- ------------------------------------------------------------------------------
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): February 17, 1999
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as
of January 26, 1999, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured Housing
Contract Senior/Subordinate Pass-Through Certificates,
Series 1999A).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-43583 62-0997810
- ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Alcoa Trail
Maryville, Tennessee 37804
--------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 380-3000
- --------------------------------------------------------------------
Former Address:
- --------------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
Filing of Computational Materials.
- ----------------------------------
In connection with the offering of the Vanderbilt Mortgage and Finance,
Inc. ("Vanderbilt") Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1999A, Prudential Securities Incorporated
and Credit Suisse First Boston, as the underwriters of the Certificates (the
"Underwriters") have provided certain materials (the "Computational
Materials") for distribution to its potential investors. Although the Company
provided the Underwriters with certain information regarding the
characteristics of the Contracts in the related portfolio, it did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Contracts; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials provided by Prudential Securities Incorporated are
attached hereto as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials - Prudential Securities Incorporated
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By /s/ Paul Nichols
--------------------------
Name: Paul Nichols
Title: Assistant Secretary
CLAYTON HOMES, INC.
By /s/ Amber Krupacs
--------------------------
Name: Amber Krupacs
Title: Vice President, Finance and Secretary
Dated: February 17, 1999
<PAGE>
Exhibit Index
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials, Prudential Securities Incorporated
******************* PRELIMINARY INFORMATION ONLY **************************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1999-A
- -----------------------------------------------------------------------------
GROUP I CERTIFICATES:
$ [49,000,000] Class IA-1 Fixed Rate Group Certificates - [1M LIBOR + bps]
$ [45,000,000] Class IA-2 Fixed Rate Group Certificates - [ TBD %]
$ [26,000,000] Class IA-3 Fixed Rate Group Certificates - [ TBD %]
$ [13,000,000] Class IA-4 Fixed Rate Group Certificates - [ TBD %]
$ [20,034,000] Class IA-5 Fixed Rate Group Certificates - [ TBD %]
$ [11,267,000] Class IA-6 Fixed Rate Group Certificates - [ TBD %]
$ [6,573,000] Class IM-1 Fixed Rate Group Certificates - [ TBD %]
$ [6,573,000] Class IB-1 Fixed Rate Group Certificates - [ TBD %]
$ [10,328,000] Class IB-2 Fixed Rate Group Certificates - [ TBD %]
GROUP II CERTIFICATES:
<TABLE>
<CAPTION>
<S> <C> <C>
$ [70,275,000] Class IIA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [10,705,000] Class IIB-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [5,120,000] Class IIB-2 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [6,982,000] 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-A transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis.
The decision to adopt any strategy remains your responsibility. PSI (or any of
its affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities
or derivative instruments mentioned herein. No sale of any securities,
commodities or derivative instruments should be 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-A
Preliminary Marketing Memo
Title of Securities: VMF 1999-A, Class IA-1, Class IA-2, Class IA-3, Class IA-4,
Class IA-5, Class IA-6, Class IM-1, Class IB-1 and Class
IB-2 Fixed Rate Group Certificates and Class IIA-1, Class
IIB-1, Class IIB-2 and Class IIB-3 Adjustable Rate Group
Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Trustee: The Chase Manhattan Bank
CREDIT ENHANCEMENT
------------------
1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
5) Limited Guarantee of Clayton Homes, Inc. (Class I
B-2 and Class II B-3 only)
Excess Interest: Excess interest cashflows from each group will be available
as credit enhancement for the related group.
Over-
collateralization: The credit enhancement provisions of the Trust are intended
to provide for the limited acceleration of the senior
Certificates relative to the amortization of the related
collateral, generally in the early months of the
transaction. Accelerated amortization is achieved by
applying excess servicing and the servicing fee (while VMF
is the servicer) collected on the collateral to the payment
of principal on the Senior Certificates, resulting in the
build up of overcollateralization ("O/C"). By paying down
the principal balance of the certificates faster than the
principal amortization of the respective collateral pool,
an O/C amount equal to the excess of the aggregate
principal balance of the collateral pool over the principal
balance of the related Certificates is created. Excess
cashflow will be directed to build the O/C amount until the
pool reaches its required O/C target. Upon this event the
acceleration feature will cease, unless it is once again
necessary to maintain the required O/C level.
FIXED RATE CERTIFICATES
N/A
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: [0.00%] Target: [3.75%]
These O/C percentages are subject to step-downs beginning
in month [61] if the Subordinate Class Principal
distribution tests are met.
Cross-
Collateralization: Excess spread from each of the two collateral groups, if
not needed to credit enhance its own group will be
available to credit enhance the other group.
Subordination: GROUP I GROUP II
(Fixed) (Adjustable)
------- --------
Class IA-1 - IA-5 + IIA-1 (Aaa/AAA) [18.50]% [24.50]%
Class IA-6 + IIB-1 (Aa3/AA-) [12.50]% [13.00]%
Class IM-1 (A2/A) [ 9.00]% N/A
Class IB-1 + IIB-2 (Baa2/BBB) [ 5.50]% [ 7.50]%
Class IB-2 + IIB-3 (Baa2/BBB)
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-5 + IIA-1 (Aaa/AAA) [81.50]% [75.50]%
Class IA-6 + IIB-1 (Aa3/AA-) [ 6.00]% [11.50]%
Class IM-1 (A2/A) [ 3.50]% N/A
Class IB-1 + IIB-2 (Baa2/BBB) [ 3.50]% [ 5.50]%
Class 1B-2 + IIB-3 (Baa2/BBB) [ 5.50]% [ 7.50]%
O/C N/A [0 to 3.75]%
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL
OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES
REFERRED TO HEREIN. INFORMATION CONTAINED HEREIN IS
CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING,
WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL
PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
************************ PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-A
Preliminary Marketing Memo
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fixed-Rate Group
Class Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6 I M-1 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Amount($000): [49,000,000 45,000,000 26,000,000 13,000,000 20,034,000 11,267,000 6,573,000 6,573,000 10,328,000]
Coupon: [1ML [------------------------------------TBD---------------------------------------------------]
[+ [TBD] bps
Approx. Price: [----------------------------------------------------TBD---------------------------------------------------]
Yield(%): [----------------------------------------------------TBD---------------------------------------------------]
Spread (bps): [----------------------------------------------------TBD---------------------------------------------------]
Avg Life
To Call: [0.997 2.996 5.029 7.048 9.856 11.697 8.663 6.146 10.265]
Avg Life
To Mat.: [0.997 2.996 5.029 7.048 9.899 14.594 9.258 6.146 13.595]
1st Prin Pymt:
To 10% Call: [03/07/1999 02/07/2001 04/07/2003 05/07/2005 02/07/2007 11/07/2010 03/07/2004 03/07/2004 09/07/2006]
Last Prin Pmt
To 10% Call: [02/07/2001 04/07/2003 05/07/2005 02/07/2007 11/07/2010 11/07/2010 11/07/2010 09/07/2006 11/07/2010]
Last Prin Pmt
To Mat.: [02/07/2001 04/07/2003 05/07/2005 02/07/2007 08/07/2011 01/07/2017 01/07/2017 09/07/2006 02/07/2028]
Stated Mat: [10/07/2006 03/07/2012 12/07/2015 03/07/2018 03/07/2023 03/07/2029 03/07/2029 12/07/2014 03/07/2029]
Expected
Settlement: [<----------------------------------------------------[02/26/99] ------------------------------------->]
Pymt Delay: 0 days [<-------------------------------------------6 days -------------------------------------->]
Interest Pmt Act/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [02/26/99] [-------------------------------[02/01/99]-------------------------------------]
Ratings: Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB ]
(Moody's/Fitch)
Pricing Date: [-------------------------------------------------------[TBD]------------------------------------]
Prepayment Speed: 225% MHP
Total Group Size: [$187,775,800.41]
</TABLE>
Class IA-1 Pass
Through Rate: The Class I A-1 Pass Through Rate will equal the lesser of
i) One Month LIBOR plus [TBD%] and ii) the weighted
average gross coupon of the contracts less the 1.25%
servicing fee.
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing
fee of [1.25]% per annum is subordinate to the Offered
Certificates on a monthly basis.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO
SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE
SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY,
DOES NOT PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED
UPON IN CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS
HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS,
THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
************************ PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-A
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS I M-1 AND CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I A-3, I
A-4, and I A-5 until such class is reduced to
zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) Senior percentage of principal payments to Class
I A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) Mezzanine percentage of principal payments to
Class I M-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) Class I B percentage of principal payments to
Class I B-1 until such class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) Class I B percentage of principal payments to
Class I B-2 until such class is reduced to zero;
11) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II
Certificates except the Net Funds Cap Carryover
Amount;
12) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
13) As long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of
the product of 1.25% and the pool scheduled
principal balance to the Servicer;
14) Any remainder to the Class R Certificates.
