SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): August 13, 2000
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated
as of August 1, 2000, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 2000-C).
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 2000-C, Credit Suisse First Boston
Corporation and Prudential Securities Incorporated, as the underwriters of the
Certificates (the "Underwriters") have provided certain materials (the
"Computational Materials") for distribution to its potential investors.
Although the Company provided the Underwriters with certain information
regarding the characteristics of the Contracts in the related portfolio, it
did not participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Contracts; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials provided by Credit Suisse First Boston Corporation
and Prudential Securities Incorporated are attached hereto as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(c) Exhibits:
99.1 Computational Materials - Credit Suisse First Boston Corporation and
Prudential Securities Incorporated
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their behalf by
the undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By /s/ DAVID JORDAN
------------------------
Name: David Jordan
Title: Secretary
CLAYTON HOMES, INC.
By /s/ AMBER KRUPACS
------------------------
Name: Amber Krupacs
Title: Vice President
Dated: August 13, 2000
<PAGE>
Exhibit Index
Exhibit
99.1 Computational Materials - Credit Suisse First Boston Corporation and
Prudential Securities Incorporated
[FN]
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.</FN>
SUBJECT TO REVISION
SERIES TERM SHEET DATED August 13, 2000
$264,521,059
Vanderbilt Mortgage and Finance, Inc.
Seller and Servicer
[GRAPHIC OMITTED]
Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Series 2000-C
Attached is a preliminary Series Term Sheet describing the structure,
collateral pool and certain aspects of the Vanderbilt Mortgage and Finance,
Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 2000-C. The Series Term Sheet has been prepared by
Vanderbilt Mortgage and Finance, Inc. for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus, prospectus
supplement and by any other additional information subsequently filed with the
Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston Corporation, Prudential Securities
Incorporated nor any of their respective affiliates makes any representation
as to the accuracy or completeness of any of the information set forth in the
attached Series Term Sheet. This cover sheet is not part of the Series Term
Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates has been filed with the Securities and Exchange
Commission and declared effective. The final Prospectus and Prospectus
Supplement relating to the securities will be filed after the securities have
been priced and all of the terms and information are finalized. This
communication is not an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities 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. Interested persons
are referred to the final Prospectus and Prospectus Supplement to which the
securities relate. Any investment decision should be based only upon the
information in the final Prospectus and Prospectus Supplement as of their
publication dates.
Credit Suisse First Boston Prudential Securities
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000-C $264,521,059 (approximate)
-------------------------------------------------------------------------------
PRELIMINARY INFORMATION ONLY
Offered Certificates
<TABLE>
<CAPTION>
Class A Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class M1 Class B-1 Class B-2
ARM
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Amount: $30,877,649 $55,000,000 $50,000,000 $34,000,000 $44,398,000 $11,889,000 $10,581,000 $10,581,000 $17,194,410
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Type: Adjustable Adjustable Fixed Fixed Fixed Fixed Fixed Fixed Fixed
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Spread (bps): TBD TBD TBD TBD TBD TBD TBD TBD TBD
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Avg Life
(To Call): 5.28 1.03 3.03 5.15 9.62 13.11 9.28 6.29 11.12
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Avg Life
(To Mat): 5.58 1.03 3.03 5.15 9.66 16.13 9.79 6.29 13.83
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
1st Prin Pymt
(To Call): 9/00 9/00 9/02 10/04 4/07 10/13 9/05 9/05 6/08
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Last Prin Pymt
(To Call): 10/13 9/02 10/04 4/07 10/13 10/13 10/13 6/08 10/13
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Last Prin Pymt
(To Mat): 8/23 9/02 10/04 4/07 9/14 6/19 6/19 6/08 11/29
Stated Mat: 9/30 7/08 4/13 7/17 2/26 9/30 9/30 10/17 9/30
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Expected
Settlement: 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Payment Delay: 0 days 0 days 6 days 6 days 6 days 6 days 6 days 6 days 6 days
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Interest Payment
Basis: ACT/360 ACT/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Dated Date: 8/29/00 8/29/00 8/1/00 8/1/00 8/1/00 8/1/00 8/1/00 8/1/00 8/1/00
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Ratings
(Moody's/Fitch): Aaa/AAA 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 TBD
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Prepayment Speed:
250% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP
------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
</TABLE>
<PAGE>
Title of Securities: Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000-C
Class A ARM and Class A-1 adjustable rate
certificates, and Class A-2, Class A-3, Class A-4,
Class A-5, Class M-1, Class B-1, and Class B-2
fixed rate certificates.
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Underwriters: Credit Suisse First Boston Corporation (lead)
Prudential Securities Incorporated (co)
Trustee: The Chase Manhattan Bank
Credit Enhancement: 1) Excess interest
2) Subordination
3) Limited Guarantee of Clayton Homes, Inc. (Class
B-2 only)
Excess Interest: Excess interest cashflows will be available as credit
enhancement.
<TABLE>
<CAPTION>
Subordination:
------------------------ ---------------------- ----------------------
Rating
Class (Moody's/Fitch) Subordination
------------------------ ---------------------- ----------------------
<S> <C> <C>
Class A ARM, Class A-1 Aaa/AAA 19.00%
- A-4
------------------------ ---------------------- ----------------------
Class A-5 Aa3/AA- 14.50%
------------------------ ---------------------- ----------------------
Class M-1 A2/A 10.50%
------------------------ ---------------------- ----------------------
Class B-1 Baa2/BBB 6.50%
------------------------ ---------------------- ----------------------
Class B-2 Baa2/BBB N/A
------------------------ ---------------------- ----------------------
Class Sizes:
------------------------ ---------------------- ----------------------
Rating
Class (Moody's/Fitch) Class Size
------------------------ ---------------------- ----------------------
Class A ARM, Class A-1 Aaa/AAA 81.00%
- A-4
------------------------ ---------------------- ----------------------
Class A-5 Aa3/AA- 4.50%
------------------------ ---------------------- ----------------------
Class M-1 A2/A 4.00%
------------------------ ---------------------- ----------------------
Class B-1 Baa2/BBB 4.00%
------------------------ ---------------------- ----------------------
Class B-2 Baa2/BBB 6.50%
------------------------ ---------------------- ----------------------
</TABLE>
<PAGE>
OFFERED CERTIFICATES
Total Size: $ 264,521,059 (approximate)
Class A ARM
Remittance Rate: The Class A ARM Remittance 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
remittance rate on the Class A ARM Certificates
shall increase to one month LIBOR plus [2X] the
margin.
Net Funds Cap: The a) weighted average Contract rate on the
adjustable rate assets less b) if the Company is no
longer the Servicer, [1.25%].
