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) June 30, 1998
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (as depositor under a
Pooling and Servicing Agreement dated as of June 1, 1998 providing for, inter
alia, the issuance of Wilshire Funding Corporation Mortgage-Backed Certificates,
Series 1998-WFC2)
Credit Suisse First Boston Mortgage Securities Corp.
(Exact name of registrant as specified in its charter)
DELAWARE 333-33807 13-3320910
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
11 Madison Avenue, New York, New York 10010
(Address of principal executive offices) (Zip code)
(212) 325-2000
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Exhibit Index Located on Page 2
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Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies) - The following execution copies of
Exhibits to the Form S-3 Registration Statement of the Registrant are
hereby filed:
Sequentially
Numbered
Exhibit Exhibit
Number Page
7(c) Pooling and Servicing Agreement, dated as 004
of June 1, 1998 among Credit Suisse First
Boston Mortgage Securities Corp., as
depositor, Wilshire Mortgage Funding Company
VI, Inc., as unaffiliated seller, Wilshire
Servicing Corporation, as servicer, and
Bankers Trust Company of California, N.A.,
as trustee and back-up servicer.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP., Registrant
By: /s/ Heidi Davis
Name: Heidi Davis
Title: Vice President
Dated: July 8, 1999
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Exhibit 7(c)
Pooling and Servicing Agreement
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EXECUTION COPY
- --------------------------------------------------------------------------------
POOLING AND SERVICING AGREEMENT
among
WILSHIRE MORTGAGE FUNDING COMPANY VI, INC.,
as Unaffiliated Seller
WILSHIRE SERVICING CORPORATION,
as Servicer
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
as Depositor
and
BANKERS TRUST COMPANY OF CALIFORNIA, N.A.,
as Trustee and Back-Up Servicer
WILSHIRE FUNDING CORPORATION MORTGAGE BACKED CERTIFICATES,
SERIES 1998-WFC2
Dated as of June 1, 1998
- --------------------------------------------------------------------------------
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POOLING AND SERVICING AGREEMENT, dated as of June 1, 1998, among WILSHIRE
MORTGAGE FUNDING COMPANY VI, INC., a Delaware corporation, its successors and
permitted assigns, as Unaffiliated Seller (the "Unaffiliated Seller"), WILSHIRE
SERVICING CORPORATION, a Delaware corporation ("WSC"), its successors and
permitted assigns, as Servicer (the "Servicer"), CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP., a Delaware corporation, as Depositor (the
"Depositor"), and BANKERS TRUST COMPANY OF CALIFORNIA, N.A., a national banking
association chartered under the laws of the United States, its successors and
permitted assigns, as Trustee (the "Trustee") and as Back-Up Servicer (the
"Back-Up Servicer").
W I T N E S S E T H:
WHEREAS, the Unaffiliated Seller is a bankruptcy-remote corporation formed
for the sole purpose of transferring certain assets to the Depositor which will
in turn transfer certain assets to the Wilshire Funding Corporation
Mortgage-Backed Trust 1998-WFC2 (the "Trust") established pursuant to this
Agreement;
WHEREAS, the Unaffiliated Seller has entered into the Loan Sale Agreement,
dated as of June 1, 1998, by and between the Unaffiliated Seller and Wilshire
Funding Corporation (the "Wilshire Seller") for the purpose of acquiring a
portfolio of Mortgage Loans;
WHEREAS, the Unaffiliated Seller, pursuant to the Unaffiliated Seller's
Agreement, has conveyed the Mortgage Loans to the Depositor and the Depositor,
pursuant to this Agreement, will convey the Mortgage Loans to the Trustee;
WHEREAS, WSC is willing to act as the Servicer hereunder and Bankers Trust
Company of California, N.A. is willing to act as Trustee and as the Back-Up
Servicer hereunder; and
NOW, THEREFORE, the parties agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01. Certain Defined Terms. As used herein, the following terms
shall have the following meanings:
"Adjusted Class A-I Percentage" means, with respect to any Distribution
Date, a percentage equal to the Class A-I Percentage for such Distribution Date
multiplied by the Non-Surplus Percentage for Pool I for such Distribution Date.
"Adjusted Class A-I Prepayment Percentage" means, with respect to any
Distribution Date, a percentage equal to the Class A-I Prepayment Percentage for
such Distribution Date multiplied by the Non-Surplus Percentage for Pool I for
such Distribution Date.
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"Adjusted Subordinate Percentage" means, with respect to any Distribution
Date, a percentage equal to the Subordinate Percentage for such Distribution
Date multiplied by the Non-Surplus Percentage for Pool I for such Distribution
Date.
"Adjusted Subordinate Prepayment Percentage" means, with respect to any
Distribution Date, a percentage equal to the Subordinate Prepayment Percentage
for such Distribution Date multiplied by the Non-Surplus Percentage for Pool I
for such Distribution Date.
"Advance Payment" means, with respect to any Mortgage Loan, a payment
received from the related Mortgagor and intended as an early payment of one or
more upcoming Monthly Payments.
"Advances" means Delinquency Advances and Servicing Advances.
"Adverse Claim" means any claim of ownership or any lien, security
interest, title retention, trust or other charge or encumbrance, or other type
of preferential arrangement having the effect or purpose of creating a lien or
security interest, other than any security interest created under this
Agreement.
"Adverse REMIC Event" means (i) any event that could endanger the status of
either REMIC I or REMIC II as a REMIC or (ii) result in the imposition of an
unindemnified tax upon either REMIC I or REMIC II (including but not limited to
the tax on prohibited transactions as defined in Section 860F(a)(2) of the
Code).
"Affiliate" means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.
"Aggregate Subordinate Percentage" means, with respect to any Distribution
Date, a percentage equal to the aggregate Certificate Principal Balance of the
Subordinate Certificates as of such Distribution Date divided by the aggregate
Certificate Principal Balance of all Classes of Certificates on such
Distribution Date.
"Agreement" means this Pooling and Servicing Agreement, as amended from
time to time including all exhibits and schedules hereto.
"Assignment" means, with respect to each Mortgage Loan, an assignment of
the Mortgage, notice of transfer or equivalent instrument sufficient under the
laws of the jurisdiction wherein the related Mortgaged Property is located to
reflect of record the transfer of the Mortgage to the Trustee for the benefit of
the Certificateholders.
"Assignment of Leases" means, with respect to any Mortgaged Property, any
assignment of leases, rents, security deposits and profits or similar instrument
executed by the Mortgagor, assigning to the mortgagee all of the income, rents
and profits derived from the
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ownership, operation, leasing or disposition of all or a portion of such
Mortgaged Property, in the form which was duly executed, acknowledged and
delivered, as amended, modified, renewed or extended through the date hereof and
from time to time hereafter.
"Authorized Officer" means, with respect to any corporation or limited
liability company, the Chairman of the Board, the President, any Vice President,
the Secretary, the Treasurer, any Assistant Secretary, any Assistant Treasurer
and each other officer of such corporation or the members and manager of such
limited liability company specifically authorized in resolutions of the Board of
Directors of such corporation or limited liability company to sign agreements,
instruments or other documents in connection with this Agreement on behalf of
such corporation or limited liability company, as the case may be.
"Available Distribution Amount" means, with respect to any Distribution
Date:
(a) the sum of:
(i) the aggregate amount of Monthly Payments due during or prior to the
related Due Period and received by the Servicer or any Sub-Servicer on or before
the related Determination Date, unless such Monthly Payments have been included
in the Available Distribution Amount for any prior Distribution Date;
(ii) the aggregate amount of all Principal Prepayments and any other
payments and collections (other than Monthly Payments) received by the Servicer
or any Sub-Servicer in respect of each Mortgage Loan during the related
Prepayment Period, from any source, including amounts received from the related
Mortgagor, repurchase proceeds pursuant to Section 3.06, Insurance Proceeds,
Liquidation Proceeds (net of related Liquidation Expenses) and condemnation
awards, and excluding interest and other earnings on amounts on deposit in the
Collection Account and the Certificate Account; and
(iii) the aggregate amount of Advances required to be remitted by the
Servicer and any payments of Prepayment Interest made by the Servicer relating
to such Distribution Date and amounts required to be deposited by the Servicer
in the Collection Account pursuant to Section 4.13(c);
minus, to the extent included therein, (b) the sum of:
(i) the Servicing Fees for such Due Period, prepayment penalties, fees or
premiums, late payment charges and assumption fees and any excess interest
charges paid by the Mortgagor by virtue of any default or other non-compliance
by the Mortgagor with the terms of the Mortgage Loan or any other instrument or
document executed in connection therewith or otherwise) payable therefrom and
included therein;
(ii) any amount representing late payments or other recoveries of principal
or interest (including Liquidation Proceeds (net of Liquidation Expenses),
Insurance Proceeds and condemnation awards) with respect to any Mortgage Loans
in respect of which the Servicer has made a previously unreimbursed Advance;
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(iii) amounts representing reimbursement of Nonrecoverable Advances and
other amounts permitted to be withdrawn from the Collection Account or the
Certificate Account;
(iv) all Monthly Payments or portions thereof (other than Principal
Prepayments and other unscheduled collections of principal) received in respect
of scheduled principal and interest on any Mortgage Loan due after the related
Due Period;
(v) all payments due on any Mortgage Loan on or prior to the Cut-off Date;
(vi) an amount equal to the Principal Balance of each Mortgage Loan
immediately prior to such Distribution Date multiplied by one-twelfth of the
Trustee Fee Rate; and
(vii) Principal Prepayments and other unscheduled collections of principal
received after the related Prepayment Period and included therein.
"Balloon Loan" means a Mortgage Loan with a Monthly Payment that does not
fully amortize the principal amount of the Mortgage Loan over its term to stated
maturity and that requires a substantial principal payment at maturity.
"Blended Rate" means, with respect to any Distribution Date and any Pool,
the percentage per annum equivalent of a fraction, the numerator of which is
equal to the sum of:
(A) the product of:
(1) the Weighted Average Pool Net Mortgage Rate for such Pool and
such Distribution Date; and
(2) the Non-Surplus Percentage of the aggregate Principal Balance
of the Mortgage Loans in such Pool immediately prior to such
Distribution Date; and
(B) the product of:
(1) the Cross Support Weighted Average Net Mortgage Rate for such
Distribution Date; and
(2) the Pool Deficit Amount for such Pool and for such
Distribution Date;
and the denominator of which is equal to the sum of the Certificate Principal
Balances of the related Class of Class A Certificates plus, in the case of Pool
I, the Subordinate Certificates, immediately prior to such Distribution Date.
"Book-Entry Certificate" means, any Certificate registered in the name of
the Depository or its nominee.
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"Business Day" means any day other than a Saturday or a Sunday, or another
day on which banks in the State of New York, the State of California or the
State of Oregon (or such other states in which the Corporate Trust Office or the
principal offices of the Servicer are subsequently located, as specified in
writing by such party to the other parties hereto) are required, or authorized
by law, to close.
"CERCLA" means the Comprehensive Environmental Response, Compensation and
Liability Act of 1980.
"Certificate" means any Class A-I, Class A-II, Class A-III, Class IO, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3, Class R-I, or Class
R-II Certificate executed and authenticated by the Trustee for the benefit of
the Certificateholders in substantially the form or forms attached as Exhibits
hereto, each such Certificate (other than the Residual Certificates) evidencing
an interest designated as a "regular interest" in REMIC II for purposes of the
REMIC Provisions.
"Certificate Account" means the account established as the Certificate
Account pursuant to Section 6.02.
"Certificateholder" or "Holder" means the Person in whose name a
Certificate is registered in the Certificate Register.
"Certificate Principal Balance" means, on any date and with respect to any
Class of Certificates, the Initial Certificate Principal Balance of such Class
less the sum of (i) all amounts previously distributed to Holders of such Class
with respect to principal pursuant to Section 6.05 and (ii) all amounts of
Realized Losses previously allocated to such Class pursuant to Section 6.07;
provided, however, that on each Distribution Date, after distributions of
principal and interest are made, the Certificate Principal Balance of the
outstanding Class or Classes (if such Classes have equal priority for the
payment of principal) of Certificates with the lowest priority for principal
distributions will be reduced (but not below zero) by the amount necessary for
the aggregate Certificate Principal Balance of the Certificates to equal the
aggregate Principal Balance of the Mortgage Loans; and provided further that if,
after distributions of principal on any Distribution Date, the aggregate
Principal Balance of the Pool II Loans is increased as a result of Net Negative
Amortization on the Mortgage Loans in such Pool, the Certificate Principal
Balance of the Class or Classes of Certificates that were entitled to receive
payments of principal with respect to the Mortgage Loans in such Pool on such
Distribution Date will be increased by such amount of Net Negative Amortization
for such Distribution Date, in proportion to the respective amounts of such
entitlements.
"Certificate Register" has the meaning set forth in Section 5.02(a) hereof.