--------------------------------------------------
| | | | | | |
|I A-1|I A-2| I A-3 | I A-4 | I A-5 | I A-6 |
| | | | | | |
|-----|-----|----------|--------|-------|--------|
|///////////////////| |
|///////////////////| I M-1 |
|///////////////////|--------------------------- |
|///////////////////| I B-1 | I B-2 |
--------------------------------------------------
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO
SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE
SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY,
DOES NOT PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED
UPON IN CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS
HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY
SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS,
THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS
SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
************************ PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-A
Preliminary Marketing Memo
Cashflow Priority:
CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5 Certificates;
2) 100% of principal payments sequentially to Classes
IA-1, I A-2, I A-3, I A-4, and I A-5 until such class
is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) 100% of principal payments to Class I A-6 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) 100% of principal payments to Class I M-1 until
such Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) 100% of principal payments to Class I B-1 until
such Class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) 100% of principal payments to Class I B-2 until
such Class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
13) So long as Vanderbilt is the Servicer, any remainder up
to the amount equal to 1/12th of the product of 1.25%
and the pool scheduled principal balance to the
Servicer;
14) Any remainder to the Class R Certificates.
-------------------------------------------------------------------------
| | | | | | | | | |
| | | | | | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I A-6 | I M-1 | I B-1 | I B-2 |
| | | | | | | | | |
|-------|-------|-------|-------|-------|-------|-------|-------|-------|
Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET IF:
1) Remittance Date is on or after March 2004
2) Class I M-1 Percentage plus Class I B Percentage is at
least [21.877] % (which is 1.75 times 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
[$3,755,516.01] (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.
<PAGE>
************************ PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-A
Preliminary Marketing Memo
- ------------------------------------------------------------------------------
Adjustable-Rate Certificates
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- -------------------------------------------------------------------------------
Amount(000): [70,275,000 10,705,000 5,120,000 6,982,000]
Coupon: 1ML+ [TBD]bps 1ML+ [TBD] 1ML+ [TBD] 1ML+ [TBD]
Approx. Price: [------------------------TBD-------------------------]
Avg Life
To Call: [3.575 5.922 7.771 11.046]
Avg Life
To Mat: [3.717 5.922 7.771 12.363]
1st Prin Pymt:
To 10% Call: [03/07/1999 03/07/2004 01/07/2006 04/07/2008]
Last Prin Pmt
To 10% Call: [11/07/2010 01/07/2006 04/07/2008 11/07/2010]
Last Prin Pmt
To Mat.: [04/07/2015 01/07/2006 04/07/2008 09/07/2016]
Stated Maturity: [04/07/2029 04/07/2015 06/07/2016 04/07/2029]
Expected
Settlement: [------------------------02/26/99-------------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: [02/26/99] [02/26/99] [02/26/99] [02/26/99]
Rating:
(Moody's/Fitch) [Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB]
Pricing Date: [----------------------------[TBD]------------------------]
Prepayment Speed: 250% MHP
Total Group Size: [$93,082,655.21]
Group II Pass
Through Rate: The Group II Pass Through Rate will equal the lesser of i)
One Month LIBOR plus [TBD%] and ii) the Net Funds Cap as
described herein.
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon on
the Class Adjustable Rate Certificates :
IIA-1 - shall increase to [2x] the respective margin
IIB-1 - shall increase by an additional [50 BP]
IIB-2 - shall increase by an additional [50 BP]
IIB-3 - shall increase by an additional [50 BP]
Net Funds Cap: The difference between the a) collateral WAC and b) the the
sum of i) if the OC is less than its target, [0.75]% spread
cushion, and ii) if the Company is no longer the Servicer,
[1.25]%.
Net Funds Cap
Carryover: If on any Payment Date the Group II Certificate interest
distribution amount is less than the Group II Pass-Through
Rate (which is subject to a maximum equal to the Weighted
Average Life Cap of the collateral), the amount of such
shortfall and the aggregate of such shortfalls from
previous payment dates together with accrued interest at
the Pass-Through Rate will be carried forward to the next
Payment Date until paid.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO
SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE
SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED HEREIN
IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY DECISION TO PURCHASE THE SECURITIES.
THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE
SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO
SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS.
<PAGE>
************************ PRELIMINARY INFORMATION ONLY *************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-A
Preliminary Marketing Memo
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates (subject to
the Net Funds Cap);
2) Senior percentage of principal payments to Class II
A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to Class
II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to Class
II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to Class
II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group I Certificates
except the Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to
the Servicer;
12) Any remainder to the Class R Certificates.
------------------------------------------------------
| |
| II A-1 |
| |
|-----------------------------------------------------|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|----------------|------------|---------|
5 yrs
THIS 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-A
Preliminary Marketing Memo
CLASS II B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed interest to
Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class II A-1 until
such class is reduced to zero;
3) Current interest and any previously unreimbursed interest to
Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until such Class
is reduced to zero;
5) Current interest and any previously unreimbursed interest to
Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until such Class
is reduced to zero;
7) Excess cashflow to fund any Available Funds shortfall with
respect to the Group I Certificates except the Net Funds Cap
Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
9) So long as Vanderbilt is the Servicer, any remainder up to
the amount equal to 1/12th of the product of 1.25% and the
pool scheduled principal balance to the Servicer;
10) Any remainder to the Class R Certificates.
-----------------------------------------------------------------
| | | | |
| | | | |
| II A-1 | II B-1| II B-2| II B-3|
| | | | |
|---------------------------------------|-------|-------|-------|
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after March 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 [$1,861,653.10] (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-A
Preliminary Marketing Memo
Cleanup Call: The Servicer may call the Certificates at par plus accrued
interest after the aggregate remaining pool balance of both
Groups is less than 10% of Cut-off Date pool principal
balance.
Payment Date: The 7th day of each month or, if such day is not a business
day, the next succeeding business day, beginning in March,
1999.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for the
Class I A-2, I A-3, I A-4, I A-5, I A-6, I M-1, I B-1 and I
B-2 certificates. For the Class I A-1 certificates and the
Group II Certificates, interest will accrue from the 7th
day of the preceeding month until the 6th day of the
current month. For the first payment date, interest will
accrue from the closing date to the first Payment Date for
the class I A-1 certificates and the Group II Certificates.
For the Class I A-1 certificates, and the Group II
Certificates, interest is calculated using an actual/360
day count. For the remainder of the certificate classes,
interest is calculated using a 30/360 day count.
ERISA
Considerations: The Class I A-1, I A-2, I A-3, I A-4, and I A-5 Certificates
and the Class II A-1 will be ERISA eligible. The Class I
A-6, Class I M-1, I B-1 and I B-2 Certificates and the
Class II B-1, II B-2, and II B-3 are not ERISA eligible.
However, investors should consult with their counsel with
respect to the consequences under ERISA and the Code of the
Plan's acquisition and ownership of such Certificates.
SMMEA
Considerations: The Class II A-1 and II B-1 Certificates will constitute
"mortgage related securities" under the Secondary Mortgage
Market Enhancement Act of 1984 "SMMEA".