Net Funds Cap
Carryover: If on any Remittance Date the Class A ARM interest
distribution amount is less than it would have been
if it had been calculated at the Formula Rate
(i.e., one-month LIBOR plus [TBD%],which is subject
to a maximum equal to the Weighted Average Life Cap
of the collateral), because of the application of
the Net Funds Cap, the amount of such shortfall and
the aggregate of such shortfalls from previous
payment dates together with accrued interest at the
Formula Rate will be carried forward to the next
Remittance Date until paid.
Class A-1
Remittance Rate: The Class A-1 Remittance Rate will equal the lesser
of:
i) One Month LIBOR plus [TBD%] and
ii) The weighted average Contract rate of the fixed
rate assets less the 1.25% servicing fee (if
Vanderbilt is no longer the servicer).
Maximum Rate: Remittance rates on the Class A-1, A-2, A-3, A-4,
A-5, M-1, B-1 and B-2 Certificates are subject to a
maximum rate equal to (a) the weighted average
contract rate of the contracts less (b) if
Vanderbilt is no longer the servicer, the servicing
fee of 1.25%.
Servicing Fee: For as long as Vanderbilt is the servicer, the
servicing fee of 1.25% per annum is subordinate to
the Offered Certificates on a monthly basis.
<PAGE>
Cashflow Priority: PRICING BASE CASE CLASS M-1 AND CLASS B DISTRIBUTION
TEST IS MET
1) Current interest and any previously unreimbursed
interest to Classes A ARM, A-1, A-2, A-3, and A-4;
2) Concurrently, to the Class A ARM Certificates, the
Class A ARM Formula Principal Distribution Amount
(principal attributed to the adjustable rate assets),
and the Class A percentage of the Fixed Formula
Principal Distribution Amount (principal attributed
to the fixed rate assets) sequentially to Classes
A-1, A-2, A-3 and A-4 until such class is reduced to
zero;
3) Current interest and any previously unreimbursed
interest to Class A-5 Certificates;
4) Remaining Class A percentage of the Fixed Formula
Principal Distribution Amount to Class A-5 until such
class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class M-1 Certificates;
6) Mezzanine percentage of remaining formula principal
payments attributed to the fixed assets to Class M-1
until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B-1 Certificates;
8) Class B percentage of remaining formula principal
payments attributed to the fixed assets to Class B-1
until such class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class B-2 Certificates;
10) Remaining formula principal payments attributed to
the fixed assets to Class B-2 until such class is
reduced to zero;
11) The amount of any principal reimbursement to Clayton
Homes for Enhancement Payments with respect to the
Class B-2 Certificates which remains unpaid after
giving effect to the distribution described above;
12) Excess cashflow up to the Net Funds Cap Carryover
Amount to the Class A ARM Certificates until such
class is reduced to zero;
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.
Class A ARM (AAA/Aaa)
---------------------------------------------------------------------------
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5
(AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AA-/Aa3)
---------------------------------------------------------------------------
Class M-1 (A/A2)
---------------------------------------------
5-Year Lockout
Class B-1 (BBB/Baa2) Class B-2 (BBB/Baa2)
<PAGE>
Cashflow Priority: CLASS M-1 AND CLASS B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes A ARM, A-1, A-2, A-3, and A-4;
2) Concurrently, to the Class A ARM Certificates, the
Class A ARM Formula Principal Distribution Amount
(principal attributed to the adjustable rate assets)
and the Fixed Formula Principal Distribution Amount
(principal attributed to the fixed rate assets)
sequentially to Classes A-1, A-2, A-3, and A-4 until
such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class A-5 Certificates;
4) 100% of remaining formula principal payments less the
Class A ARM Formula Principal Distribution Amount, if
any, to Class A-5 until such Class is reduced to
zero;
5) Current interest and any previously unreimbursed
interest to Class M-1 Certificates;
6) 100% of remaining formula principal payments less the
Class A ARM Formula Principal Distribution Amount, if
any, to Class M-1 until such Class is reduced to
zero;
7) Current interest and any previously unreimbursed
interest to Class B-1 Certificates;
8) 100% of remaining formula principal payments less the
Class A ARM Formula Principal Distribution Amount, if
any, to Class B-1 until such Class is reduced to
zero;
9) Current interest and any previously unreimbursed
interest to Class B-2 Certificates;
10) 100% of remaining formula principal payments less the
Class A ARM Formula Principal Distribution Amount, if
any, to Class B-2 until such Class is reduced to
zero;
11) The amount of any principal reimbursement to Clayton
Homes for Enhancement Payments with respect to the
Class B-2 Certificates which remains unpaid after
giving effect to the distribution described above;
12) Excess cashflow up to the Net Funds Cap Carryover
Amount to the Class A ARM Certificates until such
class is reduced to zero;
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.
<TABLE>
<CAPTION>
Class A ARM (AAA/Aaa)
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class M-1 Class B-1 Class B-2
(AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AA-/Aa3) (A/A2) (BBB/Baa2) (BBB/Baa2)
</TABLE>
THE CLASS M-1 AND CLASS B DISTRIBUTION TEST IS MET IF:
1) Remittance Date is on or after September 2005
2) Class M-1 Percentage plus Class B Percentage is at
least 25.375% (which is 1.75 times the sum of the
original Class M-1 Percentage and the original Class
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 B-2 Principal Balance must not be less than
[$5,290,421] (which represents approximately 2% of
the Total Original Principal Balance).
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the remaining pool balance is
less than 10% of the Cut-off Date pool principal
balance.
Remittance Date: The 7th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in September 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 A-2, A-3, A-4, A-5, M-1, B-1 and
B-2 certificates. For the Class A ARM and A-1
certificates, interest will accrue from the 7th day
of the preceding month until the 6th day of the
current month. For the first Remittance Date,
interest will accrue from the closing date to the
first Remittance Date for the Class A ARM and A-1
certificates. For the Class A ARM and A-1
certificates, interest is calculated using an
actual/360 day count. For the remainder of the
classes, interest is calculated using a 30/360 day
count.
ERISA Considerations: The Class A ARM, A-1, A-2, A-3, and A-4 Certificates
will be ERISA eligible. The Class A-5, Class M-1,
B-1 and B-2 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 A ARM 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)325-2747, John
Herbert at (212)325-2412, Susan Menkhaus at
(212)325-3475, Jack MacDowell (212)325-1251, or
Phil Li at (212)325-5945 with questions.
