.999% 368 14,428,707 6.06
From 76.000% to 80.999% 609 27,312,673 11.48
From 81.000% to 85.999% 878 37,571,619 15.79
From 86.000% to 90.999% 1695 63,181,201 26.55
From 91.000% to 100.000% 1689 70,655,414 29.69
- --------------------------------------------------------------------------
Total.................... 6027 $237,999,860 100.00%
==========================================================================
<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
Gross Coupon ( 6.000% 1 115,191 0.05
6.000% ( Gross Coupon (= 7.000% 449 39,684,090 16.67
7.000% ( Gross Coupon (= 8.000% 52 3,121,006 1.31
8.000% ( Gross Coupon (= 9.000% 317 16,069,016 6.75
9.000% ( Gross Coupon (= 10.000% 1823 78,390,437 32.94
10.000% ( Gross Coupon (= 11.000% 1633 56,159,704 23.60
11.000% ( Gross Coupon (= 12.000% 700 20,303,729 8.53
12.000% ( Gross Coupon (= 13.000% 617 15,293,201 6.43
13.000% ( Gross Coupon (= 14.000% 242 5,269,133 2.21
14.000% ( Gross Coupon (= 15.000% 110 2,280,145 0.96
15.000% ( Gross Coupon (= 16.000% 45 730,252 0.31
16.000% ( Gross Coupon (= 17.000% 12 227,686 0.10
17.000% ( Gross Coupon (= 18.000% 22 332,007 0.14
18.000% ( Gross Coupon (= 19.000% 2 18,410 0.01
20.000% ( Gross Coupon (= 21.000% 1 4,050 0.00
24.000% ( Gross Coupon (= 25.000% 1 1,802 0.00
- ----------------------------------------------------------------------------
Total.......... 6027 $237,999,860 100.00%
============================================================================
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 (= 72 265 3,252,943 1.37%
72 ( Rem Term (= 84 167 2,518,666 1.06%
84 ( Rem Term (= 120 645 12,844,427 5.40%
120 ( Rem Term (= 156 529 13,423,545 5.64%
156 ( Rem Term (= 180 903 25,946,084 10.90%
180 ( Rem Term (= 240 1,526 56,331,019 23.67%
240 ( Rem Term (= 300 655 30,685,544 12.89%
300 ( Rem Term (= 360 1,337 92,997,633 39.07%
- -------------------------------------------------------------------
Total............ 6,027 237,999,860 100.00%
===================================================================
<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
1964 1 28,330 0.01
1966 1 7,801 0.00
1967 3 21,528 0.01
1968 3 41,149 0.02
1969 4 83,870 0.04
1970 9 90,370 0.04
1971 7 75,362 0.03
1972 19 242,696 0.10
1973 19 199,692 0.08
1974 14 159,501 0.07
1975 11 142,358 0.06
1976 18 276,405 0.12
1977 17 298,185 0.13
1978 29 466,125 0.20
1979 19 305,735 0.13
1980 30 685,298 0.29
1981 37 673,570 0.28
1982 39 585,844 0.25
1983 51 864,578 0.36
1984 90 1,623,364 0.68
1985 84 1,610,325 0.68
1986 69 1,226,829 0.52
1987 80 1,651,346 0.69
1988 99 2,074,684 0.87
1989 86 1,972,920 0.83
1990 105 2,384,401 1.00
1991 116 2,591,808 1.09
1992 145 3,772,515 1.59
1993 188 5,059,378 2.13
1994 229 6,340,029 2.66
1995 407 12,310,930 5.17
1996 497 16,686,035 7.01
1997 672 30,837,701 12.96
1998 1227 65,475,591 27.51
1999 1430 69,555,610 29.23
2000 172 7,577,997 3.18
- --------------------------------------------------------------------------
Total................. 6027 $237,999,860 100.00%
==========================================================================
<PAGE>
- -------------------------------------------------------------------------------
- Vanderbilt 1999C
- Cut Off Date of Tape is 7/26/99
- Adjustable-rate
- $144,579,545.37
- --------------------------------------------------------------------------------
Number of Loans: 3,762
Index: 5 Yr. CMT, 1 Yr. CMT
Aggregate Unpaid Principal Balance: $144,579,545.37
Aggregate Original Principal Balance: $144,994,656.84
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.380%
Gross Coupon Range: 7.990% - 24.990%
Weighted Average Margin (Gross): 5.260%
Gross Margin Range: 1.580% - 19.550%