Group I Group II
Type of Collateral: [ FIXED ARM ]
Amount [ $187,775,800.41 $93,082,655.21 ]
Avg Unpaid Balance: [ $35,243.21 $37,277.80 ]
Max Original Balance: [ $252,000.00 $119,376.00 ]
WAC: [ 10.272% 10.337% ]
WAC Range: [ 6.750% - 16.000% 7.990% - 15.240% ]
WAM: [ 234.389 223.344 ]
WA Orig Term [ 238.903 224.037 ]
WALTV: [ 84.993% 85.861% ]
New [ 67.29% 77.19% ]
Used [ 32.71% 22.81% ]
Single [ 48.22% 45.77% ]
Multi [ 51.78% 54.23% ]
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
- -------------
03/99 9.587
04/99 9.587
05/99 9.587
06/99 9.587
07/99 9.587
08/99 9.587
09/99 9.587
10/99 9.587
11/99 9.565
12/99 9.444
01/00 9.459
02/00 9.502
03/00 9.518
04/00 9.520
05/00 9.521
06/00 9.521
07/00 9.521
08/00 9.521
09/00 9.521
10/00 9.521
11/00 9.521
12/00 9.522
01/01 9.522
02/01 9.522
03/01 9.522
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 PROSPECTUS.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $49,000,000.00 DATED DATE: 02/26/99
CURRENT COUPON: TBD vmf99a FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $49,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/26/99
ASSUMED CONSTANT LIBOR-1M 4.9366
*********** TO CALL ***********
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 50.737 46.471 48.607 52.894 55.044 57.241
99-24+ 49.125 45.126 47.129 51.148 53.164 55.223
99-25 47.515 43.783 45.652 49.402 51.283 53.205
99-25+ 45.904 42.439 44.174 47.656 49.403 51.187
99-26 44.294 41.096 42.698 45.911 47.523 49.170
99-26+ 42.684 39.753 41.221 44.167 45.644 47.153
99-27 41.075 38.410 39.745 42.422 43.765 45.137
99-27+ 39.466 37.068 38.269 40.678 41.887 43.121
99-28 37.857 35.726 36.793 38.935 40.009 41.106
99-28+ 36.248 34.384 35.318 37.191 38.131 39.091
99-29 34.640 33.043 33.843 35.449 36.254 37.077
99-29+ 33.033 31.701 32.368 33.706 34.377 35.063
99-30 31.426 30.361 30.894 31.964 32.501 33.049
99-30+ 29.819 29.020 29.420 30.223 30.625 31.036
99-31 28.212 27.680 27.946 28.481 28.750 29.024
99-31+ 26.606 26.340 26.473 26.740 26.875 27.012
100-00 25.000 25.000 25.000 25.000 25.000 25.000
100-00+ 23.395 23.661 23.527 23.260 23.126 22.989
100-01 21.789 22.322 22.055 21.520 21.252 20.978
100-01+ 20.185 20.983 20.583 19.781 19.379 18.968
100-02 18.580 19.644 19.111 18.042 17.506 16.958
100-02+ 16.976 18.306 17.640 16.304 15.633 14.949
100-03 15.372 16.968 16.169 14.566 13.761 12.940
100-03+ 13.769 15.631 14.698 12.828 11.890 10.931
100-04 12.166 14.293 13.228 11.090 10.019 8.923
100-04+ 10.564 12.956 11.758 9.354 8.148 6.916
100-05 8.961 11.619 10.288 7.617 6.277 4.909
100-05+ 7.359 10.283 8.819 5.881 4.407 2.902
100-06 5.758 8.947 7.350 4.145 2.538 0.896
First Payment 0.031 0.031 0.031 0.031 0.031 0.031
Average Life 0.997 1.203 1.090 0.918 0.851 0.792
Last Payment 1.947 2.364 2.197 1.781 1.697 1.614
</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: $45,000,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $45,000,000.00 BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ***********
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.142 6.133 6.138 6.147 6.151 6.155
99-24+ 6.136 6.128 6.132 6.140 6.144 6.148
99-25 6.130 6.123 6.127 6.134 6.137 6.141
99-25+ 6.124 6.118 6.121 6.127 6.131 6.134
99-26 6.119 6.113 6.116 6.121 6.124 6.126
99-26+ 6.113 6.108 6.111 6.115 6.117 6.119
99-27 6.107 6.103 6.105 6.108 6.110 6.112
99-27+ 6.101 6.098 6.100 6.102 6.103 6.104
99-28 6.095 6.094 6.094 6.096 6.096 6.097
99-28+ 6.089 6.089 6.089 6.089 6.090 6.090
99-29 6.083 6.084 6.083 6.083 6.083 6.083
99-29+ 6.077 6.079 6.078 6.077 6.076 6.075
99-30 6.071 6.074 6.073 6.070 6.069 6.068
99-30+ 6.066 6.069 6.067 6.064 6.062 6.061
99-31 6.060 6.064 6.062 6.058 6.056 6.054
99-31+ 6.054 6.059 6.056 6.051 6.049 6.046
100-00 6.048 6.054 6.051 6.045 6.042 6.039
100-00+ 6.042 6.049 6.046 6.039 6.035 6.032
100-01 6.036 6.044 6.040 6.032 6.028 6.024
100-01+ 6.030 6.039 6.035 6.026 6.022 6.017
100-02 6.025 6.034 6.029 6.020 6.015 6.010
100-02+ 6.019 6.029 6.024 6.013 6.008 6.003
100-03 6.013 6.024 6.019 6.007 6.001 5.995
100-03+ 6.007 6.019 6.013 6.001 5.994 5.988
100-04 6.001 6.014 6.008 5.994 5.988 5.981
100-04+ 5.995 6.009 6.002 5.988 5.981 5.974
100-05 5.989 6.004 5.997 5.982 5.974 5.966
100-05+ 5.984 6.000 5.992 5.975 5.967 5.959
100-06 5.978 5.995 5.986 5.969 5.960 5.952
100-06+ 5.972 5.990 5.981 5.963 5.954 5.945
100-07 5.966 5.985 5.975 5.956 5.947 5.937
100-07+ 5.960 5.980 5.970 5.950 5.940 5.930
First Payment 1.947 2.364 2.197 1.781 1.697 1.614
Average Life 2.996 3.621 3.281 2.756 2.551 2.374
Last Payment 4.114 4.947 4.531 3.781 3.531 3.281
</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: $26,000,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $26,000,000.00 BOND IA3 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ***********
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.264 6.258 6.261 6.267 6.270 6.273
99-24+ 6.261 6.255 6.258 6.263 6.266 6.268
99-25 6.257 6.252 6.255 6.259 6.262 6.264
99-25+ 6.253 6.249 6.251 6.255 6.257 6.259
99-26 6.250 6.246 6.248 6.251 6.253 6.254
99-26+ 6.246 6.243 6.244 6.247 6.249 6.250
99-27 6.242 6.240 6.241 6.243 6.244 6.245
99-27+ 6.238 6.237 6.238 6.239 6.240 6.241
99-28 6.235 6.234 6.234 6.235 6.235 6.236
99-28+ 6.231 6.231 6.231 6.231 6.231 6.231
99-29 6.227 6.228 6.227 6.227 6.227 6.227
99-29+ 6.223 6.224 6.224 6.223 6.222 6.222
99-30 6.220 6.221 6.221 6.219 6.218 6.217
99-30+ 6.216 6.218 6.217 6.215 6.214 6.213
99-31 6.212 6.215 6.214 6.211 6.210 6.208
99-31+ 6.209 6.212 6.210 6.207 6.205 6.204
100-00 6.205 6.209 6.207 6.203 6.201 6.199
100-00+ 6.201 6.206 6.204 6.199 6.197 6.194
100-01 6.197 6.203 6.200 6.195 6.192 6.190
100-01+ 6.194 6.200 6.197 6.191 6.188 6.185
100-02 6.190 6.197 6.193 6.187 6.184 6.181
100-02+ 6.186 6.194 6.190 6.183 6.179 6.176
100-03 6.183 6.191 6.187 6.179 6.175 6.171
100-03+ 6.179 6.188 6.183 6.175 6.171 6.167
100-04 6.175 6.184 6.180 6.171 6.166 6.162
100-04+ 6.171 6.181 6.176 6.167 6.162 6.157
100-05 6.168 6.178 6.173 6.163 6.158 6.153
100-05+ 6.164 6.175 6.170 6.159 6.153 6.148
100-06 6.160 6.172 6.166 6.154 6.149 6.144
100-06+ 6.157 6.169 6.163 6.150 6.145 6.139
100-07 6.153 6.166 6.160 6.146 6.140 6.134
100-07+ 6.149 6.163 6.156 6.142 6.136 6.130
First Payment 4.114 4.947 4.531 3.781 3.531 3.281
Average Life 5.029 6.307 5.600 4.573 4.213 3.917
Last Payment 6.197 7.781 6.947 5.531 4.947 4.614
</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: $13,000,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $13,000,000.00 BOND IA4 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ***********
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.502 6.498 6.500 6.504 6.507 6.509
99-24+ 6.499 6.495 6.497 6.501 6.503 6.506
99-25 6.496 6.493 6.494 6.498 6.500 6.502
99-25+ 6.493 6.491 6.492 6.495 6.497 6.498
99-26 6.490 6.488 6.489 6.492 6.493 6.495
99-26+ 6.487 6.486 6.487 6.489 6.490 6.491
99-27 6.485 6.483 6.484 6.485 6.486 6.487
99-27+ 6.482 6.481 6.481 6.482 6.483 6.484
99-28 6.479 6.478 6.479 6.479 6.480 6.480
99-28+ 6.476 6.476 6.476 6.476 6.476 6.476
99-29 6.473 6.474 6.473 6.473 6.473 6.473
99-29+ 6.470 6.471 6.471 6.470 6.469 6.469
99-30 6.468 6.469 6.468 6.467 6.466 6.465