------------------------------------- -------------------- -------------------
Type of Collateral: FIXED ASSETS ARM ASSETS
------------------------------------- -------------------- -------------------
Amount: $233,643,403.83 $30,877,654.71
------------------------------------- -------------------- -------------------
Average Unpaid Prin. Balance: $38,973.04 $47,577.28
------------------------------------- -------------------- -------------------
Maximum Original Balance: $256,500.00 $141,750.00
------------------------------------- -------------------- -------------------
WAC: 11.223% 9.611%
------------------------------------- -------------------- -------------------
Coupon Range: 7.990% - 18.250% 7.990% - 15.490%
------------------------------------- -------------------- -------------------
WAM: 244 265
------------------------------------- -------------------- -------------------
Weighted Average Original Term: 248 268
------------------------------------- -------------------- -------------------
WA LTV: 84.774% 85.300%
------------------------------------- -------------------- -------------------
New: 74.13% 98.52%
------------------------------------- -------------------- -------------------
Used: 25.87% 1.48%
------------------------------------- -------------------- -------------------
Multi: 48.83% 66.93%
------------------------------------- -------------------- -------------------
Site Built: 12.01% 0.00%
------------------------------------- -------------------- -------------------
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
Projected Net Funds Cap for Class A ARM Certificates:
(GROSS COUPON - using 30/360 Day Count)
* Assuming VMF is the servicer
Bond Bond
Period Date Coupon Paid
1 09/07/00 9.611
2 10/07/00 9.611
3 11/07/00 9.611
4 12/07/00 9.611
5 01/07/01 9.611
6 02/07/01 9.611
7 03/07/01 9.611
8 04/07/01 9.612
9 05/07/01 9.612
10 06/07/01 9.803
11 07/07/01 10.281
12 08/07/01 10.746
13 09/07/01 11.097
14 10/07/01 11.097
15 11/07/01 11.097
16 12/07/01 11.097
17 01/07/02 11.097
18 02/07/02 11.097
19 03/07/02 11.097
20 04/07/02 11.097
21 05/07/02 11.097
22 06/07/02 11.177
23 07/07/02 11.608
24 08/07/02 12.024
25 09/07/02 12.319
26 10/07/02 12.319
27 11/07/02 12.319
28 12/07/02 12.319
29 01/07/03 12.319
30 02/07/03 12.319
31 03/07/03 12.319
32 04/07/03 12.319
33 05/07/03 12.319
34 06/07/03 12.319
35 07/07/03 12.319
36 08/07/03 12.319
37 09/07/03 12.319
38 10/07/03 12.319
39 11/07/03 12.319
40 12/07/03 12.319
41 01/07/04 12.319
42 02/07/04 12.319
43 03/07/04 12.319
44 04/07/04 12.319
45 05/07/04 12.319
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/29/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 09/07/00
ORIGINAL BALANCE: $30,877,649.00 BOND A ARM DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200; 5 year CMT 6.0900
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 38.0 38.7 39.1 39.5 39.9
99-24+ 37.7 38.4 38.7 39.1 39.5
99-25 37.4 38.0 38.4 38.7 39.1
99-25+ 37.1 37.7 38.0 38.3 38.6
99-26 36.8 37.3 37.6 37.9 38.2
99-26+ 36.4 36.9 37.2 37.5 37.8
99-27 36.1 36.6 36.8 37.1 37.3
99-27+ 35.8 36.2 36.4 36.7 36.9
99-28 35.5 35.9 36.1 36.3 36.5
99-28+ 35.2 35.5 35.7 35.8 36.0
99-29 34.9 35.1 35.3 35.4 35.6
99-29+ 34.6 34.8 34.9 35.0 35.2
99-30 34.3 34.4 34.5 34.6 34.7
99-30+ 33.9 34.1 34.1 34.2 34.3
99-31 33.6 33.7 33.8 33.8 33.9
99-31+ 33.3 33.4 33.4 33.4 33.4
100-00 33.0 33.0 33.0 33.0 33.0
100-00+ 32.7 32.6 32.6 32.6 32.6
100-01 32.4 32.3 32.2 32.2 32.1
100-01+ 32.1 31.9 31.8 31.8 31.7
100-02 31.8 31.6 31.5 31.4 31.3
100-02+ 31.4 31.2 31.1 31.0 30.8
100-03 31.1 30.8 30.7 30.6 30.4
Avg Life 6.88 5.76 5.28 4.87 4.51
First Pay Sept-00 Sept-00 Sept-00 Sept-00 Sept-00
Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/29/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 09/07/00
ORIGINAL BALANCE: $55,000,000.00 BOND A-1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 33.5 35.8 38.2 40.5 42.9
99-24+ 32.2 34.4 36.6 38.8 41.0
99-25 30.9 33.0 35.0 37.1 39.1
99-25+ 29.6 31.5 33.4 35.3 37.2
99-26 28.4 30.1 31.9 33.6 35.4
99-26+ 27.1 28.7 30.3 31.9 33.5
99-27 25.8 27.3 28.7 30.2 31.6
99-27+ 24.5 25.8 27.1 28.5 29.8
99-28 23.2 24.4 25.6 26.7 27.9
99-28+ 22.0 23.0 24.0 25.0 26.0
99-29 20.7 21.5 22.4 23.3 24.2
99-29+ 19.4 20.1 20.9 21.6 22.3
99-30 18.1 18.7 19.3 19.9 20.5
99-30+ 16.8 17.3 17.7 18.1 18.6
99-31 15.6 15.8 16.1 16.4 16.7
99-31+ 14.3 14.4 14.6 14.7 14.9
100-00 13.0 13.0 13.0 13.0 13.0
100-00+ 11.7 11.6 11.4 11.3 11.1
100-01 10.4 10.2 9.9 9.6 9.3
100-01+ 9.2 8.7 8.3 7.9 7.4
100-02 7.9 7.3 6.7 6.1 5.6
100-02+ 6.6 5.9 5.2 4.4 3.7
100-03 5.3 4.5 3.6 2.7 1.8
Avg Life 1.28 1.14 1.03 0.94 0.86
First Pay Sept-00 Sept-00 Sept-00 Sept-00 Sept-00
Last Pay Mar-03 Dec-02 Sept-02 Jul-02 May-02
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/01/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 09/02/00
ORIGINAL BALANCE: $50,000,000.00 BOND A-2 YIELD TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 7.514 7.518 7.522 7.527 7.531
99-24+ 7.509 7.513 7.516 7.520 7.524
99-25 7.504 7.507 7.510 7.514 7.517
99-25+ 7.499 7.502 7.504 7.507 7.510
99-26 7.494 7.496 7.498 7.501 7.503
99-26+ 7.489 7.491 7.492 7.494 7.496
99-27 7.484 7.485 7.486 7.488 7.489
99-27+ 7.479 7.480 7.481 7.481 7.482
99-28 7.474 7.474 7.475 7.475 7.475
99-28+ 7.469 7.469 7.469 7.468 7.468
99-29 7.465 7.464 7.463 7.462 7.461
99-29+ 7.460 7.458 7.457 7.455 7.454
99-30 7.455 7.453 7.451 7.449 7.447
99-30+ 7.450 7.447 7.445 7.442 7.440
99-31 7.445 7.442 7.439 7.436 7.433
99-31+ 7.440 7.436 7.433 7.429 7.426
