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: December 21, 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
---------------------------------------------------------------------
(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
-----------------------------------------------------------------------------
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
--------------
<PAGE>
-2-
Item 5. Other Events.
------------
On December 28, 2000, the Registrant will cause the issuance and
sale of approximately $334,666,939 initial principal amount of Mortgage
Pass-Through Certificates, Series 2000-S16, Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-P, Class A-V, Class R, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of December 1, 2000, among the Registrant, Residential Funding
Corporation, as Master Servicer, and Bank One, National Association, as
Trustee.
In connection with the sale of the Series 2000-S16, Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class R Certificates,
other than a de minimis portion of each of the Class R Certificates (the
"Senior Underwritten Certificates") to Merrill Lynch, Pierce, Fenner &
Smith, Inc. (the "Senior Underwriter") and the sale of the Series
2000-S16, Class M-1, Class M-2 and Class M-3 Certificates (the "Class M
Underwritten Certificates"; and together with the Senior Underwritten
Certificates, the "Underwritten Certificates") to Bear, Stearns & Co.
Inc. (the "Class M Underwriter"; and together with the Senior
Underwriter, the "Underwriters"), the Registrant has been advised by the
Underwriters that the Underwriters have furnished to prospective
investors certain yield tables and other computational materials (the
"Computational Materials") with respect to the Underwritten Certificates
following the effective date of Registration Statement No. 333-72493,
which Computational Materials are being filed manually as exhibits to
this report.
The Computational Materials have been provided by the
Underwriters. The information in the Computational Materials is
preliminary and may be superseded by the Prospectus Supplement relating
to the Certificates and by any other information subsequently filed with
the Securities and Exchange Commission.
The Computational Materials consist of the first 99 pages (the
"Computational Materials") that appear after the Form SE cover sheet and
the page headed "NOTICE". The Underwriters have advised the Registrant
that certain information in the Computational Materials may have been
based on assumptions that differed from the final pool information.
The Computational Materials were prepared by the Underwriters at
the request of certain prospective investors, based on assumptions
provided by, and satisfying the special requirements of, such
prospective investors. The Computational Materials may be based on
assumptions that differ from the assumptions set forth in the Prospectus
Supplement. The Computational Materials may not include, and do not
purport to include, information based on assumptions representing a
complete set of possible scenarios. Accordingly, the Computational
Materials may not be relevant to or appropriate for investors other than
those specifically requesting them.
<PAGE>
-3-
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Certificates (the "Mortgage
Loans") may differ from the assumptions used in the Computational
Materials, which are hypothetical in nature and which were provided to
certain investors only to give a general sense of how the yield, average
life, duration, expected maturity, interest rate sensitivity and cash
flow characteristics of a particular class of Underwritten Certificates
might vary under varying prepayment and other scenarios. Any difference
between such assumptions and the actual characteristics and performance
of the Mortgage Loans will affect the actual yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of a particular class of Underwritten Certificates.
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 Computational Materials
<PAGE>
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: December 21, 2000
<PAGE>
-5-
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
------- ----------- ------------------ --------
1 99 Computational Materials Filed Manually
<PAGE>
-7-
EXHIBIT
<PAGE>
MERRILL LYNCH Global
Mortgage & Real Estate Capital
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.
<PAGE>
RFMSI 2000-S16
30yr Fixed Rate Collateral
Collateral Type: 30yr Fixed Rate
Pass-Through Coupon: 7.50%
AAA Principal Balance: $275,000,000 +/- 5%
Average Loan Balance: $355,000 Approx.
Approx. Gross WAC: 8.30% +/- 15bps
WAM: 357 +1/-2 max. 360
WA LTV: 75% +/-2%
Full Doc 85-90%
Cash-Out Refi.: 8% Approx.
Single Family (detached) 95% Approx.
