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 16, 2000
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller
and servicer under the Pooling and Servicing
Agreement, dated as of January 26, 2000,
providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing
Contract Senior/Subordinate Pass-Through
Certificates, Series 2000A).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-75405 62-0997810
- -------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Alcoa Trail
Maryville, Tennessee 37804
- --------------------- ---------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 380-3000
_________________________________________________________________
Former Address:
_________________________________________________________________
Item 5. Other Events
Filing of Computational Materials.
- ---------------------------------
In connection with the offering of the Vanderbilt Mortgage and
Finance, Inc. ("Vanderbilt") Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 2000A, Prudential Securities Incorporated
and Merrill Lynch & Co., as the underwriters of the Certificates (the
"Underwriters") have provided certain materials (the "Computational
Materials") for distribution to its potential investors. Although the Company
provided the Underwriters with certain information regarding the
characteristics of the Contracts in the related portfolio, it did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Contracts; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials provided by Prudential Securities Incorporated and
Merrill Lynch & Co. are attached hereto as Exhibits 99.1 and 99.2,
respectively.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(c) Exhibits:
99.1 Computational Materials - Prudential Securities Incorporated
99.2 Computational Materials - Merrill Lynch & Co.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their behalf by
the undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By /s/ David Jordan
------------------------------------
Name: David Jordan
Title: Secretary
CLAYTON HOMES, INC.
By /s/ Amber Krupacs
------------------------------------
Name: Amber Krupacs
Title: Vice President
Dated: February 16, 2000
Exhibit Index
-------------
Exhibit
- -------
99.1 Computational Materials - Prudential Securities Incorporated
99.2 Computational Materials - Merrill Lynch & Co.
<PAGE>
TERM SHEET DATED February 16, 2000
Note: The following is a preliminary Term Sheet. All terms and statements are
subject to change.
$ 271,227,000 (Approximate)
- -------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000A
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- -------------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Inc. Series 2000A transaction, and not by or as agent for Vanderbilt Mortgage
and Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has
not prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis.
The decision to adopt any strategy remains your responsibility. PSI (or any of
its affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities
or derivative instruments mentioned herein. No sale of any securities,
commodities or derivative instruments should be consummated without the
purchaser first having received a prospectus and, if required, prospectus
supplement. Finally, PSI has not addressed the legal, accounting and tax
implications of the analysis with respect to you, and PSI strongly urges you
to seek advice from your counsel, accountant and tax advisor. The Certificates
are being offered pursuant to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). The information contained herein will
be superseded by the final Prospectus.
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
PRELIMINARY INFORMATION ONLY
Group I Offered Certificates
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Class IA-1 Class IA-2 Class IA-3 Class IA-4 Class IA-5 Class IM-1 Class IB-1 Class IB-2
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount: 54,000,000 33,000,000 32,000,000 27,189,000 9,137,000 7,310,000 7,310,000 12,792,000
- -----------------------------------------------------------------------------------------------------------------------
Type: Adjustable Fixed Fixed Fixed Fixed Fixed Fixed Fixed
- -----------------------------------------------------------------------------------------------------------------------
Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
- -----------------------------------------------------------------------------------------------------------------------
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
- -----------------------------------------------------------------------------------------------------------------------
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
- -----------------------------------------------------------------------------------------------------------------------
Spread (bps): TBD TBD TBD TBD TBD TBD TBD TBD
- -----------------------------------------------------------------------------------------------------------------------
Avg Life (To Call): 1.109 3.033 5.057 9.173 12.019 8.715 6.053 10.327
- -----------------------------------------------------------------------------------------------------------------------
Avg Life 1.109 3.033 5.057 9.206 14.883 9.246 6.053 12.775
(To Mat):
- -----------------------------------------------------------------------------------------------------------------------
1st Prin Pymt 03/07/2000 06/07/2002 02/07/2004 11/07/2006 03/07/2012 03/07/2005 03/07/2005 06/07/2007
(To Call):
- -----------------------------------------------------------------------------------------------------------------------
Last Prin Pymt 06/07/2002 02/07/2004 11/07/2006 03/07/2012 03/07/2012 03/07/2012 06/07/2007 03/07/2012
(To Call):
- -----------------------------------------------------------------------------------------------------------------------
Last Prin Pymt 06/07/2002 02/07/2004 11/07/2006 01/07/2013 01/07/2018 01/07/2018 06/07/2007 05/07/2029
(To Mat):
- -----------------------------------------------------------------------------------------------------------------------
Stated Mat: 07/07/2008 08/07/2012 11/07/2017 12/07/2024 11/07/2032 11/07/2032 09/07/2015 11/07/2032
- -----------------------------------------------------------------------------------------------------------------------
Expected 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000
Settlement:
- -----------------------------------------------------------------------------------------------------------------------
Payment Delay: 0 6 6 6 6 6 6 6
- -----------------------------------------------------------------------------------------------------------------------
Interest Payment ACT/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
- -----------------------------------------------------------------------------------------------------------------------
Dated Date: 02/29/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000
- -----------------------------------------------------------------------------------------------------------------------
Ratings
(Moody's/Fitch): Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB
- -----------------------------------------------------------------------------------------------------------------------
Pricing Date: TBD TBD TBD TBD TBD TBD TBD TBD
- -----------------------------------------------------------------------------------------------------------------------
Prepayment Speed: 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP
- -----------------------------------------------------------------------------------------------------------------------
</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 2
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Group II Offered Certificates
- -------------------- ----------- ------------ ----------- ------------
Class Class IIB-1 Class Class IIB-3
IIA-1 IIB-2
- ----------------------------------------------------------------------
Amount: 68,577,000 9,071,000 4,867,000 5,974,000
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Type: Adjustable Adjustable Adjustable Adjustable
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Coupon: [TBD]% [TBD]% [TBD]% [TBD]%
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]%
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]%
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Spread (bps): TBD TBD TBD TBD
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Avg Life (To Call): 3.868 5.882 8.637 11.738
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Avg Life 4.077 5.882 8.637 13.964
(To Mat):
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
1st Prin Pymt 03/07/2000 03/07/2005 06/07/2007 06/07/2010
(To Call):
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Last Prin Pymt 03/07/2012 06/07/2007 06/07/2010 03/07/2012
(To Call):
- -------------------- ----------- ------------ ----------- ------------
Last Prin Pymt 05/07/2018 06/07/2007 06/07/2010 05/07/2020
(To Mat):
- -------------------- ----------- ------------ ----------- ------------
Stated Mat: 04/07/2030 10/07/2019 11/07/2020 04/07/2030
- -------------------- ----------- ------------ ----------- ------------
Expected 02/29/2000 02/29/2000 02/29/2000 02/29/2000
Settlement:
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Payment Delay: 0 0 0 0
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Interest Payment ACT/360 ACT/360 ACT/360 ACT/360
Basis:
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Dated Date: 02/29/2000 02/29/2000 02/29/2000 02/29/2000
- -------------------- ----------- ------------ ----------- ------------
- -------------------- ----------- ------------ ----------- ------------
Ratings
(Moody`s/Fitch): Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB
- -------------------- ----------- ------------ ----------- ------------
Pricing Date: TBD TBD TBD TBD
- -------------------- ----------- ------------ ----------- ------------
Prepayment Speed: 250% MHP 250% MHP 250% MHP 250% MHP
- -------------------- ----------- ------------ ----------- ------------
- -------------------------------------------------------------------------------
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 3
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Title of Securities: Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000A
Class IA-1, Class IA-2, Class IA-3, Class IA-4,
Class IA-5, Class IM-1, Class IB-1 and Class IB-2
Fixed-Rate Group Certificates and Class IIA-1,
Class IIB-1, Class IIB-2 and Class IIB-3
Adjustable-Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Underwriters: Prudential Securities Incorporated (lead)
Merrill Lynch & Co. (co)
Trustee: The Bank of New York.
Credit Enhancement: 1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
5) Limited Guarantee of Clayton Homes, Inc. (Class
I B-2 and Class II B-3 only)
Excess Interest: Excess interest cashflows from each group will be
available as credit enhancement for the related
group.
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of
the senior Certificates relative to the
amortization of the related collateral, generally
in the early months of the transaction. Accelerated
amortization is achieved by applying excess
servicing and the servicing fee (while VMF is the
servicer) collected on the collateral to the
payment of principal on the Senior Certificates,
resulting in the build up of overcollateralization
("O/C"). By paying down the principal balance of
the certificates faster than the principal
amortization of the respective collateral pool, an
O/C amount equal to the excess of the aggregate
principal balance of the collateral pool over the
principal balance of the related Certificates is
created. Excess cashflow will be directed to build
the O/C amount until the pool reaches its required
O/C target. Upon this event the acceleration
feature will cease, unless it is once again
necessary to maintain the required O/C level.
FIXED RATE CERTIFICATES
N/A
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: [ 0.0%] Target: [3.5%]
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.
- -------------------------------------------------------------------------------
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 4
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Subordination:
<TABLE>
<CAPTION>
------------------------- --------------------- --------------------- ----------------------
Rating Group I Group II*
Class (Moody's/Fitch) (Fixed) (Adjustable)
------------------------- --------------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
Class IA-1 - IA-4 20.00% 22.50%
Class IIA-1 Aaa/AAA
------------------------- --------------------- --------------------- ----------------------
Class IA-5 15.00% 12.25%
Class IIB-1 Aa3/AA-
------------------------- --------------------- --------------------- ----------------------
Class IM-1 11.00% NA
Class IIB-2 A2/A
------------------------- --------------------- --------------------- ----------------------
Class IB-1 7.00% 6.75%
Class IIB-3 Baa2/BBB
------------------------- --------------------- --------------------- ----------------------
* Does not include 3.50% for O/C
</TABLE>
Class Sizes:
<TABLE>
<CAPTION>
------------------------- --------------------- --------------------- ----------------------
Rating Group I Group II*
Class (Moody's/Fitch) (Fixed) (Adjustable)
------------------------- --------------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
Class IA-1 - IA-4 80.00% 77.50%
Class IIA-1 Aaa/AAA
------------------------- --------------------- ---------------------- ---------------------
Class IA-5 5.00% 10.25%
Class IIB-1 Aa3/AA-
------------------------- --------------------- ---------------------- ---------------------
Class IM-1 4.00% NA
Class IIB-2 A2/A
------------------------- --------------------- ---------------------- ---------------------
Class IB-1 4.00% 5.50%
Class IIB-3 Baa2/BBB
------------------------- --------------------- ---------------------- ---------------------
Class IB-2 7.00% 6.75%
Class IIB-4 Baa2/BBB (Corp.)
------------------------- --------------------- ---------------------- ---------------------
O/C 0.00% 3.50%
------------------------- --------------------- ---------------------- ---------------------
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE
FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS. PAGE 5
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
GROUP I CERTIFICATES
Total Group I
Collateral Balance: $ 182,738,383.07
Class IA-1
Remittance Rate: The Class I A-1 Pass Through Rate will equal the
lesser of:
i) One Month LIBOR plus [TBD%] and
ii) the weighted average gross coupon of the
contracts less the 1.25% servicing fee (if
Vanderbilt is no longer the servicer).
Maximum Rate: Remittance rates on the Group I Certificates are
subject to a maximum rate equal to (a) the weighted
average contract rate of the Group I contracts less
(b) if Vanderbilt is no longer the servicer, the
servicing fee of [1.25%].
Servicing Fee: For as long as Vanderbilt is the servicer, the
servicing fee of [1.25]% per annum is subordinate
to the Offered Certificates on a monthly basis.
Cashflow Priority: PRICING BASE CASE CLASS I M-1 AND CLASS I B
DISTRIBUTION TEST IS MET
1) Current interest and any previously
unreimbursed interest to Classes I A-1 - I
A-4;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I
A-3, and I A-4 until such class is reduced
to zero;
3) Current interest and any previously
unreimbursed interest to Class I A-5
Certificates;
4) Senior percentage of principal payments to
Class I A-5 until such class is reduced to
zero;
5) Current interest and any previously
unreimbursed interest to Class I M-1
Certificates;
6) Mezzanine percentage of principal payments
to Class I M-1 until such class is reduced
to zero;
7) Current interest and any previously
unreimbursed interest to Class I B-1
Certificates;
8) Class I B percentage of principal payments
to Class I B-1 until such class is reduced
to zero;
9) Current interest and any previously
unreimbursed interest to Class I B-2
Certificates;
10) Class I B percentage of principal payments
to Class I B-2 until such class is reduced
to zero;
11) Excess cashflow to fund any Available
Funds shortfall with respect to the Group
II Certificates except the Net Funds Cap
Carryover Amount;
12) Excess cashflow to the Class II A-1 to
build O/C for the Group II Certificates.
13) As long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th
of the product of 1.25% and the pool
scheduled principal balance to the
Servicer;
14) Any remainder to the Class R Certificates.
-----------------------------------------
| | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 |
| | | | | |
-----------------------------------------
| | I M-1 |
| 5 YEARS |--------------------------
| | I B-1 | I B-2 |
-----------------------------------------
- -------------------------------------------------------------------------------
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 6
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Cashflow Priority: CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT
MET:
1) Current interest and any previously
unreimbursed interest to Classes I A-1 - I
A-4 Certificates;
2) 100% of principal payments sequentially to
Classes I A-1, I A-2, I A-3, and I A-4
until such class is reduced to zero;
3) Current interest and any previously
unreimbursed interest to Class I A-5
Certificates;
4) 100% of principal payments to Class I A-5
until such Class is reduced to zero;
5) Current interest and any previously
unreimbursed interest to Class I M-1
Certificates;
6) 100% of principal payments to Class I M-1
until such Class is reduced to zero;
7) Current interest and any previously
unreimbursed interest to Class I B-1
Certificates;
8) 100% of principal payments to Class I B-1
until such Class is reduced to zero;
9) Current interest and any previously
unreimbursed interest to Class I B-2
Certificates;
10) 100% of principal payments to Class I B-2
until such Class is reduced to zero;
11) Excess cashflow to fund any Available
Funds shortfall with respect to the Group
II Certificates except the Net Funds Cap
Carryover Amount;
12) Excess cashflow to the Class II A-1 to
build O/C for the Group II Certificates.
13) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th
of the product of 1.25% and the pool
scheduled principal balance to the
Servicer;
14) Any remainder to the Class R Certificates.
-----------------------------------------------------------------
| | | | | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I M-1 | I B-1 | I B-2 |
| | | | | | | | |
-----------------------------------------------------------------
Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET
IF:
1) Remittance Date is on or after March 2005
2) Class I M-1 Percentage plus Class I B
Percentage is at least [ ____ 26.25 ]%
(which is 1.75 times the sum of the
original Class I M-1 Percentage and the
original Class I B Percentage).
3) Cumulative Realized Losses do not exceed
[7]% for year 2005, [8]% for year 2006,
and [9]% for year 2007 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 [$ 3,654,768] (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 7
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
GROUP II CERTIFICATES:
Total Group II
Collateral Balance: $ 88,489,676.24
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 O/C 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 8
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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 |
-----------------------------------------
| | | | |
| 5 YEARS | II B-1 | II B-2 | II B-3 |
| | | | |
-----------------------------------------
- -------------------------------------------------------------------------------
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 9
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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) Current interest and any previously
unreimbursed interest to Class II B-3
Certificates;
8) 100% 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 |
| | | | |
-------------------------------------------
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after March 2005
2) Class II B Percentage + O/C is at least
[50.0%]
3) Cumulative Realized Losses do not exceed
[7]% for year 2005, [8]% for year 2006,
and [9]% for year 2007 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 [$1,769,793.52]
(which represents approximately 2% of the
Total Original Group II Pool Principal
Balance).
Cleanup Call: The Servicer may call the
Certificates at par plus accrued interest after the
aggregate remaining pool balance of both Groups is
less than 10% of the Cut-off Date pool principal
balance.
Payment Date: The 7th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in March 2000.
Interest Accrual: Interest will accrue from the 1st day of the
preceding month until the 30th day of the preceding
month for the Class I A-2, I A-3, I A-4, I A-5, I
M-1, I B-1 and I B-2 certificates. For the Class I
A-1 Certificates and the Group II Certificates,
interest will accrue from the 7th day of the
preceding month until the 6th day of the current
month. For the first payment
- -------------------------------------------------------------------------------
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 10
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
date, interest will accrue from the closing date to
the first Payment Date for the Class I A-1
Certificates and the Group II Certificates. For the
Class I A-1 Certificates, and the Group II
Certificates, interest is calculated using an
actual/360 day count. For the remainder of the
certificate classes, interest is calculated using a
30/360 day count.
ERISA Considerations: The Class I A-1, I A-2, I A-3 and I A-4
Certificates and the Class II A-1 Certificates will
be ERISA eligible. The Class I A-5, Class I M-1, I
B-1 and I B-2 Certificates and the Class II B-1, II
B-2, and II B-3 Certificates 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 Class II B-1 Certificates will
constitute "mortgage related securities" under the
Secondary Mortgage Market Enhancement Act of 1984
("SMMEA").
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information
with respect to the Certificates and the Collateral
is contained in the Prospectus. The foregoing is
qualified in its entirety by the information
appearing in the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus, the
Prospectus shall govern in all respects. Sales of
the Certificates may not be consummated unless the
purchaser has received the Prospectus.
Further Information: Call the ABS trading desk at (212)778-2741, Howard
Blecher at (212)778-4429, John Herbert at
(212)778-3203, Susan Menkhaus at (212)778-1794 or
Kenny Rosenberg at (212)778-2440 with questions.