100-00 7.435 7.431 7.427 7.423 7.419
100-00+ 7.430 7.425 7.421 7.416 7.412
100-01 7.425 7.420 7.415 7.410 7.405
100-01+ 7.420 7.415 7.409 7.403 7.398
100-02 7.415 7.409 7.403 7.397 7.391
100-02+ 7.410 7.404 7.397 7.390 7.384
100-03 7.405 7.398 7.391 7.384 7.377
Avg Life 3.76 3.36 3.03 2.76 2.53
First Pay Mar-03 Dec-02 Sept-02 Jul-02 May-02
Last Pay Nov-05 Apr-05 Oct-04 Jun-04 Feb-04
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/01/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 10/07/04
ORIGINAL BALANCE: $34,000,000.00 BOND A-3 YIELD TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200%
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 7.674 7.676 7.679 7.682 7.685
99-24+ 7.670 7.673 7.676 7.678 7.680
99-25 7.667 7.669 7.672 7.674 7.676
99-25+ 7.664 7.666 7.668 7.670 7.671
99-26 7.661 7.663 7.664 7.666 7.667
99-26+ 7.658 7.659 7.660 7.661 7.662
99-27 7.655 7.656 7.657 7.657 7.658
99-27+ 7.652 7.652 7.653 7.653 7.653
99-28 7.649 7.649 7.649 7.649 7.649
99-28+ 7.646 7.646 7.645 7.645 7.644
99-29 7.643 7.642 7.641 7.641 7.640
99-29+ 7.640 7.639 7.638 7.636 7.635
99-30 7.637 7.635 7.634 7.632 7.631
99-30+ 7.634 7.632 7.630 7.628 7.626
99-31 7.631 7.628 7.626 7.624 7.622
99-31+ 7.627 7.625 7.622 7.620 7.617
100-00 7.624 7.622 7.619 7.616 7.613
100-00+ 7.621 7.618 7.615 7.611 7.608
100-01 7.618 7.615 7.611 7.607 7.604
100-01+ 7.615 7.611 7.607 7.603 7.599
100-02 7.612 7.608 7.603 7.599 7.595
100-02+ 7.609 7.604 7.600 7.595 7.590
100-03 7.606 7.601 7.596 7.591 7.586
Avg Life 6.74 5.86 5.15 4.60 4.19
First Pay Nov-05 Apr-05 Oct-04 Jun-04 Feb-04
Last Pay Feb-09 Feb-08 Apr-07 Jun-06 Sept-05
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 04/07/07
ORIGINAL BALANCE: $44,398,000.00 BOND A-4 YIELD TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 8.058 8.059 8.060 8.061 8.063
99-24+ 8.055 8.056 8.057 8.059 8.060
99-25 8.053 8.054 8.055 8.056 8.057
99-25+ 8.051 8.052 8.053 8.053 8.054
99-26 8.049 8.050 8.050 8.051 8.051
99-26+ 8.047 8.047 8.048 8.048 8.049
99-27 8.045 8.045 8.045 8.046 8.046
99-27+ 8.043 8.043 8.043 8.043 8.043
99-28 8.041 8.040 8.040 8.040 8.040
99-28+ 8.038 8.038 8.038 8.038 8.037
99-29 8.036 8.036 8.036 8.035 8.035
99-29+ 8.034 8.034 8.033 8.032 8.032
99-30 8.032 8.031 8.031 8.030 8.029
99-30+ 8.030 8.029 8.028 8.027 8.026
99-31 8.028 8.027 8.026 8.025 8.023
99-31+ 8.026 8.025 8.023 8.022 8.020
100-00 8.024 8.022 8.021 8.019 8.018
100-00+ 8.021 8.020 8.019 8.017 8.015
100-01 8.019 8.018 8.016 8.014 8.012
100-01+ 8.017 8.016 8.014 8.012 8.009
100-02 8.015 8.013 8.011 8.009 8.006
100-02+ 8.013 8.011 8.009 8.006 8.003
100-03 8.011 8.009 8.006 8.004 8.001
Avg Life 11.86 10.66 9.62 8.65 7.77
First Pay Feb-09 Feb-08 Apr-07 Jun-06 Sept-05
Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/01/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 09/07/14
ORIGINAL BALANCE: $11,889,000.00 BOND A-5 YIELD TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 8.303 8.304 8.304 8.305 8.306
99-24+ 8.301 8.302 8.302 8.303 8.303
99-25 8.299 8.300 8.300 8.301 8.301
99-25+ 8.298 8.298 8.298 8.299 8.299
99-26 8.296 8.296 8.296 8.297 8.297
99-26+ 8.294 8.294 8.294 8.294 8.295
99-27 8.292 8.292 8.292 8.292 8.292
99-27+ 8.290 8.290 8.290 8.290 8.290
99-28 8.288 8.288 8.288 8.288 8.288
99-28+ 8.286 8.286 8.286 8.286 8.286
99-29 8.285 8.284 8.284 8.284 8.284
99-29+ 8.283 8.282 8.282 8.282 8.282
99-30 8.281 8.280 8.280 8.280 8.279
99-30+ 8.279 8.279 8.278 8.278 8.277
99-31 8.277 8.277 8.276 8.276 8.275
99-31+ 8.275 8.275 8.274 8.273 8.273
100-00 8.274 8.273 8.272 8.271 8.271
100-00+ 8.272 8.271 8.270 8.269 8.268
100-01 8.270 8.269 8.268 8.267 8.266
100-01+ 8.268 8.267 8.266 8.265 8.264
100-02 8.266 8.265 8.264 8.263 8.262
100-02+ 8.264 8.263 8.262 8.261 8.260
100-03 8.263 8.261 8.260 8.259 8.257
Avg Life 15.44 14.02 13.11 12.19 11.36
First Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12
Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/01/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 09/07/05
ORIGINAL BALANCE: $10,581,000.00 BOND M-1 YIELD TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
99-24 8.710 8.711 8.711 8.712 8.712
99-24+ 8.708 8.708 8.709 8.709 8.709
99-25 8.705 8.706 8.706 8.706 8.707
99-25+ 8.703 8.703 8.703 8.704 8.704
99-26 8.700 8.701 8.701 8.701 8.701
99-26+ 8.698 8.698 8.698 8.698 8.698
99-27 8.695 8.696 8.696 8.696 8.696
99-27+ 8.693 8.693 8.693 8.693 8.693
99-28 8.691 8.691 8.690 8.690 8.690
99-28+ 8.688 8.688 8.688 8.688 8.688
99-29 8.686 8.685 8.685 8.685 8.685
99-29+ 8.683 8.683 8.683 8.682 8.682
99-30 8.681 8.680 8.680 8.680 8.679
99-30+ 8.678 8.678 8.677 8.677 8.677
99-31 8.676 8.675 8.675 8.674 8.674
99-31+ 8.673 8.673 8.672 8.672 8.671
100-00 8.671 8.670 8.670 8.669 8.668
100-00+ 8.669 8.668 8.667 8.666 8.666
100-01 8.666 8.665 8.665 8.664 8.663
100-01+ 8.664 8.663 8.662 8.661 8.660
100-02 8.661 8.660 8.659 8.658 8.658
100-02+ 8.659 8.658 8.657 8.656 8.655
100-03 8.656 8.655 8.654 8.653 8.652
Avg Life 10.27 9.71 9.28 8.87 8.50
First Pay Sept-05 Sept-05 Sept-05 Sept-05 Sept-05
Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/01/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 09/07/05
ORIGINAL BALANCE: $10,581,000.00 BOND B-1 YIELD TABLE
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
96-08 9.946 9.960 9.973 9.983 9.993
96-08+ 9.943 9.957 9.969 9.980 9.989
96-09 9.939 9.953 9.965 9.976 9.986
96-09+ 9.936 9.950 9.962 9.973 9.982
96-10 9.932 9.946 9.958 9.969 9.978
96-10+ 9.929 9.943 9.955 9.965 9.975
96-11 9.926 9.939 9.951 9.962 9.971