Geographic: 40% max California
Rating/Subordination: AAA/ 4% +/- .50%
Settlement: December 28, 2000
Whole Loan Desk AAA - Dan Lonski - 449-5326
Kerry Grogan
Andy O'Fee
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make 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 contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
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>
<TABLE>
<CAPTION>
November 13, 2000 11:53AM PRICE/YIELD TO MATURITY Table for ZRES00S16 Class AD Merrill Lynch & Company
Settlement: December 28, 2000
Current Balance: $215,134,000.00
Current Coupon: 7.5%
HyperStruct
Last Payment: None
Next Payment: January 25, 2001
------------------------------------------------------------------------------------------------------------
No default scenario exists
------------------------------------------------------------------------------------------------------------
Scenario Assumption
------------ ------------ ------------ ------------ ------------ ------------ ------------
100 PSA 150 PSA 200 PSA 225 PSA 250 PSA 350 PSA 500 PSA
------------ ------------ ------------ ------------ ------------ ------------ ------------
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
98-29 7.736 5.04 7.760 4.20 7.783 3.60 7.794 3.37 7.806 3.17 7.847 2.59 7.902 2.09
98-31 7.724 7.745 7.766 7.776 7.786 7.823 7.872
99-01 7.711 7.730 7.748 7.757 7.766 7.799 7.842
99-03 7.699 7.715 7.731 7.739 7.746 7.775 7.812
99-05 7.686 5.04 7.700 4.20 7.713 3.61 7.720 3.37 7.726 3.17 7.751 2.59 7.782 2.10
99-07 7.674 7.685 7.696 7.701 7.707 7.726 7.752
99-09 7.661 7.670 7.679 7.683 7.687 7.702 7.722
99-11 7.649 7.655 7.661 7.664 7.667 7.678 7.692
99-13 7.637 5.05 7.640 4.21 7.644 3.61 7.646 3.38 7.648 3.18 7.654 2.60 7.663 2.10
99-15 7.624 7.626 7.627 7.627 7.628 7.630 7.633
99-17 7.612 7.611 7.609 7.609 7.608 7.606 7.603
99-19 7.600 7.596 7.592 7.590 7.589 7.582 7.574
99-21 7.587 5.06 7.581 4.22 7.575 3.62 7.572 3.38 7.569 3.18 7.558 2.60 7.544 2.10
99-23 7.575 7.566 7.558 7.554 7.549 7.534 7.514
99-25 7.563 7.552 7.541 7.535 7.530 7.510 7.485
99-27 7.550 7.537 7.523 7.517 7.510 7.486 7.455
99-29 7.538 5.07 7.522 4.22 7.506 3.62 7.498 3.39 7.491 3.19 7.462 2.60 7.425 2.11
99-31 7.526 7.507 7.489 7.480 7.471 7.438 7.396
100-01 7.514 7.493 7.472 7.462 7.452 7.415 7.366
100-03 7.501 7.478 7.455 7.443 7.432 7.391 7.337
100-05 7.489 5.08 7.463 4.23 7.438 3.63 7.425 3.39 7.413 3.19 7.367 2.61 7.307 2.11
100-07 7.477 7.449 7.421 7.407 7.393 7.343 7.278
100-09 7.465 7.434 7.403 7.389 7.374 7.319 7.249
100-11 7.452 7.419 7.386 7.370 7.355 7.296 7.219
100-13 7.440 5.08 7.405 4.24 7.369 3.63 7.352 3.40 7.335 3.19 7.272 2.61 7.190 2.11
100-15 7.428 7.390 7.352 7.334 7.316 7.248 7.161
100-17 7.416 7.376 7.335 7.316 7.296 7.225 7.131
WAL 7.293 5.681 4.648 4.266 3.950 3.097 2.424
1st Prin 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01
Mat. 05/25/16 08/25/13 06/25/11 06/25/10 09/25/09 06/25/07 09/25/05
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
SUPPLEMENT TO COMPUTATIONAL MATERIALS
Pass-Through Rate: 7.500%
Weighted Average Gross Coupon: 8.250%
Collateral Balance: 286,458,334.00
Original Term: 359
Remaining Term: 357
Dated Date: December 01, 2000
Settlement Date: December 28, 2000
First Distribution Date: January 25, 2001
<TABLE>
<CAPTION>
===========================================================================
Class Type Size Coupon Prin Period WAL
===============================================================================================
<S> <C> <C> <C> <C> <C>
AD AD 215,134,000 7.50% 01/01-09/09 3.95
-----------------------------------------------------------------------------------------------
Z Z 18,278,000 7.50% 09/09-04/16 11.38
-----------------------------------------------------------------------------------------------
A2 SEQ 14,088,000 7.50% 04/16-09/30 19.58
-----------------------------------------------------------------------------------------------
A3 NAS 27,500,000 7.50% 01/01-09/30 11.37
-----------------------------------------------------------------------------------------------
B1 SUB 11,458,334 7.50% 01/01-09/30 11.37
-----------------------------------------------------------------------------------------------
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
MERRILL LYNCH Global
Mortgage & Real Estate Capital
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.