"Chapter 13" means Chapter 13 of the United States Bankruptcy Code, as
amended.
"Civil Relief Act" means the Soldiers' and Sailors' Civil Relief Act of
1940, as amended.
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"Civil Relief Act Interest Shortfall" means any shortfall in interest
collections on any Mortgage Loan resulting from the application of the Civil
Relief Act.
"Class" means each of the Class A-I, Class A-II, Class A-III, Class IO,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3, Class R-I or
Class R-II Certificates, as appropriate.
"Class A Certificate" means each of the Class A-I, Class A-II or Class
A-III Certificates, as appropriate.
"Class A Interest Distribution Amount" means, with respect to any
Distribution Date and the Class A Certificates, the aggregate of the Class A-I
Interest Distribution Amount, Class A-II Interest Distribution Amount and Class
A-III Interest Distribution Amount for such Distribution Date.
"Class A Principal Distribution Amount" means, with respect to any
Distribution Date and the Class A Certificates, the aggregate of the Class A-I
Principal Distribution Amount, Class A-II Principal Distribution Amount and
Class A-III Principal Distribution Amount for such Distribution Date.
"Class A-I Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-1 hereto.
"Class A-I Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class A-I Certificates for such Distribution Date and (ii) the Class A-I
Pass-Through Rate minus (b) such Class' pro rata share (based on the respective
amount of interest due to each Class of Certificates on such Distribution Date
absent any reduction) of the amount of Prepayment Interest Shortfalls and Civil
Relief Act Interest Shortfalls for such Distribution Date on such Distribution
Date.
"Class A-I Pass-Through Rate" means, with respect to any Distribution Date
and the Class A-I Certificates, a per annum rate equal to the lesser of:
(a) the Weighted Average Pool Net Mortgage Rate for Pool I for such
Distribution Date; and
(b) the Blended Rate for Pool I for such Distribution Date.
"Class A-I Percentage" means, with respect to any Distribution Date, the
percentage equivalent of (i) the Certificate Principal Balance of the Class A-I
Certificates divided by (ii) the sum of the Certificate Principal Balances of
the Class A-I Certificates and Subordinate Certificates, in each case
immediately preceding such Distribution Date.
"Class A-I Prepayment Percentage" means, with respect to any Distribution
Date, the percentage indicated below:
Distribution Date Class A-I Prepayment Percentage
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July 1998 through June 2008............... 100%
July 2008 through June 2009............... the Class A-I Percentage for such
Distribution Date, plus 70% of
the Subordinate Percentage for
such Distribution Date;
July 2009 through June 2010............... the Class A-I Percentage for such
Distribution Date, plus 60% of
the Subordinate Percentage; for
such Distribution Date.
July 2010 through June 2011............... the Class A-I Percentage for such
Distribution Date, plus 40% of
the Subordinate Percentage for
such Distribution Date;
July 2011 through June 2012............... the Class A-I Percentage for such
Distribution Date, plus 20% of
the Subordinate Percentage for
such Distribution Date; and
July 2012 and thereafter.................. the Class A-I Percentage for such
Distribution Date;
provided, however, that (a) for any Distribution Date on which the Senior
Percentage is greater than the Senior Percentage as of the Closing Date, the
Class A-I Prepayment Percentage for such Distribution Date will be 100%; (b) for
any Distribution Date on or after July 2018, if any Class A Certificates are
outstanding, the Class A-I Prepayment Percentage will be 100%; and (c) no
reduction of the Class A-I Prepayment Percentage will occur on any Distribution
Date unless:
(A) (i) as of such Distribution Date as to which any such reduction applies,
the aggregate Principal Balance of the Mortgage Loans delinquent 60 days or
more (including for this purpose any Mortgage Loans in foreclosure and
Mortgage Loans with respect to which the related Mortgaged Property has
been acquired by the Trust Fund), averaged over the preceding three months,
as a percentage of the aggregate Principal Balance of all Mortgage Loans
averaged over the preceding three months, does not exceed 4%; and
(ii) as of such Distribution Date, cumulative Realized Losses with respect
to the Mortgage Loans do not exceed (a) 10% of the Original Subordinate
Principal Balance if such Distribution Date occurs on or before June 2009,
(b) 15% of the Original Subordinate Principal Balance if such Distribution
Date occurs between and including July 2009 and June 2010, (c) 20% of the
Original Subordinate Principal Balance if such Distribution Date occurs
between and including July 2010 and June 2011, (d) 25% of the Original
Subordinate Principal Balance if such Distribution Date occurs between and
including July 2011 and June 2012, and (e) 30% of the Original Subordinate
Principal Balance if such Distribution Date occurs during or after July
2012; or
(B) (i) as of such Distribution Date, the aggregate Principal Balances of
Mortgage Loans delinquent 60 days or more (including for this purpose any
Mortgage Loans in foreclosure and Mortgage Loans with respect to which the
related Mortgaged Property has been acquired by the Trust Fund) does not
exceed 50% of the aggregate Certificate Principal Balance of the
Subordinate Certificates as of such date; and
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(ii) cumulative Realized Losses with respect to the Mortgage Loans do not
exceed (a) 25% of these Original Subordinate Principal Balance if such
Distribution Date occurs on or before June 2009, (b) 30% of the Original
Subordinate Principal Balance if such Distribution Date occurs between and
including July 2009 and June 2010, (c) 35% of the Original Subordinate
Principal Balance if such Distribution Date occurs between and including
July 2010 and June 2011, (d) 40% of the Original Subordinate Principal
Balance if such Distribution Date occurs between and including July 2011
and June 2012, and (e) 45% of the Original Subordinate Principal Balance if
such Distribution Date occurs during or after July 2012;
provided, further, that unless the condition set forth in clause (b) of the
proviso above is in effect and provided that the condition set forth in clause
(c) of the proviso above is satisfied, on any Distribution Date prior to the
Distribution Date in July 2001 on which the Aggregate Subordinate Percentage is
equal to or greater than 80%, the Class A-I Prepayment Percentage will be the
Class A-I Percentage plus 50% of the Subordinate Percentage for such
Distribution Date, and on any Distribution date on or after the Distribution
Date in July 2001 on which the Aggregate Subordinate Percentage is equal to or
greater than 80%, the Class A-I Prepayment Percentage will be the Class A-I
Percentage or such Distribution Date.
If on any Distribution Date the application of the Class A-I Prepayment
Percentage to principal distributions on the Class A Certificates would reduce
the outstanding Certificate Principal Balance of the Class A Certificates below
zero, the Class A-I Prepayment Percentage for such Distribution Date will be
limited to the percentage necessary to reduce the Certificate Principal Balance
of the Class A Certificates to zero and the Subordinate Prepayment Percentage
will be increased accordingly.
"Class A-I Principal Distribution Amount" means, with respect to any
Distribution Date and the Class A-I Certificates, an amount equal to the sum of:
(i) the Adjusted Class A-I Percentage of the portion of the Available
Distribution Amount for such Distribution Date that is attributable to the
principal portion of Monthly Payments due on the Mortgage Loans in Pool I,
whether or not received by the Servicer or any Sub-Servicer; and
(ii) the Adjusted Class A-I Prepayment Percentage of the portion of the
Available Distribution Amount that is attributable to (a) any amounts
received in connection with the repurchase of a Mortgage Loan in Pool I,
(b) the aggregate Net Liquidation Proceeds, Net Insurance Proceeds and
condemnation awards received in connection with a Mortgage Loan in Pool I,
and (c) all full and partial Principal Prepayments by the Mortgagors of
Mortgage Loans in Pool I.
"Class A-II Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-2 hereto.
"Class A-II Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class A-II Certificates and (ii) the Class A-II Pass-Through Rate minus (b)
the sum of (i) such Class' pro
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rata share (based on the respective amount of interest due to each Class of
Certificates on such Distribution Date absent any reduction) of the amount of
Prepayment Interest Shortfalls and Civil Relief Act Interest Shortfalls on such
Distribution Date and (ii) the amount which the Certificate Principal Balance of
the Class A-II Certificates is increased on such Distribution Date as a result
of Net Negative Amortization, pursuant to the definition of Certificate
Principal Balance herein.
"Class A-II Pass-Through Rate" means, with respect to any Distribution Date
and the Class A-II Certificates, a per annum rate equal to the lesser of:
(a) the Weighted Average Pool Net Mortgage Rate for Pool II for such
Distribution Date; and
(b) the Blended Rate for Pool II for such Distribution Date;
provided that if on any Distribution Date no Pool II Loans remain outstanding,
the Class A-II Pass-Through Rate shall be equal to the Blended Rate for Pool II
for such Distribution Date.
"Class A-II Principal Distribution Amount" means, with respect to any
Distribution Date and the Class A-II Certificates, an amount equal to the sum
of:
(i) the Non-Surplus Percentage for Pool II of the portion of the Available
Distribution Amount for such Distribution Date that is attributable to the
sum of (a) the principal portion of Monthly Payments on the Mortgage Loans
in Pool II, whether or not received by the Servicer or any Sub-Servicer,
(b) any amounts received in connection with the repurchase of a Mortgage
Loan in Pool II during the preceding calendar month (less the portion of
such repurchase proceeds allocable to interest), (c) the aggregate Net
Liquidation Proceeds, Net Insurance Proceeds and condemnation awards
received by the Servicer or any Sub-Servicer in connection with a Mortgage
Loan in Pool II (less the portion of such amount allocable to interest),
and (d) all full and partial Principal Prepayments by the Mortgagors of
Mortgage Loans in Pool II;
(ii) the related Surplus Percentages of the principal portion of all
Monthly Payments, whether or not received, and the related Surplus
Percentages of all unscheduled payments of principal on the Mortgage Loans
in Pool I and Pool III and included in the Available Distribution Amount
for such Distribution Date multiplied by the Deficit Percentage for Pool II
for such Distribution Date;
(iii) the Surplus Percentage of all unscheduled payments of principal on
the Mortgage Loans in Pool II and Pool III that are not allocated to the
Subordinate Certificates in accordance with clause (iv) of the definition
of the Subordinate Principal Distribution Amount; and
(iv) if the Certificate Principal Balance of the Class A-I Certificates has
been reduced to zero, the amounts described in clause (ii) of the
definition of the Class A-I Principal Distribution Amount.
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"Class A-III Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-3 hereto.
"Class A-III Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class A-III Certificates and (ii) the Class A-III Pass-Through Rate for such
Distribution Date minus (b) the sum of (i) such Class' pro rata share (based on
the respective amount of interest due to each Class of Certificates on such
Distribution Date absent any reduction) of the amount of Prepayment Interest
Shortfalls and Civil Relief Act Interest Shortfalls on such Distribution Date
and (ii) the amount which the Certificate Principal Balance of the Class A-III
Certificates is increased on such Distribution Date as a result of Net Negative
Amortization, pursuant to the definition of Certificate Principal Balance
herein.
"Class A-III Pass-Through Rate" means, with respect to any Distribution
Date and the Class A-III Certificates, a per annum rate equal to the lesser of:
(a) 7.00% per annum; and
(b) the Blended Rate for Pool III for such Distribution Date.
"Class A-III Principal Distribution Amount" means, with respect to any
Distribution Date and the Class A-III Certificates, an amount equal to the sum
of:
(i) the Non-Surplus Percentage for Pool III of the portion of the Available
Distribution Amount for such Distribution Date that is attributable to the
sum of (a) the principal portion of Monthly Payments on the Mortgage Loans
in Pool III, whether or not received by the Servicer or any Sub-Servicer,
(b) any amounts received in connection with the repurchase of a Mortgage
Loan in Pool III during the preceding calendar month (less the portion of
such repurchase proceeds allocable to interest), (c) the aggregate Net
Liquidation Proceeds, Net Insurance Proceeds and condemnation awards
received by the Servicer or any Sub-Servicer in connection with a Mortgage
Loan in Pool III (less the portion of such amount allocable to interest),
and (d) all full and partial Principal Prepayments by the Mortgagors of
Mortgage Loans in Pool III;
(ii) the related Surplus Percentages of the principal portion of all
Monthly Payments, whether or not received, and the related Surplus
Percentages of all unscheduled payments of principal on the Mortgage Loans
in Pool I and Pool II and included in the Available Distribution Amount for
such Distribution Date multiplied by the Deficit Percentage for Pool III
for such Distribution Date;
(iii) after the Certificate Principal Balance of the Class A-II
Certificates has been reduced to zero, the Surplus Percentage of all
unscheduled payments of principal on the Mortgage Loans in Pool II and Pool
III that are not allocated to the Subordinate Certificates in accordance
with clause (iv) of the definition of the Subordinate Principal
Distribution Amount;
(iv) if the Certificate Principal Balance of the Class A-I Certificates has
been reduced to zero after the Certificate Principal Balance of the Class
A-II Certificates has been
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reduced to zero, the amounts described in clause (ii) of the definition of
the Class A-I Principal Distribution Amount.
"Class B Certificates" means the Class B-1, Class B-2 and Class B-3
Certificates.