96-11+ 9.922 9.936 9.948 9.958 9.967
96-12 9.919 9.932 9.944 9.954 9.964
96-12+ 9.915 9.929 9.940 9.951 9.960
96-13 9.912 9.925 9.937 9.947 9.956
96-13+ 9.908 9.922 9.933 9.944 9.953
96-14 9.905 9.918 9.930 9.940 9.949
96-14+ 9.901 9.915 9.926 9.936 9.946
96-15 9.898 9.911 9.923 9.933 9.942
96-15+ 9.895 9.908 9.919 9.929 9.938
96-16 9.891 9.904 9.916 9.926 9.935
96-16+ 9.888 9.901 9.912 9.922 9.931
96-17 9.884 9.897 9.908 9.918 9.927
96-17+ 9.881 9.894 9.905 9.915 9.924
96-18 9.877 9.890 9.901 9.911 9.920
96-18+ 9.874 9.887 9.898 9.908 9.916
96-19 9.870 9.883 9.894 9.904 9.913
First Payment 6.59 6.42 6.29 6.17 6.07
Average Life Sept-05 Sept-05 Sept-05 Sept-05 Sept-05
Last Payment Jan-09 Sept-08 Jun-08 Mar-08 Dec-07
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000C $264,521,059 (approximate)
-------------------------------------------------------------------------------
DATED DATE: 08/01/00
CURRENT COUPON: TBD VMF 00-C
FIRST PAYMENT: 06/07/08
ORIGINAL BALANCE: $17,194,410.00 BOND B-2 Yield Table
YIELD TABLE DATE: 08/11/00
ASSUMED CONSTANT LIBOR-1M 6.6200
PRICING SPEED
FIXED 150 175 200 225 250
ARM 175 225 250 275 300
93-24 10.064 10.095 10.123 10.152 10.182
93-24+ 10.062 10.093 10.120 10.149 10.179
93-25 10.060 10.091 10.118 10.147 10.177
93-25+ 10.057 10.088 10.115 10.144 10.174
93-26 10.055 10.086 10.113 10.142 10.171
93-26+ 10.052 10.083 10.110 10.139 10.168
93-27 10.050 10.081 10.108 10.136 10.166
93-27+ 10.048 10.078 10.105 10.134 10.163
93-28 10.045 10.076 10.103 10.131 10.160
93-28+ 10.043 10.073 10.100 10.128 10.158
93-29 10.041 10.071 10.097 10.126 10.155
93-29+ 10.038 10.068 10.095 10.123 10.152
93-30 10.036 10.066 10.092 10.121 10.150
93-30+ 10.033 10.063 10.090 10.118 10.147
93-31 10.031 10.061 10.087 10.115 10.144
93-31+ 10.029 10.058 10.085 10.113 10.141
94-00 10.026 10.056 10.082 10.110 10.139
94-00+ 10.024 10.053 10.080 10.108 10.136
94-01 10.021 10.051 10.077 10.105 10.133
94-01+ 10.019 10.048 10.075 10.102 10.131
94-02 10.017 10.046 10.072 10.100 10.128
94-02+ 10.014 10.044 10.069 10.097 10.125
94-03+ 10.012 10.041 10.067 10.094 10.123
Average Life 12.55 11.73 11.12 10.53 9.99
First Payment Jan-09 Sept-08 Jun-08 Mar-08 Dec-07
Last Payment Feb-16 Sept-14 Oct-13 Nov-12 Jan-12
<PAGE>
Fixed Rate Collateral $233,643,403.83
Cut Off Date of Tape: 7/25/00
-----------------------------------------------------------------------------
Number of Mortgage Loans: 5,995
Aggregate Unpaid Principal Balance: $233,643,403.83
Aggregate Original Principal Balance: $235,619,867.95
Weighted Average Gross Coupon: 11.223%
Gross Coupon Range: 7.990% - 18.250%
-----------------------------------------------------------------------------
Average Unpaid Principal Balance: $38,973.04
Average Original Principal Balance: $39,302.73
Maximum Unpaid Principal Balance: $255,387.32
Minimum Unpaid Principal Balance: $4,624.50
Maximum Original Principal Balance: $256,500.00
Minimum Original Principal Balance: $4,624.50
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 243.746
Stated Rem Term Range: 34.000 - 360.000
Weighted Average Age : 3.848
Age Range: 0.000 - 118.000
Weighted Average Original Term: 247.594
Original Term Range: 36.000 - 360.000
Weighted Average Original LTV: 84.774
Original LTV Range: 14.090% - 100.000%
--------------------------------------------------------------------
Greatest Zip Code Concentration
ZIP 37876 22 Loans 0.37 $868,760.93
New 74.13 $173,210,548
Used 25.87 $60,432,856
Multi-section 48.83 $114,082,528
Single-section 51.17 $119,560,875
Not Parked 62.32 $145,600,033
Parked 25.67 $59,979,556
Site Built 12.01 $28,063,815
<PAGE>
Geographical Distribution of Manufactured Homes as of Origination
- Fixed Rate Contracts
--------------------------------------------------------------------------------
CONTRACTS AS UNPAID PRINCIPAL % OF CUT-OFF DATE
OF CUT-OFF BALANCE AS OF AGGREGATE PRINCIPAL
STATE DATE CUT-OFF DATE BALANCE
--------------------------------------------------------------------------------
Alabama 163 5,661,666 2.42
Alaska 1 150,230 0.06
Arizona 95 3,884,245 1.66
Arkansas 94 4,303,996 1.84
California 19 1,463,999 0.63
Colorado 77 2,921,420 1.25
Delaware 17 768,265 0.33
Florida 333 15,207,095 6.51
Georgia 131 4,821,588 2.06
Idaho 4 155,700 0.07
Illinois 40 1,268,180 0.54
Indiana 57 1,875,860 0.80
Iowa 27 898,032 0.38
Kansas 17 579,710 0.25
Kentucky 340 12,286,882 5.26
Louisiana 162 6,239,490 2.67
Maine 5 353,485 0.15
Maryland 21 996,414 0.43
Massachusetts 5 292,869 0.13
Michigan 98 2,670,294 1.14
Minnesota 28 821,511 0.35
Mississippi 105 3,781,653 1.62
Missouri 73 2,698,085 1.15
Montana 15 498,021 0.21
Nebraska 8 233,376 0.10
Nevada 4 442,802 0.19
New Hampshire 1 111,723 0.05
New Jersey 10 801,574 0.34
New Mexico 65 2,435,413 1.04
New York 81 5,044,721 2.16
North Carolina 855 36,389,254 15.57
North Dakota 13 323,952 0.14
Ohio 88 3,173,114 1.36
Oklahoma 46 1,616,310 0.69
Oregon 9 327,387 0.14
Pennsylvania 21 1,366,746 0.58
South Carolina 467 17,223,578 7.37
South Dakota 3 83,464 0.04
Tennessee 923 35,104,887 15.02
Texas 1,061 38,058,285 16.29
Utah 3 114,213 0.05
Vermont 1 30,563 0.01
Virginia 325 12,924,336 5.53
Washington 7 343,431 0.15
Washington DC 1 78,724 0.03
West Virginia 30 1,087,621 0.47
Wisconsin 25 835,880 0.36
Wyoming 21 893,361 0.38
-----------------------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
------------------------------------------------------------------------------
Years of Origination of Contracts - Fixed Rate Contracts
Aggregate Principal Pct.