<PAGE>
RFMSI 2000-S16
30yr Fixed Rate Collateral
Collateral Type: 30yr Fixed Rate
Pass-Through Coupon: 7.50%
AAA Principal Balance: $275,000,000 +/- 5%
Average Loan Balance: $355,000 Approx.
Approx. Gross WAC: 8.30% +/- 15bps
WAM: 357 +1/-2 max. 360
WA LTV: 75% +/-2%
Full Doc 85-90%
Cash-Out Refi.: 8% Approx.
Single Family (detached) 95% Approx.
Geographic: 40% max California
Rating/Subordination: AAA/ 4% +/- .50%
Settlement: December 28, 2000
Whole Loan Desk AAA - Dan Lonski - 449-5326
Kerry Grogan
Andy O'Fee
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make 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 contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
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>
<PAGE>
<TABLE>
<CAPTION>
SUPPLEMENT TO COMPUTATIONAL MATERIALS
--------------------------------------------------------------------
Pass-Through Rate: 7.500%
Weighted Average Gross Coupon: 8.250%
Collateral Balance: 286,458,334.00
Original Term: 359
Remaining Term: 357
Dated Date: December 01, 2000
Settlement Date: December 28, 2000
First Distribution Date: January 25, 2001
====================================================================================================
Class Type Size Coupon Prin Period WAL
====================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A1 199,488,000 7.50% 01/01-09/09 3.95
----------------------------------------------------------------------------------------------------
A2 13,063,000 7.50% 04/16-09/30 19.58
----------------------------------------------------------------------------------------------------
A3 25,500,000 7.50% 01/01-09/30 11.37
----------------------------------------------------------------------------------------------------
A4 16,949,000 7.50% 09/09-04/16 11.38
----------------------------------------------------------------------------------------------------
A5 20,000,000 7.50% 01/01-09/30 6.38
----------------------------------------------------------------------------------------------------
B1 11,458,334 7.50% 01/01-09/30 11.37
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Recipient must read the information in the attached underwriter's statement regarding computational materials
and other information (the 'Statement'). If the statement is not attached, please contact your account
representative. Do not use or rely on this information if you have not received and reviewed the Statement.
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
December 07, 2000 08:52AM PRICE/YIELD TO MATURITY Table for ZRES00S16_80MMPT Class A5 Merrill Lynch & Company
Settlement: December 28, 2000
Current Balance: $80,000,000.00
Current Coupon: 7.5% HyperStruct
Last Payment: None
Next Payment: January 25, 2001
----------------------------------------------------------------------------------------------------------------
No default scenario exists
----------------------------------------------------------------------------------------------------------------
Scenario Assumption
------------ ------------ ------------ ------------ ------------ ------------ ------------
100 PSA 150 PSA 200 PSA 225 PSA 250 PSA 350 PSA 500 PSA
------------ ------------ ------------ ------------ ------------ ------------ ------------
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-10 7.647 6.58 7.651 5.65 7.656 4.94 7.658 4.65 7.661 4.39 7.670 3.60 7.684 2.84
99-12 7.637 7.640 7.643 7.645 7.647 7.653 7.662
99-14 7.628 7.629 7.631 7.632 7.632 7.635 7.640