<TABLE>
<CAPTION>
- ---------------------------------------------- -------------------------------- --------------------------------------
Group I Group II
- ---------------------------------------------- -------------------------------- --------------------------------------
Type of Collateral: FIXED ARM
- ---------------------------------------------- -------------------------------- --------------------------------------
<S> <C> <C>
Amount: $182,738,383.07 $88,489,676.24
- ---------------------------------------------- -------------------------------- --------------------------------------
Average Unpaid Prin. Balance: $33,871.80 $47,575.09
- ---------------------------------------------- -------------------------------- --------------------------------------
Maximum Original Balance: $250,000.00 $143,117.69
- ---------------------------------------------- -------------------------------- --------------------------------------
WAC: 10.937% 10.098%
- ---------------------------------------------- -------------------------------- --------------------------------------
Coupon Range: 7.500% - 16.000% 6.990% - 14.750%
- ---------------------------------------------- -------------------------------- --------------------------------------
WAM: 233 264
- ---------------------------------------------- -------------------------------- --------------------------------------
Weighted Average Original Term: 240 265
- ---------------------------------------------- -------------------------------- --------------------------------------
WA LTV: 85.506% 85.813
- ---------------------------------------------- -------------------------------- --------------------------------------
New: 58.06% 94.05%
- ---------------------------------------------- -------------------------------- --------------------------------------
Used: 41.94% 5.95%
- ---------------------------------------------- -------------------------------- --------------------------------------
Single: 49.12% 31.10%
- ---------------------------------------------- -------------------------------- --------------------------------------
Multi: 44.95% 68.90%
- ---------------------------------------------- -------------------------------- --------------------------------------
Site Built: 5.93% 0.00%
- ---------------------------------------------- -------------------------------- --------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE
FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS. PAGE 11
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Projected Available Funds Cap of GROUP II:
(GROSS COUPON - [75]bp CARVE-OUT, using 30/360 Day Count)
* Assuming VMF is the servicer
Bond Bond
Period Date Coupon Paid
- ----- --------- ------------
0 02/29/00 0.0000
1 03/07/00 9.3482
2 04/07/00 9.3483
3 05/07/00 9.3483
4 06/07/00 9.3483
5 07/07/00 9.3483
6 08/07/00 9.3484
7 09/07/00 9.3484
8 10/07/00 9.3484
9 11/07/00 9.3484
10 12/07/00 9.6270
11 01/07/01 9.6269
12 02/07/01 9.8584
13 03/07/01 10.0391
14 04/07/01 10.1193
15 05/07/01 10.1193
16 06/07/01 10.1193
17 07/07/01 10.1193
18 08/07/01 10.1193
19 09/07/01 10.1193
20 10/07/01 10.1193
21 11/07/01 10.1193
22 12/07/01 10.1193
23 01/07/02 10.1193
24 02/07/02 10.1193
25 03/07/02 10.1193
26 04/07/02 10.1193
27 05/07/02 10.1193
28 06/07/02 10.1193
29 07/07/02 10.1193
30 08/07/02 10.1193
31 09/07/02 10.1193
32 10/07/02 10.1193
33 11/07/02 10.1193
34 12/07/02 10.1193
35 01/07/03 10.1193
36 02/07/03 10.1193
- -------------------------------------------------------------------------------
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 12
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DATED DATE: 02/29/00
CURRENT COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $54,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
99-24 35.30 31.31 33.30 37.30 39.32 41.34
99-24+ 33.84 30.11 31.97 35.71 37.61 39.51
99-25 32.38 28.90 30.63 34.13 35.90 37.67
99-25+ 30.92 27.69 29.30 32.55 34.19 35.83
99-26 29.47 26.48 27.97 30.97 32.48 34.00
99-26+ 28.01 25.27 26.64 29.38 30.77 32.16
99-27 26.55 24.06 25.30 27.80 29.06 30.33
99-27+ 25.09 22.86 23.97 26.22 27.36 28.49
99-28 23.64 21.65 22.64 24.64 25.65 26.66
99-28+ 22.18 20.44 21.31 23.06 23.94 24.83
99-29 20.73 19.23 19.98 21.48 22.23 22.99
99-29+ 19.27 18.03 18.65 19.90 20.53 21.16
99-30 17.82 16.82 17.32 18.32 18.82 19.33
99-30+ 16.36 15.62 15.99 16.74 17.11 17.49
99-31 14.91 14.41 14.66 15.16 15.41 15.66
99-31+ 13.45 13.21 13.33 13.58 13.70 13.83
100-00 12.00 12.00 12.00 12.00 12.00 12.00
100-00+ 10.55 10.80 10.67 10.42 10.30 10.17
100-01 9.09 9.59 9.34 8.84 8.59 8.34
100-01+ 7.64 8.39 8.01 7.27 6.89 6.51
100-02 6.19 7.18 6.69 5.69 5.19 4.68
100-02+ 4.74 5.98 5.36 4.11 3.48 2.85
100-03 3.28 4.77 4.03 2.54 1.78 1.02
100-03+ 1.83 3.57 2.70 0.96 0.08 -0.80
First Payment 0.019 0.019 0.019 0.019 0.019 0.019
Average Life 1.109 1.351 1.218 1.017 0.939 0.872
Last Payment 2.269 2.686 2.436 2.019 1.936 1.769
</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 13
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $33,000,000.00 BOND IA2 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
99-24 7.63 7.62 7.63 7.64 7.64 7.65
99-24+ 7.63 7.62 7.62 7.63 7.63 7.64
99-25 7.62 7.61 7.62 7.62 7.63 7.63
99-25+ 7.61 7.61 7.61 7.62 7.62 7.62
99-26 7.61 7.60 7.61 7.61 7.61 7.62
99-26+ 7.60 7.60 7.60 7.60 7.61 7.61
99-27 7.60 7.59 7.60 7.60 7.60 7.60
99-27+ 7.59 7.59 7.59 7.59 7.59 7.59
99-28 7.58 7.58 7.58 7.59 7.59 7.59
99-28+ 7.58 7.58 7.58 7.58 7.58 7.58
99-29 7.57 7.57 7.57 7.57 7.57 7.57
99-29+ 7.57 7.57 7.57 7.57 7.57 7.56
99-30 7.56 7.56 7.56 7.56 7.56 7.56
99-30+ 7.56 7.56 7.56 7.55 7.55 7.55
99-31 7.55 7.55 7.55 7.55 7.54 7.54
99-31+ 7.54 7.55 7.55 7.54 7.54 7.53
100-00 7.54 7.54 7.54 7.53 7.53 7.53
100-00+ 7.53 7.54 7.53 7.53 7.52 7.52
100-01 7.53 7.53 7.53 7.52 7.52 7.51
100-01+ 7.52 7.53 7.52 7.51 7.51 7.51
100-02 7.51 7.52 7.52 7.51 7.50 7.50
100-02+ 7.51 7.52 7.51 7.50 7.50 7.49
100-03 7.50 7.51 7.51 7.50 7.49 7.48
100-03+ 7.50 7.51 7.50 7.49 7.48 7.48
100-04 7.49 7.50 7.50 7.48 7.48 7.47
100-04+ 7.48 7.50 7.49 7.48 7.47 7.46
100-05 7.48 7.49 7.49 7.47 7.46 7.45
100-05+ 7.47 7.49 7.48 7.46 7.45 7.45
100-06 7.47 7.48 7.47 7.46 7.45 7.44
100-06+ 7.46 7.48 7.47 7.45 7.44 7.43
100-07 7.45 7.47 7.46 7.44 7.43 7.42
100-07+ 7.45 7.47 7.46 7.44 7.43 7.42
First Payment 2.269 2.686 2.436 2.019 1.936 1.769
Average Life 3.033 3.692 3.332 2.781 2.566 2.381
Last Payment 3.936 4.769 4.269 3.603 3.269 3.019
</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 14
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $32,000,000.00 BOND IA3 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
99-24 7.94 7.93 7.93 7.94 7.94 7.95
99-24+ 7.93 7.93 7.93 7.94 7.94 7.94
99-25 7.93 7.92 7.93 7.93 7.93 7.94
99-25+ 7.93 7.92 7.92 7.93 7.93 7.93
99-26 7.92 7.92 7.92 7.92 7.93 7.93
99-26+ 7.92 7.92 7.92 7.92 7.92 7.92
99-27 7.91 7.91 7.91 7.91 7.92 7.92
99-27+ 7.91 7.91 7.91 7.91 7.91 7.91
99-28 7.91 7.91 7.91 7.91 7.91 7.91
99-28+ 7.90 7.90 7.90 7.90 7.90 7.90
99-29 7.90 7.90 7.90 7.90 7.90 7.90
99-29+ 7.89 7.90 7.90 7.89 7.89 7.89
99-30 7.89 7.89 7.89 7.89 7.89 7.89
99-30+ 7.89 7.89 7.89 7.89 7.88 7.88
99-31 7.88 7.89 7.88 7.88 7.88 7.88
99-31+ 7.88 7.88 7.88 7.88 7.88 7.87
100-00 7.88 7.88 7.88 7.87 7.87 7.87
100-00+ 7.87 7.88 7.87 7.87 7.87 7.86
100-01 7.87 7.87 7.87 7.86 7.86 7.86
100-01+ 7.86 7.87 7.87 7.86 7.86 7.85
100-02 7.86 7.87 7.86 7.86 7.85 7.85
100-02+ 7.86 7.86 7.86 7.85 7.85 7.84
100-03 7.85 7.86 7.86 7.85 7.84 7.84
100-03+ 7.85 7.86 7.85 7.84 7.84 7.83
100-04 7.84 7.85 7.85 7.84 7.83 7.83
100-04+ 7.84 7.85 7.85 7.83 7.83 7.82
100-05 7.84 7.85 7.84 7.83 7.83 7.82
100-05+ 7.83 7.84 7.84 7.83 7.82 7.82
100-06 7.83 7.84 7.83 7.82 7.82 7.81
100-06+ 7.82 7.84 7.83 7.82 7.81 7.81
100-07 7.82 7.83 7.83 7.81 7.81 7.80
100-07+ 7.82 7.83 7.82 7.81 7.80 7.80
First Payment 3.936 4.769 4.269 3.603 3.269 3.019
Average Life 5.057 6.388 5.660 4.566 4.175 3.869
Last Payment 6.686 8.353 7.519 5.936 5.269 4.769
</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 15
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $27,189,000.00 BOND IA4 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
99-24 8.15 8.14 8.15 8.15 8.15 8.15
99-24+ 8.14 8.14 8.14 8.15 8.15 8.15
99-25 8.14 8.14 8.14 8.14 8.14 8.15
99-25+ 8.14 8.14 8.14 8.14 8.14 8.14
99-26 8.14 8.14 8.14 8.14 8.14 8.14
99-26+ 8.13 8.13 8.13 8.13 8.14 8.14
99-27 8.13 8.13 8.13 8.13 8.13 8.13
99-27+ 8.13 8.13 8.13 8.13 8.13 8.13
99-28 8.13 8.13 8.13 8.13 8.13 8.13
99-28+ 8.12 8.12 8.12 8.12 8.12 8.12
99-29 8.12 8.12 8.12 8.12 8.12 8.12
99-29+ 8.12 8.12 8.12 8.12 8.12 8.12
99-30 8.12 8.12 8.12 8.12 8.12 8.11
99-30+ 8.11 8.12 8.11 8.11 8.11 8.11
99-31 8.11 8.11 8.11 8.11 8.11 8.11
99-31+ 8.11 8.11 8.11 8.11 8.11 8.11
100-00 8.11 8.11 8.11 8.11 8.10 8.10
100-00+ 8.10 8.11 8.11 8.10 8.10 8.10
100-01 8.10 8.10 8.10 8.10 8.10 8.10
100-01+ 8.10 8.10 8.10 8.10 8.09 8.09
100-02 8.10 8.10 8.10 8.09 8.09 8.09
100-02+ 8.09 8.10 8.10 8.09 8.09 8.09
100-03 8.09 8.10 8.09 8.09 8.09 8.08
100-03+ 8.09 8.09 8.09 8.09 8.08 8.08
100-04 8.09 8.09 8.09 8.08 8.08 8.08
100-04+ 8.08 8.09 8.09 8.08 8.08 8.07
100-05 8.08 8.09 8.08 8.08 8.07 8.07
100-05+ 8.08 8.08 8.08 8.08 8.07 8.07
100-06 8.08 8.08 8.08 8.07 8.07 8.06
100-06+ 8.07 8.08 8.08 8.07 8.07 8.06
100-07 8.07 8.08 8.07 8.07 8.06 8.06
100-07+ 8.07 8.08 8.07 8.06 8.06 8.06
First Payment 6.686 8.353 7.519 5.936 5.269 4.769
Average Life 9.173 11.039 10.071 8.326 7.521 6.765
Last Payment 12.019 13.269 12.603 11.436 10.853 9.936
</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 16
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $9,137,000.00 BOND IA5 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
99-24 8.39 8.39 8.39 8.39 8.39 8.39
99-24+ 8.39 8.39 8.39 8.39 8.39 8.39
99-25 8.39 8.39 8.39 8.39 8.39 8.39
99-25+ 8.38 8.38 8.38 8.38 8.39 8.39
99-26 8.38 8.38 8.38 8.38 8.38 8.38
99-26+ 8.38 8.38 8.38 8.38 8.38 8.38
99-27 8.38 8.38 8.38 8.38 8.38 8.38
99-27+ 8.38 8.38 8.38 8.38 8.38 8.38
99-28 8.37 8.37 8.37 8.37 8.37 8.37
99-28+ 8.37 8.37 8.37 8.37 8.37 8.37
99-29 8.37 8.37 8.37 8.37 8.37 8.37
99-29+ 8.37 8.37 8.37 8.37 8.37 8.37
99-30 8.37 8.37 8.37 8.37 8.36 8.36
99-30+ 8.36 8.36 8.36 8.36 8.36 8.36
99-31 8.36 8.36 8.36 8.36 8.36 8.36
99-31+ 8.36 8.36 8.36 8.36 8.36 8.36
100-00 8.36 8.36 8.36 8.36 8.36 8.36
100-00+ 8.35 8.36 8.36 8.35 8.35 8.35
100-01 8.35 8.35 8.35 8.35 8.35 8.35
100-01+ 8.35 8.35 8.35 8.35 8.35 8.35
100-02 8.35 8.35 8.35 8.35 8.35 8.35
100-02+ 8.35 8.35 8.35 8.35 8.34 8.34
100-03 8.34 8.35 8.34 8.34 8.34 8.34
100-03+ 8.34 8.34 8.34 8.34 8.34 8.34
100-04 8.34 8.34 8.34 8.34 8.34 8.34
100-04+ 8.34 8.34 8.34 8.34 8.34 8.33
100-05 8.34 8.34 8.34 8.33 8.33 8.33
100-05+ 8.33 8.34 8.33 8.33 8.33 8.33
100-06 8.33 8.33 8.33 8.33 8.33 8.33
100-06+ 8.33 8.33 8.33 8.33 8.33 8.33
100-07 8.33 8.33 8.33 8.33 8.32 8.32
100-07+ 8.33 8.33 8.33 8.32 8.32 8.32
First Payment 12.019 13.269 12.603 11.436 10.853 9.936
Average Life 12.019 13.269 12.603 11.436 11.017 10.550
Last Payment 12.019 13.269 12.603 11.436 11.019 10.603
</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 17
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $7,310,000.00 BOND IM1 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
99-24 8.70 8.70 8.70 8.70 8.70 8.70
99-24+ 8.70 8.70 8.70 8.70 8.70 8.70
99-25 8.70 8.69 8.69 8.70 8.70 8.70
99-25+ 8.69 8.69 8.69 8.69 8.69 8.69
99-26 8.69 8.69 8.69 8.69 8.69 8.69
99-26+ 8.69 8.69 8.69 8.69 8.69 8.69
99-27 8.68 8.68 8.68 8.68 8.68 8.68
99-27+ 8.68 8.68 8.68 8.68 8.68 8.68
99-28 8.68 8.68 8.68 8.68 8.68 8.68
99-28+ 8.68 8.68 8.68 8.68 8.68 8.68
99-29 8.67 8.67 8.67 8.67 8.67 8.67
99-29+ 8.67 8.67 8.67 8.67 8.67 8.67
99-30 8.67 8.67 8.67 8.67 8.67 8.67
99-30+ 8.67 8.67 8.67 8.67 8.66 8.66
99-31 8.66 8.66 8.66 8.66 8.66 8.66
99-31+ 8.66 8.66 8.66 8.66 8.66 8.66
100-00 8.66 8.66 8.66 8.66 8.66 8.66
100-00+ 8.65 8.66 8.66 8.65 8.65 8.65
100-01 8.65 8.65 8.65 8.65 8.65 8.65
100-01+ 8.65 8.65 8.65 8.65 8.65 8.65
100-02 8.65 8.65 8.65 8.65 8.65 8.64
100-02+ 8.64 8.65 8.64 8.64 8.64 8.64
100-03 8.64 8.64 8.64 8.64 8.64 8.64
100-03+ 8.64 8.64 8.64 8.64 8.64 8.64
100-04 8.64 8.64 8.64 8.64 8.63 8.63
100-04+ 8.63 8.64 8.63 8.63 8.63 8.63
100-05 8.63 8.63 8.63 8.63 8.63 8.63
100-05+ 8.63 8.63 8.63 8.63 8.63 8.62
100-06 8.63 8.63 8.63 8.62 8.62 8.62
100-06+ 8.62 8.62 8.62 8.62 8.62 8.62
100-07 8.62 8.62 8.62 8.62 8.62 8.62
100-07+ 8.62 8.62 8.62 8.62 8.61 8.61
First Payment 5.019 5.019 5.019 5.019 5.019 5.019
Average Life 8.715 9.392 9.030 8.423 8.187 7.966
Last Payment 12.019 13.269 12.603 11.436 11.019 10.603
</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 18
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $7,310,000.00 BOND IB1 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
98-18+ 9.72 9.72 9.72 9.73 9.73 9.73
98-19 9.72 9.71 9.72 9.72 9.73 9.73
98-19+ 9.72 9.71 9.71 9.72 9.72 9.72
98-20 9.71 9.71 9.71 9.72 9.72 9.72
98-20+ 9.71 9.70 9.71 9.71 9.72 9.72
98-21 9.71 9.70 9.70 9.71 9.71 9.71
98-21+ 9.70 9.70 9.70 9.71 9.71 9.71
98-22 9.70 9.69 9.70 9.70 9.70 9.71
98-22+ 9.70 9.69 9.69 9.70 9.70 9.70
98-23 9.69 9.69 9.69 9.69 9.70 9.70
98-23+ 9.69 9.68 9.69 9.69 9.69 9.70
98-24 9.68 9.68 9.68 9.69 9.69 9.69
98-24+ 9.68 9.67 9.68 9.68 9.69 9.69
98-25 9.68 9.67 9.67 9.68 9.68 9.68
98-25+ 9.67 9.67 9.67 9.68 9.68 9.68
98-26 9.67 9.66 9.67 9.67 9.68 9.68
98-26+ 9.67 9.66 9.66 9.67 9.67 9.67
98-27 9.66 9.66 9.66 9.67 9.67 9.67
98-27+ 9.66 9.65 9.66 9.66 9.66 9.67
98-28 9.66 9.65 9.65 9.66 9.66 9.66
98-28+ 9.65 9.65 9.65 9.65 9.66 9.66
98-29 9.65 9.64 9.65 9.65 9.65 9.66
98-29+ 9.65 9.64 9.64 9.65 9.65 9.65
98-30 9.64 9.64 9.64 9.64 9.65 9.65
98-30+ 9.64 9.63 9.64 9.64 9.64 9.64
98-31 9.63 9.63 9.63 9.64 9.64 9.64
98-31+ 9.63 9.63 9.63 9.63 9.64 9.64
99-00 9.63 9.62 9.63 9.63 9.63 9.63
99-00+ 9.62 9.62 9.62 9.63 9.63 9.63
99-01 9.62 9.62 9.62 9.62 9.62 9.63
99-01+ 9.62 9.61 9.61 9.62 9.62 9.62
99-02 9.61 9.61 9.61 9.62 9.62 9.62
First Payment 5.019 5.019 5.019 5.019 5.019 5.019
Average Life 6.053 6.272 6.153 5.966 5.891 5.825
Last Payment 7.269 7.686 7.436 7.103 6.936 6.769
</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 19
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $12,792,000.00 BOND IB2 BE-YIELD TABLE
YIELD TABLE DATE: 02/29/00
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
96-31+ 9.90 9.87 9.89 9.91 9.92 9.93
97-00 9.90 9.87 9.88 9.91 9.92 9.93
97-00+ 9.89 9.87 9.88 9.90 9.91 9.92
97-01 9.89 9.87 9.88 9.90 9.91 9.92
97-01+ 9.89 9.87 9.88 9.90 9.91 9.92
97-02 9.88 9.86 9.87 9.90 9.91 9.91
97-02+ 9.88 9.86 9.87 9.89 9.90 9.91
97-03 9.88 9.86 9.87 9.89 9.90 9.91
97-03+ 9.88 9.86 9.87 9.89 9.90 9.91
97-04 9.87 9.85 9.86 9.89 9.89 9.90
97-04+ 9.87 9.85 9.86 9.88 9.89 9.90
97-05 9.87 9.85 9.86 9.88 9.89 9.90
97-05+ 9.87 9.85 9.86 9.88 9.89 9.90
97-06 9.86 9.84 9.85 9.87 9.88 9.89
97-06+ 9.86 9.84 9.85 9.87 9.88 9.89
97-07 9.86 9.84 9.85 9.87 9.88 9.89