Contract Number of Contracts Balance Outstanding of
Date As of Cut-off Date As of Cut-off Date Total
-------- ------------------- ---------------------- ---------
1990 3 42,219 .02
1991 88 1,237,166 .53
1992 12 206,407 .09
1993 2 34,204 .01
1995 8 202,478 .09
1996 117 4,134,715 1.77
1997 37 1,438,129 .62
1998 55 2,970,051 1.27
1999 329 23,426,122 10.03
2000 5,344 199,951,912 85.58
-----------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
=================================================================
Distribution of Original Amounts - Fixed Rate Contracts
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Original Principal Balance As of Cut-off Date As of Cut-off Date Total
-------------------------- ------------------- ------------------- -----
$ 0.00 - $ 5,000.00 1 4,625 .00
$ 5,000.01 - $ 10,000.00 119 974,703 .42
$ 10,000.01 - $ 15,000.00 307 3,865,058 1.65
$ 15,000.01 - $ 20,000.00 530 9,034,264 3.87
$ 20,000.01 - $ 25,000.00 624 13,703,765 5.87
$ 25,000.01 - $ 30,000.00 806 22,018,505 9.42
$ 30,000.01 - $ 35,000.00 808 26,097,070 11.17
$ 35,000.01 - $ 40,000.00 573 21,207,011 9.08
$ 40,000.01 - $ 45,000.00 385 16,189,559 6.93
$ 45,000.01 - $ 50,000.00 347 16,409,323 7.02
$ 50,000.01 - $ 55,000.00 312 16,335,734 6.99
$ 55,000.01 - $ 60,000.00 313 17,964,396 7.69
$ 60,000.01 - $ 65,000.00 245 15,246,189 6.53
$ 65,000.01 - $ 70,000.00 148 9,936,453 4.25
$ 70,000.01 - $ 75,000.00 122 8,816,882 3.77
$ 75,000.01 - $ 80,000.00 87 6,708,776 2.87
$ 80,000.01 - $ 85,000.00 59 4,877,315 2.09
$ 85,000.01 - $ 90,000.00 38 3,300,842 1.41
$ 90,000.01 - $ 95,000.00 33 3,027,171 1.30
$ 95,000.01 - $ 100,000.00 19 1,844,891 .79
$ 100,000.01 - $ 105,000.00 21 2,146,464 .92
$ 105,000.01 - $ 110,000.00 20 2,144,298 .92
$ 110,000.01 - $ 115,000.00 8 889,955 .38
$ 115,000.01 - $ 120,000.00 10 1,163,457 .50
$ 120,000.01 - $ 125,000.00 6 726,312 .31
$ 125,000.01 - $ 130,000.00 10 1,270,825 .54
$ 130,000.01 - $ 135,000.00 8 1,058,880 .45
$ 135,000.01 - $ 140,000.00 3 396,870 .17
$ 140,000.01 - $ 145,000.00 3 424,584 .18
$ 150,000.01 - $ 155,000.00 4 586,877 .25
$ 155,000.01 - $ 160,000.00 2 261,896 .11
$ 165,000.01 - $ 170,000.00 1 165,080 .07
$ 170,000.01 or greater 23 4,845,373 2.07
------------------------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
==============================================================================
<PAGE>
Distribution of Original Loan-to-Value Ratios - Fixed Rate Contracts
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Loan To Values As of Cut-off Date As of Cut-off Date Total
-------------- ------------------- ---------------------- ---------
Less than 61.000% 265 6,699,869 2.87
61.000% - 65.999% 186 6,057,562 2.59
66.000% - 70.999% 241 8,594,497 3.68
71.000% - 75.999% 398 15,876,934 6.80
76.000% - 80.999% 646 26,679,438 11.42
81.000% - 85.999% 933 38,528,825 16.49
86.000% - 90.999% 2,112 87,128,373 37.29
91.000% - 100.000% 1,214 44,077,907 18.87
------------------------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
==============================================================================
Cut-off Date Contract Rate - Fixed Rate Contracts
Aggregate Principal Pct.
Range of Contracts by Number of Contracts Balance Outstanding of
Contract Rate As of Cut-off Date As of Cut-off Date Total
--------------------- ------------------- ---------------------- ---------
0.000% - 8.000% 8 610,453 .26
8.001% - 9.000% 72 5,537,638 2.37
9.001% - 10.000% 1,361 79,828,217 34.17
10.001% - 11.000% 1,579 62,666,938 26.82
11.001% - 12.000% 587 21,331,903 9.13
12.001% - 13.000% 842 25,430,626 10.88
13.001% - 14.000% 912 23,753,392 10.17
14.001% - 15.000% 427 10,252,586 4.39
15.001% - 16.000% 183 3,749,209 1.60
16.001% - 17.000% 22 449,396 .19
17.001% - 18.000% 1 19,887 .01
18.001% - 19.000% 1 13,159 .01
-----------------------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
=============================================================================
Remaining Months to Maturity - Fixed Rate Contracts
Aggregate Principal Pct.
Months Remaining Number of Contracts Balance Outstanding of
As of Cut-off Date As of Cut-off Date As of Cut-off Date Total
------------------ ------------------- ---------------------- ---------
1 - 72 243 3,068,643 1.31
73 - 84 246 3,891,835 1.67
85 - 120 506 10,374,417 4.44
121 - 156 528 13,632,920 5.83
157 - 180 1,031 31,006,323 13.27
181 - 240 1,887 76,490,791 32.74
241 - 300 731 39,577,082 16.94
301 - 360 823 55,601,392 23.80
-----------------------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
=============================================================================
<PAGE>
Distribution of Model Years - Fixed Rate Contracts
Aggregate Principal Pct.