"Class B Pass-Through Rate" means, on any Distribution Date and each Class
B Certificate, the Blended Rate for Pool I with respect to such Distribution
Date.
"Class B-1 Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-8 hereto.
"Class B-1 Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class B-1 Certificates for such Distribution Date and (ii) the applicable
Class B Pass-Through Rate for such Distribution Date minus (b) the sum of (i)
such Class' pro rata share (based on the respective amount of interest due to
each Class of Certificates on such Distribution Date absent any reduction) of
the amount of Prepayment Interest Shortfalls and Civil Relief Act Interest
Shortfalls on such Distribution Date and (ii) the amount by which the
Certificate Principal Balance of the Class B-1 Certificates is increased on such
Distribution Date as a result of Net Negative Amortization, pursuant to the
definition of Certificate Principal Balance herein.
"Class B-2 Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-9 hereto.
"Class B-2 Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class B-2 Certificates for such Distribution Date and (ii) the applicable
Class B Pass-Through Rate for such Distribution Date minus (b) the sum of (i)
such Class' pro rata share (based on the respective amount of interest due to
each Class of Certificates on such Distribution Date absent any reduction) of
the amount of Prepayment Interest Shortfalls and Civil Relief Act Shortfalls on
such Distribution Date and (ii) the amount by which the Certificate Principal
Balance of the Class B-2 Certificates is increased on such Distribution Date as
a result of Net Negative Amortization, pursuant to the definition of Certificate
Principal Balance herein.
"Class B-3 Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-10 hereto.
"Class B-3 Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class B-3 Certificates for such Distribution Date and (ii) the applicable
Class B Pass-Through Rate for such Distribution Date minus (b) the sum of (i)
such Class' pro rata share (based on the respective amount of interest due to
each Class of Certificates on such Distribution Date absent any reduction) of
the amount of Prepayment Interest Shortfalls and Civil Relief Act Interest
Shortfalls on such Distribution Date and (ii) the amount by which the
Certificate Principal Balance of the Class B-3 Certificates is increased on such
Distribution Date as a result of Net Negative Amortization, pursuant to the
definition of Certificate Principal Balance herein.
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"Class IO Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-4 hereto.
"Class IO Interest Distribution Amount" means, on any Distribution Date, an
amount equal to (a) the product of (i) the Notional Amount for such Distribution
Date and (ii) the Class IO Pass-Through Rate for such Distribution Date minus
(b) such Class' pro rata share (based on the respective amount of interest due
to each Class of Certificates on such Distribution Date absent any reduction) of
the amount of Prepayment Interest Shortfalls and Civil Relief Act Interest
Shortfalls on such Distribution Date.
"Class IO Pass-Through Rate" means, on any Distribution Date, a per annum
rate equal to the percentage equivalent of a fraction, the numerator of which is
equal to the sum of:
(A) the product of:
(1) the excess of the Blended Rate for Pool I over the weighted
average of the Pass-Through Rates on the Class A-I, Class M-1 and Class M-2
Certificates for such Distribution Date, weighted on the basis of their
respective Certificate Principal Balances immediately prior to such
Distribution Date; and
(2) the sum of the Certificate Principal Balances of Class A-I, Class
M-I and Class M-2 Certificates immediately prior to such Distribution Date;
(B) the product of:
(1) the excess of the Blended Rate for Pool II over the Pass-Through
Rate for the Class A-II Certificates for such Distribution Date; and
(2) the Certificate Principal Balance of the Class A-II Certificates
immediately prior to such Distribution Date; and
(C) the product of:
(1) the excess of the Blended Rate for Pool III over the Pass-Through
Rate for the Class A-III Certificates for such Distribution Date; and
(2) the Certificate Principal Balance of the Class A-III Certificates
immediately prior to such Distribution Date;
and the denominator is equal to the sum of the Certificate Principal Balances of
the Class A-I, Class A-II, Class A-III, Class M-1 and Class M-2 Certificates
immediately prior to such Distribution Date.
"Class M Certificates" means the Class M-1, Class M-2 and Class M-3
Certificates.
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"Class M-1 Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-5 hereto.
"Class M-1 Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class M-1 Certificates for such Distribution Date and (ii) the Class M-1
Pass-Through Rate for such Distribution Date minus (b) the sum of (i) such
Class' pro rata share (based on the respective amount of interest due to each
Class of Certificates on such Distribution Date absent any reduction) of the
amount of Prepayment Interest Shortfalls and Civil Relief Act Interest
Shortfalls on such Distribution Date and (ii) the amount by which the
Certificate Principal Balance of the Class M-1 Certificates is increased on such
Distribution Date as a result of Net Negative Amortization, pursuant to the
definition of Certificate Principal Balance herein.
"Class M-1 Pass-Through Rate" means, on any Distribution Date, the lesser
of (i) the Blended Rate for Pool I with respect to such Distribution Date and
(ii) One-Year CMT most recently available as of the 45th day preceding such
Distribution Date plus 2.00% per annum.
"Class M-2 Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-6 hereto.
"Class M-2 Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class M-2 Certificates for such Distribution Date and (ii) the Class M-2
Pass-Through Rate for such Distribution Date minus (b) the sum of (i) such
Class' pro rata share (based on the respective amount of interest due to each
Class of Certificates on such Distribution Date absent any reduction) of the
amount of Prepayment Interest Shortfalls and Civil Relief Act Interest
Shortfalls on such Distribution Date and (ii) the amount by which the
Certificate Principal Balance of the Class M-2 Certificates is increased on such
Distribution Date as a result of Net Negative Amortization, pursuant to the
definition of Certificate Principal Balance herein.
"Class M-2 Pass-Through Rate" means, on any Distribution Date, the lesser
of (i) the Blended Rate for Pool I with respect to such Distribution Date and
(ii) One-Year CMT most recently available as of the 45th day preceding such
Distribution Date plus 2.15% per annum.
"Class M-3 Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-7 hereto.
"Class M-3 Interest Distribution Amount" means, on any Distribution Date,
an amount equal to (a) the product of (i) the Certificate Principal Balance of
the Class M-3 Certificates for such Distribution Date and (ii) the Class M-3
Pass-Through Rate for such Distribution Date minus (b) the sum of (i) such
Class' pro rata share (based on the respective amount of interest due to each
Class of Certificates on such Distribution Date bsent any reduction) of the
amount of Prepayment Interest Shortfalls and Civil Relief Act Interest
Shortfalls on such Distribution Date and (ii) the amount by which the
Certificate Principal
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Balance of the Class M-3 Certificates is increased on such Distribution Date as
a result of Net Negative Amortization, pursuant to the definition of Certificate
Principal Balance herein.
"Class M-3 Pass-Through Rate" means, on any Distribution Date, the Blended
Rate for Pool I with respect to such Distribution Date.
"Class R-I Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-11 hereto.
"Class R-II Certificates" means those Certificates issued by the Trust in
substantially the form of Exhibit B-12 hereto.
"Closing Date" means June 30, 1998.
"Code" means the Internal Revenue Code of 1986.
"Collection Account" means the account established as the Collection
Account pursuant to Section 6.02.
"Collections" has the meaning set forth in Section 4.09 hereof.
"Commercial Property" means Mortgaged Property that is not used primarily
for residential purposes, the value of which derives primarily from the net
operating income generated by such property.
"Condemnation Proceeds" means all awards, compensation and settlements in
respect of a taking of all or part of the Loan Collateral with respect to any
Mortgaged Property by exercise of the power of condemnation or the right of
eminent domain.
"Credit Support" means, with respect to any Class of Subordinate
Certificates, on any Distribution Date, the percentage equivalent of (a) the
aggregate Certificate Principal Balance of (i) such Class and (ii) all Classes
of Subordinate Certificates with a lower priority in accordance with Section
6.05(a) divided by (b) the aggregate Certificate Principal Balance of all the
Certificates, before the allocation of any Realized Losses on such Distribution
Date and prior to the application of any distributions of principal to be made
on such Distribution Date.
"Cross Support Weighted Average Net Mortgage Rate" means, with respect to
any Distribution Date, the percentage equivalent of a fraction, the numerator of
which is equal to the sum of:
(A) product of:
(1) the Pool Surplus Amount with respect to Pool I for such
Distribution Date; and
(2) the Weighted Average Pool Net Mortgage Rate with respect to Pool I
for such Distribution Date;
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(B) the product of:
(1) the Pool Surplus Amount with respect to Pool II for such
Distribution Date; and
(2) the Weighted Average Pool Net Mortgage Rate with respect to Pool
II for such Distribution Date; and
(C) the product of:
(1) the Pool Surplus Amount with respect to Pool III for such
Distribution Date; and
(2) the Weighted Average Pool Net Mortgage Rate with respect to Pool
III for such Distribution Date; and
the denominator of which is equal to the sum of the Pool Surplus Amounts
with respect to each Pool.
"Cut-Off Date" means the opening of business on June 1, 1998, after
application of payments due on or before June 1, 1998.
"DCR" means Duff & Phelps Credit Rating Co. or any successor thereto.
"Debt" means, for any Person, (a) indebtedness of such Person for borrowed
money, (b) obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments, (c) obligations of such Person to pay the deferred
purchase price of property or services, (d) obligations of such Person as lessee
under leases which have been or should be, in accordance with GAAP, recorded as
capital leases, (e) obligations secured by any lien or other charge upon
property or assets owned by such Person, even though such Person has not assumed
or become liable for the payment of such obligations, (f) obligations of such
Person under direct or indirect guaranties in respect of, and obligations
(contingent or otherwise) to purchase or otherwise acquire, or otherwise to
assure a creditor against loss in respect of, indebtedness or obligations of
others of the kinds referred to in clauses (a) through (e) above, and (g)
liabilities in respect of unfunded vested benefits under plans covered by ERISA.
"Deferred Interest" means, with respect to any Negative Amortization Loan
and any Due Period, the amount of accrued interest, if any, that exceeds the
Monthly Payment on such Mortgage Loan.
"Deficient Valuation" means, with respect to any Mortgage Loan, the dollar
amount of any reduction in the principal balance owed by the related mortgagor,
as ordered by a court in connection with a bankruptcy proceeding with respect to
the related Mortgagor.
"Deficit Percentage" means, with respect to any Pool and any Distribution
Date, a fraction, expressed as a percentage, the numerator of which is equal to
the Pool Deficit Amount for such Pool and such Distribution Date, and the
denominator of which is equal to the aggregate Pool Deficit Amounts for all
Pools and such Distribution Date.
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"Delinquency Advance" means "Delinquency Advance" as that term is defined
in Section 4.12(a) hereof.
"Delinquent" means a Mortgage Loan is "Delinquent" if any payment
contractually due thereon is not made by the close of business on the Due Date
therefor. Such Mortgage Loan is "30 days Delinquent" if such payment has not
been received by the close of business on the corresponding day of the month
immediately succeeding the month in which such payment was first due, or, if
there is no such corresponding day (e.g., as when a 30-day month follows a
31-day month in which a payment was due on the 31st day of such month), then on
the last day of such immediately succeeding month. Similarly for "60 days
Delinquent", "90 days Delinquent", and so on.
"Determination Date" means, with respect to any Distribution Date, the 15th
day of the month in which such Distribution Date occurs, or if such day is not a
Business Day, the following Business Day.
"Depository" means The Depository Trust Company, 7 Hanover Square, New
York, New York 10004 and any successor Depository hereafter named.
"Direct Participant" means any broker-dealer, bank or other financial
institution for which the Depository holds the Book-Entry Certificates from time
to time as a securities depository.
"Disqualified Organization" means an electing large partnership under
Section 775 of the Code and any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, which includes any of the
following: (i) the United States, any State or political subdivision thereof,
any possession of the United States, or any agency or instrumentality of any of
the foregoing (other than an instrumentality which is a corporation if all of
its activities are subject to tax and, except for the FHLMC, a majority of its
board of directors is not selected by such governmental unit), (ii) a foreign
government, any international organization, or any agency or instrumentality of
any of the foregoing, (iii) any organization (other than certain farmers'
cooperatives described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of
the Code on unrelated business taxable income), (iv) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v)
any other Person so designated by the Trustee based upon an Opinion of Counsel
that the holding of an Ownership Interest in a Class R Certificate by such
Person may cause REMIC I or REMIC II or any Person having an Ownership Interest
in any Class of Certificates (other than such Person) to incur a liability for
any federal tax imposed under the Code that would not otherwise be imposed but
for the Transfer of an Ownership Interest in a Class R Certificate to such
Person. The terms "United States", "State" and "international organization"
shall have the meanings set forth in Section 7701 of the Code or successor
provisions.
"Distribution Date" means the 25th calendar day of each month (or the
immediately succeeding Business Day if such day is not a Business Day),
commencing July 27, 1998.
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"Dollar" and "$" mean lawful currency of the United States of America.
"Due Date" means the day of the calendar month in which the Monthly Payment
on a Mortgage Loan is due.