97-07+ 9.86 9.84 9.85 9.87 9.88 9.88
97-08 9.85 9.83 9.84 9.86 9.87 9.88
97-08+ 9.85 9.83 9.84 9.86 9.87 9.88
97-09 9.85 9.83 9.84 9.86 9.87 9.88
97-09+ 9.85 9.83 9.84 9.86 9.86 9.87
97-10 9.84 9.82 9.83 9.85 9.86 9.87
97-10+ 9.84 9.82 9.83 9.85 9.86 9.87
97-11 9.84 9.82 9.83 9.85 9.86 9.87
97-11+ 9.84 9.82 9.83 9.85 9.85 9.86
97-12 9.83 9.81 9.82 9.84 9.85 9.86
97-12+ 9.83 9.81 9.82 9.84 9.85 9.86
97-13 9.83 9.81 9.82 9.84 9.85 9.85
97-13+ 9.83 9.81 9.82 9.84 9.84 9.85
97-14 9.82 9.80 9.81 9.83 9.84 9.85
97-14+ 9.82 9.80 9.81 9.83 9.84 9.85
97-15 9.82 9.80 9.81 9.83 9.84 9.84
First Payment 7.269 7.686 7.436 7.103 6.936 6.769
Average Life 10.237 11.175 10.674 9.827 9.499 9.190
Last Payment 12.019 13.269 12.603 11.436 11.019 10.603
</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 20
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $68,577,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
99-24 35.85 34.78 35.29 36.47 37.15 37.93
99-24+ 35.36 34.36 34.84 35.93 36.58 37.31
99-25 34.87 33.93 34.38 35.40 36.01 36.69
99-25+ 34.37 33.51 33.92 34.87 35.43 36.07
99-26 33.88 33.08 33.47 34.35 34.86 35.45
99-26+ 33.39 32.66 33.01 33.82 34.29 34.82
99-27 32.90 32.24 32.55 33.29 33.72 34.20
99-27+ 32.41 31.81 32.10 32.76 33.14 33.58
99-28 31.92 31.39 31.64 32.23 32.57 32.96
99-28+ 31.43 30.96 31.19 31.70 32.00 32.34
99-29 30.94 30.54 30.73 31.17 31.43 31.72
99-29+ 30.45 30.12 30.28 30.64 30.86 31.10
99-30 29.96 29.69 29.82 30.11 30.28 30.48
99-30+ 29.47 29.27 29.36 29.58 29.71 29.86
99-31 28.98 28.85 28.91 29.06 29.14 29.24
99-31+ 28.49 28.42 28.45 28.53 28.57 28.62
100-00 28.00 28.00 28.00 28.00 28.00 28.00
100-00+ 27.51 27.58 27.55 27.47 27.43 27.38
100-01 27.02 27.15 27.09 26.94 26.86 26.76
100-01+ 26.53 26.73 26.64 26.42 26.29 26.14
100-02 26.04 26.31 26.18 25.89 25.72 25.52
100-02+ 25.56 25.89 25.73 25.36 25.15 24.91
100-03 25.07 25.46 25.27 24.84 24.58 24.29
100-03+ 24.58 25.04 24.82 24.31 24.01 23.67
100-04 24.09 24.62 24.37 23.78 23.44 23.05
100-04+ 23.60 24.20 23.91 23.26 22.87 22.43
100-05 23.11 23.78 23.46 22.73 22.30 21.82
100-05+ 22.63 23.36 23.01 22.20 21.73 21.20
100-06 22.14 22.93 22.55 21.68 21.17 20.58
100-06+ 21.65 22.51 22.10 21.15 20.60 19.97
100-07 21.16 22.09 21.65 20.63 20.03 19.35
100-07+ 20.68 21.67 21.19 20.10 19.46 18.73
First Payment 0.019 0.019 0.019 0.019 0.019 0.019
Average Life 3.868 4.593 4.215 3.540 3.232 2.936
Last Payment 12.019 12.769 12.353 11.686 11.436 11.269
</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 21
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $9,071,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
99-24 55.06 54.61 54.90 55.09 55.06 55.03
99-24+ 54.75 54.32 54.59 54.77 54.74 54.71
99-25 54.43 54.03 54.29 54.45 54.43 54.40
99-25+ 54.11 53.74 53.98 54.14 54.11 54.08
99-26 53.80 53.46 53.67 53.82 53.79 53.77
99-26+ 53.48 53.17 53.37 53.50 53.48 53.45
99-27 53.16 52.88 53.06 53.18 53.16 53.14
99-27+ 52.85 52.59 52.76 52.86 52.85 52.83
99-28 52.53 52.30 52.45 52.54 52.53 52.51
99-28+ 52.21 52.01 52.14 52.23 52.21 52.20
99-29 51.90 51.73 51.84 51.91 51.90 51.88
99-29+ 51.58 51.44 51.53 51.59 51.58 51.57
99-30 51.26 51.15 51.22 51.27 51.26 51.26
99-30+ 50.95 50.86 50.92 50.95 50.95 50.94
99-31 50.63 50.58 50.61 50.64 50.63 50.63
99-31+ 50.32 50.29 50.31 50.32 50.32 50.31
100-00 50.00 50.00 50.00 50.00 50.00 50.00
100-00+ 49.68 49.71 49.69 49.68 49.68 49.69
100-01 49.37 49.42 49.39 49.36 49.37 49.37
100-01+ 49.05 49.14 49.08 49.05 49.05 49.06
100-02 48.74 48.85 48.78 48.73 48.74 48.75
100-02+ 48.42 48.56 48.47 48.41 48.42 48.43
100-03 48.11 48.28 48.17 48.09 48.11 48.12
100-03+ 47.79 47.99 47.86 47.78 47.79 47.81
100-04 47.47 47.70 47.55 47.46 47.47 47.49
100-04+ 47.16 47.41 47.25 47.14 47.16 47.18
100-05 46.84 47.13 46.94 46.82 46.84 46.87
100-05+ 46.53 46.84 46.64 46.51 46.53 46.55
100-06 46.21 46.55 46.33 46.19 46.21 46.24
100-06+ 45.90 46.27 46.03 45.87 45.90 45.93
100-07 45.58 45.98 45.72 45.56 45.58 45.61
100-07+ 45.27 45.69 45.42 45.24 45.27 45.30
First Payment 5.019 5.019 5.019 5.103 5.103 5.103
Average Life 5.882 6.631 6.132 5.837 5.880 5.930
Last Payment 7.269 8.769 7.936 6.686 6.769 6.853
</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 22
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $4,867,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
99-24 259.06 258.61 258.83 259.30 259.47 259.49
99-24+ 258.81 258.38 258.59 259.03 259.19 259.21
99-25 258.55 258.16 258.35 258.76 258.91 258.93
99-25+ 258.30 257.93 258.11 258.49 258.63 258.65
99-26 258.04 257.71 257.87 258.22 258.35 258.37
99-26+ 257.79 257.48 257.63 257.96 258.07 258.09
99-27 257.54 257.25 257.39 257.69 257.79 257.80
99-27+ 257.28 257.03 257.15 257.42 257.51 257.52
99-28 257.03 256.80 256.91 257.15 257.23 257.24
99-28+ 256.78 256.58 256.67 256.88 256.95 256.96
99-29 256.52 256.35 256.43 256.61 256.67 256.68
99-29+ 256.27 256.13 256.20 256.34 256.40 256.40
99-30 256.01 255.90 255.96 256.07 256.12 256.12
99-30+ 255.76 255.68 255.72 255.81 255.84 255.84
99-31 255.51 255.45 255.48 255.54 255.56 255.56
99-31+ 255.25 255.23 255.24 255.27 255.28 255.28
100-00 255.00 255.00 255.00 255.00 255.00 255.00
100-00+ 254.75 254.77 254.76 254.73 254.72 254.72
100-01 254.49 254.55 254.52 254.46 254.44 254.44
100-01+ 254.24 254.32 254.28 254.20 254.16 254.16
100-02 253.99 254.10 254.04 253.93 253.88 253.88
100-02+ 253.73 253.87 253.81 253.66 253.61 253.60
100-03 253.48 253.65 253.57 253.39 253.33 253.32
100-03+ 253.23 253.42 253.33 253.12 253.05 253.04
100-04 252.97 253.20 253.09 252.85 252.77 252.76
100-04+ 252.72 252.98 252.85 252.59 252.49 252.48
100-05 252.47 252.75 252.61 252.32 252.21 252.20
100-05+ 252.22 252.53 252.37 252.05 251.93 251.92
100-06 251.96 252.30 252.14 251.78 251.66 251.64
100-06+ 251.71 252.08 251.90 251.52 251.38 251.36
100-07 251.46 251.85 251.66 251.25 251.10 251.08
100-07+ 251.20 251.63 251.42 250.98 250.82 250.80
First Payment 7.269 8.769 7.936 6.686 6.769 6.853
Average Life 8.637 10.357 9.435 7.946 7.510 7.456
Last Payment 10.269 12.186 11.186 9.519 8.769 8.186
</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 23
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $5,974,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C> <C>
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
99-24 288.39 288.24 288.31 288.48 288.58 288.68
99-24+ 288.18 288.04 288.11 288.26 288.35 288.45
99-25 287.97 287.83 287.90 288.05 288.13 288.22
99-25+ 287.75 287.63 287.69 287.83 287.91 287.99
99-26 287.54 287.43 287.48 287.61 287.68 287.76
99-26+ 287.33 287.22 287.28 287.39 287.46 287.53
99-27 287.12 287.02 287.07 287.18 287.23 287.30
99-27+ 286.91 286.82 286.86 286.96 287.01 287.07
99-28 286.69 286.62 286.65 286.74 286.79 286.84
99-28+ 286.48 286.42 286.45 286.52 286.56 286.61
99-29 286.27 286.21 286.24 286.30 286.34 286.38
99-29+ 286.06 286.01 286.03 286.09 286.12 286.15
99-30 285.85 285.81 285.83 285.87 285.89 285.92
99-30+ 285.63 285.61 285.62 285.65 285.67 285.69
99-31 285.42 285.40 285.41 285.43 285.45 285.46
99-31+ 285.21 285.20 285.21 285.22 285.22 285.23
100-00 285.00 285.00 285.00 285.00 285.00 285.00
100-00+ 284.79 284.80 284.79 284.78 284.78 284.77
100-01 284.58 284.60 284.59 284.57 284.55 284.54
100-01+ 284.37 284.39 284.38 284.35 284.33 284.31
100-02 284.15 284.19 284.17 284.13 284.11 284.08
100-02+ 283.94 283.99 283.97 283.91 283.88 283.85
100-03 283.73 283.79 283.76 283.70 283.66 283.62
100-03+ 283.52 283.59 283.55 283.48 283.44 283.39
100-04 283.31 283.39 283.35 283.26 283.22 283.17
100-04+ 283.10 283.18 283.14 283.05 282.99 282.94
100-05 282.89 282.98 282.94 282.83 282.77 282.71
100-05+ 282.68 282.78 282.73 282.61 282.55 282.48
100-06 282.46 282.58 282.52 282.40 282.32 282.25
100-06+ 282.25 282.38 282.32 282.18 282.10 282.02
100-07 282.04 282.18 282.11 281.96 281.88 281.79
100-07+ 281.83 281.97 281.90 281.75 281.66 281.56
First Payment 10.269 12.186 11.186 9.519 8.769 8.186
Average Life 11.738 12.742 12.228 11.220 10.734 10.277
Last Payment 12.019 12.769 12.353 11.686 11.436 11.269
</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 24
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Group I Contracts (Fixed)
$182,738,383.07
Cut Off Date 1/25/00
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 5,395
Aggregate Unpaid Principal Balance: $182,738,383.07
Aggregate Original Principal Balance: $185,069,886.95
Weighted Average Gross Coupon: 10.937%
Gross Coupon Range: 7.500% - 16.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $33,871.80
Average Original Principal Balance: $34,303.96
Maximum Unpaid Principal Balance: $248,495.64
Minimum Unpaid Principal Balance: $4,623.88
Maximum Original Principal Balance: $250,000.00
Minimum Original Principal Balance: $4,785.04
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 233.388
Stated Rem Term Range: 38.000 - 395.000
Weighted Avg. Amortized Rem. Term: 231.909
Amortized Rem Term Range: 29.273 - 394.455
Weighted Average Age : 6.396
Age Range: 0.000 - 117.000
Weighted Average Original Term: 239.784
Original Term Range: 40.000 - 434.000
Weighted Average Original LTV: 85.506
Original LTV Range: 6.951% - 100.000%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
ZIP 48044 16 loans .53 $961,910.73
New 58.06 $106,099,898
Used 41.94 $76,638,485
Multi-section 44.95 $82,140,176
Single-section 49.12 $89,756,069
Site Built 5.93 $10,842,139
Not Parked 46.87 $85,640,958
Not available (21C) 12.13 $22,174,754
Parked 35.07 $64,080,532
Site Built 5.93 $10,842,139
- -------------------------------------------------------------------------------
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 25
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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 147 4,835,115.61 2.65
Arkansas 110 3,685,604.12 2.02
Arizona 110 4,138,750.91 2.26
California 20 1,294,793.17 0.71
Colorado 124 4,902,379.60 2.68
Delaware 28 1,214,663.65 0.66
Florida 229 9,192,897.37 5.03
Georgia 207 6,679,696.86 3.66
Iowa 90 2,984,158.45 1.63
Idaho 9 425,862.35 0.23
Illinois 28 1,186,563.24 0.65
Indiana 61 1,813,337.88 0.99
Kansas 45 1,637,679.34 0.90
Kentucky 213 6,018,894.22 3.29
Louisiana 173 5,844,871.83 3.20
Massachusetts 5 287,962.68 0.16
Maryland 21 655,702.12 0.36
Maine 5 151,128.41 0.08
Michigan 170 6,358,343.52 3.48
Minnesota 94 3,325,729.13 1.82
Missouri 115 3,497,934.00 1.91
Mississippi 149 4,354,367.65 2.38
Montana 1 31,867.15 0.02
North Carolina 656 19,827,448.14 10.85
North Dakota 4 84,035.28 0.05
Nebraska 24 862,940.35 0.47
New Hampshire 5 291,293.30 0.16
New Jersey 6 258,952.20 0.14
New Mexico 83 3,020,386.09 1.65
Nevada 1 55,079.66 0.03
New York 57 2,307,624.68 1.26
Ohio 103 3,697,682.38 2.02
Oklahoma 87 3,221,671.04 1.76
Oregon 37 1,914,794.48 1.05
Pennsylvania 61 2,218,076.42 1.21
South Carolina 338 10,816,071.18 5.92
South Dakota 1 57,407.35 0.03
Tennessee 667 21,326,313.58 11.67
Texas 822 28,416,501.40 15.55
Utah 1 18,727.70 0.01
Virginia 214 7,182,355.80 3.93
Washington 9 335,369.01 0.18
Wisconsin 46 1,607,494.55 0.88
West Virginia 18 687,419.00 0.38
Wyoming 1 12,436.22 0.01
- --------------------------------------------------------------------------
Total............... 5395 $ 182,738,383.07 100.00%
==========================================================================
- -------------------------------------------------------------------------------
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 26
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
1986 1 47,469 0.03
1990 29 339,733 0.19
1991 11 149,950 0.08
1992 87 1,102,489 0.60
1993 13 400,760 0.22
1994 1 13,954 0.01
1995 10 344,727 0.19
1996 466 14,431,840 7.90
1997 134 4,251,569 2.33
1998 164 10,074,916 5.51
1999 3858 131,911,098 72.19
2000 621 19,669,878 10.76
- --------------------------------------------------------------------------
Total................. 5395 $182,738,383 100.00%
==========================================================================
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group I Contracts
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S><C> <C> <C><C> <C> <C> <C>
$ 0.01 Balance <= $ 5,000.00 1 4,624 0.00
$ 5,000.01 < Balance <= $ 10,000.00 89 721,714 0.39
$ 10,000.01 < Balance <= $ 15,000.00 326 4,036,710 2.21
$ 15,000.01 < Balance <= $ 20,000.00 658 10,985,238 6.01
$ 20,000.01 < Balance <= $ 25,000.00 719 15,812,375 8.65
$ 25,000.01 < Balance <= $ 30,000.00 856 23,254,094 12.73
$ 30,000.01 < Balance <= $ 35,000.00 741 23,794,347 13.02
$ 35,000.01 < Balance <= $ 40,000.00 549 20,374,521 11.15
$ 40,000.01 < Balance <= $ 45,000.00 368 15,426,676 8.44
$ 45,000.01 < Balance <= $ 50,000.00 274 12,837,359 7.02
$ 50,000.01 < Balance <= $ 55,000.00 225 11,752,483 6.43
$ 55,000.01 < Balance <= $ 60,000.00 154 8,818,716 4.83
$ 60,000.01 < Balance <= $ 65,000.00 138 8,593,392 4.70
$ 65,000.01 < Balance <= $ 70,000.00 71 4,739,012 2.59
$ 70,000.01 < Balance <= $ 75,000.00 61 4,402,920 2.41
$ 75,000.01 < Balance <= $ 80,000.00 37 2,865,051 1.57
$ 80,000.01 < Balance <= $ 85,000.00 19 1,566,522 0.86
$ 85,000.01 < Balance <= $ 90,000.00 19 1,674,910 0.92
$ 90,000.01 < Balance <= $ 95,000.00 13 1,199,404 0.66
$ 95,000.01 < Balance <= $100,000.00 11 1,065,434 0.58
$100,000.01 < Balance <= $105,000.00 9 921,198 0.50
$105,000.01 < Balance <= $110,000.00 4 424,391 0.23
$110,000.01 < Balance <= $115,000.00 7 779,893 0.43
$115,000.01 < Balance <= $120,000.00 9 1,054,900 0.58
$120,000.01 < Balance <= $125,000.00 4 487,383 0.27
$125,000.01 < Balance <= $130,000.00 4 503,509 0.28
$130,000.01 < Balance <= $135,000.00 5 657,607 0.36
$135,000.01 < Balance <= $140,000.00 6 819,587 0.45
$140,000.01 < Balance <= $145,000.00 1 139,746 0.08
$150,000.01 < Balance <= $155,000.00 2 301,467 0.16
$155,000.01 < Balance <= $160,000.00 4 623,274 0.34
$160,000.01 < Balance <= $165,000.00 2 321,210 0.18
$165,000.01 < Balance <= $170,000.00 1 165,383 0.09
Balance > $170,000.00 8 1,613,331 0.88
- -----------------------------------------------------------------------------------------
Total.................... 5395 $182,738,383 100.00%
=========================================================================================
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE
FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS. PAGE 27
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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% 258 6,199,142 3.39
From 61.000% to 65.999% 184 5,512,906 3.02
From 66.000% to 70.999% 240 7,755,088 4.24
From 71.000% to 75.999% 345 11,613,940 6.36
From 76.000% to 80.999% 467 15,713,039 8.60
From 81.000% to 85.999% 775 26,381,869 14.44
From 86.000% to 90.999% 1646 54,772,846 29.97
From 91.000% to 100.000% 1480 54,789,553 29.98
- --------------------------------------------------------------------------
Total.................... 5395 $182,738,383 100.00%
==========================================================================
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
