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: November 10, 2000
(Date of earliest event reported)
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-72493 75-2006294
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(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(952) 832-7000
<PAGE>
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Item 5. Other Events.
On or about November 29, 2000, the Registrant expects to cause
the issuance and sale of Mortgage Pass-Through Certificates, Series
2000-S14 (the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of November 1, 2000, among the Registrant,
Residential Funding Corporation, as Master Servicer, and Bank One or
Banker's Trust, National Association, as Trustee.
In connection with the expected sale of the Series 2000-S14
Certificates, the Registrant has been advised by Goldman, Sachs & Co.
(the "Underwriter"), that the Underwriter has furnished to prospective
investors certain collateral information with respect to the mortgage
loans (the "Mortgage Loans") underlying the proposed offering of the
Certificates (the "Collateral Term Sheets"), which Collateral Term
Sheets are being filed electronically as exhibits to this report.
The Collateral Term Sheets have been provided by the
Underwriter. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Prospectus Supplement
relating to the Certificates and by any other information subsequently
filed with the Securities and Exchange Commission.
The Collateral Term Sheets were prepared by the Underwriter at
the request of certain prospective investors. The Collateral Term
Sheets may be based on information that differs from the information
set forth in the Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the
information provided in the Collateral Term Sheets, which were provided
to certain investors only to give a sense of the underlying collateral
which will affect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the
collateral information in the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Certificates.
<PAGE>
-3-
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
----------- ----------- -----------
1 99 Collateral Term Sheets
<PAGE>
-4-
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By: /s/Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: November 10, 2000
<PAGE>
-6-
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term Electronically
Sheets
<PAGE>
-7-
EXHIBIT 1
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. This Term Sheet is superceded by the November
10, 2000 Term Sheet.
November 9, 2000
Preliminary Structural and Collateral Term Sheet
$500,000,000 (approximate) of Senior Certificates
Residential Funding Mortgage Securities I, Inc.
RFMSI Series 2000-S14 Trust
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.
----------------------------------------------------
Features of the Transaction
----------------------------------------------------
o Offering consists of $500,000,000 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 acquired by Residential Funding Corporation.
o The amount of senior certificates is approximate and may vary by up to 5%.
o 99.9% of loans with an effective LTV greater than 80% have mortgage
insurance.
------------------------------------------------------
Preliminary Mortgage Pool Data (approximate)
------------------------------------------------------
------------------------------------------------------
Total Outstanding Principal Balance: $520,833,333
Number of Mortgage Loans: 1471
Average Principal Balance of the $353,902
Mortgage Loans:
Weighted Average Annual Mortgage 8.31
Interest Rate:
Weighted Average Maturity: 358
Weighted Average Seasoning: 2
Weighted Average Original Loan-To-Value 74%
Ratio:
Originated Under the Full or
Alternative Documentation Program: 85-90%
Prepayment Penalty: 5% Max
Weighted Average FICO 735
Cash-out Refinance 8%
Owner Occupied 100%
Geographic Distribution: Type of Dwelling:
California 34% Max Single-Family 94%
Texas 8 Detached
Virginia 5 Condominium 4
New York 5 Attached 1
PUD
Colorado 5 Townhouse 1
Other States 43
--------------------------------------------------------
Key Terms
--------------------------------------------------------
-------------------------- -----------------------------
Issuer: RFMSI Series 2000-S14 Trust
Underwriter: Goldman, Sachs & Co.
Depositor/Master Residential Funding
Servicer: Mortgage Securities I, Inc.
/ Residential Funding
Corporation
Trustee: Bank One or Bankers 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
--------------------------------------------------------
Time Table
--------------------------------------------------------
Expected Settlement: November 29, 2000
Cut-off Date: November 1, 2000
First Distribution Date: December 26, 2000
Distribution Date: 25th or next business day
<PAGE>
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. This information will be superseded by future
term sheets.
November 10, 2000
Preliminary Structural and Collateral Term Sheet
$500,000,000 (approximate final) of Senior Certificates
Residential Funding Mortgage Securities I, Inc.
RFMSI Series 2000-S14 Trust
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.
----------------------------------------------------
Features of the Transaction
----------------------------------------------------
o Offering will consist of $500,000,000 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 acquired by Residential Funding Corporation.
o The amount of senior certificates is approximate and may vary by up to 5%.
o 99.9% of loans with an effective LTV greater than 80% have mortgage
insurance.
------------------------------------------------------
Preliminary Mortgage Pool Data (approximate,
71% of loans)
------------------------------------------------------
------------------------------------------------------
Total Outstanding Principal Balance: $370,181,023
Number of Mortgage Loans: 1046
Average Principal Balance of the $353,902
Mortgage Loans:
Weighted Average Annual Mortgage 8.31
Interest Rate:
Weighted Average Maturity: 358
Weighted Average Seasoning: 2
Weighted Average Original Loan-To-Value 74%
Ratio:
Originated Under the Full or
Alternative Documentation Program: 85-90%
Prepayment Penalty: 5% Max
Weighted Average FICO 735
Cash-out Refinance 4.2%
Owner Occupied 100%
Geographic Distribution: Type of Dwelling:
California 34% Max Single-Family 94%
Texas 8 Detached
Virginia 5 Condominium 4
New York 5 Attached 1
PUD
Colorado 5 Townhouse 1
Other States 43
--------------------------------------------------------
Key Terms
--------------------------------------------------------
-------------------------- -----------------------------
Issuer: RFMSI Series 2000-S14 Trust
Underwriter: Goldman, Sachs & Co.
Depositor/Master Residential Funding
Servicer: Mortgage Securities I, Inc.
/ Residential Funding
Corporation
Trustee: Bank One or Bankers 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
--------------------------------------------------------
Time Table
--------------------------------------------------------
Expected Settlement: November 29, 2000
Cut-off Date: November 1, 2000
First Distribution Date: December 26, 2000
Distribution Date: 25th or next business day
<PAGE>