99-16 7.618 7.618 7.618 7.618 7.618 7.618 7.618
99-18 7.609 6.59 7.607 5.66 7.606 4.95 7.605 4.66 7.604 4.40 7.601 3.60 7.596 2.85
99-20 7.599 7.596 7.593 7.591 7.590 7.583 7.574
99-22 7.590 7.585 7.580 7.578 7.576 7.566 7.552
99-24 7.580 7.574 7.568 7.565 7.561 7.549 7.531
99-26 7.571 6.60 7.563 5.67 7.555 4.96 7.551 4.67 7.547 4.41 7.532 3.61 7.509 2.85
99-28 7.561 7.552 7.543 7.538 7.533 7.514 7.487
99-30 7.552 7.541 7.530 7.525 7.519 7.497 7.465
100-00 7.543 7.530 7.518 7.511 7.505 7.480 7.443
100-02 7.533 6.61 7.519 5.68 7.505 4.97 7.498 4.68 7.491 4.42 7.463 3.62 7.422 2.86
100-04 7.524 7.508 7.493 7.485 7.477 7.446 7.400
100-06 7.514 7.497 7.480 7.472 7.463 7.429 7.378
100-08 7.505 7.487 7.468 7.458 7.449 7.411 7.357
100-10 7.496 6.63 7.476 5.69 7.455 4.98 7.445 4.69 7.435 4.43 7.394 3.62 7.335 2.86
100-12 7.486 7.465 7.443 7.432 7.421 7.377 7.313
100-14 7.477 7.454 7.430 7.419 7.407 7.360 7.292
100-16 7.468 7.443 7.418 7.405 7.393 7.343 7.270
100-18 7.458 6.64 7.432 5.71 7.406 4.99 7.392 4.70 7.379 4.44 7.326 3.63 7.249 2.87
100-20 7.449 7.421 7.393 7.379 7.365 7.309 7.227
100-22 7.440 7.411 7.381 7.366 7.351 7.292 7.205
100-24 7.431 7.400 7.369 7.353 7.337 7.275 7.184
100-26 7.421 6.65 7.389 5.72 7.356 5.00 7.340 4.71 7.323 4.45 7.258 3.64 7.163 2.87
100-28 7.412 7.378 7.344 7.327 7.310 7.241 7.141
100-30 7.403 7.367 7.332 7.314 7.296 7.224 7.120
WAL 11.597 9.225 7.572 6.932 6.384 4.834 3.548
1st Prin 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01
Mat. 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
MERRILL LYNCH Global
Mortgage & Real Estate Capital
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.
<PAGE>
RFMSI 2000-S16
30yr Fixed Rate Collateral
Collateral Type: 30yr Fixed Rate
Pass-Through Coupon: 7.50%
AAA Principal Balance: $275,000,000 +/- 5%
Average Loan Balance: $355,000 Approx.
Approx. Gross WAC: 8.30% +/- 15bps
WAM: 357 +1/-2 max. 360
WA LTV: 75% +/-2%
Full Doc 85-90%
Cash-Out Refi.: 8% Approx.
Single Family (detached) 95% Approx.
Geographic: 40% max California
Rating/Subordination: AAA/ 4% +/- .50%
Settlement: December 28, 2000
Whole Loan Desk AAA - Dan Lonski - 449-5326
Kerry Grogan
Andy O'Fee
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make 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 contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
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>
<TABLE>
<CAPTION>
SUPPLEMENT TO COMPUTATIONAL MATERIALS
-----------------------------------------------------------------------------------------------
Pass-Through Rate: 7.500%
Weighted Average Gross Coupon: 8.250%
Collateral Balance: 286,458,334.00
Original Term: 359
Remaining Term: 357
Dated Date: December 01, 2000
Settlement Date: December 28, 2000
First Distribution Date: January 25, 2001
===============================================================================================
Class Type Size Coupon Prin Period WAL
===============================================================================================
<S> <C> <C> <C> <C> <C>
A1 199,488,000 7.50% 01/01-09/09 3.95
-----------------------------------------------------------------------------------------------
A2 13,063,000 7.50% 04/16-09/30 19.58
-----------------------------------------------------------------------------------------------
A3 25,500,000 7.50% 01/01-09/30 11.37
-----------------------------------------------------------------------------------------------