7.000% < Gross Coupon <= 8.000 23 1,708,642 0.94
8.000% < Gross Coupon <= 9.000 358 16,066,155 8.79
9.000% < Gross Coupon <= 10.000 1208 50,285,987 27.52
10.000% < Gross Coupon <= 11.000 967 34,608,535 18.94
11.000% < Gross Coupon <= 12.000 1281 39,837,858 21.80
12.000% < Gross Coupon <= 13.000 767 20,364,466 11.14
13.000% < Gross Coupon <= 14.000 619 16,413,077 8.98
14.000% < Gross Coupon <= 15.000 138 2,775,702 1.52
15.000% < Gross Coupon <= 16.000 34 677,961 0.37
- ----------------------------------------------------------------------------
Total.......... 5395 $182,738,383 100.00%
============================================================================
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 <= 72 242 2,886,535 1.58%
72 < Rem Term <= 84 184 2,707,872 1.48%
84 < Rem Term <= 120 539 11,096,952 6.07%
120 < Rem Term <= 156 677 16,406,147 8.98%
156 < Rem Term <= 180 904 26,245,922 14.36%
180 < Rem Term <= 240 1,575 58,531,288 32.03%
240 < Rem Term <= 300 577 25,494,872 13.95%
300 < Rem Term <= 360 670 38,336,407 20.98%
360 < Rem Term <= 396 27 1,032,388 0.56%
- -------------------------------------------------------------------
Total............ 5,395 182,738,383 100.00%
===================================================================
- -------------------------------------------------------------------------------
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 28
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
1969 1 5,799 0.00
1970 6 56,713 0.03
1971 7 123,100 0.07
1972 13 181,253 0.10
1973 8 128,302 0.07
1974 12 162,923 0.09
1975 6 107,358 0.06
1976 7 129,677 0.07
1977 11 188,105 0.10
1978 22 297,249 0.16
1979 12 235,650 0.13
1980 20 298,588 0.16
1981 21 415,308 0.23
1982 32 597,440 0.33
1983 38 770,682 0.42
1984 60 978,325 0.54
1985 69 1,225,701 0.67
1986 59 1,223,341 0.67
1987 67 1,384,269 0.76
1988 72 1,348,782 0.74
1989 112 2,385,852 1.31
1990 115 2,438,824 1.33
1991 127 2,551,337 1.40
1992 165 3,621,374 1.98
1993 197 5,060,158 2.77
1994 270 8,215,039 4.50
1995 444 13,796,074 7.55
1996 805 25,805,891 14.12
1997 710 25,652,361 14.04
1998 463 21,042,386 11.52
1999 641 28,875,335 15.80
2000 803 33,435,188 18.30
- --------------------------------------------------------------------------
Total................. 5395 $182,738,383 100.00%
==========================================================================
- -------------------------------------------------------------------------------
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 29
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group II Contracts (ARMs)
$ 88,489,676.24
Cut Off Date 1/25/00
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Number of Mortgage Loans: 1,860
Index: 1 Yr. CMT, 5 Yr. CMT
Aggregate Unpaid Principal Balance: $88,489,676.24
Aggregate Original Principal Balance: $88,764,119.69
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.098%
Gross Coupon Range: 6.990% - 14.750%
- --------------------------------------------------------------------------------
Weighted Average Margin (Gross): 4.209%
Gross Margin Range: 0.960% - 8.950%
Weighted Average Life Cap (Gross): 15.908% *Excludes 3 capless loans
Gross Life Cap Range: 12.250% - 20.750%
Weighted Average Life Floor (Gross): 4.209%
Gross Life Floor Range: 0.960% - 8.950%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $47,575.09
Average Original Principal Balance: $47,722.64
Maximum Unpaid Principal Balance: $143,039.35
Minimum Unpaid Principal Balance: $6,421.35
Maximum Original Principal Balance: $143,117.69
Minimum Original Principal Balance: $7,366.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 263.821
Stated Rem Term Range: 55.000 - 360.000
Weighted Avg. Amortized Rem. Term: 262.875
Amortized Rem Term Range: 49.883 - 360.031
Weighted Average Age (First Pay thru Paid Thru): 1.146
Age Range: 0.000 - 120.000
Weighted Average Original Term: 264.967
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 85.813
Original LTV Range: 32.225% - 100.000%
Weighted Average Periodic Interest Cap: 1.551% * Excludes 3 capless loans
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.138
Months to Interest Roll Range: 2 - 14
Weighted Average Interest Roll Frequency: 11.995
Interest Frequency Range: 6 - 12
- ---------------------------------------------------------------------
</TABLE>
Greatest Zip Code Concentration
ZIP 37920 13 loans .87 $773,802.39
New 94.05 $83,225,062
Used 5.95 $5,264,614
Multi-section 68.90 $60,969,527
Single-section 31.10 $27,520,149
Not Parked 78.91 $69,825,660
Parked 21.09 $18,664,016
- -------------------------------------------------------------------------------
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 30
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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 13 478,963.72 0.54
Arkansas 10 425,710.83 0.48
Arizona 11 496,706.15 0.56
California 1 75,218.23 0.09
Colorado 17 922,268.38 1.04
Connecticut 1 82,623.55 0.09
Delaware 5 202,039.21 0.23
Florida 64 2,547,201.69 2.88
Georgia 23 874,233.18 0.99
Indiana 14 591,409.72 0.67
Kentucky 119 5,048,971.56 5.71
Louisiana 76 3,083,840.58 3.48
Maryland 5 272,582.02 0.31
Michigan 1 27,607.00 0.03
Missouri 12 525,423.42 0.59
Mississippi 13 488,406.28 0.55
North Carolina 448 24,324,638.56 27.49
New Jersey 1 31,777.61 0.04
New Mexico 21 878,014.77 0.99
New York 2 72,024.54 0.08
Ohio 9 561,431.76 0.63
Oklahoma 8 316,128.26 0.36
Pennsylvania 7 281,415.55 0.32
South Carolina 166 8,333,879.01 9.42
Tennessee 369 17,901,060.87 20.23
Texas 290 12,239,825.83 13.83
Virginia 143 6,845,952.26 7.74
West Virginia 11 560,321.70 0.63
- --------------------------------------------------------------------------
Total............... 1860 $ 88,489,676.24 100.00%
==========================================================================
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
1989 1 11,399 0.01
1990 4 56,507 0.06
1998 32 2,096,609 2.37
1999 1630 77,493,765 87.57
2000 193 8,831,397 9.98
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
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 31
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Distribution of Original Amounts - Group II Contracts
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S><C> <C><C> <C><C> <C> <C> <C>
$ 5,000.01 < Balance <= $ 10,000.00 11 93,171 0.11
$ 10,000.01 < Balance <= $ 15,000.00 14 171,402 0.19
$ 15,000.01 < Balance <= $ 20,000.00 44 756,976 0.86
$ 20,000.01 < Balance <= $ 25,000.00 68 1,533,765 1.73
$ 25,000.01 < Balance <= $ 30,000.00 165 4,545,530 5.14
$ 30,000.01 < Balance <= $ 35,000.00 252 8,186,440 9.25
$ 35,000.01 < Balance <= $ 40,000.00 238 8,880,734 10.04
$ 40,000.01 < Balance <= $ 45,000.00 161 6,834,438 7.72
$ 45,000.01 < Balance <= $ 50,000.00 137 6,501,618 7.35
$ 50,000.01 < Balance <= $ 55,000.00 160 8,377,051 9.47
$ 55,000.01 < Balance <= $ 60,000.00 149 8,547,293 9.66
$ 60,000.01 < Balance <= $ 65,000.00 148 9,236,631 10.44
$ 65,000.01 < Balance <= $ 70,000.00 90 6,041,807 6.83
$ 70,000.01 < Balance <= $ 75,000.00 61 4,394,557 4.97
$ 75,000.01 < Balance <= $ 80,000.00 42 3,247,147 3.67
$ 80,000.01 < Balance <= $ 85,000.00 34 2,780,048 3.14
$ 85,000.01 < Balance <= $ 90,000.00 34 2,962,446 3.35
$ 90,000.01 < Balance <= $ 95,000.00 20 1,842,936 2.08
$ 95,000.01 < Balance <= $100,000.00 8 781,164 0.88
$100,000.01 < Balance <= $105,000.00 4 411,613 0.47
$105,000.01 < Balance <= $110,000.00 9 967,244 1.09
$115,000.01 < Balance <= $120,000.00 3 351,721 0.40
$120,000.01 < Balance <= $125,000.00 4 490,199 0.55
$125,000.01 < Balance <= $130,000.00 1 129,131 0.15
$140,000.01 < Balance <= $145,000.00 3 424,613 0.48
- -----------------------------------------------------------------------------------------
Total.................... 1860 $ 88,489,676 100.00%
=========================================================================================
</TABLE>
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% 51 1,764,405 1.99
From 61.000% to 65.999% 47 1,705,723 1.93
From 66.000% to 70.999% 76 3,446,936 3.90
From 71.000% to 75.999% 128 5,985,939 6.76
From 76.000% to 80.999% 156 7,714,128 8.72
From 81.000% to 85.999% 251 12,494,208 14.12
From 86.000% to 90.999% 697 33,586,239 37.95
From 91.000% to 100.000% 454 21,792,099 24.63
- --------------------------------------------------------------------------
Total.................... 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
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 32
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
6.000% < Gross Coupon <= 7.000 6 407,328 0.46
7.000% < Gross Coupon <= 8.000 52 4,064,995 4.59
8.000% < Gross Coupon <= 9.000 472 26,888,196 30.39
9.000% < Gross Coupon <= 10.000 343 15,638,627 17.67
10.000% < Gross Coupon <= 11.000 489 21,629,851 24.44
11.000% < Gross Coupon <= 12.000 264 10,966,190 12.39
12.000% < Gross Coupon <= 13.000 199 7,762,159 8.77
13.000% < Gross Coupon <= 14.000 30 1,042,439 1.18
14.000% < Gross Coupon <= 15.000 5 89,892 0.10
- ----------------------------------------------------------------------------
Total.......... 1860 $ 88,489,676 100.00%
============================================================================
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 15 182,222 0.21%
72 < Rem Term <= 84 9 143,051 0.16%
84 < Rem Term <= 120 45 1,203,594 1.36%
120 < Rem Term <= 156 64 1,774,932 2.01%
156 < Rem Term <= 180 152 4,807,780 5.43%
180 < Rem Term <= 240 827 34,839,079 39.37%
240 < Rem Term <= 300 441 25,033,247 28.29%
300 < Rem Term <= 360 307 20,505,772 23.17%
- -------------------------------------------------------------------
Total............ 1,860 88,489,676 100.00%
===================================================================
- -------------------------------------------------------------------------------
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 33
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Distribution of Lifetime Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life CAP Loans Balance Balance
Life CAP = 0.000 3 124,888 0.14
12.001 Life CAP <= 12.500 1 58,516 0.07
12.501 Life CAP <= 13.000 14 1,009,166 1.14
13.001 Life CAP <= 13.500 51 2,973,563 3.36
13.501 Life CAP <= 14.000 105 6,624,408 7.49
14.001 Life CAP <= 14.500 143 7,993,245 9.03
14.501 Life CAP <= 15.000 294 15,698,242 17.74
15.001 Life CAP <= 15.500 86 4,802,297 5.43
15.501 Life CAP <= 16.000 259 10,974,463 12.40
16.001 Life CAP <= 16.500 199 8,842,080 9.99
16.501 Life CAP <= 17.000 267 11,791,925 13.33
17.001 Life CAP <= 17.500 154 6,638,854 7.50
17.501 Life CAP <= 18.000 87 3,482,391 3.94
18.001 Life CAP <= 18.500 111 4,318,712 4.88
18.501 Life CAP <= 19.000 56 2,321,207 2.62
19.001 Life CAP <= 19.500 17 582,619 0.66
19.501 Life CAP <= 20.000 8 163,208 0.18
20.001 Life CAP <= 20.500 4 68,202 0.08
20.501 Life CAP <= 21.000 1 21,690 0.02
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
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
0.000 Gross Margin <= 1.000 3 211,216 0.24
1.001 Gross Margin <= 1.500 8 600,009 0.68
1.501 Gross Margin <= 2.000 25 1,963,269 2.22
2.001 Gross Margin <= 2.500 47 3,372,700 3.81
2.501 Gross Margin <= 3.000 319 17,974,676 20.31
3.001 Gross Margin <= 3.500 179 10,404,678 11.76
3.501 Gross Margin <= 4.000 169 7,229,622 8.17
4.001 Gross Margin <= 4.500 217 9,670,260 10.93
4.501 Gross Margin <= 5.000 257 11,363,473 12.84
5.001 Gross Margin <= 5.500 243 10,414,497 11.77
5.501 Gross Margin <= 6.000 122 5,115,164 5.78
6.001 Gross Margin <= 6.500 137 5,009,412 5.66
6.501 Gross Margin <= 7.000 74 3,057,159 3.45
7.001 Gross Margin <= 7.500 42 1,579,688 1.79
7.501 Gross Margin <= 8.000 11 375,438 0.42
8.001 Gross Margin <= 8.500 4 98,472 0.11
8.501 Gross Margin <= 9.000 3 49,944 0.06
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
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 34
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
0.000 Life Floor <= 1.000 3 211,216 0.24
1.001 Life Floor <= 1.500 8 600,009 0.68
1.501 Life Floor <= 2.000 25 1,963,269 2.22
2.001 Life Floor <= 2.500 47 3,372,700 3.81
2.501 Life Floor <= 3.000 319 17,974,676 20.31
3.001 Life Floor <= 3.500 179 10,404,678 11.76
3.501 Life Floor <= 4.000 169 7,229,622 8.17
4.001 Life Floor <= 4.500 217 9,670,260 10.93
4.501 Life Floor <= 5.000 257 11,363,473 12.84
5.001 Life Floor <= 5.500 243 10,414,497 11.77
5.501 Life Floor <= 6.000 122 5,115,164 5.78
6.001 Life Floor <= 6.500 137 5,009,412 5.66
6.501 Life Floor <= 7.000 74 3,057,159 3.45
7.001 Life Floor <= 7.500 42 1,579,688 1.79
7.501 Life Floor <= 8.000 11 375,438 0.42
8.001 Life Floor <= 8.500 4 98,472 0.11
8.501 Life Floor <= 9.000 3 49,944 0.06
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
Next Interest Roll Date
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
04/01/00 1 $17,486 00.02
05/01/00 2 $86,699 00.10
06/01/00 1 $27,046 00.03
07/01/00 5 $265,562 00.30
08/01/00 6 $289,032 00.33
09/01/00 11 $585,594 00.66
10/01/00 51 $2,376,607 02.69
11/01/00 558 $24,615,515 27.82
12/01/00 531 $26,259,351 29.68
01/01/01 477 $23,286,602 26.32
02/01/01 175 $8,599,534 09.72
03/01/01 41 $2,043,164 02.31
04/01/01 1 $37,484 00.04
- ------------------------------------------------------
Total........ 1860 $88,489,676 100.00%
======================================================
- -------------------------------------------------------------------------------
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 35
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000A $ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
No Periodic Cap 3 124,888 0.14
1.000 813 39,708,099 44.87
2.000 1044 48,656,690 54.99
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
Index Type
Total
# % Current
Loan Pool Balance
1 Yr. CMT 4 .21 $183,403.58
5 Yr. CMT 1,856 99.79 $88,306,272.66
- ---------------------------------------------------------------------
Total..... 1,860 100.00% $88,489,676.24
=====================================================================
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
1972 1 18,155 0.02
1973 1 22,921 0.03
1978 1 8,827 0.01
1980 1 10,682 0.01
1981 3 45,957 0.05
1982 3 32,995 0.04
1983 6 108,164 0.12
1985 7 92,896 0.10
1986 4 70,584 0.08
1987 4 105,622 0.12
1988 7 123,876 0.14
1989 6 159,203 0.18
1990 5 63,944 0.07
1991 5 104,987 0.12
1992 2 55,134 0.06
1993 6 188,367 0.21
1994 5 115,423 0.13
1995 22 734,293 0.83
1996 25 939,387 1.06
1997 34 1,342,216 1.52
1998 63 3,168,012 3.58
1999 423 20,760,478 23.46
2000 1226 60,217,553 68.05
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
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 36
<PAGE>
[GRAPHIC OMITTED] Merrill Lynch
- -------------------------------------------------------------------------------
ABS New Transaction
TERM SHEET
Note: The following is a preliminary Term Sheet. All terms
and statements are subject to change.