"Due Period" means the period from and including the second day of the
calendar month preceding the calendar month in which any Distribution Date
occurs to and including the first day of the calendar month in which such
Distribution Date occurs.
"Electronic Ledger" means the electronic master record of the Mortgage
Loans maintained by the Servicer or any Sub-Servicer.
"Eligible Account" means a segregated account, which may be an account
maintained with the Trustee or with the Lockbox Bank, which is either (a)
maintained with a depository institution or trust company that is not an
Affiliate of either the Unaffiliated Seller or the Servicer whose long term
unsecured debt obligations are rated at least A+ or its equivalent by Standard &
Poor's and A1 or its equivalent by Moody's, or (b) a trust account maintained
with the trust department of a federally or state chartered depository
institution that is acting in a fiduciary capacity and that is not an Affiliate
of either the Unaffiliated Seller or the Servicer.
"Eligible Investments" means any of the following (which may be purchased
by or through the Trustee or any of its Affiliates):
(a) obligations of, or guaranteed as to the full and timely payment of
principal and interest by, the United States or obligations of any agency or
instrumentality thereof, when such obligations are backed by the full faith and
credit of the United States;
(b) repurchase agreements on obligations specified in clause (a); provided,
that the short-term debt obligations of the party agreeing to repurchase are
rated no less than A-1+ by Standard & Poor's and P-1 by Moody's;
(c) federal funds, certificates of deposit, time deposits and bankers'
acceptances (which shall each have an original maturity of not more than 90 days
and, in the case of bankers' acceptances, shall in no event have an original
maturity of more than 365 days) of any United States depository institution or
trust company incorporated under the laws of the United States or any state;
provided, that the short-term obligations of such depository institution or
trust company are rated no less than A-1 by Standard & Poor's and P-1 by
Moody's;
(d) commercial paper (having original maturities of not more than 30 days)
of any corporation incorporated under the laws of the United States or any state
thereof which on the date of acquisition is rated no less than A-1 by Standard &
Poor's and P-1 by Moody's;
(e) securities of money market funds or mutual funds rated AAm or better by
Standard & Poor's and Aa1 by Moody's; and
provided that no instrument described above is permitted to evidence either
the right to receive (a) only interest or only principal with respect to
obligations underlying such instrument or (b) both principal and interest
payments derived from obligations underlying such
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<PAGE>
instrument and the interest and principal payments with respect to such
instrument provided a yield to maturity at par greater than 120% of the yield to
maturity at par of the underlying obligations; and provided, further, that no
instrument described above may be purchased at a price greater than par if such
instrument may be prepaid or called at a price less than its purchase price
prior to stated maturity.
"ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.
"Escrow Amounts" means "Escrow Amounts" as that term is defined in Section
4.24 hereof.
"Event of Servicer Default" means "Event of Servicer Default" as that term
is defined in Section 4.19.
"Exception Report" has the meaning set forth in Section 2.04 hereof.
"FDIC" means the Federal Deposit Insurance Corporation.
"FHA" means the Federal Housing Administration.
"FHLMC" means the Federal Home Loan Mortgage Corporation.
"Final Scheduled Distribution Date" means December 28, 2037.
"Fitch" means Fitch IBCA, Inc. or any successor thereto.
"FNMA" means the Federal National Mortgage Association.
"GAAP" means generally accepted accounting principles as in effect in the
United States, consistently applied, as of the date of such application.
"Governmental Authority" means the United States of America, any state,
local or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions thereof
or pertaining thereto.
"Group I Certificates" means the Class A-I Certificates and the Subordinate
Certificates.
"Holder" means a Person in whose name a Certificate is registered in the
Certificate Register.
"Independent Public Accountant" means any of (a) Arthur Andersen & Co., (b)
Deloitte & Touche, (c) Coopers & Lybrand, (d) Ernst & Young (e) KPMG Peat
Marwick and (f) Price Waterhouse (and any successors of the foregoing);
provided, that such firm is independent with respect to the Servicer or any
Sub-Servicer, as the case may be, within the meaning of the Securities Act.
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"Indirect Participant" means any financial institution for whom any Direct
Participant holds an interest in a Book-Entry Certificate.
"Initial Certificate Principal Balance" means, with respect to each Class
of Certificates (other than the Class IO Certificates and the Residual
Certificates), the amount set forth below:
Class Initial Certificate Principal Balance
A-I $22,692,783.00
A-II $33,552,979.00
A-III $40,232,784.00
M-1 $12,059,818.00
M-2 $11,255,830.00
M-3 8,843,866.00
B-1 $20,099,697.00
B-2 $ 3,215,951.00
B-3 $ 8,843,869.30
"Initial Credit Support" means, for any Class of Subordinate Certificates,
the percentage equivalent of (a) the initial aggregate Certificate Principal
Balance of (i) such Class and (ii) all Classes of Subordinate Certificates with
lower payment priorities pursuant to Section 6.05(a) divided by (b) the initial
aggregate Certificate Principal Balance of all the Certificates.
"Insurance Policy" means any hazard, title, flood or primary mortgage or
other insurance policy relating to a Mortgage Loan.
"Insurance Premium Fee" means the premium payable on any Primary Mortgage
Insurance Policy required to be maintained by or on behalf of the mortgagee of
any Mortgage Loan pursuant to the Loan File Documents.
"Insurance Proceeds" means, for any Distribution Date, all insurance
proceeds received by the Servicer or any Sub-Servicer during the related
Prepayment Period (including, without limitation, the proceeds of any hazard
insurance, flood insurance or title insurance policies, and payments made by the
Servicer or any Sub-Servicer pursuant hereto in respect of a deductible clause
in any blanket policy) that are not Liquidation Proceeds, that are not applied
to the restoration or repair of the related Property or other servicing expenses
or released to the related Mortgagor in accordance with the normal servicing
procedures of the Servicer or any such Sub-Servicer, and were applied by the
Servicer or any such Sub-Servicer to reduce the Principal Balance of the related
Mortgage Loan or to pay interest on the related Mortgage Loan.
"Junior Mortgage Loan" means any Mortgage Loan that is secured by a second
or more junior lien on the related Mortgaged Property.
"Liquidated Mortgage Loan" means "Liquidated Mortgage Loan" as that term is
defined in Section 4.15(b) hereof.
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"Liquidation Expenses" means customary and reasonable out-of-pocket
expenses exclusive of overhead which are incurred by the Servicer in connection
with the liquidation of any defaulted Mortgage Loan, such expenses, including,
without limitation, legal fees and expenses, any unreimbursed Servicing Advances
expended by the Servicer with respect to such Mortgage Loan.
"Liquidation Proceeds" means, with respect to any Liquidated Mortgage Loan,
any amounts (including the proceeds of any Insurance Policy and the proceeds
from the sale of REO Property) recovered by the Servicer or any such
Sub-Servicer in connection with such Liquidated Mortgage Loan, whether through
trustee's sale, foreclosure sale or otherwise.
"List of Loans" means a list containing the Required Information with
respect to each Mortgage Loan and attached to the Sale Agreement and delivered
to the Trustee on computer readable magnetic tape or disk.
"Loan Collateral" means, with respect to any Mortgage Loan, the related
Mortgaged Property and any personal property securing the related Mortgage Loan,
including any lessor's interest in such property, whether characterized or
recharacterized as an ownership or security interest.
"Loan File" means, with respect to any Mortgage Loan, the file or files
containing related Loan File Documents.
"Loan File Documents" means those items listed on Exhibit C hereto.
"Loan-to-Value Ratio" means, with respect to any Mortgage Loan, the
fraction, expressed as a percentage, the numerator of which is equal to the
outstanding Principal Balance of such Mortgage Loan as of the Cut-Off Date,
plus, in the case of each Junior Mortgage Loan, the aggregate outstanding
principal balance of each mortgage loan senior thereto, and the denominator of
which is equal to the value of the related Mortgaged Property as determined in
accordance with a broker's price opinion or appraisal obtained generally not
earlier than 18 months prior to the Cut-Off Date.
"Lock-Box" means "Lock-Box" as that term is defined in Section 4.08(a)
hereof.
"Lockbox Account" means the account for the benefit of the Trust at the
Lockbox Bank to which all Collections in respect of the Mortgage Loans shall be
remitted by the Mortgagors and the Servicer, which shall be an Eligible Account.
"Lockbox Agreement" means the agreement between the Servicer and the
Lockbox Bank providing that all funds received into a particular lockbox on a
Business Day shall be remitted directly to the Collection Account by the close
of the following Business Day.
"Lockbox Bank" means Bank of America Oregon, N.A., or any successor
thereto.
"Manufactured Home" means a new or used unit of manufactured housing.
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"Manufactured Housing Loan" means a Mortgage Loan made to finance the
purchase of a Manufactured Home.
"Mixed Use Property" means a property occupied for both residential and
commercial purposes.
"Monthly Payment" means the scheduled monthly payment on a Mortgage Loan
for any month.
"Moody's" means Moody's Investors Service, Inc., a nationally recognized
statistical rating organization, or any successor thereto.
"Mortgage" means the mortgage, deed of trust or other instrument creating a
lien on the Loan Collateral.
"Mortgage Loan" means:
(a) either
(i) a fixed rate closed-end (which term includes a revolving line of
credit under which no additional amounts may be drawn) mortgage loan and
promissory note including the right to payment of interest and other
obligations of the Mortgagor with respect thereto, listed on the List of
Loans and conveyed to the Trust by the Depositor as part of the Trust
Assets; or
(ii) an adjustable rate closed-end (which term includes a revolving
line of credit under which no additional amounts may be drawn) mortgage
loan and promissory note including the right to payment of interest and
other obligations of the Mortgagor with respect thereto, listed on the List
of Loans and conveyed to the Trust by the Depositor as part of the Trust
Assets;
(b) all security interests or liens and real and personal property subject
thereto from time to time purporting to secure payment by the related Mortgagor;
(c) all guarantees, indemnities and warranties and proceeds thereof,
proceeds of insurance policies, Uniform Commercial Code financing statements,
certificates of title or other title documentation and other agreements or
arrangements of whatever character from time to time supporting or securing
payment of such Mortgage Loan;
(d) all Collections with respect to any of the foregoing;
(e) all Records with respect to any of the foregoing; and
(f) all proceeds of any of the foregoing.
"Mortgage Rate" means the annual rate of interest borne by a Mortgage Note,
which is set forth in the related Mortgage Note.
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"Mortgaged Property" means the underlying real property securing a Mortgage
Loan.
"Mortgagor" means, with respect to any Mortgage Loan, the Person or Persons
primarily obligated to make payments in respect thereto.
"Multifamily Property" means a multifamily residential rental property
consisting of five or more dwelling units.
"Negative Amortization Loan" means a Mortgage Loan as to which the portion
of interest accrued on such Mortgage Loan that exceeds the Monthly Payment due
on such Mortgage Loan is added to the unpaid principal balance thereof and
accrues interest thereafter at the Mortgage Rate in effect from time to time on
such Mortgage Loan.
"Net Insurance Proceeds" means, as to any Mortgage Loan, any Insurance
Proceeds received with respect thereto net of amounts payable therefrom to the
Servicer or any Sub-Servicer in respect of Servicing Advances and unreimbursed
Advances relating to such Mortgage Loan.
"Net Liquidation Proceeds" means, as to any Liquidated Mortgage Loan,
Liquidation Proceeds net of amounts payable therefrom to the Servicer or any
Sub-Servicer in respect of Liquidation Expenses and unreimbursed Advances
relating to such Mortgage Loan.
"Net Mortgage Rate" means, as to each Mortgage Loan, with respect to any
date of determination, a rate per annum equal to the excess of the Mortgage Rate
in effect as of the Due Date in the preceding calendar month over the sum of the
Servicing Fee Rate and the Trustee Fee Rate.
"Net Negative Amortization" means, with respect to the Pool II Loans and
any Distribution Date, the amount, if any, by which the aggregate Principal
Balance of such Mortgage Loans increases after the distributions to be made on
such Distribution Date.
"Non-Recoverable Advance" means any Advance which the Servicer has
determined will not ultimately be recovered from the related Mortgage Loan, as
evidenced by an Officer's Certificate of the Servicer delivered to the Trustee
on or before the related Determination Date.
"Non-Surplus Percentage" means, with respect to any Pool and any
Distribution Date, a fraction, expressed as a percentage (but no more than 100%
or less than 0%), the numerator of which is equal to the aggregate Certificate
Principal Balance of the related Class of Class A Certificates and, in the case
of Pool I, the Subordinate Certificates, and the denominator of which is equal
to the aggregate Principal Balance of the Mortgage Loans in the related Pool.
"Note" means the original executed promissory note evidencing the
indebtedness of an Mortgagor under a Mortgage Loan.
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"Notional Amount" means, on any Distribution Date, an amount equal to the
sum of the Certificate Principal Balances of the Class A-I, Class A-II, Class
A-III, Class M-1, and Class M-2 Certificates, immediately prior to such
Distribution Date.