99-30+ 6.465 6.466 6.466 6.464 6.463 6.462
99-31 6.462 6.464 6.463 6.461 6.459 6.458
99-31+ 6.459 6.462 6.460 6.458 6.456 6.454
100-00 6.456 6.459 6.458 6.455 6.453 6.451
100-00+ 6.453 6.457 6.455 6.451 6.449 6.447
100-01 6.451 6.454 6.453 6.448 6.446 6.443
100-01+ 6.448 6.452 6.450 6.445 6.442 6.440
100-02 6.445 6.450 6.447 6.442 6.439 6.436
100-02+ 6.442 6.447 6.445 6.439 6.436 6.432
100-03 6.439 6.445 6.442 6.436 6.432 6.429
100-03+ 6.436 6.442 6.440 6.433 6.429 6.425
100-04 6.434 6.440 6.437 6.430 6.426 6.421
100-04+ 6.431 6.438 6.434 6.427 6.422 6.418
100-05 6.428 6.435 6.432 6.424 6.419 6.414
100-05+ 6.425 6.433 6.429 6.421 6.415 6.410
100-06 6.422 6.430 6.427 6.418 6.412 6.407
100-06+ 6.420 6.428 6.424 6.414 6.409 6.403
100-07 6.417 6.426 6.421 6.411 6.405 6.399
100-07+ 6.414 6.423 6.419 6.408 6.402 6.396
First Payment 6.197 7.781 6.947 5.531 4.947 4.614
Average Life 7.048 8.724 7.844 6.328 5.679 5.134
Last Payment 7.947 9.781 8.781 7.197 6.447 5.864
</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: $20,034,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $20,034,000.00 BOND IA5 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ***********
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.681 6.678 6.679 6.682 6.683 6.685
99-24+ 6.678 6.676 6.677 6.680 6.681 6.682
99-25 6.676 6.674 6.675 6.677 6.678 6.680
99-25+ 6.674 6.672 6.673 6.675 6.676 6.677
99-26 6.672 6.670 6.671 6.672 6.673 6.674
99-26+ 6.669 6.668 6.669 6.670 6.671 6.671
99-27 6.667 6.666 6.667 6.668 6.668 6.669
99-27+ 6.665 6.664 6.665 6.665 6.666 6.666
99-28 6.663 6.663 6.663 6.663 6.663 6.663
99-28+ 6.661 6.661 6.661 6.661 6.661 6.661
99-29 6.658 6.659 6.658 6.658 6.658 6.658
99-29+ 6.656 6.657 6.656 6.656 6.655 6.655
99-30 6.654 6.655 6.654 6.653 6.653 6.652
99-30+ 6.652 6.653 6.652 6.651 6.650 6.650
99-31 6.649 6.651 6.650 6.649 6.648 6.647
99-31+ 6.647 6.649 6.648 6.646 6.645 6.644
100-00 6.645 6.647 6.646 6.644 6.643 6.641
100-00+ 6.643 6.645 6.644 6.642 6.640 6.639
100-01 6.641 6.643 6.642 6.639 6.638 6.636
100-01+ 6.638 6.641 6.640 6.637 6.635 6.633
100-02 6.636 6.639 6.638 6.634 6.633 6.631
100-02+ 6.634 6.637 6.635 6.632 6.630 6.628
100-03 6.632 6.635 6.633 6.630 6.628 6.625
100-03+ 6.629 6.633 6.631 6.627 6.625 6.622
100-04 6.627 6.631 6.629 6.625 6.622 6.620
100-04+ 6.625 6.629 6.627 6.623 6.620 6.617
100-05 6.623 6.627 6.625 6.620 6.617 6.614
100-05+ 6.621 6.625 6.623 6.618 6.615 6.611
100-06 6.618 6.623 6.621 6.616 6.612 6.609
100-06+ 6.616 6.621 6.619 6.613 6.610 6.606
100-07 6.614 6.619 6.617 6.611 6.607 6.603
100-07+ 6.612 6.617 6.615 6.608 6.605 6.601
First Payment 7.947 9.781 8.781 7.197 6.447 5.864
Average Life 9.856 11.696 10.732 9.029 8.239 7.499
Last Payment 11.697 13.031 12.281 11.197 10.614 9.781
</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: $11,267,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $11,267,000.00 BOND IA6 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ***********
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.976 6.975 6.976 6.977 6.977 6.978
99-24+ 6.974 6.973 6.974 6.975 6.975 6.976
99-25 6.972 6.971 6.972 6.973 6.973 6.973
99-25+ 6.970 6.969 6.970 6.970 6.971 6.971
99-26 6.968 6.968 6.968 6.968 6.969 6.969
99-26+ 6.966 6.966 6.966 6.966 6.967 6.967
99-27 6.964 6.964 6.964 6.964 6.964 6.965
99-27+ 6.962 6.962 6.962 6.962 6.962 6.962
99-28 6.960 6.960 6.960 6.960 6.960 6.960
99-28+ 6.958 6.958 6.958 6.958 6.958 6.958
99-29 6.956 6.956 6.956 6.956 6.956 6.956
99-29+ 6.954 6.954 6.954 6.954 6.954 6.954
99-30 6.952 6.953 6.952 6.952 6.952 6.951
99-30+ 6.950 6.951 6.950 6.950 6.950 6.949
99-31 6.948 6.949 6.948 6.948 6.947 6.947
99-31+ 6.946 6.947 6.946 6.946 6.945 6.945
100-00 6.944 6.945 6.945 6.944 6.943 6.943
100-00+ 6.942 6.943 6.943 6.942 6.941 6.941
100-01 6.940 6.941 6.941 6.940 6.939 6.938
100-01+ 6.938 6.939 6.939 6.937 6.937 6.936
100-02 6.936 6.938 6.937 6.935 6.935 6.934
100-02+ 6.934 6.936 6.935 6.933 6.933 6.932
100-03 6.932 6.934 6.933 6.931 6.930 6.930
100-03+ 6.930 6.932 6.931 6.929 6.928 6.927
100-04 6.928 6.930 6.929 6.927 6.926 6.925
100-04+ 6.926 6.928 6.927 6.925 6.924 6.923
100-05 6.924 6.926 6.925 6.923 6.922 6.921
100-05+ 6.922 6.925 6.923 6.921 6.920 6.919
100-06 6.920 6.923 6.921 6.919 6.918 6.917
100-06+ 6.918 6.921 6.919 6.917 6.916 6.914
100-07 6.916 6.919 6.917 6.915 6.914 6.912
100-07+ 6.914 6.917 6.916 6.913 6.911 6.910
First Payment 11.697 13.031 12.281 11.197 10.614 9.781
Average Life 11.697 13.031 12.281 11.197 10.696 10.245
Last Payment 11.697 13.031 12.281 11.197 10.697 10.281
</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: $6,573,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $6,573,000.00 BOND IM1 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 7.788 7.787 7.788 7.789 7.789 7.789
99-24+ 7.786 7.785 7.785 7.786 7.786 7.787
99-25 7.783 7.782 7.783 7.783 7.784 7.784
99-25+ 7.780 7.780 7.780 7.781 7.781 7.781
99-26 7.778 7.777 7.777 7.778 7.778 7.778
99-26+ 7.775 7.775 7.775 7.775 7.775 7.776
99-27 7.773 7.772 7.772 7.773 7.773 7.773
99-27+ 7.770 7.770 7.770 7.770 7.770 7.770
99-28 7.767 7.767 7.767 7.767 7.767 7.767
99-28+ 7.765 7.765 7.765 7.765 7.765 7.765
99-29 7.762 7.762 7.762 7.762 7.762 7.762
99-29+ 7.760 7.760 7.760 7.759 7.759 7.759
99-30 7.757 7.757 7.757 7.757 7.756 7.756
99-30+ 7.754 7.755 7.755 7.754 7.754 7.754
99-31 7.752 7.753 7.752 7.751 7.751 7.751
99-31+ 7.749 7.750 7.750 7.749 7.748 7.748
100-00 7.747 7.748 7.747 7.746 7.746 7.745
100-00+ 7.744 7.745 7.745 7.743 7.743 7.742
100-01 7.741 7.743 7.742 7.741 7.740 7.740
100-01+ 7.739 7.740 7.739 7.738 7.738 7.737
100-02 7.736 7.738 7.737 7.736 7.735 7.734
100-02+ 7.734 7.735 7.734 7.733 7.732 7.731
100-03 7.731 7.733 7.732 7.730 7.729 7.729
100-03+ 7.728 7.730 7.729 7.728 7.727 7.726
100-04 7.726 7.728 7.727 7.725 7.724 7.723
100-04+ 7.723 7.725 7.724 7.722 7.721 7.720
100-05 7.721 7.723 7.722 7.720 7.719 7.718
100-05+ 7.718 7.720 7.719 7.717 7.716 7.715
100-06 7.715 7.718 7.717 7.714 7.713 7.712
100-06+ 7.713 7.716 7.714 7.712 7.711 7.709
100-07 7.710 7.713 7.712 7.709 7.708 7.707
100-07+ 7.708 7.711 7.709 7.706 7.705 7.704
First Payment 5.031 5.031 5.031 5.031 5.031 5.031
Average Life 8.663 9.368 8.982 8.386 8.127 7.905
Last Payment 11.697 13.031 12.281 11.197 10.697 10.281
</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: $6,573,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $6,573,000.00 BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
98-01 9.054 9.043 9.049 9.059 9.063 9.067
98-01+ 9.051 9.040 9.045 9.055 9.059 9.063
98-02 9.047 9.036 9.042 9.052 9.056 9.059
98-02+ 9.044 9.033 9.039 9.048 9.052 9.056
98-03 9.040 9.029 9.035 9.045 9.049 9.052
98-03+ 9.037 9.026 9.032 9.041 9.045 9.049
98-04 9.033 9.023 9.028 9.038 9.041 9.045
98-04+ 9.030 9.019 9.025 9.034 9.038 9.041
98-05 9.026 9.016 9.021 9.031 9.034 9.038
98-05+ 9.023 9.013 9.018 9.027 9.031 9.034
98-06 9.019 9.009 9.015 9.024 9.027 9.031
98-06+ 9.016 9.006 9.011 9.020 9.024 9.027
98-07 9.012 9.002 9.008 9.016 9.020 9.023
98-07+ 9.009 8.999 9.004 9.013 9.017 9.020
98-08 9.005 8.996 9.001 9.009 9.013 9.016