A4 16,949,000 7.50% 09/09-04/16 11.38
-----------------------------------------------------------------------------------------------
A5 20,000,000 7.50% 01/01-09/30 6.38
-----------------------------------------------------------------------------------------------
B1 11,458,334 7.50% 01/01-09/30 11.37
-----------------------------------------------------------------------------------------------
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
<TABLE>
<CAPTION>
November 20, 2000 11:08AM PRICE/YIELD TO MATURITY Table for ZRES00S16_3 Class A5 Merrill Lynch & Company
Settlement: December 28, 2000
Current Balance: $20,000,000.00
Current Coupon: 7.5% HyperStruct
Last Payment: None
Next Payment: January 25, 2001
----------------------------------------------------------------------------------------------------------------------------
No default scenario exists
----------------------------------------------------------------------------------------------------------------------------
Scenario Assumption
------------ ------------ ------------ ------------ ------------ ------------ ------------
100 PSA 150 PSA 200 PSA 225 PSA 250 PSA 350 PSA 500 PSA
------------ ------------ ------------ ------------ ------------ ------------ ------------
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
98-07 7.815 6.52 7.847 5.60 7.880 4.90 7.896 4.61 7.913 4.35 7.978 3.57 8.073 2.82
98-09 7.805 7.836 7.867 7.883 7.898 7.960 8.050
98-11 7.795 7.825 7.854 7.869 7.884 7.942 8.028
98-13 7.786 7.813 7.841 7.855 7.869 7.925 8.006
98-15 7.776 6.53 7.802 5.61 7.828 4.91 7.842 4.62 7.855 4.36 7.907 3.57 7.983 2.83
98-17 7.766 7.791 7.815 7.828 7.840 7.889 7.961
98-19 7.757 7.780 7.803 7.814 7.826 7.872 7.939
98-21 7.747 7.768 7.790 7.801 7.811 7.854 7.916
98-23 7.738 6.54 7.757 5.62 7.777 4.92 7.787 4.63 7.797 4.37 7.836 3.58 7.894 2.83
98-25 7.728 7.746 7.764 7.773 7.783 7.819 7.872
98-27 7.718 7.735 7.751 7.760 7.768 7.801 7.850
98-29 7.709 7.724 7.739 7.746 7.754 7.784 7.828
98-31 7.699 6.56 7.712 5.63 7.726 4.93 7.733 4.64 7.739 4.38 7.766 3.59 7.805 2.84
99-01 7.690 7.701 7.713 7.719 7.725 7.749 7.783
99-03 7.680 7.690 7.700 7.706 7.711 7.731 7.761
99-05 7.670 7.679 7.688 7.692 7.696 7.714 7.739
99-07 7.661 6.57 7.668 5.64 7.675 4.94 7.679 4.65 7.682 4.39 7.696 3.59 7.717 2.84
99-09 7.651 7.657 7.662 7.665 7.668 7.679 7.695
99-11 7.642 7.646 7.650 7.652 7.654 7.662 7.673
99-13 7.632 7.635 7.637 7.638 7.639 7.644 7.651
99-15 7.623 6.58 7.624 5.65 7.624 4.95 7.625 4.66 7.625 4.40 7.627 3.60 7.629 2.85
99-17 7.613 7.613 7.612 7.611 7.611 7.609 7.607
99-19 7.604 7.602 7.599 7.598 7.597 7.592 7.585
99-21 7.594 7.591 7.587 7.585 7.583 7.575 7.563
99-23 7.585 6.60 7.580 5.67 7.574 4.96 7.571 4.67 7.569 4.41 7.558 3.61 7.541 2.85
99-25 7.576 7.569 7.561 7.558 7.554 7.540 7.520
99-27 7.566 7.558 7.549 7.545 7.540 7.523 7.498
WAL 11.597 9.225 7.572 6.932 6.384 4.834 3.548
1st Prin 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01
Mat. 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
MERRILL LYNCH Global
Mortgage & Real Estate Capital
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.
<PAGE>
RFMSI 2000-S16
30yr Fixed Rate Collateral
Collateral Type: 30yr Fixed Rate
Pass-Through Coupon: 7.50%
AAA Principal Balance: $275,000,000 +/- 5%
Average Loan Balance: $355,000 Approx.
Approx. Gross WAC: 8.30% +/- 15bps
WAM: 357 +1/-2 max. 360
WA LTV: 75% +/-2%
Full Doc 85-90%
Cash-Out Refi.: 8% Approx.
Single Family (detached) 95% Approx.