"Officer's Certificate" means, with respect to any Person, a certificate
signed by the Chairman of the Board, Vice Chairman of the Board, the President,
a Vice President, Member or the Treasurer of such Person.
"One-Year CMT" means an index equal to the weekly average yield on U.S.
Treasury Securities adjusted to a constant maturity of one year as reported by
the Federal Reserve Board.
"Opinion of Counsel" means a written opinion of counsel (who may be counsel
to the Unaffiliated Seller or the Servicer), which opinion is reasonably
acceptable to the Trustee. With respect to any opinion dealing with the
qualification of a REMIC or compliance with the REMIC Provisions, such counsel
must (i) in fact be independent of the Depositor, the Servicer and the Trustee,
(ii) not have any direct financial interest in the Depositor, the Servicer or
the Trustee or in any affiliate of any of them and (iii) not be connected with
the Depositor, the Servicer or the Trustee as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions.
"Original Subordinate Principal Balance" means, with respect to the
Subordinate Certificates, the aggregate Certificate Principal Balance of the
Subordinate Certificates as of the Cut-Off Date.
"Originator" means the Person that originated the Mortgage Loan pursuant to
a written agreement with the related Mortgagor.
"Outstanding Advances" means, as of any date with respect to a Mortgage
Loan, the total amount of Delinquency Advances and Servicing Advances made on
such Mortgage Loan for which the Servicer or any Sub-Servicer has not been
reimbursed.
"Pass-Through Rate" means any of the Class A-I Pass-Through Rate, the Class
A-II Pass-Through Rate, the Class A-III Pass-Through Rate, the Class IO
Pass-Through Rate, the Class M-1 Pass-Through Rate, the Class M-2 Pass-Through
Rate, the Class M-3 Pass-Through Rate and the Class B Pass-Through Rate.
"Percentage Interest" means the percentage interest (which may be expressed
as a fraction) evidenced by any Certificate, which (a) in the case of the Class
A, Class B, or Class M Certificates, is equal to a fraction, the numerator of
which is the Initial Certificate Principal Balance of such Certificate, and the
denominator of which is equal to the aggregate Initial Certificate Principal
Balances of all Certificates of the same Class and (b) in the case of the Class
IO Certificates and the Residual Certificates, is set forth on the face thereof.
"Permitted Liens" has the meaning set forth in Section 3.05.
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"Person" means an individual, partnership, corporation (including a
business trust), joint stock company, limited liability company, trust,
association, joint venture, Governmental Authority or any other entity of
whatever nature.
"Pool" means, any of Pool I, Pool II or Pool III, as applicable.
"Pool I" means, the pool of adjustable rate Mortgage Loans that are
adjustable in accordance with the offered yields on various maturities of U.S.
Treasury securities indicated as being contained in Pool I on the List of Loans.
"Pool II" means, the pool of adjustable rate Mortgage Loans indicated as
being contained in Pool II on the List of Loans.
"Pool III" means, the pool of fixed rate Mortgage Loans indicated as being
contained in Pool III on the List of Loans.
"Pool Deficit Amount" means, with respect to each Pool and any Distribution
Date, the amount, if any, by which the Certificate Principal Balance of the
related Class of Class A Certificates, and, in the case of Pool I, the
Subordinate Certificates, immediately prior to such Distribution Date exceeds
the aggregate Principal Balance of the Mortgage Loans in such Pool immediately
prior to such Distribution Date.
"Pool Surplus Amount" means, with respect to any Distribution Date and each
Pool, the amount (but not less than zero) by which the aggregate Principal
Balance of the Mortgage Loans in such Pool exceeds the Certificate Principal
Balance of the Group I, Class A-II or Class A-III Certificates, as applicable.
"Potentially Hazardous Property" means "Potentially Hazardous Property" as
that term is defined in Section 4.15(a) hereof.
"Prepayment Interest" means, as of any Distribution Date, the lesser of (I)
the excess of (x) one month's interest due on the aggregate amount of Principal
Prepayments on the Mortgage Loans during the preceding Prepayment Period over
(y) the aggregate amount of interest paid by the Mortgagors in respect of the
amounts of such Principal Prepayments, and (II) the aggregate Servicing Fee
payable on such Distribution Date.
"Prepayment Interest Shortfall" means, with respect to any Distribution
Date, the excess, if any, of (x) the amount described in Clause I of the
definition of Prepayment Interest over (y) the aggregate Servicing Fee payable
on such Distribution Date.
"Prepayment Period" means, as to any Distribution Date, the calendar month
preceding the month of distribution.
"Preservation Expenses" means reasonable and customary expenditures made by
the Servicer in connection with a foreclosed Mortgage Loan prior to the
liquidation thereof, including, without limitation, expenditures for real estate
property taxes and assessments, payments to senior lienholders or holders of any
ground lease, hazard insurance premiums, property restoration or preservation.
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"Primary Mortgage Insurance Policy" means a policy of primary mortgage
guaranty insurance issued by an insurance company or provided by the FHA or the
VA with respect to any Mortgage Loan.
"Principal Balance" means, with respect to any Mortgage Loan, as of the
date of any determination, the sum of: (i) the principal balance of such
Mortgage Loan remaining to be paid by the Mortgagor as of the Cut-Off Date after
deduction of all payments due on or before the Cut-Off Date, and (ii) with
respect to any Negative Amortization Loan, the amount of any Deferred Interest
on such Mortgage Loan that is or has been added to the principal balance
thereof, minus the sum of (i) all amounts previously received or Advances made
by the Servicer or any Sub-Servicer in respect of principal of such Mortgage
Loans that have been distributed to Certificateholders pursuant to Section 6.05;
and (ii) all Realized Losses allocated to Certificateholders with respect
thereto on any previous Distribution Date.
"Principal Prepayment" means, with respect to any Mortgage Loan, any
payment of principal made by the related Mortgagor other than the principal
portion of (i) Monthly Payments and (ii) Advance Payments.
"Qualified Liquidation" shall have the meaning set forth from time to time
in the definition thereof at Section 860F(a)(4) of the Code (or any successor
statute thereto) and applicable to the Trust.
"Rating Agency" means any nationally recognized statistical organization
rating the Certificates at the request of the Unaffiliated Seller; as of the
date hereof: (i) with respect to the Class A, Class IO, and Class M
Certificates, DCR, Fitch and Moody's and (ii) with respect to the Class B-1 and
Class B-2 Certificates, Fitch.
"Real Estate" means all Loan Collateral whose perfection is governed by
state real estate statutes or other state real estate law.
"Realized Loss" means an amount determined by the Servicer and evidenced by
an Officer's Certificate delivered to the Trustee, in connection with any
Mortgage Loan equal to (a) with respect to any Liquidated Loan (other than a
Liquidated Loan with respect to which a Deficient Valuation has occurred), the
excess of the Principal Balance of such Liquidated Loan plus interest thereon at
a rate equal to the sum of the applicable Net Mortgage Rate and the Trustee Fee
Rate from the Due Date as to which interest was last paid up to the Due Date
next succeeding such liquidation over proceeds, if any, received in connection
with such liquidation, after application of all withdrawals permitted to be made
by the Servicer from the related Collection Account with respect to such
Mortgage Loan, or (b) with respect to any Mortgage Loan which has become the
subject of a Deficient Valuation, the excess of the Principal Balance of the
Mortgage Loan over the principal amount as reduced in connection with the
proceedings resulting in the Deficient Valuation.
"Record Date" means, with respect to any Distribution Date the last
Business Day of the month immediately preceding the month in which such
Distribution Date occurs.
"Records" means all documents, books, records and other information
(including, without limitation, computer programs, tapes, disks, punch cards,
data processing software and
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related property and rights) prepared and maintained by the Servicer or by or on
behalf of the Unaffiliated Seller with respect to the Mortgage Loans and the
related Mortgagors.
"Related Documents" means the Sale Agreement, the Unaffiliated Seller's
Agreement and all documents and instruments required to be delivered hereunder
and thereunder.
"REMIC" means a "real estate mortgage investment conduit", within the
meaning of Section 860D of the Code.
"REMIC I" means the corpus of the trust created by this Agreement
consisting of (a) the Mortgage Loans listed in the List of Loans, including all
interest and principal received or receivable by the Depositor on or with
respect to the Mortgage Loans after the Cut-Off Date, but not including payments
of principal and interest due and payable on the Mortgage Loans on or before the
Cut-Off Date, together with the Loan Files relating to the Mortgage Loans, (b)
REO Property, (c) the Collection Account and the Certificate Account and all
amounts deposited therein pursuant to the applicable provisions of this
Agreement, (d) any insurance policies with respect to the Mortgage Loans and (e)
all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing into cash or other liquid property.
"REMIC I Regular Interest" means any of the nine separate non-certificated
beneficial ownership interests in REMIC I issued hereunder and designated as a
"regular interest" in REMIC I. Each REMIC I Regular Interest shall accrue
interest at the related REMIC I Remittance Rate in effect from time to time, and
shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated
Balance set forth in Section 2.08.
"REMIC II" means the segregated pool of assets consisting of all of the
REMIC I Regular Interests, with respect to which a separate REMIC election is to
be made.
"REMIC Provisions" means provisions of the federal income tax law relating
to REMICs, which appear at Section 860A through 860G of the Subchapter M of
Chapter 1 of the Code and related provisions, and regulations promulgated
thereunder, as the foregoing may be in effect from time to time.
"REO Property" means Loan Collateral acquired by the Servicer or any
Servicer on behalf of the Trust through foreclosure or deed-in-lieu of
foreclosure or otherwise in connection with a defaulted Mortgage Loan.
"Representation Letter" means letters to, or agreements with, the
Depository to effectuate a book entry system with respect to the Book-Entry
Certificates registered in the Certificate Register under the nominee name of
the Depository.
"Repurchase Price" means, with respect to any Mortgage Loan, the amount
equal to the sum of (i) the Principal Balance of such Mortgage Loan immediately
prior to the repurchase date, (ii) any accrued and unpaid interest thereon,
calculated at the Mortgage Rate and (iii) all Outstanding Advances related to
such Mortgage Loan at the time of the repurchase minus any Net Liquidation
Proceeds received with respect thereto and not previously applied to
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reduce the Principal Balance of such Mortgage Loan, which amount has been
deposited into the Collection Account pursuant to Section 4 of the Sale
Agreement or Sections 3.06 or 10.02 of this Agreement.
"Request for Release" means the form set forth as Exhibit E hereto.
"Required Certificateholders" means Holders who hold Senior Certificates
evidencing at least 51% of the Senior Certificates or, if the Senior
Certificates are no longer outstanding, Holders who hold at least 51% in
aggregate Voting Rights in the Subordinate Certificates; provided, however, that
for purposes of Section 10.05(b), such percentage shall be increased from 51% to
66 2/3%.
"Required Information" means with respect to a Mortgage Loan, (a) the name
and address of the Mortgagor, (b) the outstanding principal balance of the
Mortgage Loan, (c) the maturity date, (d) the interest rate, (e) the current
Monthly Payment, (f) the value of the related Mortgaged Property determined in
accordance with a broker's price opinion or appraisal generally obtained not
earlier than 18 months prior to the Cut-Off Date, (g) the Loan-to-Value Ratio as
of the Cut-Off Date, and (h) the type of Mortgaged Property, occupancy status
and the Mortgage Loan purpose; provided, that the Servicer's obligation to
furnish any portion of the Required Information to any Person shall not require
the Servicer to fail to observe any applicable law prohibiting disclosure of
information regarding the Mortgagors.
"Residual Certificates" means, together, the Class R-I and the Class R-II
Certificates.
"Responsible Officer" means any Vice President, any Assistant Vice
President, any Assistant Secretary, any Assistant Treasurer, any Corporate Trust
officer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above-designated officers and also,
with respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.
"RTC" means the Resolution Trust Corporation.
"Sale Agreement" means the Loan Sale Agreement dated as of June 1, 1998, by
and between the Unaffiliated Seller and the Wilshire Seller, providing for the
transfer of the Mortgage Loans to the Unaffiliated Seller.
"Securities Act" means the Securities Act of 1933, as amended.
"Senior Certificates" means, collectively, the Class A-I, Class A-II, Class
A-III and Class IO Certificates.
"Senior Percentage" means, on any Distribution Date, the percentage
equivalent of (i) the sum of the Certificate Principal Balances of the Class A
Certificates divided by (ii) the sum of the Certificate Principal Balances of
all of the Certificates, in each case, immediately prior to such Distribution
Date.
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"Servicer" means Wilshire Servicing Corporation, an affiliate of the
Unaffiliated Seller and Wilshire Seller, or any successor or permitted assign
under the terms of this Agreement.
"Servicer Remittance Date" means, with respect to any Distribution Date,
the Business Day immediately preceding such Distribution Date.
"Servicer's Monthly Report" means the report in substantially the form of
Exhibit A hereto.