98-08+ 9.002 8.992 8.997 9.006 9.010 9.013
98-09 8.998 8.989 8.994 9.002 9.006 9.009
98-09+ 8.995 8.986 8.991 8.999 9.002 9.006
98-10 8.992 8.982 8.987 8.995 8.999 9.002
98-10+ 8.988 8.979 8.984 8.992 8.995 8.998
98-11 8.985 8.975 8.980 8.988 8.992 8.995
98-11+ 8.981 8.972 8.977 8.985 8.988 8.991
98-12 8.978 8.969 8.973 8.981 8.985 8.988
98-12+ 8.974 8.965 8.970 8.978 8.981 8.984
98-13 8.971 8.962 8.967 8.974 8.978 8.981
98-13+ 8.967 8.959 8.963 8.971 8.974 8.977
98-14 8.964 8.955 8.960 8.967 8.971 8.973
98-14+ 8.960 8.952 8.956 8.964 8.967 8.970
98-15 8.957 8.948 8.953 8.960 8.964 8.966
98-15+ 8.953 8.945 8.950 8.957 8.960 8.963
98-16 8.950 8.942 8.946 8.953 8.956 8.959
98-16+ 8.946 8.938 8.943 8.950 8.953 8.956
First Payment 5.031 5.031 5.031 5.031 5.031 5.031
Average Life 6.146 6.386 6.256 6.052 5.970 5.899
Last Payment 7.531 7.947 7.697 7.281 7.114 6.947
</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: $10,328,000.00 DATED DATE: 02/01/99
COUPON: TBD vmf99af FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $10,328,000.00 BOND IB2 BE-YIELD TABLE YIELD TABLE DATE: 02/26/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
96-24 9.136 9.110 9.124 9.148 9.160 9.171
96-24+ 9.134 9.108 9.121 9.145 9.157 9.169
96-25 9.131 9.106 9.119 9.143 9.155 9.166
96-25+ 9.129 9.103 9.117 9.140 9.152 9.163
96-26 9.126 9.101 9.114 9.138 9.150 9.161
96-26+ 9.124 9.098 9.112 9.135 9.147 9.158
96-27 9.121 9.096 9.109 9.133 9.144 9.155
96-27+ 9.119 9.094 9.107 9.130 9.142 9.153
96-28 9.116 9.091 9.104 9.128 9.139 9.150
96-28+ 9.114 9.089 9.102 9.125 9.137 9.147
96-29 9.111 9.087 9.100 9.123 9.134 9.145
96-29+ 9.109 9.084 9.097 9.120 9.131 9.142
96-30 9.106 9.082 9.095 9.117 9.129 9.139
96-30+ 9.104 9.080 9.092 9.115 9.126 9.137
96-31 9.101 9.077 9.090 9.112 9.124 9.134
96-31+ 9.099 9.075 9.088 9.110 9.121 9.131
97-00 9.096 9.073 9.085 9.107 9.118 9.129
97-00+ 9.094 9.070 9.083 9.105 9.116 9.126
97-01 9.092 9.068 9.080 9.102 9.113 9.123
97-01+ 9.089 9.066 9.078 9.100 9.111 9.121
97-02 9.087 9.063 9.075 9.097 9.108 9.118
97-02+ 9.084 9.061 9.073 9.095 9.105 9.115
97-03 9.082 9.059 9.071 9.092 9.103 9.113
97-03+ 9.079 9.056 9.068 9.090 9.100 9.110
97-04 9.077 9.054 9.066 9.087 9.098 9.107
97-04+ 9.074 9.052 9.063 9.084 9.095 9.105
97-05 9.072 9.049 9.061 9.082 9.092 9.102
97-05+ 9.069 9.047 9.059 9.079 9.090 9.099
97-06 9.067 9.044 9.056 9.077 9.087 9.097
97-06+ 9.064 9.042 9.054 9.074 9.085 9.094
97-07 9.062 9.040 9.051 9.072 9.082 9.092
97-07+ 9.059 9.037 9.049 9.069 9.079 9.089
First Payment 7.531 7.947 7.697 7.281 7.114 6.947
Average Life 10.265 11.266 10.716 9.872 9.500 9.181
Last Payment 11.697 13.031 12.281 11.197 10.697 10.281
</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: $70,275,000.00 DATED DATE: 02/26/99
CURRENT COUPON: TBD vmf99a FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $70,275,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/26/99
ASSUMED CONSTANT LIBOR-1M 4.9366
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 48.206 47.004 47.573 48.931 49.771 50.793
99-24+ 47.692 46.566 47.099 48.372 49.159 50.117
99-25 47.178 46.127 46.624 47.812 48.547 49.441
99-25+ 46.665 45.689 46.150 47.253 47.935 48.765
99-26 46.151 45.250 45.676 46.694 47.324 48.090
99-26+ 45.638 44.812 45.203 46.135 46.712 47.414
99-27 45.124 44.374 44.729 45.577 46.101 46.739
99-27+ 44.611 43.936 44.255 45.018 45.490 46.065
99-28 44.098 43.498 43.782 44.460 44.880 45.390
99-28+ 43.585 43.060 43.309 43.902 44.269 44.715
99-29 43.073 42.623 42.836 43.344 43.659 44.041
99-29+ 42.560 42.185 42.363 42.786 43.048 43.367
99-30 42.048 41.748 41.890 42.229 42.438 42.693
99-30+ 41.536 41.311 41.417 41.671 41.828 42.020
99-31 41.024 40.874 40.945 41.114 41.219 41.346
99-31+ 40.512 40.437 40.472 40.557 40.609 40.673
100-00 40.000 40.000 40.000 40.000 40.000 40.000
100-00+ 39.488 39.563 39.528 39.443 39.391 39.327
100-01 38.977 39.127 39.056 38.887 38.782 38.655
100-01+ 38.466 38.690 38.584 38.330 38.173 37.982
100-02 37.955 38.254 38.112 37.774 37.565 37.310
100-02+ 37.444 37.818 37.641 37.218 36.956 36.638
100-03 36.933 37.382 37.170 36.662 36.348 35.966
100-03+ 36.422 36.946 36.698 36.107 35.740 35.294
100-04 35.912 36.510 36.227 35.551 35.133 34.623
100-04+ 35.402 36.075 35.756 34.996 34.525 33.952
100-05 34.891 35.639 35.285 34.440 33.918 33.281
100-05+ 34.381 35.204 34.815 33.885 33.310 32.610
100-06 33.871 34.768 34.344 33.331 32.703 31.939
100-06+ 33.362 34.333 33.874 32.776 32.096 31.269
100-07 32.852 33.898 33.403 32.221 31.490 30.599
100-07+ 32.343 33.463 32.933 31.667 30.883 29.929
First Payment 0.031 0.031 0.031 0.031 0.031 0.031
Average Life 3.575 4.283 3.917 3.245 2.925 2.601
Last Payment 11.697 12.281 11.947 11.447 11.281 11.114
</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: $10,705,000.00 DATED DATE: 02/26/99
CURRENT COUPON: TBD vmf99a FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $10,705,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/26/99
ASSUMED CONSTANT LIBOR-1M 4.9366
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 79.936 79.865 79.952 79.904 79.868 79.826
99-24+ 79.627 79.560 79.642 79.597 79.563 79.524
99-25 79.318 79.256 79.332 79.290 79.259 79.222
99-25+ 79.009 78.951 79.023 78.984 78.954 78.920
99-26 78.701 78.647 78.713 78.677 78.650 78.619
99-26+ 78.392 78.343 78.403 78.370 78.345 78.317
99-27 78.083 78.039 78.093 78.064 78.041 78.015
99-27+ 77.775 77.735 77.784 77.757 77.736 77.713
99-28 77.466 77.431 77.474 77.450 77.432 77.412
99-28+ 77.158 77.127 77.165 77.144 77.128 77.110
99-29 76.849 76.823 76.855 76.837 76.824 76.808
99-29+ 76.541 76.519 76.546 76.531 76.520 76.507
99-30 76.233 76.215 76.237 76.225 76.216 76.205
99-30+ 75.924 75.911 75.927 75.918 75.912 75.904
99-31 75.616 75.607 75.618 75.612 75.608 75.603
99-31+ 75.308 75.304 75.309 75.306 75.304 75.301
100-00 75.000 75.000 75.000 75.000 75.000 75.000
100-00+ 74.692 74.696 74.691 74.694 74.696 74.699
100-01 74.384 74.393 74.382 74.388 74.393 74.398
100-01+ 74.076 74.089 74.073 74.082 74.089 74.097
100-02 73.768 73.786 73.764 73.776 73.785 73.796
100-02+ 73.460 73.483 73.455 73.470 73.482 73.495
100-03 73.153 73.179 73.147 73.164 73.178 73.194
100-03+ 72.845 72.876 72.838 72.859 72.875 72.893
100-04 72.537 72.573 72.529 72.553 72.571 72.592
100-04+ 72.230 72.270 72.221 72.247 72.268 72.291
100-05 71.922 71.967 71.912 71.942 71.965 71.990
100-05+ 71.615 71.664 71.604 71.636 71.661 71.690
100-06 71.307 71.361 71.295 71.331 71.358 71.389
100-06+ 71.000 71.058 70.987 71.026 71.055 71.089
100-07 70.693 70.755 70.678 70.720 70.752 70.788
100-07+ 70.385 70.452 70.370 70.415 70.449 70.488
First Payment 5.031 5.031 5.031 5.114 5.114 5.197
Average Life 5.922 6.034 5.899 5.967 6.021 6.084
Last Payment 6.864 7.781 7.114 6.947 7.031 7.114
</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: $5,120,000.00 DATED DATE: 02/26/99
CURRENT COUPON: TBD vmf99a FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $5,120,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/26/99
ASSUMED CONSTANT LIBOR-1M 4.9366
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 289.268 288.820 289.049 289.358 289.313 289.240