Weighted Average Life Cap (Gross): 16.184% *Excludes 1
Gross Life Cap Range: 12.990% - 30.990% capless loan
Weighted Average Life Floor (Gross): 5.260%
Gross Life Floor Range: 1.580% - 19.550%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $38,431.56
Average Original Principal Balance: $38,541.91
Maximum Unpaid Principal Balance: $124,322.90
Minimum Unpaid Principal Balance: $5,400.75
Maximum Original Principal Balance: $124,462.55
Minimum Original Principal Balance: $5,400.75
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 229.166
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.617
Age Range: 0.000 - 26.000
Weighted Average Original Term: 229.783
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 85.586
Original LTV Range: 16.322% - 100.000%
Weighted Average Periodic Interest Cap: 1.595% *Excludes 1
Periodic Interest Cap Range: 1.000% - 2.000% capless loan
Weighted Average Months to Interest Roll: 10.357
Months to Interest Roll Range: 0 - 13
Weighted Average Interest Roll Frequency: 12.000
Interest Frequency Range: 12 - 12
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 76208 29 loans $1,042,347.68 0.72%
New 77.17% $111,571,125
Used 22.83% $33,008,420
Multi-section 54.75% $79,155,276
Single-section 45.25% $65,424,270
Not Parked 69.62 $100,657,728
Parked 30.38 $43,921,817
<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 48 1,650,990 1.14
Arkansas 29 1,046,708 0.72
Arizona 15 626,834 0.43
California 1 62,621 0.04
Colorado 15 692,707 0.48
Connecticut 2 70,601 0.05
Delaware 6 331,144 0.23
Florida 173 6,100,506 4.22
Georgia 72 2,768,812 1.92
Iowa 2 42,312 0.03
Illinois 1 30,156 0.02
Indiana 30 1,138,075 0.79
Kansas 4 141,606 0.10
Kentucky 326 11,565,084 8.00
Louisiana 148 5,431,435 3.76
Maryland 12 428,605 0.30
Michigan 6 237,911 0.16
Missouri 28 1,062,002 0.73
Mississippi 50 1,636,151 1.13
North Carolina 672 29,793,633 20.61
New Jersey 1 60,188 0.04
New Mexico 21 821,332 0.57
New York 5 229,284 0.16
Ohio 27 1,063,770 0.74
Oklahoma 27 909,672 0.63
Pennsylvania 7 256,804 0.18
South Carolina 402 16,863,501 11.66
Tennessee 685 25,049,301 17.33
Texas 644 22,088,173 15.28
Virginia 273 11,350,244 7.85
Wisconsin 2 44,983 0.03
West Virginia 28 984,399 0.68
- --------------------------------------------------------------------------
Total............... 3762 $ 144,579,545 100.00%
==========================================================================
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
1996 4 104,860 0.07
1997 22 637,240 0.44
1998 17 717,058 0.50
1999 3719 143,120,387 98.99
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
<PAGE>
Distribution of Original Amounts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
$ 5,000.01 (= Balance (= $ 10,000.00 48 388,402 0.27
$ 10,000.01 (= Balance (= $ 15,000.00 122 1,580,081 1.09
$ 15,000.01 (= Balance (= $ 20,000.00 201 3,540,460 2.45
$ 20,000.01 (= Balance (= $ 25,000.00 350 7,909,868 5.47
$ 25,000.01 (= Balance (= $ 30,000.00 540 14,854,096 10.27
$ 30,000.01 (= Balance (= $ 35,000.00 617 19,977,705 13.82
$ 35,000.01 (= Balance (= $ 40,000.00 484 17,983,692 12.44
$ 40,000.01 (= Balance (= $ 45,000.00 266 11,232,444 7.77
$ 45,000.01 (= Balance (= $ 50,000.00 295 14,001,107 9.68
$ 50,000.01 (= Balance (= $ 55,000.00 210 10,973,762 7.59
$ 55,000.01 (= Balance (= $ 60,000.00 192 10,962,161 7.58
$ 60,000.01 (= Balance (= $ 65,000.00 156 9,714,884 6.72
$ 65,000.01 (= Balance (= $ 70,000.00 95 6,378,448 4.41
$ 70,000.01 (= Balance (= $ 75,000.00 75 5,429,988 3.76
$ 75,000.01 (= Balance (= $ 80,000.00 32 2,485,000 1.72
$ 80,000.01 (= Balance (= $ 85,000.00 30 2,474,226 1.71
$ 85,000.01 (= Balance (= $ 90,000.00 13 1,138,673 0.79
$ 90,000.01 (= Balance (= $ 95,000.00 13 1,196,975 0.83