"Servicing Fee" means, for each calendar month, as to each Mortgage Loan,
an amount equal to one month's interest (or in the event of any payment of
interest which accompanies a Principal Prepayment made by the Mortgagor,
interest for the number of days covered by such payment of interest) at the
applicable Servicing Fee Rate on the Principal Balance of such Mortgage Loan
immediately preceding the Distribution Date occurring in such month.
"Servicing Fee Rate" means 0.60% per annum.
"Servicing Officer" means any officer or employee of the Servicer involved
in, or responsible for, the administration and servicing of Mortgage Loans whose
name appears on a list of servicing officers attached to Officer's Certificates
furnished to the Trustee and the Back-Up Servicer, as such lists may be amended
from time to time.
"Servicing Standard" means servicing, collection and investor reporting
systems and procedures consistent with (i) those systems and procedures set
forth in the WSC Servicing Guide, (ii) this Agreement, (iii) applicable law and
(iv) customary and prudent practices in the residential mortgage loan servicing
industry.
"Standard & Poor's" means Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc., or its successor in interest.
"Start-Up Day" means the Closing Date.
"Subordinate Certificates" means the Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2 and Class B-3 Certificates.
"Subordinate Percentage" means, with respect to any Distribution Date, 100%
minus the Class A-I Percentage for such Distribution Date.
"Subordinate Prepayment Percentage" means, with respect to any Distribution
Date, a percentage equal to 0% for any Distribution Date prior to July 2008, 30%
of the Subordinate Percentage for any Distribution Date occurring from July 2008
to June 2009, 40% of the Subordinate Percentage for any Distribution Date
occurring from July 2009 to June 2010, 60% of the Subordinate Percentage for any
Distribution Date occurring from July 2010 to June 2011, 80% of the Subordinate
Percentage for any Distribution Date occurring from July 2011 to June 2012, and
100% of the Subordinate Percentage thereafter; provided that for any
Distribution Date on which the Senior Percentage is greater than the Senior
Percentage as of the Cut-Off
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Date, the Subordinate Prepayment Percentage will be 0%, on any Distribution Date
on or after July 2018 if any Class A Certificates are outstanding, the
Subordinate Prepayment Percentage will be 0%, and no increase in the Subordinate
Prepayment Percentage will occur on any Distribution Date on which the Class A-I
Prepayment Percentage is not permitted to decrease in accordance with the
definition thereof; and provided further that on any Distribution Date on which
the Aggregate Subordinate Percentage is equal to or greater than 80%, the
Subordinate Prepayment Percentage will be 50% of the Subordinate Percentage if
such Distribution Date is prior to July 2001, or the Subordinate Percentage for
such Distribution Date if such Distribution Date is on or after July 2001.
"Subordinate Principal Distribution Amount" means, with respect to any
Distribution Date, an amount equal to the sum of:
(i) Adjusted Subordinate Percentage of the portion of the Available
Distribution Amount with respect to such Distribution Date that is attributable
to the principal portion of Monthly Payments due on the Mortgage Loans in Pool
I, whether or not received by the Servicer or any Sub-Servicer;
(ii) Adjusted Subordinate Prepayment Percentage of portion of the Available
Distribution Amount that is attributable to (a) any amounts received in
connection with the repurchase of any Mortgage Loan in Pool I (less the portion
of such repurchase proceeds allocable to interest), (b) the aggregate Net
Liquidation Proceeds, Net Insurance Proceeds and condemnation awards received in
respect of a Mortgage Loan in Pool I less the portion of such amount allocable
to interest, and (c) all full and partial Principal Prepayments by the
Mortgagors of Mortgage Loans in Pool I;
(iii) the Subordinate Percentage of (a) the sum of the related Surplus
Percentages for Pool II and Pool III for such Distribution Date multiplied by
the principal portion of Monthly Payments due on the Mortgage Loans in Pool II
and Pool III, respectively, whether or not received by the Servicer or any
Sub-Servicer, multiplied by (b) the Deficit Percentage for Pool I for such
Distribution Date; and
(iv) the Subordinate Prepayment Percentage of (a) the sum of the related
Surplus Percentages for Pool II and Pool III for such Distribution Date
multiplied by the principal portion of all payments received on the Mortgage
Loans in Pool II and Pool III (other than Monthly Payments), respectively,
multiplied by (b) the Deficit Percentage for Pool I for such Distribution Date.
"Sub-Servicer" means any Person with whom the Servicer has entered into a
Sub-Servicing Agreement as permitted by Section 4.03 hereof, including but not
limited to Wilshire Credit Corporation.
"Sub-Servicing Agreement" means any written contract between the Servicer
and any Sub-Servicer, relating to servicing and collection of the Mortgage
Loans.
"Successor Servicer" means any successor to the Servicer, which may include
the Back-Up Servicer.
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"Surplus Percentage" means, with respect to any Pool and any Distribution
Date, a percentage equal to 100% minus the Non-Surplus Percentage for such Pool
and such Distribution Date.
"T&I Account" means "T&I Account" as that term is defined in Section 4.24
hereof.
"Tax" or "Taxes" means all taxes, charges, fees, levies or other
assessments, including, without limitation, income, gross receipts, profits,
withholding, excise, property, sales, use, occupation and franchise taxes
(including, in each such case, any interest, penalties or additions attributable
to or imposed on or with respect to any such taxes, charges, fees or other
assessments) imposed by the United States, any state or political subdivision
thereof, any foreign government or any other jurisdiction or taxing authority.
"Tax Matters Person" means the Person appointed as such pursuant to Section
10.18.
"Time Share" means the right to occupy residential real property during a
certain period of time in each calendar year, along with an undivided fee simple
interest, as a tenant in common with all others having a right to occupy such
property, in the related Real Estate.
"Time Share Loan" means a Mortgage Loan secured by an interest in a Time
Share.
"Title Policy" means an original policy of title insurance, a pro forma
policy of title insurance or an irrevocable, binding commitment to issue title
insurance.
"Trust Assets" means the assets of the Trust Fund.
"Trust Fund" means, collectively, the assets of REMIC I and REMIC II.
"Trust Termination Date" means "Trust Termination Date" as that term is
defined in Section 10.01.
"Trustee Fee" means an amount payable to the Trustee on each Distribution
Date pursuant to Section 9.12 hereof and in accordance with Section 6.04 hereof,
and equal to one-twelfth of the product of (i) the Trustee's Fee Rate and (ii)
the aggregate Principal Balances of the Mortgage Loans as of the opening of
business on the first day of the related Due Period (or, in the case of the
first Distribution Date, as of the Cut-Off Date).
"Trustee's Fee Rate" means 0.015% per annum.
"U.S. Person" means a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof (except, in the
case of a partnership, as otherwise provided in regulations), or an estate or
trust whose income from sources without the United States is includable in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
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"Unaffiliated Seller" means Wilshire Mortgage Funding Company VI, Inc., or
any successor or permitted assign under the terms of this Agreement.
"Unaffiliated Seller's Agreement" means the Unaffiliated Sellers' Agreement
dated as of June 1, 1998 between the Unaffiliated Seller and the Depositor.
"Uncertificated Balance" means, with respect to any Uncertificated REMIC I
Regular Interest, the initial principal balance thereof as set forth in Section
2.08(c), as reduced by distributions of principal referred to in Section
2.08(d).
"Uncertificated REMIC I Regular Interests" means Uncertificated REMIC I
Regular Interest A, Uncertificated REMIC I Regular Interest B, Uncertificated
REMIC I Regular Interest C, Uncertificated REMIC I Regular Interest D,
Uncertificated REMIC I Regular Interest E, Uncertificated REMIC I Regular
Interest F, Uncertificated REMIC I Regular Interest G, Uncertificated REMIC I
Regular Interest H and Uncertificated REMIC I Regular Interest I.
"Uncertificated REMIC I Regular Interest A" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class A-I Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool I.
"Uncertificated REMIC I Regular Interest B" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class M-1 Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool I.
"Uncertificated REMIC I Regular Interest C" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class M-2 Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool I.
"Uncertificated REMIC I Regular Interest D" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class M-3 Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the sum Blended Rate for Pool I.
"Uncertificated REMIC I Regular Interest E" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class A-II Certificates
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and the denominator of which is the aggregate Certificate Principal Balance of
all of the Certificates, and which bears interest at a rate equal to the Blended
Rate for Pool II.
"Uncertificated REMIC I Regular Interest F" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class A-III Certificates and the denominator of which
is the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool III.
"Uncertificated REMIC I Regular Interest G" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class B-1 Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool I.
"Uncertificated REMIC I Regular Interest H" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class B-2 Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool I.
"Uncertificated REMIC I Regular Interest I" means an uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Principal Balance of the Mortgage Loans and REO Property from time
to time multiplied by a fraction, the numerator of which is the Certificate
Principal Balance of the Class B-3 Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to the Blended Rate for Pool I.
"Unregistered Certificates" means, collectively, the Class B-1, Class B-2,
Class B-3, Class R-I and Class R-II Certificates.
"VA" means the Department of Veteran's Affairs.
"Voting Rights" means the portion of the aggregate voting rights of all the
Certificates evidenced by a Certificate. 98% of all Voting Rights will be
allocated among the Certificates (other than the Class IO Certificates and Class
R Certificates) in proportion to their Certificate Principal Balances, 1% of all
Voting Rights will be allocated among the Class IO Certificates in proportion to
their Percentage Interests and 0.5% and 0.5% of all Voting Rights will be
allocated to the Class R-I Certificates and Class R-II Certificates,
respectively, in proportion to their Percentage Interests.
"Weighted Average Pool Net Mortgage Rate" means, with respect to any
Distribution Date and each Pool, the weighted average of the Net Mortgage Rates
on the Mortgage Loans in such Pool as of the Due Dates for such Mortgage Loans
in the Due Period
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preceding the related Due Period, weighted on the basis of the Principal Balance
of each such Mortgage Loan immediately prior to such Distribution Date.
"Wilshire Seller" means Wilshire Funding Corporation in its capacity as
seller under the Sale Agreement.
"WSC" means Wilshire Servicing Corporation, a Delaware corporation, and its
successors.
Section 1.02. Provisions of General Application. For all purposes of this
Agreement, except as otherwise expressly provided or unless the context
otherwise requires:
(a) All accounting terms not specifically defined herein shall be construed
in accordance with GAAP.
(b) All terms used in Article 9 of the UCC, and not specifically defined
herein, are used herein as defined in such Article 9.
(c) The terms defined in this Article include the plural as well as the
singular.
(d) The words "herein," "hereof" and "hereunder" and other words of similar
import refer to this Agreement as a whole. All references to Articles and
Sections shall be deemed to refer to Articles and Sections of this Agreement.
(e) References to statutes are to be construed as including all statutory
provisions consolidating, amending or replacing the statute to which reference
is made and all regulations promulgated pursuant to such statutes.
Section 1.03. Business Day Certificate. On the Closing Date (with respect
to the remainder of the calendar year 1998) and thereafter, within 15 days prior
to the end of the calendar year while this Agreement remains in effect (with
respect to the succeeding calendar years), the Servicer shall provide the
Trustee and the Back-Up Servicer a certificate of a Servicing Officer specifying
the days other than Saturdays or Sundays on which banks in the States of Oregon,
California and New York are required, or authorized by law, to close.
Section 1.04. Trust Name. The trust created hereby shall be designated the
"Wilshire Funding Corporation Mortgage Backed Trust 1998-WFC2" and all legal
actions maintained or taken by the Servicer or the Trustee in respect of the
Trust Assets, except as otherwise required by law, shall indicate that they are
taken by the Servicer or the Trustee in such capacity on behalf of the Trust.
ARTICLE II
TRANSFER OF TRUST ASSETS
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Section 2.01. Conveyance of Trust Assets; Establishment of the Trust.
(a) On the Closing Date, the Depositor, with the execution and delivery of
this Agreement and on the terms set forth herein does hereby grant, transfer,
assign, set over and otherwise convey to the Trustee, on behalf of the Trust,
for the benefit of the Holders of the Certificates, without recourse (except to
the extent specified herein), all right, title and interest of the Depositor in,
to and under the Trust Fund including, without limitation, (a) the Mortgage
Loans listed in the List of Loans, including all interest and principal received
or receivable by the Depositor on or with respect to the Mortgage Loans after
the Cut-Off Date, but not including payments of principal and interest due and
payable on the Mortgage Loans on or before the Cut-Off Date, together with the
Loan Files relating to the Mortgage Loans, (b) REO Property, (c) subject to
Section 6.04, the Collection Account and the Certificate Account and all amounts
deposited therein pursuant to the applicable provisions of this Agreement, (d)
any insurance policies with respect to the Mortgage Loans and (e) all proceeds
of the conversion, voluntary or involuntary, of any of the foregoing into cash
or other liquid property.