99-24+ 289.001 288.581 288.796 289.085 289.043 288.975
99-25 288.734 288.342 288.542 288.812 288.773 288.709
99-25+ 288.467 288.103 288.289 288.540 288.503 288.444
99-26 288.200 287.864 288.036 288.267 288.234 288.179
99-26+ 287.933 287.625 287.783 287.995 287.964 287.914
99-27 287.666 287.386 287.529 287.722 287.694 287.649
99-27+ 287.399 287.147 287.276 287.450 287.424 287.383
99-28 287.132 286.909 287.023 287.177 287.155 287.118
99-28+ 286.866 286.670 286.770 286.905 286.885 286.853
99-29 286.599 286.431 286.517 286.633 286.616 286.589
99-29+ 286.332 286.192 286.264 286.360 286.346 286.324
99-30 286.066 285.954 286.011 286.088 286.077 286.059
99-30+ 285.799 285.715 285.758 285.816 285.808 285.794
99-31 285.533 285.477 285.505 285.544 285.538 285.529
99-31+ 285.266 285.238 285.253 285.272 285.269 285.265
100-00 285.000 285.000 285.000 285.000 285.000 285.000
100-00+ 284.734 284.762 284.747 284.728 284.731 284.735
100-01 284.467 284.523 284.495 284.456 284.462 284.471
100-01+ 284.201 284.285 284.242 284.184 284.193 284.206
100-02 283.935 284.047 283.990 283.913 283.924 283.942
100-02+ 283.669 283.809 283.737 283.641 283.655 283.678
100-03 283.403 283.571 283.485 283.369 283.386 283.413
100-03+ 283.137 283.332 283.232 283.098 283.117 283.149
100-04 282.871 283.094 282.980 282.826 282.848 282.885
100-04+ 282.605 282.856 282.728 282.555 282.580 282.621
100-05 282.339 282.619 282.476 282.283 282.311 282.356
100-05+ 282.073 282.381 282.223 282.012 282.042 282.092
100-06 281.808 282.143 281.971 281.740 281.774 281.828
100-06+ 281.542 281.905 281.719 281.469 281.505 281.564
100-07 281.276 281.667 281.467 281.198 281.237 281.300
100-07+ 281.011 281.430 281.215 280.927 280.968 281.037
First Payment 6.864 7.781 7.114 6.947 7.031 7.114
Average Life 7.771 9.098 8.368 7.541 7.648 7.830
Last Payment 9.114 10.614 9.864 8.447 8.281 8.614
</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: $6,982,000.00 DATED DATE: 02/26/99
CURRENT COUPON: TBD vmf99a FIRST PAYMENT: 03/07/99
FACTOR: 1.0000000000 TOTAL CLASSES: 13
ORIGINAL BALANCE: $6,982,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/26/99
ASSUMED CONSTANT LIBOR-1M 4.9366
*********** TO CALL ************
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 313.403 313.231 313.315 313.502 313.592 313.616
99-24+ 313.190 313.029 313.108 313.282 313.367 313.390
99-25 312.977 312.826 312.900 313.063 313.142 313.164
99-25+ 312.764 312.624 312.693 312.844 312.917 312.937
99-26 312.551 312.422 312.485 312.625 312.693 312.711
99-26+ 312.338 312.220 312.278 312.406 312.468 312.485
99-27 312.125 312.018 312.071 312.187 312.243 312.259
99-27+ 311.913 311.816 311.863 311.968 312.019 312.033
99-28 311.700 311.614 311.656 311.749 311.794 311.807
99-28+ 311.487 311.412 311.449 311.531 311.570 311.581
99-29 311.275 311.210 311.242 311.312 311.346 311.355
99-29+ 311.062 311.008 311.035 311.093 311.121 311.129
99-30 310.850 310.807 310.828 310.874 310.897 310.903
99-30+ 310.637 310.605 310.621 310.656 310.673 310.677
99-31 310.425 310.403 310.414 310.437 310.448 310.451
99-31+ 310.212 310.202 310.207 310.219 310.224 310.226
100-00 310.000 310.000 310.000 310.000 310.000 310.000
100-00+ 309.788 309.798 309.793 309.782 309.776 309.774
100-01 309.575 309.597 309.586 309.563 309.552 309.549
100-01+ 309.363 309.395 309.380 309.345 309.328 309.323
100-02 309.151 309.194 309.173 309.126 309.104 309.098
100-02+ 308.939 308.993 308.966 308.908 308.880 308.872
100-03 308.727 308.791 308.760 308.690 308.656 308.647
100-03+ 308.515 308.590 308.553 308.472 308.432 308.422
100-04 308.303 308.389 308.346 308.253 308.208 308.196
100-04+ 308.091 308.187 308.140 308.035 307.985 307.971
100-05 307.879 307.986 307.934 307.817 307.761 307.746
100-05+ 307.667 307.785 307.727 307.599 307.537 307.521
100-06 307.455 307.584 307.521 307.381 307.314 307.295
100-06+ 307.243 307.383 307.314 307.163 307.090 307.070
100-07 307.032 307.182 307.108 306.945 306.867 306.845
100-07+ 306.820 306.981 306.902 306.728 306.643 306.620
First Payment 9.114 10.614 9.864 8.447 8.281 8.614
Average Life 11.046 12.014 11.513 10.567 10.165 10.040
Last Payment 11.697 12.281 11.947 11.447 11.281 11.114
</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>
- -------------------------------------------------------------------------------
- Vanderbilt 99A
- Cut Off Date of Tape is 01/26/99
- Fixed-rate
- $187,775,800.41
- Mortgage Summary Report
- -------------------------------------------------------------------------------
Number of Mortgage Loans: 5,328
Aggregate Unpaid Principal Balance: $187,775,800.41
Aggregate Original Principal Balance: $189,497,370.53
Weighted Average Gross Coupon: 10.272%
Gross Coupon Range: 6.750% - 16.000%
- -------------------------------------------------------------------------------
Average Unpaid Principal Balance: $35,243.21
Average Original Principal Balance: $35,566.32
Maximum Unpaid Principal Balance: $250,848.48
Minimum Unpaid Principal Balance: $4,294.36
Maximum Original Principal Balance: $252,000.00
Minimum Original Principal Balance: $5,719.18
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 234.389
Stated Rem Term Range: 47.000 - 360.000
Weighted Average Age : 4.514
Age Range: 0.000 - 117.000
Weighted Average Original Term: 238.903
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 84.993
Original LTV Range: 7.421% - 104.406%
- -------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 48023 14 loans $504,645.05 0.27%
New 67.29% $126,353,616
Used 32.71% $61,422,184
Single-section 48.22% $90,541,771
Multi-section 51.78% $97,234,030
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>
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 181 5,622,104 2.99
Arkansas 79 2,782,660 1.48
Arizona 81 3,424,379 1.82
California 25 1,106,508 0.59
Colorado 77 2,949,658 1.57
Connecticut 2 59,164 0.03
Delaware 23 748,073 0.40
Florida 263 11,111,530 5.92
Georgia 127 4,127,869 2.20
Hawaii 1 35,002 0.02
Iowa 60 1,886,946 1.00
Idaho 17 715,962 0.38
Illinois 25 659,537 0.35
Indiana 155 4,561,725 2.43
Kansas 20 582,477 0.31
Kentucky 191 5,530,963 2.95
Louisiana 332 11,946,607 6.36
Maryland 16 498,503 0.27
Maine 1 131,353 0.07
Michigan 339 11,223,246 5.98
Minnesota 78 2,520,714 1.34
Missouri 167 5,431,335 2.89
Mississippi 61 1,957,096 1.04
Montana 19 728,382 0.39
North Carolina 440 15,244,945 8.12
North Dakota 8 174,959 0.09
Nebraska 4 127,632 0.07
New Jersey 4 129,969 0.07
New Mexico 83 2,893,432 1.54
Nevada 6 461,632 0.25
New York 60 3,237,203 1.72
Ohio 120 3,586,510 1.91
Oklahoma 69 2,891,016 1.54
Oregon 45 2,110,687 1.12
Pennsylvania 83 2,770,700 1.48
South Carolina 373 12,381,163 6.59
Tennessee 475 15,058,207 8.02
Texas 886 35,083,644 18.68
Utah 3 98,001 0.05
Virginia 193 6,508,605 3.47
Washington 20 1,127,026 0.60
Wisconsin 38 992,604 0.53
West Virginia 75 2,447,675 1.30
Wyoming 3 108,395 0.06
- --------------------------------------------------------------------------
Total............... 5328 $ 187,775,800 100.00%
==========================================================================
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.