$ 95,000.01 (= Balance (= $100,000.00 12 1,170,280 0.81
$100,000.01 (= Balance (= $105,000.00 5 511,759 0.35
$105,000.01 (= Balance (= $110,000.00 3 318,703 0.22
$110,000.01 (= Balance (= $115,000.00 1 114,112 0.08
$115,000.01 (= Balance (= $120,000.00 1 118,397 0.08
$120,000.01 (= Balance (= $125,000.00 1 124,323 0.09
- --------------------------------------------------------------------------
Total.................... 3762 $144,579,545 100.00%
==========================================================================
Distribution of Original Loan-to-Value Ratios - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 104 2,994,961 2.07
From 61.000% to 65.999% 89 3,216,179 2.22
From 66.000% to 70.999% 147 5,798,437 4.01
From 71.000% to 75.999% 252 10,320,780 7.14
From 76.000% to 80.999% 326 14,325,241 9.91
From 81.000% to 85.999% 531 20,602,435 14.25
From 86.000% to 90.999% 1299 49,925,090 34.53
From 91.000% to 100.000% 1014 37,396,423 25.87
- --------------------------------------------------------------------------
Total.................... 3762 $144,579,545 100.00%
==========================================================================
<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
7.000% ( Gross Coupon (= 8.000% 276 13,596,141 9.40
8.000% ( Gross Coupon (= 9.000% 205 10,556,346 7.30
9.000% ( Gross Coupon (= 10.000% 1153 47,478,990 32.84
10.000% ( Gross Coupon (= 11.000% 575 22,411,724 15.50
11.000% ( Gross Coupon (= 12.000% 1154 38,429,061 26.58
12.000% ( Gross Coupon (= 13.000% 274 8,634,727 5.97
13.000% ( Gross Coupon (= 14.000% 120 3,384,041 2.34
14.000% ( Gross Coupon (= 15.000% 4 80,742 0.06
24.000% ( Gross Coupon (= 25.000% 1 7,774 0.01
- ----------------------------------------------------------------------------
Total.......... 3762 $144,579,545 100.00%
============================================================================
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 65 740,787 0.51%
72 ( Rem Term (= 84 82 1,318,062 0.91%
84 ( Rem Term (= 120 206 4,472,732 3.09%
120 ( Rem Term (= 156 462 12,455,680 8.62%
156 ( Rem Term (= 180 612 19,259,632 13.32%
180 ( Rem Term (= 240 1,500 58,781,957 40.66%
240 ( Rem Term (= 300 601 33,029,584 22.85%
300 ( Rem Term (= 360 234 14,521,112 10.04%
- -------------------------------------------------------------------
Total............ 3,762 144,579,545 100.00%
===================================================================
<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
1.501 (= Life Floor (= 2.000 1 46,611 0.03
2.501 (= Life Floor (= 3.000 275 13,415,708 9.28
3.001 (= Life Floor (= 3.500 56 3,144,911 2.18
3.501 (= Life Floor (= 4.000 145 6,864,272 4.75
4.001 (= Life Floor (= 4.500 293 13,704,825 9.48
4.501 (= Life Floor (= 5.000 785 31,323,660 21.67
5.001 (= Life Floor (= 5.500 499 19,741,237 13.65
5.501 (= Life Floor (= 6.000 198 7,177,495 4.96
6.001 (= Life Floor (= 6.500 497 17,349,154 12.00
6.501 (= Life Floor (= 7.000 574 18,555,258 12.83
7.001 (= Life Floor (= 7.500 248 7,835,972 5.42
7.501 (= Life Floor (= 8.000 74 2,192,885 1.52
8.001 (= Life Floor (= 8.500 74 2,065,059 1.43
8.501 (= Life Floor (= 9.000 37 1,034,022 0.72
9.001 (= Life Floor (= 9.500 3 79,642 0.06
9.501 (= Life Floor (= 10.000 2 41,059 0.03
19.501 (= Life Floor (= 20.000 1 7,774 0.01
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
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
Capless 1 34,607 0.02
12.501 (=Life CAP (= 13.000 63 2,712,744 1.88
13.001 (=Life CAP (= 13.500 2 68,253 0.05
13.501 (=Life CAP (= 14.000 221 11,215,265 7.76
14.001 (=Life CAP (= 14.500 81 4,078,110 2.82
14.501 (=Life CAP (= 15.000 258 11,374,830 7.87