$ 271,227,000 (Approximate)
- -------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- -------------------------------------------------------------------------------
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000A
- -------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not
by the issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these
materials. Neither Merrill Lynch, the issuer of the securities nor any of its
affiliates makes any representation as to the accuracy or completeness of the
information herein. The information herein is preliminary, and will be
superseded by the applicable Prospectus Supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The information herein may not be provided by the addressees to any third
party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in
any particular context; or as to whether the Computational Materials and/or
the assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be
construed as either projections or predictions or as legal, tax, financial or
accounting advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower
or faster than the rates assumed in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying
assets and the hypothetical assets used in preparing the Computational
Materials. The principal amount and designation of any security described in
the Computational Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of any offer to buy nor shall
there be any sale of the securities discussed in this communication in any
state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Computational materials on any matter discussed in this
communication. A final prospectus and prospectus supplement may be obtained by
contacting the Merrill Lynch Trading Desk at (212) 449-5320.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risk.
Investors should fully consider the risk of an investment in these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 2
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
PRELIMINARY INFORMATION ONLY
Group I Offered Certificates
<TABLE>
<CAPTION>
Class IA-1 Class IA-2 Class IA-3 Class IA-4 Class IA-5 Class IM-1 Class IB-1 Class IB-2
- -------------------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount: 54,000,000 33,000,000 32,000,000 27,189,000 9,137,000 7,310,000 7,310,000 12,792,000
Type: Adjustable Fixed Fixed Fixed Fixed Fixed Fixed Fixed
Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Spread (bps): TBD TBD TBD TBD TBD TBD TBD TBD
Avg Life (To Call): 1.109 3.033 5.057 9.173 12.019 8.715 6.053 10.327
Avg Life 1.109 3.033 5.057 9.206 14.883 9.246 6.053 12.775
(To Mat):
1st Prin Pymt 03/07/2000 06/07/2002 02/07/2004 11/07/2006 03/07/2012 03/07/2005 03/07/2005 06/07/2007
(To Call):
Last Prin Pymt 06/07/2002 02/07/2004 11/07/2006 03/07/2012 03/07/2012 03/07/2012 06/07/2007 03/07/2012
(To Call):
Last Prin Pymt 06/07/2002 02/07/2004 11/07/2006 01/07/2013 01/07/2018 01/07/2018 06/07/2007 05/07/2029
(To Mat):
Stated Mat: 07/07/2008 08/07/2012 11/07/2017 12/07/2024 11/07/2032 11/07/2032 09/07/2015 11/07/2032
Expected 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000 02/29/2000
Settlement:
Payment Delay: 0 6 6 6 6 6 6 6
Interest Payment ACT/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: 02/29/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000 02/01/2000
Ratings
(Moody's/Fitch): Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB
Pricing Date: TBD TBD TBD TBD TBD TBD TBD TBD
Prepayment Speed: 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 3
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group II Offered Certificates
Class IIA-1 Class IIB-1 Class IIB-2 Class IIB-3
- -------------------- ----------- ------------ ---------- -------------
<S> <C> <C> <C> <C>
Amount: 68,577,000 9,071,000 4,867,000 5,974,000
Type: Adjustable Adjustable Adjustable Adjustable
Coupon: [TBD]% [TBD]% [TBD]% [TBD]%
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]%
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]%
Spread (bps): TBD TBD TBD TBD
Avg Life (To Call): 3.868 5.882 8.637 11.738
Avg Life 4.077 5.882 8.637 13.964
(To Mat):
1st Prin Pymt 03/07/2000 03/07/2005 06/07/2007 06/07/2010
(To Call):
Last Prin Pymt 03/07/2012 06/07/2007 06/07/2010 03/07/2012
(To Call):
Last Prin Pymt 05/07/2018 06/07/2007 06/07/2010 05/07/2020
(To Mat):
Stated Mat: 04/07/2030 10/07/2019 11/07/2020 04/07/2030
Expected 02/29/2000 02/29/2000 02/29/2000 02/29/2000
Settlement:
Payment Delay: 0 0 0 0
Interest Payment ACT/360 ACT/360 ACT/360 ACT/360
Basis:
Dated Date: 02/29/2000 02/29/2000 02/29/2000 02/29/2000
Ratings
(Moody`s/Fitch): Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB
Pricing Date: TBD TBD TBD TBD
Prepayment Speed: 250% MHP 250% MHP 250% MHP 250% MHP
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 4
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Title of Securities: Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000A
Class IA-1, Class IA-2, Class IA-3, Class IA-4,
Class IA-5, Class IM-1, Class IB-1 and Class IB-2
Fixed-Rate Group Certificates and Class IIA-1,
Class IIB-1, Class IIB-2 and Class IIB-3
Adjustable-Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Underwriters: Prudential Securities Incorporated (lead)
Merrill Lynch & Co. (co)
Trustee: The Bank of New York.
Credit Enhancement: 1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
5) Limited Guarantee of Clayton Homes, Inc. (Class I B-2 and Class II B-3 only)
Excess Interest: Excess interest cashflows from each group will be available as credit enhancement for
the related group.
Overcollateralization: The credit enhancement provisions of the Trust are intended to provide for the limited
acceleration of the senior Certificates relative to the amortization of the related
collateral, generally in the early months of the transaction. Accelerated
amortization is achieved by applying excess servicing and the servicing fee (while VMF
is the servicer) collected on the collateral to the payment of principal on the Senior
Certificates, resulting in the build up of overcollateralization ("O/C"). By paying
down the principal balance of the certificates faster than the principal amortization
of the respective collateral pool, an O/C amount equal to the excess of the aggregate
principal balance of the collateral pool over the principal balance of the related
Certificates is created. Excess cashflow will be directed to build the O/C amount
until the pool reaches its required O/C target. Upon this event the acceleration
feature will cease, unless it is once again necessary to maintain the required O/C
level.
FIXED RATE CERTIFICATES
N/A
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: [ 0.0%] Target: [3.5%]
These O/C percentages are subject to step-downs
beginning in month [61] if the Subordinate Class
Principal distribution tests are met.
Cross-
Collateralization: Excess spread from each of the two collateral groups, if not needed to credit enhance
its own group will be available to credit enhance the other group.
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 5
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Subordination:
<TABLE>
<CAPTION>
Rating Group I Group II*
Class (Moody's/Fitch) (Fixed) (Adjustable)
<S> <C> <C> <C>
Class IA-1 - IA-4 20.00% 22.50%
Class IIA-1 Aaa/AAA
Class IA-5 15.00% 12.25%
Class IIB-1 Aa3/AA-
Class IM-1 11.00% NA
Class IIB-2 A2/A
Class IB-1 7.00% 6.75%
Class IIB-3 Baa2/BBB
* Does not include 3.50% for O/C
</TABLE>
<TABLE>
<CAPTION>
Class Sizes:
Rating Group I Group II*
Class (Moody's/Fitch) (Fixed) (Adjustable)
<S> <C> <C> <C>
Class IA-1 - IA-4 80.00% 77.50%
Class IIA-1 Aaa/AAA
Class IA-5 5.00% 10.25%
Class IIB-1 Aa3/AA-
Class IM-1 4.00% NA
Class IIB-2 A2/A
Class IB-1 4.00% 5.50%
Class IIB-3 Baa2/BBB
Class IB-2 7.00% 6.75%
Class IIB-4 Baa2/BBB (Corp.)
O/C 0.00% 3.50%
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 6
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROUP I CERTIFICATES
<S> <C>
Total Group I
Collateral Balance: $ 182,738,383.07
Class IA-1
Remittance Rate: The Class I A-1 Pass Through Rate will equal the lesser of:
i) One Month LIBOR plus [TBD%] and
ii) the weighted average gross coupon of the contracts less the 1.25% servicing fee (if Vanderbilt is no
longer the servicer).
Maximum Rate: Remittance rates on the Group I Certificates
are subject to a maximum rate equal to (a) the
weighted average contract rate of the Group I
contracts less (b) if Vanderbilt is no longer the
servicer, the servicing fee of [1.25%].
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing fee of [1.25]% per annum is
subordinate to the Offered Certificates on a monthly basis.
Cashflow Priority: PRICING BASE CASE CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS MET
1) Current interest and any previously unreimbursed interest to Classes I A-1 - I A-4;
2) Senior percentage of principal payments sequentially to Classes I A-1, I A-2, I A-3, and I A-4 until
such class is reduced to zero;
3) Current interest and any previously unreimbursed interest to Class I A-5 Certificates;
4) Senior percentage of principal payments to Class I A-5 until such class is reduced to zero;
5) Current interest and any previously unreimbursed interest to Class I M-1 Certificates;
6) Mezzanine percentage of principal payments to Class I M-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed interest to Class I B-1 Certificates;
8) Class I B percentage of principal payments to Class I B-1 until such class is reduced to zero;
9) Current interest and any previously unreimbursed interest to Class I B-2 Certificates;
10) Class I B percentage of principal payments to Class I B-2 until such class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall with respect to the Group II Certificates
except the Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C for the Group II Certificates.
13) As long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal balance to the Servicer;
14) Any remainder to the Class R Certificates.
------------|---------|----------|---------|-------
| IA-1 | IA-2 | IA-3 | IA-4 | IA-5 |
--------------------------------------------|-------|
| | IM-1 |
| 5 YEARS |---------------------------------|
| | IB-1 IB-2 |
---------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 7
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Cashflow Priority: CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed interest to Classes I A-1 - I A-4 Certificates;
2) 100% of principal payments sequentially to Classes I A-1, I A-2, I A-3, and I A-4 until such class is
reduced to zero;
3) Current interest and any previously unreimbursed interest to Class I A-5 Certificates;
4) 100% of principal payments to Class I A-5 until such Class is reduced to zero;
5) Current interest and any previously unreimbursed interest to Class I M-1 Certificates;
6) 100% of principal payments to Class I M-1 until such Class is reduced to zero;
7) Current interest and any previously unreimbursed interest to Class I B-1 Certificates;
8) 100% of principal payments to Class I B-1 until such Class is reduced to zero;
9) Current interest and any previously unreimbursed interest to Class I B-2 Certificates;
10) 100% of principal payments to Class I B-2 until such Class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall with respect to the Group II Certificates
except the Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C for the Group II Certificates.
13) So long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product
of 1.25% and the pool scheduled principal balance to the Servicer;
14) Any remainder to the Class R Certificates.
---------------------------------------------------------------------------------------------------
| I-A-1 | I-A-2 | I-A-3 | I-A-4 | I-A-5 | I-M-1 | I-B-1 | I-B-2 |
| | | | | | | | |
---------------------------------------------------------------------------------------------------
Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET IF:
1) Remittance Date is on or after March 2005
2) Class I M-1 Percentage plus Class I B
Percentage is at least [ 26.25 ]% (which is
1.75 times the sum of the original Class I M-1
Percentage and the original Class I B
Percentage).
3) Cumulative Realized Losses do not exceed [7]% for year 2005, [8]% for year 2006, and
[9]% for year 2007 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 [$ 3,654,768] (which represents
approximately 2% of the Total Original Group I Pool Principal Balance).
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 8
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROUP II CERTIFICATES:
<S> <C>
Total Group II
Collateral Balance: $ 88,489,676.24
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 O/C 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.
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 9
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
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 |
|-------------|-------------------------------------|
| 5 YEARS | II B-1 | II B-2 | II B-3 |
---------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 10
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
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) Current interest and any previously unreimbursed interest to Class II B-3 Certificates;
8) 100% 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 |
| | | | |
--------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after March 2005
2) Class II B Percentage + O/C is at least [50.0%]
3) Cumulative Realized Losses do not exceed [7]% for year 2005, [8]% for year 2006, and [9]%
for year 2007 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 [$1,769,793.52] (which
represents approximately 2% of the Total
Original Group II Pool Principal Balance).
Cleanup Call: The Servicer may call the Certificates at par
plus accrued interest after the aggregate remaining
pool balance of both Groups is less than 10% of the
Cut-off Date pool principal balance.
Payment Date: The 7th day of each month or, if such day is not a business day, the next succeeding
business day, beginning in March 2000.
Interest Accrual: Interest will accrue from the 1st day of the preceding month until the 30th day of the
preceding month for the Class I A-2, I A-3, I A-4, I A-5, I M-1, I B-1 and I B-2
certificates. For the Class I A-1 Certificates and the Group II Certificates, interest
will accrue from the 7th day of the preceding month until the 6th day of the current
month. For the first payment date, interest will accrue from the closing date to the
first Payment Date for the Class I A-1 Certificates and the Group II Certificates. For
the Class I A-1 Certificates, and the Group II Certificates, interest is calculated
using an actual/360 day count. For the remainder of the certificate classes, interest
is calculated using a 30/360 day count.
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 11
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<S> <C>
ERISA Considerations: The Class I A-1, I A-2, I A-3 and I A-4 Certificates and the Class II A-1 Certificates will be ERISA
eligible. The Class I A-5, Class I M-1, I B-1 and I B-2 Certificates and the Class II B-1, II B-2,
and II B-3 Certificates 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 Class II B-1 Certificates will constitute "mortgage related securities" under
the Secondary Mortgage Market Enhancement Act of 1984 ("SMMEA").
Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with respect to the Certificates and the
Collateral is contained in the Prospectus. The foregoing is qualified in its entirety by the
information appearing in the Prospectus. To the extent that the foregoing is inconsistent with the
Prospectus, the Prospectus shall govern in all respects. Sales of the Certificates may not be
consummated unless the purchaser has received the Prospectus.
Further Information: Call the ABS trading desk at (212)778-2741, Howard Blecher at (212)778-4429, John
Herbert at (212)778-3203, Susan Menkhaus at (212)778-1794 or Kenny Rosenberg at (212)778-2440 with
questions.