<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 9,774 0.01
1990 2 23,584 0.01
1991 8 93,898 0.05
1992 10 176,473 0.09
1993 1 73,880 0.04
1994 4 97,585 0.05
1995 13 466,658 0.25
1996 642 20,000,955 10.65
1997 9 352,499 0.19
1998 4156 150,880,864 80.35
1999 482 15,599,630 8.31
- --------------------------------------------------------------------------
Total................. 5328 $187,775,800 100.00%
==========================================================================
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
$ 5,000.01 < Balance <= $ 10,000.00 114 943,168 0.50
$ 10,000.01 < Balance <= $ 15,000.00 340 4,220,388 2.25
$ 15,000.01 < Balance <= $ 20,000.00 511 8,751,015 4.66
$ 20,000.01 < Balance <= $ 25,000.00 684 15,120,403 8.05
$ 25,000.01 < Balance <= $ 30,000.00 755 20,600,444 10.97
$ 30,000.01 < Balance <= $ 35,000.00 741 23,829,289 12.69
$ 35,000.01 < Balance <= $ 40,000.00 550 20,391,491 10.86
$ 40,000.01 < Balance <= $ 45,000.00 417 17,643,171 9.40
$ 45,000.01 < Balance <= $ 50,000.00 289 13,618,150 7.25
$ 50,000.01 < Balance <= $ 55,000.00 246 12,781,500 6.81
$ 55,000.01 < Balance <= $ 60,000.00 187 10,689,474 5.69
$ 60,000.01 < Balance <= $ 65,000.00 124 7,707,211 4.10
$ 65,000.01 < Balance <= $ 70,000.00 92 6,170,170 3.29
$ 70,000.01 < Balance <= $ 75,000.00 76 5,476,035 2.92
$ 75,000.01 < Balance <= $ 80,000.00 47 3,611,777 1.92
$ 80,000.01 < Balance <= $ 85,000.00 39 3,199,238 1.70
$ 85,000.01 < Balance <= $ 90,000.00 26 2,257,610 1.20
$ 90,000.01 < Balance <= $ 95,000.00 26 2,393,099 1.27
$ 95,000.01 < Balance <= $100,000.00 12 1,171,324 0.62
$100,000.01 < Balance <= $105,000.00 7 709,227 0.38
$105,000.01 < Balance <= $110,000.00 9 965,651 0.51
$110,000.01 < Balance <= $115,000.00 2 219,758 0.12
$115,000.01 < Balance <= $120,000.00 7 816,930 0.44
$120,000.01 < Balance <= $125,000.00 6 724,679 0.39
$125,000.01 < Balance <= $130,000.00 2 254,280 0.14
$130,000.01 < Balance <= $135,000.00 2 261,049 0.14
$140,000.01 < Balance <= $145,000.00 1 138,299 0.07
$145,000.01 < Balance <= $150,000.00 1 145,966 0.08
$150,000.01 < Balance <= $155,000.00 1 152,381 0.08
$155,000.01 < Balance <= $160,000.00 2 314,310 0.17
$165,000.01 < Balance <= $170,000.00 1 167,569 0.09
Balance > $170,000.00 11 2,330,744 1.24
- ---------------------------------------------------------------------------
Total.................... 5328 $187,775,800 100.00%
===========================================================================
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.
<PAGE>
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% 418 9,909,965 5.28
From 61.000% to 65.999% 176 4,906,271 2.61
From 66.000% to 70.999% 271 8,709,964 4.64
From 71.000% to 75.999% 346 11,316,428 6.03
From 76.000% to 80.999% 492 16,120,168 8.58
From 81.000% to 85.999% 746 25,293,164 13.47
From 86.000% to 90.999% 1597 55,764,361 29.70
From 91.000% to 100.000% 1280 55,659,154 29.64
From 100.000% to 101.000% 1 40,837 0.02
Over 101.000% 1 55,488 0.03
- --------------------------------------------------------------------------
Total.................... 5328 $187,775,800 100.00%
==========================================================================
Cut-off Date Contract Rate - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.001% < Gross Coupon <= 7.000 3 199,320 0.11
7.001% < Gross Coupon <= 8.000 64 3,975,496 2.12
8.001% < Gross Coupon <= 9.000 519 24,712,518 13.16
9.001% < Gross Coupon <= 10.000 1597 62,338,906 33.20
10.001% < Gross Coupon <= 11.000 1688 57,300,980 30.52
11.001% < Gross Coupon <= 12.000 832 24,563,957 13.08
12.001% < Gross Coupon <= 13.000 452 11,073,623 5.90
13.001% < Gross Coupon <= 14.000 117 2,512,523 1.34
14.001% < Gross Coupon <= 15.000 50 1,022,665 0.54
15.001% < Gross Coupon <= 16.000 6 75,811 0.04
- ----------------------------------------------------------------------------
Total.......... 5328 $187,775,800 100.00%
============================================================================
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 <= 72 259 3,192,011 1.70%
72 < Rem Term <= 84 184 2,883,598 1.54%
84 < Rem Term <= 120 570 12,163,296 6.48%
120 < Rem Term <= 156 619 15,580,483 8.30%
156 < Rem Term <= 180 756 22,802,487 12.14%
180 < Rem Term <= 240 1,520 56,446,383 30.06%
240 < Rem Term <= 300 765 36,081,381 19.22%
300 < Rem Term <= 360 655 38,626,162 20.57%
- -------------------------------------------------------------------
Total............ 5,328 187,775,800 100.00%
===================================================================
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.
<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
1954 1 53,489 0.03
1967 1 15,237 0.01
1969 6 94,125 0.05
1970 3 91,396 0.05
1971 6 179,617 0.10
1972 7 94,643 0.05
1973 10 208,802 0.11
1974 14 242,400 0.13
1975 10 195,221 0.10
1976 10 147,368 0.08
1977 16 248,951 0.13
1978 19 298,630 0.16
1979 21 338,575 0.18
1980 29 500,875 0.27
1981 28 505,226 0.27
1982 43 720,253 0.38
1983 49 690,525 0.37
1984 71 1,312,658 0.70
1985 64 1,133,151 0.60
1986 80 1,610,450 0.86
1987 84 1,690,200 0.90
1988 108 2,270,174 1.21
1989 123 2,766,893 1.47
1990 116 2,862,241 1.52
1991 129 3,152,603 1.68
1992 155 4,246,965 2.26
1993 198 5,704,356 3.04
1994 305 9,584,410 5.10
1995 417 14,189,592 7.56
1996 877 30,565,414 16.28
1997 787 33,099,565 17.63
1998 595 25,782,381 13.73
1999 946 43,179,414 23.00
- --------------------------------------------------------------------------
Total................. 5328 $187,775,800 100.00%
==========================================================================
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.
<PAGE>
- -------------------------------------------------------------------------------
- Vanderbilt 99A
- Cut Off Date of Tape is 01/26/99
- Adjustable-rate
- $93,082,655.21
- -------------------------------------------------------------------------------
Number of Mortgage Loans: 2,497
Index: 5 Yr. CMT
Aggregate Unpaid Principal Balance: $93,082,655.21
Aggregate Original Principal Balance: $93,355,916.20
- -------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.337%
Gross Coupon Range: 7.990% - 15.240%
Weighted Average Margin (Gross): 5.709%
Gross Margin Range: 2.720% - 11.060%
Weighted Average Life Cap (Gross): 16.139%
Gross Life Cap Range: 13.240% - 21.240%
Weighted Average Life Floor (Gross): 5.709%
Gross Life Floor Range: 2.720% - 11.060%
- -------------------------------------------------------------------------------
Average Unpaid Principal Balance: $37,277.80
Average Original Principal Balance: $37,387.23
Maximum Unpaid Principal Balance: $119,238.14
Minimum Unpaid Principal Balance: $5,526.28
Maximum Original Principal Balance: $119,376.00
Minimum Original Principal Balance: $5,641.24
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 223.344
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.693
Age Range: 0.000 - 20.000
Weighted Average Original Term: 224.037
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 85.861
Original LTV Range: 26.797% - 100.000%
Weighted Average Periodic Interest Cap: 1.578%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.181
Months to Interest Roll Range: 2 - 13
Weighted Average Interest Roll Frequency: 12.000
Interest Frequency Range: 12 - 12
- -------------------------------------------------------------------------------
Greatest Zip Code Concentration
Zip 37849 22 loans $731,318.32 0.79%
New 77.19% $71,851,549
Used 22.81% $21,231,106
Single-section 45.77% $42,599,773
Multi-section 54.23% $50,482,882
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>
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 23 655,006 0.70
Arkansas 11 403,061 0.43
Arizona 17 742,456 0.80
California 3 99,267 0.11
Colorado 14 599,889 0.64
Delaware 5 274,688 0.30
Florida 118 4,197,902 4.51
Georgia 52 1,744,403 1.87
Iowa 3 83,086 0.09
Illinois 3 74,716 0.08
Indiana 11 562,695 0.60
Kentucky 207 7,015,000 7.54
Louisiana 93 3,024,650 3.25
Maryland 6 236,511 0.25
Missouri 21 710,766 0.76
Mississippi 33 1,099,783 1.18
North Carolina 488 20,280,176 21.79
New Jersey 3 215,768 0.23
New Mexico 24 1,064,119 1.14
New York 3 175,755 0.19
Ohio 14 553,778 0.59
Oklahoma 16 556,960 0.60
Pennsylvania 1 71,255 0.08
South Carolina 260 10,258,108 11.02
South Dakota 1 25,540 0.03
Tennessee 507 18,569,105 19.95
Texas 413 13,842,463 14.87
Virginia 137 5,532,010 5.94
West Virginia 9 379,007 0.41
Wyoming 1 34,731 0.04
- --------------------------------------------------------------------------
Total............... 2497 $ 93,082,655 100.00%
==========================================================================
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
1997 5 137,847 0.15
1998 2128 80,135,307 86.09
1999 364 12,809,501 13.76
- --------------------------------------------------------------------------
Total................. 2497 $ 93,082,655 100.00%
==========================================================================
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.