15.001 (=Life CAP (= 15.500 396 17,043,408 11.79
15.501 (=Life CAP (= 16.000 765 30,420,791 21.04
16.001 (=Life CAP (= 16.500 477 18,640,512 12.89
16.501 (=Life CAP (= 17.000 253 8,750,328 6.05
17.001 (=Life CAP (= 17.500 487 16,725,250 11.57
17.501 (=Life CAP (= 18.000 467 14,689,367 10.16
18.001 (=Life CAP (= 18.500 153 5,005,187 3.46
18.501 (=Life CAP (= 19.000 46 1,376,573 0.95
19.001 (=Life CAP (= 19.500 70 1,937,279 1.34
19.501 (=Life CAP (= 20.000 18 448,445 0.31
20.001 (=Life CAP (= 20.500 1 12,224 0.01
20.501 (=Life CAP (= 21.000 2 38,599 0.03
30.501 (=Life CAP (= 31.000 1 7,774 0.01
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
<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
1.501 (=Gross Margin (= 2.000 1 46,611 0.03
2.501 (=Gross Margin (= 3.000 275 13,415,708 9.28
3.001 (=Gross Margin (= 3.500 56 3,144,911 2.18
3.501 (=Gross Margin (= 4.000 145 6,864,272 4.75
4.001 (=Gross Margin (= 4.500 293 13,704,825 9.48
4.501 (=Gross Margin (= 5.000 785 31,323,660 21.67
5.001 (=Gross Margin (= 5.500 499 19,741,237 13.65
5.501 (=Gross Margin (= 6.000 198 7,177,495 4.96
6.001 (=Gross Margin (= 6.500 497 17,349,154 12.00
6.501 (=Gross Margin (= 7.000 574 18,555,258 12.83
7.001 (=Gross Margin (= 7.500 248 7,835,972 5.42
7.501 (=Gross Margin (= 8.000 74 2,192,885 1.52
8.001 (=Gross Margin (= 8.500 74 2,065,059 1.43
8.501 (=Gross Margin (= 9.000 37 1,034,022 0.72
9.001 (=Gross Margin (= 9.500 3 79,642 0.06
9.501 (=Gross Margin (= 10.000 2 41,059 0.03
19.501 (=Gross Margin (= 20.000 1 7,774 0.01
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
Distribution of Next Interest Adjustment Date - Group II Contracts
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
08/01/99 1 $28,612 00.02
09/01/99 10 $321,033 00.22
10/01/99 1 $28,583 00.02
11/01/99 8 $312,289 00.22
12/01/99 6 $175,592 00.12
02/01/00 2 $86,532 00.06
03/01/00 10 $392,317 00.27
04/01/00 84 $3,467,629 02.40
05/01/00 724 $26,521,210 18.34
06/01/00 1150 $43,568,724 30.13
07/01/00 1270 $49,245,396 34.06
08/01/00 427 $17,334,950 11.99
09/01/00 69 $3,096,679 02.14
- -------------------------------------------------------------------------------
Total........ 3762 $144,579,545 100.00%
===============================================================================
<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
Capless 1 34,607 0.02
1.000 1505 58,491,282 40.46
2.000 2256 86,053,656 59.52
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
Distribution of Rate Index - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Index Loans Balance Balance
1 Year CMT 1 $34,607 .02
5 Year CMT 3,761 $144,544,938 99.98
- -----------------------------------------------------------------------
Total..... 3,762 $144,579,545 100.00%
=======================================================================
<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
1970 1 7,750 0.01
1972 7 76,279 0.05
1973 3 38,697 0.03
1974 2 21,676 0.01
1975 3 51,349 0.04
1976 2 42,688 0.03
1977 3 23,786 0.02
1978 8 92,421 0.06
1979 7 95,465 0.07
1980 9 140,632 0.10
1981 12 183,346 0.13
1982 19 305,095 0.21
1983 23 399,907 0.28
1984 20 307,881 0.21
1985 32 507,661 0.35
1986 28 484,441 0.34
1987 20 345,387 0.24
1988 38 738,255 0.51
1989 19 389,662 0.27
1990 39 806,334 0.56
1991 33 637,715 0.44
1992 44 965,891 0.67
1993 52 1,403,795 0.97
1994 80 2,262,998 1.57
1995 153 4,809,211 3.33
1996 271 8,706,698 6.02
1997 174 5,946,237 4.11
1998 371 14,845,335 10.27
1999 1930 83,370,114 57.66
2000 359 16,572,839 11.46
- --------------------------------------------------------------------------
Total................. 3762 $144,579,545 100.00%
==========================================================================