In connection with such transfer and assignment, the Depositor does hereby
also irrevocably transfer, assign, set over and otherwise convey to the Trustee
all of its rights under the Unaffiliated Seller's Agreement (other than its
rights to indemnification thereunder).
In connection with the Depositor's assignment, the Depositor shall direct,
and hereby represents and warrants that it has directed, the Unaffiliated Seller
to deliver to and deposit with, or cause to be delivered to and deposited with,
the Trustee, on or before the Closing Date, the Loan File Documents for each
Mortgage Loan so assigned. Neither the Trustee, the Depositor nor the Servicer
shall be liable for any failure by the Unaffiliated Seller to comply with the
document delivery requirements.
(b) The Depositor does hereby establish, pursuant to the further provisions
of this Agreement and the laws of the State of New York, an express trust to be
known, for convenience, as "Wilshire Funding Corporation Mortgage-Backed Trust
1998-WFC2" and does hereby appoint Bankers Trust Company of California, N.A. as
Trustee in accordance with the provisions of this Agreement.
(c) On the Closing Date the Trustee shall issue the Certificates,
registered in such names as the Depositor shall direct, and shall deliver the
Certificates as directed by the Depositor.
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Section 2.02. Purposes and Powers. The purpose of the Trust is to engage in
the following activities, and only such activities: (i) the issuance of the
Certificates and the acquiring, owning and holding of the Mortgage Loans and the
Trust Assets in connection therewith; (ii) activities that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith, including the investment of moneys in accordance with this
Agreement; and (iii) such other activities as may be required in connection with
conservation of the Trust Assets and distributions to the Holders of the
Certificates.
Section 2.03. Possession of Loan Files; Access to Loan Files.
(a) The Trustee, by its execution of this Agreement, does hereby
acknowledge the conveyance of the Trust Assets and declares that the Trustee
will hold such Trust Assets conveyed by the Depositor and all other Trust Assets
in trust, for the use and benefit of the Holders of the Certificates subject to
the terms and provisions hereof. The Trustee shall act as the custodian with
respect to the Loan File Documents; provided, however, that the Trustee may,
upon receipt of a Request for Release from the Servicer, release any Loan File
Document to the Servicer, for the limited purpose, if necessary, of temporarily
assisting the Servicer to conduct collection and other servicing activities. The
Trustee shall not be under any duty or obligation to inspect, review or examine
any document, instrument, certificate, agreement or other papers to determine
that they are valid, legal, genuine, enforceable, in recordable form,
sufficient, duly authorized or appropriate for the represented purpose or that
they are other than what they purport to be on their face.
(b) The Trustee shall hold and acknowledges that it is holding the Loan
File Documents (except for those noted on the Exception Report given to the
Depositor, the Unaffiliated Seller and the Servicer on the Closing Date) as the
Trustee with respect thereto. The Trustee shall not have any responsibility,
duty, obligation or liability with respect to the Servicer acting as a custodian
hereunder or with respect to any document, agreement, certificate or instrument
held or purported to be held by the Servicer.
(c) The Servicer, upon receipt of any Loan File Documents in accordance
with Section 2.03(a) hereof, shall have and perform the following powers and
duties:
(i) hold such Loan File Documents on behalf of the Trustee for the
benefit of the Trust and the Holders of the Certificates, and maintain a
current inventory thereof;
(ii) implement policies and procedures in accordance with the
Servicer's normal business practices with respect to the handling and
custody of such Loan File Documents so that the integrity and physical
possession of the Loan File Documents will be maintained; and
(iii) attend to all details in connection with maintaining custody of
such Loan File Documents on behalf of the Trustee on behalf of the Trust
and the Holders of the Certificates.
(d) The Servicer, upon receipt of any Loan File Documents in accordance
with Section 2.03(a) hereof, agrees that it does not and will not have or assert
any beneficial ownership interest in the related Mortgage Loans or the Loan File
Documents or any other Trust
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Asset. Promptly upon the Trust's acquisition thereof, the Servicer shall mark
conspicuously each original or copy of a contractual document with an Mortgagor,
and its master data processing records evidencing each Mortgage Loan with a
legend, evidencing that each Mortgage Loan has been assigned to the Trustee for
the benefit of the Trust, together with all right and title thereto and interest
therein as provided herein.
(e) The Servicer, upon receipt of any Loan File Documents in accordance
with Section 2.03(a) hereof, shall maintain such Loan File Documents in its
possession at its office located in Portland, Oregon, or at such other offices
of the Servicer as shall from time to time be identified by prior written notice
to the Trustee. Subject to the foregoing, the Servicer may temporarily move
individual Loan File Documents or any portion thereof without notice as
necessary to conduct collection and other servicing activities.
(f) The Depositor authorizes the Trustee and does hereby make, constitute
and appoints the Trustee, with full power of substitution, as the true and
lawful attorney-in-fact of the Depositor with power, (A) in the case of an
Assignment by the RTC or the FDIC in blank, to fill in the blank and (B) and the
case of a Note with an endorsement by the Wilshire Seller, the RTC or the FDIC
in blank, to endorse the Note, using a stamp provided to the Trustee by WSC
which reads as follows:
"Pay to the order of Bankers Trust Company of California, N.A., as Trustee
under that certain Pooling and Servicing Agreement dated as of June 1, 1998
for Wilshire Funding Corporation Mortgage-Backed Trust 1998-WFC2; without
recourse."
The Depositor hereby ratifies all that said attorney shall lawfully do or cause
to be done by virtue hereof. This power of attorney is coupled with an interest
and shall be irrevocable for the term of this Agreement.
(g) WSC will provide to the Trustee the stamps described in Section 2.03(f)
hereof within 30 days of the Closing Date. The Trustee will complete the
assignments and endorsements as described above within thirty Business Days of
receipt of such stamps.
(h) If WSC is in possession of such policy, WSC shall deliver to the
Trustee the original lender's title insurance policy with respect to each
Mortgage Loan, together with any endorsements thereto, by the twenty-first
Business Day following the Closing Date. Within 30 days following the Closing
Date, the Trustee will notify the Servicer if the Trustee has not yet received
all of such title insurance policies.
(i) shall segregate and maintain continuous custody of all mortgage
documents constituting the Loan File Documents in secure and fireproof
facilities in accordance with customary standards for such custody. The Trustee
makes no representations as to and shall not be responsible to verify (i) the
validity, legality, enforceability, sufficiency, due authorization,
recordability or genuineness of any document in the Loan File Documents or of
any of the Mortgage Loans or (ii) the collectability, insurability,
effectiveness or suitability of any Mortgage Loan.
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Section 2.04. Certification. On the Closing Date, the Trustee shall
ascertain that all documents listed in Item 1 of Exhibit C hereto as a "Loan
File Document" are in its possession, and shall deliver to the Unaffiliated
Seller, the Servicer, and the Depositor a certification in the form of Exhibit D
hereto (the "Exception Report") to the effect that, as to each Mortgage Loan
(other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), with the
exception of the documents listed on the schedule attached thereto: (i) all
documents required to be delivered pursuant to Section 2.03 hereof are in its
possession and (ii) such documents have been reviewed by it and appear regular
on their face and relate to such Mortgage Loan. Within 30 days following the
Closing Date, the Trustee shall ascertain that all documents listed in Exhibit C
(other than item number 4) hereto as a "Loan File Document" are in its
possession, and shall deliver to the Unaffiliated Seller, the Servicer, and the
Depositor an Exception Report to the effect that, as to each Mortgage Loan
(other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), with the
exception of the documents listed on the schedule attached thereto: (i) all
documents required to be delivered pursuant to Section 2.03 hereof are in its
possession and (ii) such documents have been reviewed by it and appear regular
on their face and relate to such Mortgage Loan. Not later than 360 days
following Closing Date, the Trustee shall deliver to the Unaffiliated Seller,
the Servicer and the Depositor a certification in the form of Exhibit D hereto
to the effect that all documents listed in Exhibit C are in it possession, and
as to each Mortgage Loan (other than any Mortgage Loan paid in full or any
Mortgage Loan specifically identified in such certification as not covered by
such certification), with the exception of the documents listed on the schedule
attached thereto: (i) all documents required to be delivered pursuant to Section
2.03 hereof are in its possession and (ii) such documents have been reviewed by
it and appear regular on their face and relate to such Mortgage Loan.
Section 2.05. Further Action Evidencing Assignments.
(a) The Unaffiliated Seller agrees that it shall cooperate with the
Servicer and the Trustee, and the Servicer agrees to cause the Unaffiliated
Seller to, from time to time, at the Unaffiliated Seller's expense, promptly
execute and deliver all further instruments and documents, and take all further
action, that may be necessary or appropriate, or that the Servicer may
reasonably request, in order to perfect, protect or more fully evidence the
transfer of the Trust Assets to the Trust or to enable the Trustee to exercise
or enforce any of its rights hereunder.
(b) The Servicer shall promptly (and in no event later than 180 days
following the Closing Date) request from the Trustee and submit for recording in
the appropriate public office for real property records, each Assignment. With
respect to any Assignment, as to which the related recording information is
unavailable within such 180-day period following the Closing Date, such
Assignment shall be submitted for recording not later than 60 days after receipt
of such information but in no event later than one year after the Closing Date.
The Servicer shall supply the Trustee with, and the Trustee shall retain, a copy
of each Assignment submitted for recording. In the event that any such
Assignment is lost or returned unrecorded because of a defect therein, the
Unaffiliated Seller shall, pursuant to the Sale Agreement require the related
Seller promptly to prepare a substitute Assignment or cure such defect, as the
case may be, and thereafter the Servicer shall submit each such Assignment for
recording. Within
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210 days of the Closing Date, the Unaffiliated Seller shall deliver to the
Trustee each original Mortgage, with evidence of recording thereon, and a copy
of each Assignment which has been submitted for recording but has not yet been
returned from the recording office.
(c) As soon as practicable following the Closing Date, the Unaffiliated
Seller shall deliver to the Trustee a copy of any title takedown received by the
Unaffiliated Seller or the Wilshire Seller with respect to a Mortgage Loan for
which neither (a) an original or a copy of the original Mortgage, or (b) a copy
of a Title Policy is contained in the Loan File. Within 360 days after the
Closing Date, the Trustee shall notify the Servicer in writing indicating the
Mortgage Loans for which the Trustee has not received either the original or a
copy of the original Mortgage, or a copy of a Title Policy.
(d) The Trustee hereby grants to the Servicer a power of attorney to
execute all documents on behalf of the Trustee as may be necessary or desirable
to effectuate the foregoing.
Section 2.06. Grant of Security Interest; Intended Characterization.
(a) It is intended that the conveyances by the Depositor to the Trustee of
the Mortgage Loans as provided for in Section 2.01 be construed as a sale by the
Depositor to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders. Further, it is not intended that any such conveyance be
deemed to be a pledge of the Mortgage Loans by the Depositor to the Trustee to
secure a debt or other obligation of the Depositor. However, in the event that
the Mortgage Loans are held to be property of the Depositor or of the
Unaffiliated Seller or if for any reason this Agreement is held or deemed to
create a security interest in the Mortgage Loans, then it is intended that (a)
this Agreement shall also be deemed to be a security agreement within the
meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the
conveyances provided for in this Section 2.01 shall be deemed to be (1) a grant
by the Depositor to the Trustee of a security interest in all of the Depositor's
right (including the power to convey title thereto), title and interest, whether
now owned or hereafter acquired, in and to (A) the Mortgage Loans, including
with respect to each Mortgage Loan, the Mortgage Notes, the Mortgages, any
related insurance policies and all other documents in the related Loan Files,
(B) all amounts payable pursuant to the Mortgage Loans in accordance with the
terms thereof and (C) any and all general intangibles consisting of, arising
from or relating to any of the foregoing, and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including without limitation all amounts from time to time held
or invested in the Certificate Account or the Collection Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Depositor to the Trustee of any security interest in any and all of the
Depositor's or the Unaffiliated Seller's right (including the power to convey
title thereto), title and interest, whether now owned or hereafter acquired, in
and to the property described in the foregoing clauses (1)(A), (B) and (C)
granted by the Unaffiliated Seller to the Depositor pursuant to the Unaffiliated
Seller's Agreement; (c) the possession by the Trustee or any other agent of the
Trustee of Mortgage Notes or such other items of property as constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be
"possession by the secured party," or possession by a purchaser or a person
designated by such secured party, for purposes of perfecting the security
interest pursuant to the New York Uniform
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Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction (including, without limitation, Section 9-305, 8-313 or 8-321
thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law.