</TABLE>
<TABLE>
<CAPTION>
Group I Group II
- ---------------------------------------------------------------------------------
<S> <C> <C>
Type of Collateral: FIXED ARM
Amount: $182,738,383.07 $88,489,676.24
Average Unpaid Prin. Balance: $33,871.80 $47,575.09
Maximum Original Balance: $250,000.00 $143,117.69
WAC: 10.937% 10.098%
Coupon Range: 7.500% - 16.000% 6.990% - 14.750%
WAM: 233 264
Weighted Average Original Term: 240 265
WA LTV: 85.506% 85.813
New: 58.06% 94.05%
Used: 41.94% 5.95%
Single: 49.12% 31.10%
Multi: 44.95% 68.90%
Site Built: 5.93% 0.00%
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 12
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Projected Available Funds Cap of GROUP II:
(GROSS COUPON - [75]bp CARVE-OUT, using 30/360 Day Count)
* Assuming VMF is the servicer
Bond Bond
Period Date Coupon Paid
- ------ --------- -----------
0 02/29/00 0.0000
1 03/07/00 9.3482
2 04/07/00 9.3483
3 05/07/00 9.3483
4 06/07/00 9.3483
5 07/07/00 9.3483
6 08/07/00 9.3484
7 09/07/00 9.3484
8 10/07/00 9.3484
9 11/07/00 9.3484
10 12/07/00 9.6270
11 01/07/01 9.6269
12 02/07/01 9.8584
13 03/07/01 10.0391
14 04/07/01 10.1193
15 05/07/01 10.1193
16 06/07/01 10.1193
17 07/07/01 10.1193
18 08/07/01 10.1193
19 09/07/01 10.1193
20 10/07/01 10.1193
21 11/07/01 10.1193
22 12/07/01 10.1193
23 01/07/02 10.1193
24 02/07/02 10.1193
25 03/07/02 10.1193
26 04/07/02 10.1193
27 05/07/02 10.1193
28 06/07/02 10.1193
29 07/07/02 10.1193
30 08/07/02 10.1193
31 09/07/02 10.1193
32 10/07/02 10.1193
33 11/07/02 10.1193
34 12/07/02 10.1193
35 01/07/03 10.1193
36 02/07/03 10.1193
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 13
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DATED DATE: 02/29/00
CURRENT COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $54,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE:02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 35.30 31.31 33.30 37.30 39.32 41.34
99-24+ 33.84 30.11 31.97 35.71 37.61 39.51
99-25 32.38 28.90 30.63 34.13 35.90 37.67
99-25+ 30.92 27.69 29.30 32.55 34.19 35.83
99-26 29.47 26.48 27.97 30.97 32.48 34.00
99-26+ 28.01 25.27 26.64 29.38 30.77 32.16
99-27 26.55 24.06 25.30 27.80 29.06 30.33
99-27+ 25.09 22.86 23.97 26.22 27.36 28.49
99-28 23.64 21.65 22.64 24.64 25.65 26.66
99-28+ 22.18 20.44 21.31 23.06 23.94 24.83
99-29 20.73 19.23 19.98 21.48 22.23 22.99
99-29+ 19.27 18.03 18.65 19.90 20.53 21.16
99-30 17.82 16.82 17.32 18.32 18.82 19.33
99-30+ 16.36 15.62 15.99 16.74 17.11 17.49
99-31 14.91 14.41 14.66 15.16 15.41 15.66
99-31+ 13.45 13.21 13.33 13.58 13.70 13.83
100-00 12.00 12.00 12.00 12.00 12.00 12.00
100-00+ 10.55 10.80 10.67 10.42 10.30 10.17
100-01 9.09 9.59 9.34 8.84 8.59 8.34
100-01+ 7.64 8.39 8.01 7.27 6.89 6.51
100-02 6.19 7.18 6.69 5.69 5.19 4.68
100-02+ 4.74 5.98 5.36 4.11 3.48 2.85
100-03 3.28 4.77 4.03 2.54 1.78 1.02
100-03+ 1.83 3.57 2.70 0.96 0.08 -0.80
First Payment 0.019 0.019 0.019 0.019 0.019 0.019
Average Life 1.109 1.351 1.218 1.017 0.939 0.872
Last Payment 2.269 2.686 2.436 2.019 1.936 1.769
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 14
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $33,000,000.00 BOND IA2 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 7.63 7.62 7.63 7.64 7.64 7.65
99-24+ 7.63 7.62 7.62 7.63 7.63 7.64
99-25 7.62 7.61 7.62 7.62 7.63 7.63
99-25+ 7.61 7.61 7.61 7.62 7.62 7.62
99-26 7.61 7.60 7.61 7.61 7.61 7.62
99-26+ 7.60 7.60 7.60 7.60 7.61 7.61
99-27 7.60 7.59 7.60 7.60 7.60 7.60
99-27+ 7.59 7.59 7.59 7.59 7.59 7.59
99-28 7.58 7.58 7.58 7.59 7.59 7.59
99-28+ 7.58 7.58 7.58 7.58 7.58 7.58
99-29 7.57 7.57 7.57 7.57 7.57 7.57
99-29+ 7.57 7.57 7.57 7.57 7.57 7.56
99-30 7.56 7.56 7.56 7.56 7.56 7.56
99-30+ 7.56 7.56 7.56 7.55 7.55 7.55
99-31 7.55 7.55 7.55 7.55 7.54 7.54
99-31+ 7.54 7.55 7.55 7.54 7.54 7.53
100-00 7.54 7.54 7.54 7.53 7.53 7.53
100-00+ 7.53 7.54 7.53 7.53 7.52 7.52
100-01 7.53 7.53 7.53 7.52 7.52 7.51
100-01+ 7.52 7.53 7.52 7.51 7.51 7.51
100-02 7.51 7.52 7.52 7.51 7.50 7.50
100-02+ 7.51 7.52 7.51 7.50 7.50 7.49
100-03 7.50 7.51 7.51 7.50 7.49 7.48
100-03+ 7.50 7.51 7.50 7.49 7.48 7.48
100-04 7.49 7.50 7.50 7.48 7.48 7.47
100-04+ 7.48 7.50 7.49 7.48 7.47 7.46
100-05 7.48 7.49 7.49 7.47 7.46 7.45
100-05+ 7.47 7.49 7.48 7.46 7.45 7.45
100-06 7.47 7.48 7.47 7.46 7.45 7.44
100-06+ 7.46 7.48 7.47 7.45 7.44 7.43
100-07 7.45 7.47 7.46 7.44 7.43 7.42
100-07+ 7.45 7.47 7.46 7.44 7.43 7.42
First Payment 2.269 2.686 2.436 2.019 1.936 1.769
Average Life 3.033 3.692 3.332 2.781 2.566 2.381
Last Payment 3.936 4.769 4.269 3.603 3.269 3.019
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 15
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $32,000,000.00 BOND IA3 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 7.94 7.93 7.93 7.94 7.94 7.95
99-24+ 7.93 7.93 7.93 7.94 7.94 7.94
99-25 7.93 7.92 7.93 7.93 7.93 7.94
99-25+ 7.93 7.92 7.92 7.93 7.93 7.93
99-26 7.92 7.92 7.92 7.92 7.93 7.93
99-26+ 7.92 7.92 7.92 7.92 7.92 7.92
99-27 7.91 7.91 7.91 7.91 7.92 7.92
99-27+ 7.91 7.91 7.91 7.91 7.91 7.91
99-28 7.91 7.91 7.91 7.91 7.91 7.91
99-28+ 7.90 7.90 7.90 7.90 7.90 7.90
99-29 7.90 7.90 7.90 7.90 7.90 7.90
99-29+ 7.89 7.90 7.90 7.89 7.89 7.89
99-30 7.89 7.89 7.89 7.89 7.89 7.89
99-30+ 7.89 7.89 7.89 7.89 7.88 7.88
99-31 7.88 7.89 7.88 7.88 7.88 7.88
99-31+ 7.88 7.88 7.88 7.88 7.88 7.87
100-00 7.88 7.88 7.88 7.87 7.87 7.87
100-00+ 7.87 7.88 7.87 7.87 7.87 7.86
100-01 7.87 7.87 7.87 7.86 7.86 7.86
100-01+ 7.86 7.87 7.87 7.86 7.86 7.85
100-02 7.86 7.87 7.86 7.86 7.85 7.85
100-02+ 7.86 7.86 7.86 7.85 7.85 7.84
100-03 7.85 7.86 7.86 7.85 7.84 7.84
100-03+ 7.85 7.86 7.85 7.84 7.84 7.83
100-04 7.84 7.85 7.85 7.84 7.83 7.83
100-04+ 7.84 7.85 7.85 7.83 7.83 7.82
100-05 7.84 7.85 7.84 7.83 7.83 7.82
100-05+ 7.83 7.84 7.84 7.83 7.82 7.82
100-06 7.83 7.84 7.83 7.82 7.82 7.81
100-06+ 7.82 7.84 7.83 7.82 7.81 7.81
100-07 7.82 7.83 7.83 7.81 7.81 7.80
100-07+ 7.82 7.83 7.82 7.81 7.80 7.80
First Payment 3.936 4.769 4.269 3.603 3.269 3.019
Average Life 5.057 6.388 5.660 4.566 4.175 3.869
Last Payment 6.686 8.353 7.519 5.936 5.269 4.769
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 16
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $27,189,000.00 BOND IA4 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 8.15 8.14 8.15 8.15 8.15 8.15
99-24+ 8.14 8.14 8.14 8.15 8.15 8.15
99-25 8.14 8.14 8.14 8.14 8.14 8.15
99-25+ 8.14 8.14 8.14 8.14 8.14 8.14
99-26 8.14 8.14 8.14 8.14 8.14 8.14
99-26+ 8.13 8.13 8.13 8.13 8.14 8.14
99-27 8.13 8.13 8.13 8.13 8.13 8.13
99-27+ 8.13 8.13 8.13 8.13 8.13 8.13
99-28 8.13 8.13 8.13 8.13 8.13 8.13
99-28+ 8.12 8.12 8.12 8.12 8.12 8.12
99-29 8.12 8.12 8.12 8.12 8.12 8.12
99-29+ 8.12 8.12 8.12 8.12 8.12 8.12
99-30 8.12 8.12 8.12 8.12 8.12 8.11
99-30+ 8.11 8.12 8.11 8.11 8.11 8.11
99-31 8.11 8.11 8.11 8.11 8.11 8.11
99-31+ 8.11 8.11 8.11 8.11 8.11 8.11
100-00 8.11 8.11 8.11 8.11 8.10 8.10
100-00+ 8.10 8.11 8.11 8.10 8.10 8.10
100-01 8.10 8.10 8.10 8.10 8.10 8.10
100-01+ 8.10 8.10 8.10 8.10 8.09 8.09
100-02 8.10 8.10 8.10 8.09 8.09 8.09
100-02+ 8.09 8.10 8.10 8.09 8.09 8.09
100-03 8.09 8.10 8.09 8.09 8.09 8.08
100-03+ 8.09 8.09 8.09 8.09 8.08 8.08
100-04 8.09 8.09 8.09 8.08 8.08 8.08
100-04+ 8.08 8.09 8.09 8.08 8.08 8.07
100-05 8.08 8.09 8.08 8.08 8.07 8.07
100-05+ 8.08 8.08 8.08 8.08 8.07 8.07
100-06 8.08 8.08 8.08 8.07 8.07 8.06
100-06+ 8.07 8.08 8.08 8.07 8.07 8.06
100-07 8.07 8.08 8.07 8.07 8.06 8.06
100-07+ 8.07 8.08 8.07 8.06 8.06 8.06
First Payment 6.686 8.353 7.519 5.936 5.269 4.769
Average Life 9.173 11.039 10.071 8.326 7.521 6.765
Last Payment 12.019 13.269 12.603 11.436 10.853 9.936
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 17
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $9,137,000.00 BOND IA5 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 8.39 8.39 8.39 8.39 8.39 8.39
99-24+ 8.39 8.39 8.39 8.39 8.39 8.39
99-25 8.39 8.39 8.39 8.39 8.39 8.39
99-25+ 8.38 8.38 8.38 8.38 8.39 8.39
99-26 8.38 8.38 8.38 8.38 8.38 8.38
99-26+ 8.38 8.38 8.38 8.38 8.38 8.38
99-27 8.38 8.38 8.38 8.38 8.38 8.38
99-27+ 8.38 8.38 8.38 8.38 8.38 8.38
99-28 8.37 8.37 8.37 8.37 8.37 8.37
99-28+ 8.37 8.37 8.37 8.37 8.37 8.37
99-29 8.37 8.37 8.37 8.37 8.37 8.37
99-29+ 8.37 8.37 8.37 8.37 8.37 8.37
99-30 8.37 8.37 8.37 8.37 8.36 8.36
99-30+ 8.36 8.36 8.36 8.36 8.36 8.36
99-31 8.36 8.36 8.36 8.36 8.36 8.36
99-31+ 8.36 8.36 8.36 8.36 8.36 8.36
100-00 8.36 8.36 8.36 8.36 8.36 8.36
100-00+ 8.35 8.36 8.36 8.35 8.35 8.35
100-01 8.35 8.35 8.35 8.35 8.35 8.35
100-01+ 8.35 8.35 8.35 8.35 8.35 8.35
100-02 8.35 8.35 8.35 8.35 8.35 8.35
100-02+ 8.35 8.35 8.35 8.35 8.34 8.34
100-03 8.34 8.35 8.34 8.34 8.34 8.34
100-03+ 8.34 8.34 8.34 8.34 8.34 8.34
100-04 8.34 8.34 8.34 8.34 8.34 8.34
100-04+ 8.34 8.34 8.34 8.34 8.34 8.33
100-05 8.34 8.34 8.34 8.33 8.33 8.33
100-05+ 8.33 8.34 8.33 8.33 8.33 8.33
100-06 8.33 8.33 8.33 8.33 8.33 8.33
100-06+ 8.33 8.33 8.33 8.33 8.33 8.33
100-07 8.33 8.33 8.33 8.33 8.32 8.32
100-07+ 8.33 8.33 8.33 8.32 8.32 8.32
First Payment 12.019 13.269 12.603 11.436 10.853 9.936
Average Life 12.019 13.269 12.603 11.436 11.017 10.550
Last Payment 12.019 13.269 12.603 11.436 11.019 10.603
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 18
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $7,310,000.00 BOND IM1 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 8.70 8.70 8.70 8.70 8.70 8.70
99-24+ 8.70 8.70 8.70 8.70 8.70 8.70
99-25 8.70 8.69 8.69 8.70 8.70 8.70
99-25+ 8.69 8.69 8.69 8.69 8.69 8.69
99-26 8.69 8.69 8.69 8.69 8.69 8.69
99-26+ 8.69 8.69 8.69 8.69 8.69 8.69
99-27 8.68 8.68 8.68 8.68 8.68 8.68
99-27+ 8.68 8.68 8.68 8.68 8.68 8.68
99-28 8.68 8.68 8.68 8.68 8.68 8.68
99-28+ 8.68 8.68 8.68 8.68 8.68 8.68
99-29 8.67 8.67 8.67 8.67 8.67 8.67
99-29+ 8.67 8.67 8.67 8.67 8.67 8.67
99-30 8.67 8.67 8.67 8.67 8.67 8.67
99-30+ 8.67 8.67 8.67 8.67 8.66 8.66
99-31 8.66 8.66 8.66 8.66 8.66 8.66
99-31+ 8.66 8.66 8.66 8.66 8.66 8.66
100-00 8.66 8.66 8.66 8.66 8.66 8.66
100-00+ 8.65 8.66 8.66 8.65 8.65 8.65
100-01 8.65 8.65 8.65 8.65 8.65 8.65
100-01+ 8.65 8.65 8.65 8.65 8.65 8.65
100-02 8.65 8.65 8.65 8.65 8.65 8.64
100-02+ 8.64 8.65 8.64 8.64 8.64 8.64
100-03 8.64 8.64 8.64 8.64 8.64 8.64
100-03+ 8.64 8.64 8.64 8.64 8.64 8.64
100-04 8.64 8.64 8.64 8.64 8.63 8.63
100-04+ 8.63 8.64 8.63 8.63 8.63 8.63
100-05 8.63 8.63 8.63 8.63 8.63 8.63
100-05+ 8.63 8.63 8.63 8.63 8.63 8.62
100-06 8.63 8.63 8.63 8.62 8.62 8.62
100-06+ 8.62 8.62 8.62 8.62 8.62 8.62
100-07 8.62 8.62 8.62 8.62 8.62 8.62
100-07+ 8.62 8.62 8.62 8.62 8.61 8.61
First Payment 5.019 5.019 5.019 5.019 5.019 5.019
Average Life 8.715 9.392 9.030 8.423 8.187 7.966
Last Payment 12.019 13.269 12.603 11.436 11.019 10.603
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 19
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT: 03/07/00
ORIGINAL BALANCE: $7,310,000.00 BOND IB1 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
98-18+ 9.72 9.72 9.72 9.73 9.73 9.73
98-19 9.72 9.71 9.72 9.72 9.73 9.73
98-19+ 9.72 9.71 9.71 9.72 9.72 9.72
98-20 9.71 9.71 9.71 9.72 9.72 9.72
98-20+ 9.71 9.70 9.71 9.71 9.72 9.72
98-21 9.71 9.70 9.70 9.71 9.71 9.71
98-21+ 9.70 9.70 9.70 9.71 9.71 9.71
98-22 9.70 9.69 9.70 9.70 9.70 9.71
98-22+ 9.70 9.69 9.69 9.70 9.70 9.70
98-23 9.69 9.69 9.69 9.69 9.70 9.70
98-23+ 9.69 9.68 9.69 9.69 9.69 9.70
98-24 9.68 9.68 9.68 9.69 9.69 9.69
98-24+ 9.68 9.67 9.68 9.68 9.69 9.69
98-25 9.68 9.67 9.67 9.68 9.68 9.68
98-25+ 9.67 9.67 9.67 9.68 9.68 9.68
98-26 9.67 9.66 9.67 9.67 9.68 9.68
98-26+ 9.67 9.66 9.66 9.67 9.67 9.67
98-27 9.66 9.66 9.66 9.67 9.67 9.67
98-27+ 9.66 9.65 9.66 9.66 9.66 9.67
98-28 9.66 9.65 9.65 9.66 9.66 9.66
98-28+ 9.65 9.65 9.65 9.65 9.66 9.66
98-29 9.65 9.64 9.65 9.65 9.65 9.66
98-29+ 9.65 9.64 9.64 9.65 9.65 9.65
98-30 9.64 9.64 9.64 9.64 9.65 9.65
98-30+ 9.64 9.63 9.64 9.64 9.64 9.64
98-31 9.63 9.63 9.63 9.64 9.64 9.64
98-31+ 9.63 9.63 9.63 9.63 9.64 9.64
99-00 9.63 9.62 9.63 9.63 9.63 9.63
99-00+ 9.62 9.62 9.62 9.63 9.63 9.63
99-01 9.62 9.62 9.62 9.62 9.62 9.63
99-01+ 9.62 9.61 9.61 9.62 9.62 9.62
99-02 9.61 9.61 9.61 9.62 9.62 9.62
First Payment 5.019 5.019 5.019 5.019 5.019 5.019
Average Life 6.053 6.272 6.153 5.966 5.891 5.825
Last Payment 7.269 7.686 7.436 7.103 6.936 6.769
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 20
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $12,792,000.00 BOND IB2 BE-YIELD TABLE
YIELD TABLE DATE:02/29/00
PREPAYMENT SPEED
PRICING SPEED
GP I 225.0% 175.00% 200.00% 250.00% 275.00% 300.00%
PRICE GP II 250.0% 250.00% 250.00% 250.00% 250.00% 250.00%
<S> <C> <C> <C> <C> <C> <C>
96-31+ 9.90 9.87 9.89 9.91 9.92 9.93
97-00 9.90 9.87 9.88 9.91 9.92 9.93
97-00+ 9.89 9.87 9.88 9.90 9.91 9.92
97-01 9.89 9.87 9.88 9.90 9.91 9.92
97-01+ 9.89 9.87 9.88 9.90 9.91 9.92
97-02 9.88 9.86 9.87 9.90 9.91 9.91
97-02+ 9.88 9.86 9.87 9.89 9.90 9.91
97-03 9.88 9.86 9.87 9.89 9.90 9.91
97-03+ 9.88 9.86 9.87 9.89 9.90 9.91
97-04 9.87 9.85 9.86 9.89 9.89 9.90
97-04+ 9.87 9.85 9.86 9.88 9.89 9.90
97-05 9.87 9.85 9.86 9.88 9.89 9.90
97-05+ 9.87 9.85 9.86 9.88 9.89 9.90
97-06 9.86 9.84 9.85 9.87 9.88 9.89
97-06+ 9.86 9.84 9.85 9.87 9.88 9.89
97-07 9.86 9.84 9.85 9.87 9.88 9.89
97-07+ 9.86 9.84 9.85 9.87 9.88 9.88
97-08 9.85 9.83 9.84 9.86 9.87 9.88
97-08+ 9.85 9.83 9.84 9.86 9.87 9.88
97-09 9.85 9.83 9.84 9.86 9.87 9.88
97-09+ 9.85 9.83 9.84 9.86 9.86 9.87
97-10 9.84 9.82 9.83 9.85 9.86 9.87
97-10+ 9.84 9.82 9.83 9.85 9.86 9.87
97-11 9.84 9.82 9.83 9.85 9.86 9.87
97-11+ 9.84 9.82 9.83 9.85 9.85 9.86
97-12 9.83 9.81 9.82 9.84 9.85 9.86
97-12+ 9.83 9.81 9.82 9.84 9.85 9.86
97-13 9.83 9.81 9.82 9.84 9.85 9.85
97-13+ 9.83 9.81 9.82 9.84 9.84 9.85
97-14 9.82 9.80 9.81 9.83 9.84 9.85
97-14+ 9.82 9.80 9.81 9.83 9.84 9.85
97-15 9.82 9.80 9.81 9.83 9.84 9.84
First Payment 7.269 7.686 7.436 7.103 6.936 6.769
Average Life 10.237 11.175 10.674 9.827 9.499 9.190
Last Payment 12.019 13.269 12.603 11.436 11.019 10.603
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 21
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $68,577,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE:02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 35.85 34.78 35.29 36.47 37.15 37.93
99-24+ 35.36 34.36 34.84 35.93 36.58 37.31
99-25 34.87 33.93 34.38 35.40 36.01 36.69
99-25+ 34.37 33.51 33.92 34.87 35.43 36.07
99-26 33.88 33.08 33.47 34.35 34.86 35.45