Home Number of Contracts Balance Outstanding of
Year As of Cut-off Date s of Cut-off Date Total
------ ------------------- ---------------------- ---------
N/A 1 47,300 .02
1967 1 9,612 .00
1968 2 33,420 .01
1970 5 56,211 .02
1971 4 41,601 .02
1972 6 133,461 .06
1973 12 243,138 .10
1974 6 73,489 .03
1975 9 116,292 .05
1976 6 65,136 .03
1977 10 132,395 .06
1978 10 160,237 .07
1979 17 341,503 .15
1980 26 630,294 .27
1981 16 254,967 .11
1982 24 343,302 .15
1983 33 540,404 .23
1984 53 807,628 .35
1985 63 1,049,077 .45
1986 51 831,756 .36
1987 56 979,130 .42
1988 68 1,139,863 .49
1989 70 1,270,533 .54
1990 66 1,310,741 .56
1991 134 2,417,720 1.03
1992 128 2,499,735 1.07
1993 126 3,233,342 1.38
1994 155 3,863,175 1.65
1995 259 7,190,400 3.08
1996 389 12,368,448 5.29
1997 402 13,775,777 5.90
1998 315 12,157,613 5.20
1999 776 44,821,895 19.18
2000 2,343 104,196,349 44.60
2001 353 16,507,461 7.07
--------------------------------------------------------------
TOTAL 5,995 233,643,404 100.00
==============================================================
<PAGE>
Adjustable Rate Collateral $30,877,654.71
Cut Off Date of Tape: 7/25/00
-------------------------------------------------------------------------------
Number of Mortgage Loans: 649
Index: 5 Yr. T-Bill
Aggregate Unpaid Principal Balance: $30,877,654.71
Aggregate Original Principal Balance: $31,175,185.87
-------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 9.611%
Gross Coupon Range: 7.990% - 15.490%
-------------------------------------------------------------------------------
Weighted Average Margin (Gross): 6.226%
Gross Margin Range: 3.020% - 7.730%
Weighted Average Life Cap (Gross): 15.323%
Gross Life Cap Range: 12.740% - 21.490%
Weighted Average Life Floor (Gross): 3.629%
Gross Life Floor Range: 0.990% - 9.490%
--------------------------------------------------------------------------------
Average Unpaid Principal Balance: $47,577.28
Average Original Principal Balance: $48,035.73
Maximum Unpaid Principal Balance: $139,739.50
Minimum Unpaid Principal Balance: $8,156.70
Maximum Original Principal Balance: $141,750.00
Minimum Original Principal Balance: $10,048.50
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 265.225
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 2.669
Age Range: 0.000 - 113.000
Weighted Average Original Term: 267.893
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 85.300
Original LTV Range: 3.920% - 98.876%
Weighted Average Periodic Interest Cap: 1.486%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.763
Months to Interest Roll Range: 1 - 14
Weighted Average Interest Roll Frequency: 11.987
Interest Frequency Range: 6 - 12
---------------------------------------------------------------------
<PAGE>
Greatest Zip Code Concentration
ZIP 27320 8 Loans 1.54 $474,410.58
New 98.52 $30,419,839
Used 1.48 $457,816
Multi-section 66.93 $20,667,901
Single-section 33.07 $10,209,753
Not Parked 74.25 $22,925,236
Parked 25.75 $7,952,419
<PAGE>
Geographical Distribution of Manufactured Homes as of Origination
- Adjustable Rate Contracts
-------------------------------------------------------------------------------
UNPAID PRINCIPAL % OF CUT-OFF DATE
CONTRACTS AS OF BALANCE AS OF AGGREGATE PRINCIPAL
STATE CUT-OFF DATE CUT-OFF DATE BALANCE
-------------------------------------------------------------------------------
Alabama 3 $ 150,379 0.49
Arizona 7 321,207 1.04
Arkansas 5 264,487 0.86
Colorado 5 233,169 0.76
Delaware 3 123,345 0.40
Florida 23 995,183 3.22
Georgia 16 667,181 2.16
Indiana 6 328,399 1.06
Kentucky 26 1,069,256 3.46
Louisiana 13 587,396 1.90
Maryland 2 95,202 0.31
Mississippi 1 56,880 0.18
Missouri 8 319,027 1.03
New Jersey 1 51,414 0.17
New Mexico 5 211,222 0.68
New York 2 130,714 0.42
North Carolina 169 8,959,276 29.02
Ohio 6 234,325 0.76
Oklahoma 12 516,715 1.67
Pennsylvania 2 87,357 0.28
South Carolina 59 3,179,602 10.30
Tennessee 101 4,922,312 15.94
Texas 124 4,928,120 15.96
Virginia 46 2,277,210 7.37
Washington 1 66,570 0.22
West Virginia 3 101,706 0.33
- ------- ----
-------------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
-------------------------------------------------------------------------------
Years of Origination of Contracts - Adjustable Rate Contracts
Aggregate Principal Pct.
Contract Number of Contracts Balance Outstanding of
Date As of Cut-off Date As of Cut-off Date Total
-------- ------------------- ---------------------- ---------
1991 6 68,727 .22
1997 2 57,158 .19
1998 11 551,636 1.79
1999 28 1,741,882 5.64
2000 602 28,458,251 92.16
----------------------------------------------------------------
TOTAL 649 30,877,655 100.00
================================================================
<PAGE>
Distribution of Original Amounts - Adjustable Rate Contracts
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Original Principal Balance As of Cut-off Date As of Cut-off Date Total
-------------------------- ------------------- ------------------- -----
$ 10,000.01 - $ 15,000.00 5 56,442 .18
$ 15,000.01 - $ 20,000.00 7 100,290 .32
$ 20,000.01 - $ 25,000.00 18 403,397 1.31
$ 25,000.01 - $ 30,000.00 56 1,547,054 5.01
$ 30,000.01 - $ 35,000.00 110 3,546,100 11.48
$ 35,000.01 - $ 40,000.00 78 2,883,036 9.34
$ 40,000.01 - $ 45,000.00 42 1,722,362 5.58
$ 45,000.01 - $ 50,000.00 44 2,098,225 6.80
$ 50,000.01 - $ 55,000.00 57 2,965,929 9.61
$ 55,000.01 - $ 60,000.00 71 4,059,347 13.15
$ 60,000.01 - $ 65,000.00 44 2,744,393 8.89
$ 65,000.01 - $ 70,000.00 49 3,227,513 10.45
$ 70,000.01 - $ 75,000.00 22 1,583,959 5.13
$ 75,000.01 - $ 80,000.00 20 1,542,188 4.99
$ 80,000.01 - $ 85,000.00 10 817,306 2.65
$ 85,000.01 - $ 90,000.00 6 524,240 1.70
$ 90,000.01 - $ 95,000.00 1 93,790 .30
$ 95,000.01 - $ 100,000.00 4 388,953 1.26
$ 100,000.01 - $ 105,000.00 2 207,864 .67
$ 105,000.01 - $ 110,000.00 1 107,623 .35
$ 115,000.01 - $ 120,000.00 1 117,904 .38
$ 140,000.01 - $ 145,000.00 1 139,740 .45
-----------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
=============================================================================
Distribution of Original Loan-to-Value Ratios - Adjustable Rate Contracts
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Loan To Values As of Cut-off Date As of Cut-off Date Total
-------------- ------------------- ---------------------- ---------
Less than 61.000% 13 435,349 1.41
61.000% - 65.999% 17 727,421 2.36
66.000% - 70.999% 26 1,164,096 3.77
71.000% - 75.999% 27 1,359,654 4.40
76.000% - 80.999% 58 2,973,244 9.63
81.000% - 85.999% 94 4,885,467 15.82
86.000% - 90.999% 330 15,802,303 51.18
91.000% - 100.000% 84 3,530,119 11.43
-------------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
===============================================================================
<PAGE>
Cut-off Date Contract Rate - Adjustable Rate Contracts
Aggregate Principal Pct.