<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 37 300,118 0.32
$ 10,000.01 < Balance <= $ 15,000.00 106 1,328,745 1.43
$ 15,000.01 < Balance <= $ 20,000.00 171 3,005,401 3.23
$ 20,000.01 < Balance <= $ 25,000.00 264 6,002,674 6.45
$ 25,000.01 < Balance <= $ 30,000.00 363 9,954,273 10.69
$ 30,000.01 < Balance <= $ 35,000.00 406 13,133,306 14.11
$ 35,000.01 < Balance <= $ 40,000.00 274 10,219,952 10.98
$ 40,000.01 < Balance <= $ 45,000.00 203 8,607,273 9.25
$ 45,000.01 < Balance <= $ 50,000.00 161 7,660,134 8.23
$ 50,000.01 < Balance <= $ 55,000.00 127 6,620,256 7.11
$ 55,000.01 < Balance <= $ 60,000.00 107 6,123,735 6.58
$ 60,000.01 < Balance <= $ 65,000.00 79 4,900,694 5.26
$ 65,000.01 < Balance <= $ 70,000.00 61 4,089,264 4.39
$ 70,000.01 < Balance <= $ 75,000.00 48 3,465,764 3.72
$ 75,000.01 < Balance <= $ 80,000.00 30 2,311,187 2.48
$ 80,000.01 < Balance <= $ 85,000.00 24 1,977,037 2.12
$ 85,000.01 < Balance <= $ 90,000.00 16 1,393,710 1.50
$ 90,000.01 < Balance <= $ 95,000.00 8 739,949 0.79
$ 95,000.01 < Balance <= $100,000.00 5 482,708 0.52
$100,000.01 < Balance <= $105,000.00 2 202,116 0.22
$105,000.01 < Balance <= $110,000.00 1 106,396 0.11
$110,000.01 < Balance <= $115,000.00 2 222,185 0.24
$115,000.01 < Balance <= $120,000.00 2 235,778 0.25
- ---------------------------------------------------------------------------
Total.................... 2497 $ 93,082,655 100.00%
===========================================================================
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% 78 2,009,285 2.16
From 61.000% to 65.999% 59 2,182,525 2.34
From 66.000% to 70.999% 103 3,731,853 4.01
From 71.000% to 75.999% 144 5,626,854 6.05
From 76.000% to 80.999% 219 9,225,661 9.91
From 81.000% to 85.999% 398 15,357,364 16.50
From 86.000% to 90.999% 684 25,818,681 27.74
From 91.000% to 100.000% 812 29,130,432 31.30
- --------------------------------------------------------------------------
Total.................... 2497 $ 93,082,655 100.00%
==========================================================================
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.
<PAGE>
Cut-off Date Contract Rate - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.001% < Gross Coupon <= 8.000 9 581,233 0.62
8.001% < Gross Coupon <= 9.000 277 13,460,395 14.46
9.001% < Gross Coupon <= 10.000 864 35,264,246 37.88
10.001% < Gross Coupon <= 11.000 462 16,671,610 17.91
11.001% < Gross Coupon <= 12.000 676 21,278,322 22.86
12.001% < Gross Coupon <= 13.000 136 3,877,557 4.17
13.001% < Gross Coupon <= 14.000 66 1,791,913 1.93
14.001% < Gross Coupon <= 15.000 6 147,819 0.16
15.001% < Gross Coupon <= 16.000 1 9,560 0.01
- ----------------------------------------------------------------------------
Total.......... 2497 $ 93,082,655 100.00%
============================================================================
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 48 596,149 0.64%
72 < Rem Term <= 84 87 1,463,842 1.57%
84 < Rem Term <= 120 166 3,508,295 3.77%
120 < Rem Term <= 156 337 9,070,754 9.74%
156 < Rem Term <= 180 385 11,607,335 12.47%
180 < Rem Term <= 240 947 36,545,089 39.26%
240 < Rem Term <= 300 432 24,089,685 25.88%
300 < Rem Term <= 360 95 6,201,506 6.66%
- -------------------------------------------------------------------
Total............ 2,497 93,082,655 100.00%
===================================================================
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.
<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
2.501 Gross Margin <= 3.000 19 859,630 0.92
3.001 Gross Margin <= 3.500 63 2,955,975 3.18
3.501 Gross Margin <= 4.000 84 3,917,180 4.21
4.001 Gross Margin <= 4.500 234 10,464,857 11.24
4.501 Gross Margin <= 5.000 310 13,038,961 14.01
5.001 Gross Margin <= 5.500 373 14,719,623 15.81
5.501 Gross Margin <= 6.000 310 12,204,395 13.11
6.001 Gross Margin <= 6.500 272 9,110,965 9.79
6.501 Gross Margin <= 7.000 249 8,232,212 8.84
7.001 Gross Margin <= 7.500 268 8,300,491 8.92
7.501 Gross Margin <= 8.000 161 4,992,616 5.36
8.001 Gross Margin <= 8.500 63 1,857,195 2.00
8.501 Gross Margin <= 9.000 42 1,207,092 1.30
9.001 Gross Margin <= 9.500 41 1,020,209 1.10
9.501 Gross Margin <= 10.000 5 137,064 0.15
10.001 Gross Margin <= 10.500 2 54,631 0.06
11.001 Gross Margin <= 11.500 1 9,560 0.01
- --------------------------------------------------------------------------
Total................. 2497 $ 93,082,655 100.00%
==========================================================================
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.
<PAGE>
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
13.001 Life CAP <= 13.500 8 273,150 0.29
13.501 Life CAP <= 14.000 38 1,768,820 1.90
14.001 Life CAP <= 14.500 124 5,560,577 5.97
14.501 Life CAP <= 15.000 238 10,842,895 11.65
15.001 Life CAP <= 15.500 428 17,383,104 18.67
15.501 Life CAP <= 16.000 450 18,337,489 19.70
16.001 Life CAP <= 16.500 228 8,340,898 8.96
16.501 Life CAP <= 17.000 278 9,291,255 9.98
17.001 Life CAP <= 17.500 316 10,000,731 10.74
17.501 Life CAP <= 18.000 227 6,782,540 7.29
18.001 Life CAP <= 18.500 62 1,782,170 1.91
18.501 Life CAP <= 19.000 44 1,265,265 1.36
19.001 Life CAP <= 19.500 43 1,189,983 1.28
19.501 Life CAP <= 20.000 8 166,766 0.18
20.001 Life CAP <= 20.500 3 59,418 0.06
20.501 Life CAP <= 21.000 1 28,032 0.03
21.001 Life CAP <= 21.500 1 9,560 0.01
- --------------------------------------------------------------------------
Total................. 2497 $ 93,082,655 100.00%
==========================================================================
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
2.501 Life Floor <= 3.000 19 859,630 0.92
3.001 Life Floor <= 3.500 63 2,955,975 3.18
3.501 Life Floor <= 4.000 84 3,917,180 4.21
4.001 Life Floor <= 4.500 234 10,464,857 11.24
4.501 Life Floor <= 5.000 310 13,038,961 14.01
5.001 Life Floor <= 5.500 373 14,719,623 15.81
5.501 Life Floor <= 6.000 310 12,204,395 13.11
6.001 Life Floor <= 6.500 272 9,110,965 9.79
6.501 Life Floor <= 7.000 249 8,232,212 8.84
7.001 Life Floor <= 7.500 268 8,300,491 8.92
7.501 Life Floor <= 8.000 161 4,992,616 5.36
8.001 Life Floor <= 8.500 63 1,857,195 2.00
8.501 Life Floor <= 9.000 42 1,207,092 1.30
9.001 Life Floor <= 9.500 41 1,020,209 1.10
9.501 Life Floor <= 10.000 5 137,064 0.15
10.001 Life Floor <= 10.500 2 54,631 0.06
11.001 Life Floor <= 11.500 1 9,560 0.01
- --------------------------------------------------------------------------
Total................. 2497 $ 93,082,655 100.00%
==========================================================================
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.
<PAGE>
NEXT INTEREST ROLLDATE - Group II Contracts
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
04/01/99 3 $66,399 00.07
06/01/99 3 $118,889 00.13
08/01/99 1 $21,941 00.02
09/01/99 4 $135,541 00.15
10/01/99 58 $2,242,164 02.41
11/01/99 694 $26,134,153 28.08
12/01/99 779 $28,956,211 31.11
01/01/00 651 $23,782,574 25.55
02/01/00 246 $9,428,025 10.13
03/01/00 58 $2,196,758 02.36
- ----------------------------------------------------------------------
Total....... 2497 $93,082,655 100.00%
======================================================================
Distribution of Periodic Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 1043 39,245,388 42.16
2.000 1454 53,837,267 57.84
- --------------------------------------------------------------------------
Total................. 2497 $ 93,082,655 100.00%
==========================================================================
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.
<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
1969 1 9,612 0.01
1970 1 5,996 0.01
1972 3 31,041 0.03
1973 5 57,116 0.06
1974 9 139,489 0.15
1975 1 9,586 0.01
1977 2 25,347 0.03
1978 8 100,155 0.11
1979 2 34,923 0.04
1980 6 79,536 0.09
1981 7 121,433 0.13
1982 9 116,252 0.12
1983 18 262,771 0.28
1984 16 213,323 0.23
1985 26 482,635 0.52
1986 26 474,183 0.51
1987 17 274,903 0.30
1988 20 446,254 0.48
1989 25 464,414 0.50
1990 18 324,087 0.35
1991 35 806,971 0.87
1992 27 608,029 0.65
1993 51 1,344,781 1.44
1994 55 1,495,845 1.61
1995 89 2,616,873 2.81
1996 174 5,395,748 5.80
1997 175 6,153,881 6.61
1998 586 23,563,351 25.31
1999 1085 47,424,119 50.95
- --------------------------------------------------------------------------
Total................. 2497 $ 93,082,655 100.00%
==========================================================================
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.
