All information in this Term Sheet, whether regarding assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in the final prospectus.
October 11, 2000
Preliminary Structural and Collateral Term Sheet
$375,000,000 (approximate) of Senior Certificates
Residential Funding Mortgage Securities I, Inc.
RFMSI Series 2000-S14 Trust
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Features of the Transaction
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o Offering consists of $375,000,000 of senior certificates with a
Certificate Interest Rate of 7.50% expected to be rated AAA by two of
three rating agencies: Moody's, S&P, or Fitch
o The expected amount of credit support for the senior certificates is 4.0%
+/- 0.50% in the form of subordination with a shifting interest structure
and a five year prepayment lockout.
o All collateral consists of single family, 20-year to 30-year, fixed-rate
residential, first mortgages originated or acquired by Residential Funding
Corporation.
o The amount of senior certificates is approximate and may vary by up to 5%.
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Preliminary Mortgage Pool Data (approximate)
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Total Outstanding Principal Balance: $390,625,000
Number of Mortgage Loans: 1100
Average Principal Balance of the Mortgage Loans: $355,000
Weighted Average Annual Mortgage Interest Rate: 8.40 +/- .1%
Weighted Average Maturity: 357 +/- 2 mos
Weighted Average Seasoning: 2 +/- 2 mos
Weighted Average Original Loan-To-Value Ratio: 75% +/- 2%
Originated Under the Full or Alternative
Documentation Program: 85-90%
Prepayment Penalty: 5% Max
Cash-out Refinance 8%
Geographic Distribution: Type of Dwelling:
California 40% Max Single-Family 95%
Detached
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Key Terms
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Issuer: RFMSI Series 2000-S14 Trust
Underwriter: Goldman, Sachs & Co.
Depositor/Master Servicer: Residential Funding Mortgage
Securities I, Inc. / Residential
Funding Corporation
Trustee: Bank One or Banker's Trust
Type of Issuance: Public
Servicer Advancing: Yes, subject to recoverability
Compensating Interest: Yes, to the extent of Master
Servicing, but in no case more than 1/12th of
0.125% of the Pool Scheduled Principal Balance
for such Distribution Date
Legal Investment: The senior certificates are
expected to be SMMEA eligible at
settlement
Interest Accrual: Prior calendar month
Clean Up Call: 10% of the Cut-off Date principal
balance of the Mortgage Loans
ERISA Eligible: Underwriter's exemption may apply
to senior certificates, however
prospective purchasers should
consult their own counsel
Tax Treatment: REMIC; senior certificates are
regular interests
Structure: Senior/Subordinate; shifting
interest with a five year
prepayment lockout to subordinate
certificates
Expected Subordination: 4.0% +/- 0.50%
Expected Rating Agencies: Two of three : Fitch IBCA, Inc.
("Fitch"), Standard & Poor's
("S&P"), and Moody's ("Moody's")
Minimum Denomination: Senior certificates - $25,000
Delivery: Senior certificates - DTC
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Time Table
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Expected Settlement: November 29, 2000
Cut-off Date: November 1, 2000
First Distribution Date: December 25, 2000
Distribution Date: 25th or next business day
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This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. Neither the issuer of the
certificates nor Goldman, Sachs & Co., nor any of their affiliates makes any
representation as to the accuracy or completeness of the information herein. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy or sell, the
securities mentioned herein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. Information
contained in this material is current as of the date appearing on this material
only. Information in this material regarding the securities and the assets
backing any securities discussed herein supersedes all prior information
regarding such securities and assets. Any information in this material, whether
regarding the assets backing any securities discussed herein or otherwise, is
preliminary and will be superseded by the applicable prospectus supplement and
any other information subsequently filed with the SEC. The information contained
herein will be superseded by the description of the mortgage pool contained in
the prospectus supplement relating to the certificates and supersedes all
information contained in any collateral term sheets relating to the mortgage
pool previously provided by Goldman, Sachs & Co.
This material is furnished to you solely by Goldman, Sachs & Co., acting as
underwriter and not as agent of the issuer.
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