Range of Contracts by Number of Contracts Balance Outstanding of
Contract Rate As of Cut-off Date As of Cut-off Date Total
--------------------- ------------------- ---------------------- ---------
0.000% - 8.000% 6 556,448 1.80
8.001% - 9.000% 275 16,528,180 53.53
9.001% - 10.000% 268 9,989,517 32.35
10.001% - 11.000% 27 992,352 3.21
11.001% - 12.000% 21 979,430 3.17
12.001% - 13.000% 36 1,306,408 4.23
13.001% - 14.000% 10 366,044 1.19
14.001% - 15.000% 5 111,973 .36
15.001% - 16.000% 1 47,301 .15
-----------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
=============================================================================
Remaining Months to Maturity - Adjustable Rate Contracts
Aggregate Principal Pct.
Months Remaining Number of Contracts Balance Outstanding of
As of Cut-off Date As of Cut-off Date As of Cut-off Date Total
------------------ ------------------- ------------------- -----
1 - 72 7 121,473 .39
73 - 84 4 77,472 .25
85 - 120 8 231,676 .75
121 - 156 14 452,886 1.47
157 - 180 59 1,998,678 6.47
181 - 240 282 11,117,023 36.00
241 - 300 176 10,238,312 33.16
301 - 360 99 6,640,134 21.50
--------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
==========================================================================
<PAGE>
Distribution of Lifetime Cap - Adjustable Rate Contracts
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Lifetime Caps As of Cut-off Date As of Cut-off Date Total
------------- ------------------- ---------------------- ---------
12.501% - 13.000% 6 552,753 1.79
13.001% - 13.500% 17 1,133,618 3.67
13.501% - 14.000% 61 3,296,385 10.68
14.001% - 14.500% 1 44,977 .15
14.501% - 15.000% 279 14,932,275 48.36
15.001% - 15.500% 28 1,650,878 5.35
15.501% - 16.000% 163 5,695,563 18.45
16.001% - 16.500% 18 644,596 2.09
16.501% - 17.000% 6 217,452 .70
17.001% - 17.500% 13 500,816 1.62
17.501% - 18.000% 17 772,283 2.50
18.001% - 18.500% 12 529,783 1.72
18.501% - 19.000% 10 404,250 1.31
19.001% - 19.500% 6 203,268 .66
19.501% - 20.000% 8 182,177 .59
20.001% - 20.500% 2 40,609 .13
20.501% - 21.000% 1 28,667 .09
21.001% - 21.500% 1 47,301 .15
--------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
==========================================================================
Distribution of Gross Margin - Adjustable Rate Contracts
Aggregate Principal Pct.
Range of Number of Contracts Balance Outstanding of
Gross Margin As of Cut-off Date As of Cut-off Date Total
------------ ------------------- ---------------------- ---------
3.001% - 3.500% 1 107,623 .35
4.001% - 4.500% 1 75,076 .24
4.501% - 5.000% 11 734,976 2.38
5.001% - 5.500% 22 1,296,600 4.20
5.501% - 6.000% 9 380,923 1.23
6.001% - 6.500% 430 20,217,562 65.48
6.501% - 7.000% 169 7,996,167 25.90
7.001% - 7.500% 1 12,970 .04
7.501% - 8.000% 5 55,757 .18
--------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
==========================================================================
<PAGE>
Next Interest Roll Date - Adjustable Rate Contracts
Month
Year of Current Pct.
Next Outstanding of
Adjustment Count Balance Total
---------- ----- ----------- -----
August 2000 2 28,289 .09
September 2000 4 47,183 .15
October 2000 1 12,970 .04
January 2001 1 19,153 .06
February 2001 2 132,025 .43
March 2001 8 459,469 1.49
April 2001 28 1,471,600 4.77
May 2001 233 10,571,552 34.24
June 2001 223 10,576,557 34.25
July 2001 124 6,319,204 20.47
August 2001 20 1,039,472 3.37
September 2001 3 200,180 .65
------------------------------------------------------
TOTAL 649 30,877,655 100.00
======================================================
Distribution of Periodic Cap - Adjustable Rate Contracts
Aggregate Principal Pct.
Periodic Number of Contracts Balance Outstanding of
Cap As of Cut-off Date As of Cut-off Date Total
-------- ------------------- ---------------------- ---------
1.00 338 15,881,257 51.43
2.00 311 14,996,398 48.57
----------------------------------------------------------------
TOTAL 649 30,877,655 100.00
================================================================
Index Code - Adjustable Rate Contracts
Aggregate Principal Pct.
Number of Contracts Balance Outstanding of
BENCHMARK As of Cut-off Date As of Cut-off Date Total
--------- ------------------- ---------------------- ---------
5 YR T BILL 649 30,877,655 100.00
--------------------------------------------------------------------------
TOTAL 649 30,877,655 100.00
==========================================================================
<PAGE>
Distribution of Model Years - Adjustable Rate Contracts
Aggregate Principal Pct.
Model Number of Contracts Balance Outstanding of
Year As of Cut-off Date As of Cut-off Date Total
------ ------------------- ---------------------- ---------
1981 1 13,475 .04
1982 1 13,209 .04
1984 1 11,309 .04
1990 1 9,701 .03
1991 6 74,037 .24
1994 1 43,097 .14
1996 1 21,138 .07
1997 7 234,919 .76
1998 14 655,645 2.12
1999 50 2,750,531 8.91
2000 544 25,879,844 83.81
2001 22 1,170,752 3.79
TOTAL 649 30,877,655 100.00
==============================================================