Geographic: 40% max California
Rating/Subordination: AAA/ 4% +/- .50%
Settlement: December 28, 2000
Whole Loan Desk AAA - Dan Lonski - 449-5326
Kerry Grogan
Andy O'Fee
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make 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 contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
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>
<TABLE>
<CAPTION>
SUPPLEMENT TO COMPUTATIONAL MATERIALS
-----------------------------------------------------------------------------------------------
Pass-Through Rate: 7.500%
Weighted Average Gross Coupon: 8.250%
Collateral Balance: 286,458,334.00
Original Term: 359
Remaining Term: 357
Dated Date: December 01, 2000
Settlement Date: December 28, 2000
First Distribution Date: January 25, 2001
===============================================================================================
Class Type Size Coupon Prin Period WAL
===============================================================================================
<S> <C> <C> <C> <C> <C>
A1 199,488,000 7.50% 01/01-09/09 3.95
-----------------------------------------------------------------------------------------------
A2 13,063,000 7.50% 04/16-09/30 19.58
-----------------------------------------------------------------------------------------------
A3 25,500,000 7.50% 01/01-09/30 11.37
-----------------------------------------------------------------------------------------------
A4 16,949,000 7.50% 09/09-04/16 11.38
-----------------------------------------------------------------------------------------------
A5 20,000,000 7.50% 01/01-09/30 6.38
-----------------------------------------------------------------------------------------------
B1 11,458,334 7.50% 01/01-09/30 11.37
-----------------------------------------------------------------------------------------------
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
December 05, 2000 11:20AM PRICE/YIELD TO MATURITY Table for Class A1
Merrill Lynch & Company
Settlement: December 28, 2000
Current Balance: $149,488,000.00
Current Coupon: 7.5%
HyperStruct Last Payment: none
Next Payment:January 25, 2001
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
No default scenario exists
--------------------------------------------------------------------------------------------------------------------------------
Scenario Assumption
100 PSA 150 PSA 200 PSA 225 PSA 250 PSA 350 PSA 500 PSA
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-16+ 7.615 5.06 7.614 4.21 7.614 3.62 7.613 3.38 7.613 3.18 7.612 2.60 7.611 2.10
99-18+ 7.603 7.600 7.597 7.595 7.594 7.588 7.581
99-20+ 7.590 7.585 7.579 7.577 7.574 7.564 7.551
99-22+ 7.578 7.570 7.562 7.558 7.554 7.540 7.522
99-24+ 7.566 5.06 7.555 4.22 7.545 3.62 7.540 3.39 7.535 3.18 7.516 2.60 7.492 2.10
99-26+ 7.553 7.541 7.528 7.521 7.515 7.492 7.462
99-28+ 7.541 7.526 7.510 7.503 7.496 7.468 7.433
99-30+ 7.529 7.511 7.493 7.485 7.476 7.444 7.403
100-00+ 7.517 5.07 7.496 4.23 7.476 3.63 7.466 3.39 7.457 3.19 7.421 2.61 7.374 2.11
100-02+ 7.504 7.482 7.459 7.448 7.437 7.397 7.344
100-04+ 7.492 7.467 7.442 7.430 7.418 7.373 7.315
100-06+ 7.480 7.452 7.425 7.411 7.398 7.349 7.285
100-08+ 7.468 5.08 7.438 4.23 7.408 3.63 7.393 3.39 7.379 3.19 7.325 2.61 7.256 2.11
100-10+ 7.455 7.423 7.391 7.375 7.359 7.302 7.227
100-12+ 7.443 7.408 7.374 7.357 7.340 7.278 7.197
100-14+ 7.431 7.394 7.357 7.338 7.321 7.254 7.168
100-16+ 7.419 5.09 7.379 4.24 7.340 3.64 7.320 3.40 7.301 3.20 7.231 2.61 7.139 2.11
100-18+ 7.407 7.365 7.323 7.302 7.282 7.207 7.109
100-20+ 7.395 7.350 7.306 7.284 7.263 7.183 7.080