99-26+ 33.39 32.66 33.01 33.82 34.29 34.82
99-27 32.90 32.24 32.55 33.29 33.72 34.20
99-27+ 32.41 31.81 32.10 32.76 33.14 33.58
99-28 31.92 31.39 31.64 32.23 32.57 32.96
99-28+ 31.43 30.96 31.19 31.70 32.00 32.34
99-29 30.94 30.54 30.73 31.17 31.43 31.72
99-29+ 30.45 30.12 30.28 30.64 30.86 31.10
99-30 29.96 29.69 29.82 30.11 30.28 30.48
99-30+ 29.47 29.27 29.36 29.58 29.71 29.86
99-31 28.98 28.85 28.91 29.06 29.14 29.24
99-31+ 28.49 28.42 28.45 28.53 28.57 28.62
100-00 28.00 28.00 28.00 28.00 28.00 28.00
100-00+ 27.51 27.58 27.55 27.47 27.43 27.38
100-01 27.02 27.15 27.09 26.94 26.86 26.76
100-01+ 26.53 26.73 26.64 26.42 26.29 26.14
100-02 26.04 26.31 26.18 25.89 25.72 25.52
100-02+ 25.56 25.89 25.73 25.36 25.15 24.91
100-03 25.07 25.46 25.27 24.84 24.58 24.29
100-03+ 24.58 25.04 24.82 24.31 24.01 23.67
100-04 24.09 24.62 24.37 23.78 23.44 23.05
100-04+ 23.60 24.20 23.91 23.26 22.87 22.43
100-05 23.11 23.78 23.46 22.73 22.30 21.82
100-05+ 22.63 23.36 23.01 22.20 21.73 21.20
100-06 22.14 22.93 22.55 21.68 21.17 20.58
100-06+ 21.65 22.51 22.10 21.15 20.60 19.97
100-07 21.16 22.09 21.65 20.63 20.03 19.35
100-07+ 20.68 21.67 21.19 20.10 19.46 18.73
First Payment 0.019 0.019 0.019 0.019 0.019 0.019
Average Life 3.868 4.593 4.215 3.540 3.232 2.936
Last Payment 12.019 12.769 12.353 11.686 11.436 11.269
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 22
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $9,071,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE:02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 55.06 54.61 54.90 55.09 55.06 55.03
99-24+ 54.75 54.32 54.59 54.77 54.74 54.71
99-25 54.43 54.03 54.29 54.45 54.43 54.40
99-25+ 54.11 53.74 53.98 54.14 54.11 54.08
99-26 53.80 53.46 53.67 53.82 53.79 53.77
99-26+ 53.48 53.17 53.37 53.50 53.48 53.45
99-27 53.16 52.88 53.06 53.18 53.16 53.14
99-27+ 52.85 52.59 52.76 52.86 52.85 52.83
99-28 52.53 52.30 52.45 52.54 52.53 52.51
99-28+ 52.21 52.01 52.14 52.23 52.21 52.20
99-29 51.90 51.73 51.84 51.91 51.90 51.88
99-29+ 51.58 51.44 51.53 51.59 51.58 51.57
99-30 51.26 51.15 51.22 51.27 51.26 51.26
99-30+ 50.95 50.86 50.92 50.95 50.95 50.94
99-31 50.63 50.58 50.61 50.64 50.63 50.63
99-31+ 50.32 50.29 50.31 50.32 50.32 50.31
100-00 50.00 50.00 50.00 50.00 50.00 50.00
100-00+ 49.68 49.71 49.69 49.68 49.68 49.69
100-01 49.37 49.42 49.39 49.36 49.37 49.37
100-01+ 49.05 49.14 49.08 49.05 49.05 49.06
100-02 48.74 48.85 48.78 48.73 48.74 48.75
100-02+ 48.42 48.56 48.47 48.41 48.42 48.43
100-03 48.11 48.28 48.17 48.09 48.11 48.12
100-03+ 47.79 47.99 47.86 47.78 47.79 47.81
100-04 47.47 47.70 47.55 47.46 47.47 47.49
100-04+ 47.16 47.41 47.25 47.14 47.16 47.18
100-05 46.84 47.13 46.94 46.82 46.84 46.87
100-05+ 46.53 46.84 46.64 46.51 46.53 46.55
100-06 46.21 46.55 46.33 46.19 46.21 46.24
100-06+ 45.90 46.27 46.03 45.87 45.90 45.93
100-07 45.58 45.98 45.72 45.56 45.58 45.61
100-07+ 45.27 45.69 45.42 45.24 45.27 45.30
First Payment 5.019 5.019 5.019 5.103 5.103 5.103
Average Life 5.882 6.631 6.132 5.837 5.880 5.930
Last Payment 7.269 8.769 7.936 6.686 6.769 6.853
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 23
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $4,867,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE:02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 259.06 258.61 258.83 259.30 259.47 259.49
99-24+ 258.81 258.38 258.59 259.03 259.19 259.21
99-25 258.55 258.16 258.35 258.76 258.91 258.93
99-25+ 258.30 257.93 258.11 258.49 258.63 258.65
99-26 258.04 257.71 257.87 258.22 258.35 258.37
99-26+ 257.79 257.48 257.63 257.96 258.07 258.09
99-27 257.54 257.25 257.39 257.69 257.79 257.80
99-27+ 257.28 257.03 257.15 257.42 257.51 257.52
99-28 257.03 256.80 256.91 257.15 257.23 257.24
99-28+ 256.78 256.58 256.67 256.88 256.95 256.96
99-29 256.52 256.35 256.43 256.61 256.67 256.68
99-29+ 256.27 256.13 256.20 256.34 256.40 256.40
99-30 256.01 255.90 255.96 256.07 256.12 256.12
99-30+ 255.76 255.68 255.72 255.81 255.84 255.84
99-31 255.51 255.45 255.48 255.54 255.56 255.56
99-31+ 255.25 255.23 255.24 255.27 255.28 255.28
100-00 255.00 255.00 255.00 255.00 255.00 255.00
100-00+ 254.75 254.77 254.76 254.73 254.72 254.72
100-01 254.49 254.55 254.52 254.46 254.44 254.44
100-01+ 254.24 254.32 254.28 254.20 254.16 254.16
100-02 253.99 254.10 254.04 253.93 253.88 253.88
100-02+ 253.73 253.87 253.81 253.66 253.61 253.60
100-03 253.48 253.65 253.57 253.39 253.33 253.32
100-03+ 253.23 253.42 253.33 253.12 253.05 253.04
100-04 252.97 253.20 253.09 252.85 252.77 252.76
100-04+ 252.72 252.98 252.85 252.59 252.49 252.48
100-05 252.47 252.75 252.61 252.32 252.21 252.20
100-05+ 252.22 252.53 252.37 252.05 251.93 251.92
100-06 251.96 252.30 252.14 251.78 251.66 251.64
100-06+ 251.71 252.08 251.90 251.52 251.38 251.36
100-07 251.46 251.85 251.66 251.25 251.10 251.08
100-07+ 251.20 251.63 251.42 250.98 250.82 250.80
First Payment 7.269 8.769 7.936 6.686 6.769 6.853
Average Life 8.637 10.357 9.435 7.946 7.510 7.456
Last Payment 10.269 12.186 11.186 9.519 8.769 8.186
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 24
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUPON: TBD VMF 00-A
FIRST PAYMENT:03/07/00
ORIGINAL BALANCE: $5,974,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE:02/29/00
ASSUMED CONSTANT LIBOR-1M 5.8800
PRICING SPEED
GP I 225.0% 225.00% 225.00% 225.00% 225.00% 225.00%
PRICE GP II 250.0% 200.00% 225.00% 275.00% 300.00% 325.00%
<S> <C> <C> <C> <C> <C> <C>
99-24 288.39 288.24 288.31 288.48 288.58 288.68
99-24+ 288.18 288.04 288.11 288.26 288.35 288.45
99-25 287.97 287.83 287.90 288.05 288.13 288.22
99-25+ 287.75 287.63 287.69 287.83 287.91 287.99
99-26 287.54 287.43 287.48 287.61 287.68 287.76
99-26+ 287.33 287.22 287.28 287.39 287.46 287.53
99-27 287.12 287.02 287.07 287.18 287.23 287.30
99-27+ 286.91 286.82 286.86 286.96 287.01 287.07
99-28 286.69 286.62 286.65 286.74 286.79 286.84
99-28+ 286.48 286.42 286.45 286.52 286.56 286.61
99-29 286.27 286.21 286.24 286.30 286.34 286.38
99-29+ 286.06 286.01 286.03 286.09 286.12 286.15
99-30 285.85 285.81 285.83 285.87 285.89 285.92
99-30+ 285.63 285.61 285.62 285.65 285.67 285.69
99-31 285.42 285.40 285.41 285.43 285.45 285.46
99-31+ 285.21 285.20 285.21 285.22 285.22 285.23
100-00 285.00 285.00 285.00 285.00 285.00 285.00
100-00+ 284.79 284.80 284.79 284.78 284.78 284.77
100-01 284.58 284.60 284.59 284.57 284.55 284.54
100-01+ 284.37 284.39 284.38 284.35 284.33 284.31
100-02 284.15 284.19 284.17 284.13 284.11 284.08
100-02+ 283.94 283.99 283.97 283.91 283.88 283.85
100-03 283.73 283.79 283.76 283.70 283.66 283.62
100-03+ 283.52 283.59 283.55 283.48 283.44 283.39
100-04 283.31 283.39 283.35 283.26 283.22 283.17
100-04+ 283.10 283.18 283.14 283.05 282.99 282.94
100-05 282.89 282.98 282.94 282.83 282.77 282.71
100-05+ 282.68 282.78 282.73 282.61 282.55 282.48
100-06 282.46 282.58 282.52 282.40 282.32 282.25
100-06+ 282.25 282.38 282.32 282.18 282.10 282.02
100-07 282.04 282.18 282.11 281.96 281.88 281.79
100-07+ 281.83 281.97 281.90 281.75 281.66 281.56
First Payment 10.269 12.186 11.186 9.519 8.769 8.186
Average Life 11.738 12.742 12.228 11.220 10.734 10.277
Last Payment 12.019 12.769 12.353 11.686 11.436 11.269
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 25
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Group I Contracts (Fixed)
$182,738,383.07
Cut Off Date 1/25/00
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 5,395
Aggregate Unpaid Principal Balance: $182,738,383.07
Aggregate Original Principal Balance: $185,069,886.95
Weighted Average Gross Coupon: 10.937%
Gross Coupon Range: 7.500% - 16.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $33,871.80
Average Original Principal Balance: $34,303.96
Maximum Unpaid Principal Balance: $248,495.64
Minimum Unpaid Principal Balance: $4,623.88
Maximum Original Principal Balance: $250,000.00
Minimum Original Principal Balance: $4,785.04
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 233.388
Stated Rem Term Range: 38.000 - 395.000
Weighted Avg. Amortized Rem. Term: 231.909
Amortized Rem Term Range: 29.273 - 394.455
Weighted Average Age : 6.396
Age Range: 0.000 - 117.000
Weighted Average Original Term: 239.784
Original Term Range: 40.000 - 434.000
Weighted Average Original LTV: 85.506
Original LTV Range: 6.951% - 100.000%
- --------------------------------------------------------------------------------
Greatest Zip Code Concentration
ZIP 48044 16 loans .53 $961,910.73
New 58.06 $106,099,898
Used 41.94 $76,638,485
Multi-section 44.95 $82,140,176
Single-section 49.12 $89,756,069
Site Built 5.93 $10,842,139
Not Parked 46.87 $85,640,958
Not available (21C) 12.13 $22,174,754
Parked 35.07 $64,080,532
Site Built 5.93 $10,842,139
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 26
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
Alabama 147 4,835,115.61 2.65
Arkansas 110 3,685,604.12 2.02
Arizona 110 4,138,750.91 2.26
California 20 1,294,793.17 0.71
Colorado 124 4,902,379.60 2.68
Delaware 28 1,214,663.65 0.66
Florida 229 9,192,897.37 5.03
Georgia 207 6,679,696.86 3.66
Iowa 90 2,984,158.45 1.63
Idaho 9 425,862.35 0.23
Illinois 28 1,186,563.24 0.65
Indiana 61 1,813,337.88 0.99
Kansas 45 1,637,679.34 0.90
Kentucky 213 6,018,894.22 3.29
Louisiana 173 5,844,871.83 3.20
Massachusetts 5 287,962.68 0.16
Maryland 21 655,702.12 0.36
Maine 5 151,128.41 0.08
Michigan 170 6,358,343.52 3.48
Minnesota 94 3,325,729.13 1.82
Missouri 115 3,497,934.00 1.91
Mississippi 149 4,354,367.65 2.38
Montana 1 31,867.15 0.02
North Carolina 656 19,827,448.14 10.85
North Dakota 4 84,035.28 0.05
Nebraska 24 862,940.35 0.47
New Hampshire 5 291,293.30 0.16
New Jersey 6 258,952.20 0.14
New Mexico 83 3,020,386.09 1.65
Nevada 1 55,079.66 0.03
New York 57 2,307,624.68 1.26
Ohio 103 3,697,682.38 2.02
Oklahoma 87 3,221,671.04 1.76
Oregon 37 1,914,794.48 1.05
Pennsylvania 61 2,218,076.42 1.21
South Carolina 338 10,816,071.18 5.92
South Dakota 1 57,407.35 0.03
Tennessee 667 21,326,313.58 11.67
Texas 822 28,416,501.40 15.55
Utah 1 18,727.70 0.01
Virginia 214 7,182,355.80 3.93
Washington 9 335,369.01 0.18
Wisconsin 46 1,607,494.55 0.88
West Virginia 18 687,419.00 0.38
Wyoming 1 12,436.22 0.01
- --------------------------------------------------------------------------
Total............... 5395 $ 182,738,383.07 100.00%
==========================================================================
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 27
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
1986 1 47,469 0.03
1990 29 339,733 0.19
1991 11 149,950 0.08
1992 87 1,102,489 0.60
1993 13 400,760 0.22
1994 1 13,954 0.01
1995 10 344,727 0.19
1996 466 14,431,840 7.90
1997 134 4,251,569 2.33
1998 164 10,074,916 5.51
1999 3858 131,911,098 72.19
2000 621 19,669,878 10.76
- --------------------------------------------------------------------------
Total................. 5395 $182,738,383 100.00%
==========================================================================
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group I Contracts
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
$ 0.01 Balance <= $ 5,000.00 1 4,624 0.00
$ 5,000.01 < Balance <= $ 10,000.00 89 721,714 0.39
$ 10,000.01 < Balance <= $ 15,000.00 326 4,036,710 2.21
$ 15,000.01 < Balance <= $ 20,000.00 658 10,985,238 6.01
$ 20,000.01 < Balance <= $ 25,000.00 719 15,812,375 8.65
$ 25,000.01 < Balance <= $ 30,000.00 856 23,254,094 12.73
$ 30,000.01 < Balance <= $ 35,000.00 741 23,794,347 13.02
$ 35,000.01 < Balance <= $ 40,000.00 549 20,374,521 11.15
$ 40,000.01 < Balance <= $ 45,000.00 368 15,426,676 8.44
$ 45,000.01 < Balance <= $ 50,000.00 274 12,837,359 7.02
$ 50,000.01 < Balance <= $ 55,000.00 225 11,752,483 6.43
$ 55,000.01 < Balance <= $ 60,000.00 154 8,818,716 4.83
$ 60,000.01 < Balance <= $ 65,000.00 138 8,593,392 4.70
$ 65,000.01 < Balance <= $ 70,000.00 71 4,739,012 2.59
$ 70,000.01 < Balance <= $ 75,000.00 61 4,402,920 2.41
$ 75,000.01 < Balance <= $ 80,000.00 37 2,865,051 1.57
$ 80,000.01 < Balance <= $ 85,000.00 19 1,566,522 0.86
$ 85,000.01 < Balance <= $ 90,000.00 19 1,674,910 0.92
$ 90,000.01 < Balance <= $ 95,000.00 13 1,199,404 0.66
$ 95,000.01 < Balance <= $100,000.00 11 1,065,434 0.58
$100,000.01 < Balance <= $105,000.00 9 921,198 0.50
$105,000.01 < Balance <= $110,000.00 4 424,391 0.23
$110,000.01 < Balance <= $115,000.00 7 779,893 0.43
$115,000.01 < Balance <= $120,000.00 9 1,054,900 0.58
$120,000.01 < Balance <= $125,000.00 4 487,383 0.27
$125,000.01 < Balance <= $130,000.00 4 503,509 0.28
$130,000.01 < Balance <= $135,000.00 5 657,607 0.36
$135,000.01 < Balance <= $140,000.00 6 819,587 0.45
$140,000.01 < Balance <= $145,000.00 1 139,746 0.08
$150,000.01 < Balance <= $155,000.00 2 301,467 0.16
$155,000.01 < Balance <= $160,000.00 4 623,274 0.34
$160,000.01 < Balance <= $165,000.00 2 321,210 0.18
$165,000.01 < Balance <= $170,000.00 1 165,383 0.09
Balance > $170,000.00 8 1,613,331 0.88
- -----------------------------------------------------------------------------------------
Total.................... 5395 $182,738,383 100.00%
=========================================================================================
Distribution of Original Loan-to-Value Ratios - Group I Contracts
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 28
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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% 258 6,199,142 3.39
From 61.000% to 65.999% 184 5,512,906 3.02
From 66.000% to 70.999% 240 7,755,088 4.24
From 71.000% to 75.999% 345 11,613,940 6.36
From 76.000% to 80.999% 467 15,713,039 8.60
From 81.000% to 85.999% 775 26,381,869 14.44
From 86.000% to 90.999% 1646 54,772,846 29.97
From 91.000% to 100.000% 1480 54,789,553 29.98
- --------------------------------------------------------------------------
Total.................... 5395 $182,738,383 100.00%
==========================================================================
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
7.000% < Gross Coupon <= 8.000 23 1,708,642 0.94
8.000% < Gross Coupon <= 9.000 358 16,066,155 8.79
9.000% < Gross Coupon <= 10.000 1208 50,285,987 27.52
10.000% < Gross Coupon <= 11.000 967 34,608,535 18.94
11.000% < Gross Coupon <= 12.000 1281 39,837,858 21.80
12.000% < Gross Coupon <= 13.000 767 20,364,466 11.14
13.000% < Gross Coupon <= 14.000 619 16,413,077 8.98