100-22+ 7.383 7.335 7.289 7.266 7.243 7.160 7.051
100-24+ 7.370 5.09 7.321 4.25 7.272 3.64 7.248 3.40 7.224 3.20 7.136 2.62 7.022 2.11
100-26+ 7.358 7.306 7.255 7.229 7.205 7.112 6.993
100-28+ 7.346 7.292 7.238 7.211 7.185 7.089 6.964
100-30+ 7.334 7.277 7.221 7.193 7.166 7.065 6.934
101-00+ 7.322 5.10 7.263 4.25 7.204 3.65 7.175 3.41 7.147 3.20 7.042 2.62 6.905 2.12
101-02+ 7.310 7.248 7.187 7.157 7.128 7.018 6.876
101-04+ 7.298 7.234 7.170 7.139 7.109 6.995 6.847
WAL 7.293 5.681 4.648 4.266 3.950 3.097 2.424
1st Prin 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01
Mat. 05/25/16 08/25/13 06/25/11 06/25/10 09/25/09 06/25/07 09/25/05
Deal file: /home/kgrogan/deals/zero/res00s16/zres00s16_a1a.cmo
</TABLE>
--------------------------------------------------------------------------------
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
<TABLE>
<CAPTION>
December 05, 2000 11:22AM PRICE/YIELD TO MATURITY Table for ZRES00S16_A1A Class A5 Merrill Lynch & Company
Settlement: December 28, 2000
Current Balance: $20,000,000.00
Current Coupon: 7.5% HyperStruct
Last Payment: None
Next Payment: January 25, 2001
---------------------------------------------------------------------------------------------------------------------------
No default scenario exists
---------------------------------------------------------------------------------------------------------------------------
Scenario Assumption
------------ ------------ ------------ ------------ ------------ ------------ ------------
100 PSA 150 PSA 200 PSA 225 PSA 250 PSA 350 PSA 500 PSA
------------ ------------ ------------ ------------ ------------ ------------ ------------
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00+ 7.692 6.56 7.704 5.63 7.716 4.93 7.723 4.64 7.729 4.38 7.753 3.59 7.789 2.84
99-02+ 7.682 7.693 7.704 7.709 7.714 7.736 7.767
99-04+ 7.673 7.682 7.691 7.695 7.700 7.718 7.745
99-06+ 7.663 7.671 7.678 7.682 7.686 7.701 7.723
99-08+ 7.654 6.57 7.660 5.65 7.666 4.94 7.669 4.65 7.671 4.39 7.683 3.60 7.701 2.84
99-10+ 7.644 7.649 7.653 7.655 7.657 7.666 7.679
99-12+ 7.635 7.637 7.640 7.642 7.643 7.648 7.657
99-14+ 7.625 7.626 7.628 7.628 7.629 7.631 7.635
99-16+ 7.616 6.59 7.615 5.66 7.615 4.95 7.615 4.66 7.615 4.40 7.614 3.60 7.613 2.85
99-18+ 7.606 7.604 7.602 7.601 7.600 7.596 7.591
99-20+ 7.597 7.593 7.590 7.588 7.586 7.579 7.569
99-22+ 7.587 7.582 7.577 7.575 7.572 7.562 7.547
99-24+ 7.578 6.60 7.571 5.67 7.565 4.96 7.561 4.67 7.558 4.41 7.545 3.61 7.525 2.85
99-26+ 7.568 7.560 7.552 7.548 7.544 7.527 7.503
99-28+ 7.559 7.549 7.540 7.535 7.530 7.510 7.481
99-30+ 7.550 7.538 7.527 7.521 7.516 7.493 7.460
100-00+ 7.540 6.61 7.527 5.68 7.515 4.97 7.508 4.68 7.502 4.42 7.476 3.62 7.438 2.86
100-02+ 7.531 7.517 7.502 7.495 7.487 7.459 7.416
100-04+ 7.521 7.506 7.490 7.481 7.473 7.441 7.394
100-06+ 7.512 7.495 7.477 7.468 7.459 7.424 7.373
100-08+ 7.503 6.63 7.484 5.69 7.465 4.98 7.455 4.69 7.445 4.43 7.407 3.62 7.351 2.86
100-10+ 7.493 7.473 7.452 7.442 7.431 7.390 7.329
100-12+ 7.484 7.462 7.440 7.429 7.417 7.373 7.308
100-14+ 7.475 7.451 7.427 7.415 7.403 7.356 7.286
100-16+ 7.465 6.64 7.440 5.70 7.415 4.99 7.402 4.70 7.389 4.43 7.339 3.63 7.265 2.87
100-18+ 7.456 7.430 7.403 7.389 7.376 7.322 7.243
100-20+ 7.447 7.419 7.390 7.376 7.362 7.305 7.222
WAL 11.597 9.225 7.572 6.932 6.384 4.834 3.548
1st Prin 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01 01/25/01
Mat. 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30 09/25/30
</TABLE>
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
<PAGE>