14.000% < Gross Coupon <= 15.000 138 2,775,702 1.52
15.000% < Gross Coupon <= 16.000 34 677,961 0.37
- ----------------------------------------------------------------------------
Total.......... 5395 $182,738,383 100.00%
============================================================================
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 <= 72 242 2,886,535 1.58%
72 < Rem Term <= 84 184 2,707,872 1.48%
84 < Rem Term <= 120 539 11,096,952 6.07%
120 < Rem Term <= 156 677 16,406,147 8.98%
156 < Rem Term <= 180 904 26,245,922 14.36%
180 < Rem Term <= 240 1,575 58,531,288 32.03%
240 < Rem Term <= 300 577 25,494,872 13.95%
300 < Rem Term <= 360 670 38,336,407 20.98%
360 < Rem Term <= 396 27 1,032,388 0.56%
- -------------------------------------------------------------------
Total............ 5,395 182,738,383 100.00%
===================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 29
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
1969 1 5,799 0.00
1970 6 56,713 0.03
1971 7 123,100 0.07
1972 13 181,253 0.10
1973 8 128,302 0.07
1974 12 162,923 0.09
1975 6 107,358 0.06
1976 7 129,677 0.07
1977 11 188,105 0.10
1978 22 297,249 0.16
1979 12 235,650 0.13
1980 20 298,588 0.16
1981 21 415,308 0.23
1982 32 597,440 0.33
1983 38 770,682 0.42
1984 60 978,325 0.54
1985 69 1,225,701 0.67
1986 59 1,223,341 0.67
1987 67 1,384,269 0.76
1988 72 1,348,782 0.74
1989 112 2,385,852 1.31
1990 115 2,438,824 1.33
1991 127 2,551,337 1.40
1992 165 3,621,374 1.98
1993 197 5,060,158 2.77
1994 270 8,215,039 4.50
1995 444 13,796,074 7.55
1996 805 25,805,891 14.12
1997 710 25,652,361 14.04
1998 463 21,042,386 11.52
1999 641 28,875,335 15.80
2000 803 33,435,188 18.30
- --------------------------------------------------------------------------
Total................. 5395 $182,738,383 100.00%
==========================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 30
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group II Contracts (ARMs)
$ 88,489,676.24
Cut Off Date 1/25/00
<S> <C> <C>
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,860
Index: 1 Yr. CMT, 5 Yr. CMT
Aggregate Unpaid Principal Balance: $88,489,676.24
Aggregate Original Principal Balance: $88,764,119.69
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.098%
Gross Coupon Range: 6.990% - 14.750%
- --------------------------------------------------------------------------------
Weighted Average Margin (Gross): 4.209%
Gross Margin Range: 0.960% - 8.950%
Weighted Average Life Cap (Gross): 15.908% *Excludes 3 capless loans
Gross Life Cap Range: 12.250% - 20.750%
Weighted Average Life Floor (Gross): 4.209%
Gross Life Floor Range: 0.960% - 8.950%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $47,575.09
Average Original Principal Balance: $47,722.64
Maximum Unpaid Principal Balance: $143,039.35
Minimum Unpaid Principal Balance: $6,421.35
Maximum Original Principal Balance: $143,117.69
Minimum Original Principal Balance: $7,366.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 263.821
Stated Rem Term Range: 55.000 - 360.000
Weighted Avg. Amortized Rem. Term: 262.875
Amortized Rem Term Range: 49.883 - 360.031
Weighted Average Age (First Pay thru Paid Thru): 1.146
Age Range: 0.000 - 120.000
Weighted Average Original Term: 264.967
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 85.813
Original LTV Range: 32.225% - 100.000%
Weighted Average Periodic Interest Cap: 1.551% * Excludes 3 capless loans
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.138
Months to Interest Roll Range: 2 - 14
Weighted Average Interest Roll Frequency: 11.995
Interest Frequency Range: 6 - 12
- ---------------------------------------------------------------------
</TABLE>
Greatest Zip Code Concentration
ZIP 37920 13 loans .87 $773,802.39
New 94.05 $83,225,062
Used 5.95 $5,264,614
Multi-section 68.90 $60,969,527
Single-section 31.10 $27,520,149
Not Parked 78.91 $69,825,660
Parked 21.09 $18,664,016
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 31
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
<S> <C> <C> <C>
Alabama 13 478,963.72 0.54
Arkansas 10 425,710.83 0.48
Arizona 11 496,706.15 0.56
California 1 75,218.23 0.09
Colorado 17 922,268.38 1.04
Connecticut 1 82,623.55 0.09
Delaware 5 202,039.21 0.23
Florida 64 2,547,201.69 2.88
Georgia 23 874,233.18 0.99
Indiana 14 591,409.72 0.67
Kentucky 119 5,048,971.56 5.71
Louisiana 76 3,083,840.58 3.48
Maryland 5 272,582.02 0.31
Michigan 1 27,607.00 0.03
Missouri 12 525,423.42 0.59
Mississippi 13 488,406.28 0.55
North Carolina 448 24,324,638.56 27.49
New Jersey 1 31,777.61 0.04
New Mexico 21 878,014.77 0.99
New York 2 72,024.54 0.08
Ohio 9 561,431.76 0.63
Oklahoma 8 316,128.26 0.36
Pennsylvania 7 281,415.55 0.32
South Carolina 166 8,333,879.01 9.42
Tennessee 369 17,901,060.87 20.23
Texas 290 12,239,825.83 13.83
Virginia 143 6,845,952.26 7.74
West Virginia 11 560,321.70 0.63
- --------------------------------------------------------------------------
Total............... 1860 $ 88,489,676.24 100.00%
==========================================================================
</TABLE>
Years of Origination of Contracts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1989 1 11,399 0.01
1990 4 56,507 0.06
1998 32 2,096,609 2.37
1999 1630 77,493,765 87.57
2000 193 8,831,397 9.98
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 32
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution of Original Amounts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C> <C>
$ 5,000.01 < Balance <= $ 10,000.00 11 93,171 0.11
$ 10,000.01 < Balance <= $ 15,000.00 14 171,402 0.19
$ 15,000.01 < Balance <= $ 20,000.00 44 756,976 0.86
$ 20,000.01 < Balance <= $ 25,000.00 68 1,533,765 1.73
$ 25,000.01 < Balance <= $ 30,000.00 165 4,545,530 5.14
$ 30,000.01 < Balance <= $ 35,000.00 252 8,186,440 9.25
$ 35,000.01 < Balance <= $ 40,000.00 238 8,880,734 10.04
$ 40,000.01 < Balance <= $ 45,000.00 161 6,834,438 7.72
$ 45,000.01 < Balance <= $ 50,000.00 137 6,501,618 7.35
$ 50,000.01 < Balance <= $ 55,000.00 160 8,377,051 9.47
$ 55,000.01 < Balance <= $ 60,000.00 149 8,547,293 9.66
$ 60,000.01 < Balance <= $ 65,000.00 148 9,236,631 10.44
$ 65,000.01 < Balance <= $ 70,000.00 90 6,041,807 6.83
$ 70,000.01 < Balance <= $ 75,000.00 61 4,394,557 4.97
$ 75,000.01 < Balance <= $ 80,000.00 42 3,247,147 3.67
$ 80,000.01 < Balance <= $ 85,000.00 34 2,780,048 3.14
$ 85,000.01 < Balance <= $ 90,000.00 34 2,962,446 3.35
$ 90,000.01 < Balance <= $ 95,000.00 20 1,842,936 2.08
$ 95,000.01 < Balance <= $100,000.00 8 781,164 0.88
$100,000.01 < Balance <= $105,000.00 4 411,613 0.47
$105,000.01 < Balance <= $110,000.00 9 967,244 1.09
$115,000.01 < Balance <= $120,000.00 3 351,721 0.40
$120,000.01 < Balance <= $125,000.00 4 490,199 0.55
$125,000.01 < Balance <= $130,000.00 1 129,131 0.15
$140,000.01 < Balance <= $145,000.00 3 424,613 0.48
- -----------------------------------------------------------------------------------------
Total.................... 1860 $ 88,489,676 100.00%
=========================================================================================
</TABLE>
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% 51 1,764,405 1.99
From 61.000% to 65.999% 47 1,705,723 1.93
From 66.000% to 70.999% 76 3,446,936 3.90
From 71.000% to 75.999% 128 5,985,939 6.76
From 76.000% to 80.999% 156 7,714,128 8.72
From 81.000% to 85.999% 251 12,494,208 14.12
From 86.000% to 90.999% 697 33,586,239 37.95
From 91.000% to 100.000% 454 21,792,099 24.63
- --------------------------------------------------------------------------
Total.................... 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 33
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
6.000% < Gross Coupon <= 7.000 6 407,328 0.46
7.000% < Gross Coupon <= 8.000 52 4,064,995 4.59
8.000% < Gross Coupon <= 9.000 472 26,888,196 30.39
9.000% < Gross Coupon <= 10.000 343 15,638,627 17.67
10.000% < Gross Coupon <= 11.000 489 21,629,851 24.44
11.000% < Gross Coupon <= 12.000 264 10,966,190 12.39
12.000% < Gross Coupon <= 13.000 199 7,762,159 8.77
13.000% < Gross Coupon <= 14.000 30 1,042,439 1.18
14.000% < Gross Coupon <= 15.000 5 89,892 0.10
- ----------------------------------------------------------------------------
Total.......... 1860 $ 88,489,676 100.00%
============================================================================
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 15 182,222 0.21%
72 < Rem Term <= 84 9 143,051 0.16%
84 < Rem Term <= 120 45 1,203,594 1.36%
120 < Rem Term <= 156 64 1,774,932 2.01%
156 < Rem Term <= 180 152 4,807,780 5.43%
180 < Rem Term <= 240 827 34,839,079 39.37%
240 < Rem Term <= 300 441 25,033,247 28.29%
300 < Rem Term <= 360 307 20,505,772 23.17%
- -------------------------------------------------------------------
Total............ 1,860 88,489,676 100.00%
===================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 34
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
Distribution of Lifetime Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life CAP Loans Balance Balance
Life CAP = 0.000 3 124,888 0.14
12.001 Life CAP <= 12.500 1 58,516 0.07
12.501 Life CAP <= 13.000 14 1,009,166 1.14
13.001 Life CAP <= 13.500 51 2,973,563 3.36
13.501 Life CAP <= 14.000 105 6,624,408 7.49
14.001 Life CAP <= 14.500 143 7,993,245 9.03
14.501 Life CAP <= 15.000 294 15,698,242 17.74
15.001 Life CAP <= 15.500 86 4,802,297 5.43
15.501 Life CAP <= 16.000 259 10,974,463 12.40
16.001 Life CAP <= 16.500 199 8,842,080 9.99
16.501 Life CAP <= 17.000 267 11,791,925 13.33
17.001 Life CAP <= 17.500 154 6,638,854 7.50
17.501 Life CAP <= 18.000 87 3,482,391 3.94
18.001 Life CAP <= 18.500 111 4,318,712 4.88
18.501 Life CAP <= 19.000 56 2,321,207 2.62
19.001 Life CAP <= 19.500 17 582,619 0.66
19.501 Life CAP <= 20.000 8 163,208 0.18
20.001 Life CAP <= 20.500 4 68,202 0.08
20.501 Life CAP <= 21.000 1 21,690 0.02
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
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
0.000 Gross Margin <= 1.000 3 211,216 0.24
1.001 Gross Margin <= 1.500 8 600,009 0.68
1.501 Gross Margin <= 2.000 25 1,963,269 2.22
2.001 Gross Margin <= 2.500 47 3,372,700 3.81
2.501 Gross Margin <= 3.000 319 17,974,676 20.31
3.001 Gross Margin <= 3.500 179 10,404,678 11.76
3.501 Gross Margin <= 4.000 169 7,229,622 8.17
4.001 Gross Margin <= 4.500 217 9,670,260 10.93
4.501 Gross Margin <= 5.000 257 11,363,473 12.84
5.001 Gross Margin <= 5.500 243 10,414,497 11.77
5.501 Gross Margin <= 6.000 122 5,115,164 5.78
6.001 Gross Margin <= 6.500 137 5,009,412 5.66
6.501 Gross Margin <= 7.000 74 3,057,159 3.45
7.001 Gross Margin <= 7.500 42 1,579,688 1.79
7.501 Gross Margin <= 8.000 11 375,438 0.42
8.001 Gross Margin <= 8.500 4 98,472 0.11
8.501 Gross Margin <= 9.000 3 49,944 0.06
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 35
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
0.000 Life Floor <= 1.000 3 211,216 0.24
1.001 Life Floor <= 1.500 8 600,009 0.68
1.501 Life Floor <= 2.000 25 1,963,269 2.22
2.001 Life Floor <= 2.500 47 3,372,700 3.81
2.501 Life Floor <= 3.000 319 17,974,676 20.31
3.001 Life Floor <= 3.500 179 10,404,678 11.76
3.501 Life Floor <= 4.000 169 7,229,622 8.17
4.001 Life Floor <= 4.500 217 9,670,260 10.93
4.501 Life Floor <= 5.000 257 11,363,473 12.84
5.001 Life Floor <= 5.500 243 10,414,497 11.77
5.501 Life Floor <= 6.000 122 5,115,164 5.78
6.001 Life Floor <= 6.500 137 5,009,412 5.66
6.501 Life Floor <= 7.000 74 3,057,159 3.45
7.001 Life Floor <= 7.500 42 1,579,688 1.79
7.501 Life Floor <= 8.000 11 375,438 0.42
8.001 Life Floor <= 8.500 4 98,472 0.11
8.501 Life Floor <= 9.000 3 49,944 0.06
- -----------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
=======================================================================
Next Interest Roll Date
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
04/01/00 1 $17,486 00.02
05/01/00 2 $86,699 00.10
06/01/00 1 $27,046 00.03
07/01/00 5 $265,562 00.30
08/01/00 6 $289,032 00.33
09/01/00 11 $585,594 00.66
10/01/00 51 $2,376,607 02.69
11/01/00 558 $24,615,515 27.82
12/01/00 531 $26,259,351 29.68
01/01/01 477 $23,286,602 26.32
02/01/01 175 $8,599,534 09.72
03/01/01 41 $2,043,164 02.31
04/01/01 1 $37,484 00.04
- ------------------------------------------------------
Total........ 1860 $88,489,676 100.00%
======================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 36
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
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
No Periodic Cap 3 124,888 0.14
1.000 813 39,708,099 44.87
2.000 1044 48,656,690 54.99
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
Index Type
Total
# % Current
Loan Pool Balance
1 Yr. CMT 4 .21 $183,403.58
5 Yr. CMT 1,856 99.79 $88,306,272.66
- ---------------------------------------------------------------------
Total..... 1,860 100.00% $88,489,676.24
=====================================================================
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
1972 1 18,155 0.02
1973 1 22,921 0.03
1978 1 8,827 0.01
1980 1 10,682 0.01
1981 3 45,957 0.05
1982 3 32,995 0.04
1983 6 108,164 0.12
1985 7 92,896 0.10
1986 4 70,584 0.08
1987 4 105,622 0.12
1988 7 123,876 0.14
1989 6 159,203 0.18
1990 5 63,944 0.07
1991 5 104,987 0.12
1992 2 55,134 0.06
1993 6 188,367 0.21
1994 5 115,423 0.13
1995 22 734,293 0.83
1996 25 939,387 1.06
1997 34 1,342,216 1.52
1998 63 3,168,012 3.58
1999 423 20,760,478 23.46
2000 1226 60,217,553 68.05
- --------------------------------------------------------------------------
Total................. 1860 $ 88,489,676 100.00%
==========================================================================
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 37
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract,
Senior/Subordinate Pass-Through Certificates, Series 2000A
$ 271,227,000 (approximate)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MERRILL LYNCH CONTACTS:
Trading Asset Backed Finance Group
- ------- --------------------------
<S> <C> <C> <C>
Scott Soltas (212) 449-3659 Andrew Peisch (212) 449-7736
Vince Mora (212) 449-5320 Ken Mulford (212) 449-0752
Terrence Mack (212) 449-3659
Research
Ralph Diserio (212) 449-1629
</TABLE>
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
PAGE 38