(b) The Depositor and, at the Depositor's direction, the Unaffiliated
Seller and the Trustee shall, to the extent consistent with this Agreement, take
such reasonable actions as may be necessary to ensure that, if this Agreement
were deemed to create a security interest in the Mortgage Loans and the other
property described above, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. Without limiting the
generality of the foregoing, the Depositor shall prepare and deliver to the
Trustee not less than 15 days prior to any filing date and, the Trustee shall
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Depositor, all filings necessary to maintain the effectiveness of any
original filings necessary under the Uniform Commercial Code as in effect in any
jurisdiction to perfect the Trustee's security interest in or lien on the
Mortgage Loans as evidenced by an Officer's Certificate of the Depositor,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of the Unaffiliated
Seller, the Depositor or the Trustee (such preparation and filing shall be at
the expense of the Trustee, if occasioned by a change in the Trustee's name),
(2) any change of location of the place of business or the chief executive
office of the Unaffiliated Seller or the Depositor or (3) any transfer of any
interest of the Unaffiliated Seller or the Depositor in any Mortgage Loan.
(c) Neither the Unaffiliated Seller nor the Depositor shall take any action
inconsistent with the sale by the Unaffiliated Seller and the Depositor of all
of their respective right, title and interest in and to the Trust Fund and shall
indicate or shall cause to be indicated in their respective records and records
held on their respective behalf that ownership of each Mortgage Loan and the
other property of the Trust Fund is held by the Trustee on behalf of the Trust.
In addition, the Unaffiliated Seller and the Depositor shall respond to any
inquiries from third parties with respect to ownership of a Mortgage Loan or any
other property of the Trust Fund by stating that it is not the owner of such
Mortgage Loan and that ownership of such Mortgage Loan or other property of the
Trust Fund is held by the Trustee on behalf of the Certificateholders.
Section 2.07. Transmission of Loan File Documents. Written instructions as
to the method of shipment and shipper(s) the Trustee is directed to utilize in
connection with transmission of files and loan documents in the performance of
the Trustee's duties hereunder shall be delivered by the Servicer to the Trustee
prior to any shipment of any Loan Files and loan documents hereunder. In the
event that the Servicer fails to provide such written instructions, the Trustee
shall be hereby authorized by the Servicer to use a nationally recognized
courier servicer. The Servicer will arrange for the provision of such services
at its sole cost and expense (or, at the Trustee's option, reimburse the Trustee
for all costs and expenses incurred by the Trustee consistent with such
instructions or for having used an overnight courier service) and will maintain
such insurance in connection with shipment of the Loan Files against loss or
damage to files and loan documents as the Servicer deems appropriate. Without
limiting the
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generality of the provisions of Section 8.04(b) hereof, it is expressly agreed
that in no event shall the Trustee have any liability for any losses or damages
to any Person with respect to the Loan Files arising out of actions of the
Trustee consistent with instructions of the Servicer pursuant to this Section
2.07.
Section 2.08. Miscellaneous REMIC Provisions.
(a) The Trustee on behalf of the Trust Fund shall elect that REMIC I and
REMIC II shall be treated as REMICs under Section 860D of the Code. Any
inconsistencies or ambiguities in this Agreement or in the administration of the
Trust shall be resolved in a manner that preserves the validity of such REMIC
elections.
(b) The Class A-I, Class A-II, Class A-III, Class IO, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, and Class B-3 Certificates are hereby
designated as "regular interests" with respect to REMIC II and the Class R-II
Certificates are hereby designated as the single class of "residual interest"
with respect to REMIC II. The Uncertificated REMIC I Regular Interest A,
Uncertificated REMIC I Regular Interest B, Uncertificated REMIC I Regular
Interest C, Uncertificated REMIC I Regular Interest D, Uncertificated REMIC I
Regular Interest E, Uncertificated REMIC I Regular Interest F, Uncertificated
REMIC I Regular Interest G, Uncertificated REMIC I Regular Interest H and
Uncertificated REMIC I Regular Interest I are hereby designated as "regular
interests" with respect to REMIC I and the Class R-I Certificates are hereby
designated as the single class of "residual interest" with respect to REMIC I.
(c) The Uncertificated REMIC I Regular Interests shall have the following
characteristics and terms:
<TABLE>
<CAPTION>
Corresponding Original Final
Class REMIC II Uncertificated Interest Payment
Designation Regular Interests Balance Rate Date
<S> <C> <C> <C> <C>
Uncertificated REMIC I A-I, IO $22,692,783.00 (1) December 28, 2037
Regular Interest A
Uncertificated REMIC I M-1, IO $12,059,818.00 (2) December 28, 2037
Regular Interest B
Uncertificated REMIC I M-2, IO $11,255,830.00 (3) December 28, 2037
Regular Interest C
Uncertificated REMIC I M-3 $8,843,866.00 (4) December 28, 2037
Regular Interest D
Uncertificated REMIC I A-II, IO $33,552,979.00 (5) December 28, 2037
Regular Interest E
Uncertificated REMIC I A-III, IO $40,232,784.00 (6) December 28, 2037
Regular Interest F
Uncertificated REMIC I B-1 $20,099,697.00 (7) December 28, 2037
Regular Interest G
Uncertificated REMIC I B-2 $3,215,951.00 (8) December 28, 2037
Regular Interest H
Uncertificated REMIC I B-3 $8,843,869.30 (9) December 28, 2037
Regular Interest I
</TABLE>
(1) Blended Rate for Pool I.
(2) Blended Rate for Pool I.
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(3) Blended Rate for Pool I.
(4) Blended Rate for Pool I.
(5) Blended Rate for Pool II.
(6) Blended Rate for Pool III.
(7) Blended Rate for Pool I.
(8) Blended Rate for Pool I.
(9) Blended Rate for Pool I.
The Uncertificated REMIC I Regular Interests shall be issued as non-certificated
interests and recorded on the records of REMIC I as being issued to and held by
the Trustee on behalf of REMIC II.
(d) On each Distribution Date, the Available Distribution Amount shall be
applied as principal of particular Uncertificated REMIC I Regular Interests in
amounts corresponding to the aggregate respective amounts required to be applied
as principal of their corresponding REMIC II regular interest (as set forth
herein).
(e) The Available Distribution Amount shall be applied as interest to
particular Uncertificated REMIC I Regular Interests in an amount corresponding
to the interest accrued on the Certificate Principal Balances of such
Uncertificated REMIC I Regular Interests at the interest rate for such
Uncertificated REMIC I Regular Interest as stated in Section 2.08(c).
No distributions will be made on the Class R-I Certificate, except that any
distribution of the proceeds of the final remaining assets of REMIC I shall be
distributed to the holder thereof upon presentation and surrender of the Class
R-I Certificate.
(f) The Startup Day is hereby designated as the "Start-Up Date" of each
REMIC within the meaning of Section 860G(a)(9) of the Code.
(g) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the "latest possible maturity date" by which the Certificate
Principal Balance of each Class of Certificates representing a regular interest
in the REMIC would be reduced to zero is December 28, 2037 which is the
Distribution Date immediately following the latest scheduled maturity of any
Mortgage Loan.
ARTICLE III
REPRESENTATIONS, WARRANTIES AND COVENANTS
Section 3.01. Representations, Warranties and Covenants of the Unaffiliated
Seller. The Unaffiliated Seller represents, warrants and covenants to the
Servicer, the Trustee, for its own benefit and for the benefit of the Holders of
the Certificates and the Depositor, as of the Closing Date, as follows:
(i) The Unaffiliated Seller is a corporation duly organized, validly
existing and in good standing under the laws of the state of its
jurisdiction of organization and is duly qualified to do business, and is
in good standing in each jurisdiction in which the nature of its business
requires it to be so qualified;
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(ii) The Unaffiliated Seller has the power and authority to own and
convey all of its properties and assets and to execute and deliver this
Agreement and the Related Documents and to perform the transactions
contemplated hereby and thereby;
(iii) The execution, delivery and performance by the Unaffiliated
Seller of this Agreement, the Sale Agreement, the Unaffiliated Seller's
Agreement and the Related Documents to which it is a party and the
transactions contemplated hereby and thereby, (A) have been duly authorized
by all necessary action on the part of the Unaffiliated Seller, (B) do not,
in any material respect, contravene or cause the Unaffiliated Seller to be
in default under (x) the Unaffiliated Seller's "Certificate of
Incorporation" or "Bylaws", (y) any contractual restriction contained in
any indenture, loan or credit agreement, lease, mortgage, security
agreement, bond, note, or other agreement or instrument binding on or
affecting the Unaffiliated Seller or its property or (z) any law, rule,
regulation, order, writ, judgment, award, injunction, or decree applicable
to, binding on or affecting the Unaffiliated Seller or its property and (C)
do not result in or require the creation of any material Adverse Claim upon
or with respect to any of the property of the Unaffiliated Seller;
(iv) This Agreement, the Certificates and any Related Documents to
which the Unaffiliated Seller is a party have each been duly executed and
delivered on behalf of the Unaffiliated Seller;
(v) No consent of, or other action by, and no notice to or filing
with, any Governmental Authority or any other party, is required for the
due execution, delivery and performance by the Unaffiliated Seller of this
Agreement, or the Related Documents;
(vi) Each of this Agreement and each of the Related Documents is the
legal, valid and binding obligation of the Unaffiliated Seller enforceable
against the Unaffiliated Seller in accordance with its respective terms,
subject to bankruptcy laws and other similar laws of general application
affecting creditors, and subject to the application of rules of equity,
including those respecting the availability of specific performance;
(vii) There is no pending or, to the best knowledge of the
Unaffiliated Seller, threatened action, suit, proceeding or investigation,
against or affecting the Unaffiliated Seller, its officers or managers, or
the property of the Unaffiliated Seller, in any court or tribunal, or
before any arbitrator of any kind or before or by any Governmental
Authority which may result in a material adverse change in the business,
condition (financial or otherwise) or operations of the Unaffiliated Seller
or its performance hereunder;
(viii) No injunction, writ, restraining order or other order against
or affecting the Unaffiliated Seller, its officers, managers or property
has been issued by a Governmental Authority;
(ix) The Unaffiliated Seller has complied in all material respects
with all applicable laws, rules, regulations, and orders with respect to
it, its business and properties and all Mortgages and all restrictions
contained in any indenture, loan or credit
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agreement, mortgage, security agreement, bond, note, or other agreement or
instrument binding on or affecting the Unaffiliated Seller or its property;
(x) The Unaffiliated Seller has filed on a timely basis all tax
returns (federal, state, and local) required to be filed and has paid or
made adequate provisions for the payment of all taxes, assessments, and
other governmental charges due from the Unaffiliated Seller (if any);
(xi) With respect to the Unaffiliated Seller, there has occurred no
event which has a material adverse effect on the Unaffiliated Seller's
operations, including its ability to perform its obligations under this
Agreement;
(xii) The Unaffiliated Seller is solvent and will not become insolvent
after giving effect to the transactions contemplated by this Agreement; the
Unaffiliated Seller has not incurred Debts beyond its ability to pay; the
Unaffiliated Seller, after giving effect to the transactions contemplated
by this Agreement, will have an adequate amount of capital to conduct its
business in the foreseeable future; and the transfer of the Mortgage Loans
hereunder is made in good faith and without intent to hinder, delay or
defraud present or future creditors of the Unaffiliated Seller;
(xiii) For federal income tax reporting and accounting purposes, the
Unaffiliated Seller will treat the transfer of each Mortgage Loan pursuant
to the Sale Agreement as an absolute assignment of the Unaffiliated
Seller's right, title and ownership interest in, such Mortgage Loan to the
Unaffiliated Seller and has not in any other manner accounted for or
treated the transactions in the Mortgage Loans by the Unaffiliated Seller
contemplated thereby;
(xiv) The principal place of business and chief executive office of
the Unaffiliated Seller are located at the address of the Unaffiliated
Seller set forth in Section 10.06 and there are currently no, and during
the past four months there have not been any, other locations where the
Unaffiliated Seller is located (as that term is used in the UCC) or keeps
Records;
(xv) Each Mortgage Loan was purchased by the Unaffiliated Seller on
the Closing Date pursuant to the Sale Agreement; any amendments or waivers
in respect thereto have been delivered to the Trustee; no such amendment or
waiver is material in any respect; and all conditions precedent for the
purchase under the Sale Agreement were satisfied;
(xvi) The Sale Agreement represents the entire agreement of the
Wilshire Seller and the Unaffiliated Seller with respect to the subject
matter thereof;
(xvii) The stock of the Unaffiliated Seller is 100% owned by Wilshire
Funding Corporation;
(xviii) Neither the Unaffiliated Seller nor the Trust is an
"investment company" or "under the control of an investment company" as
such terms are defined in the Investment Company Act of 1940, as amended;
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(xix) The Unaffiliated Seller acknowledges that the Trust will not be
treated for tax purposes as an association taxable as a corporation, and
the Unaffiliated Seller will take no action inconsistent with such
treatment;
(xx) The Unaffiliated Seller acknowledges that the Trust will not be
treated as a "taxable mortgage pool" for tax purposes, and the Unaffiliated
Seller will take no action inconsistent with such tax characterization;
(xxi) No certificate of an officer, statement furnished in writing or
report delivered or to be delivered pursuant to the terms hereof by the
Unaffiliated Seller contains or will contain any untrue statement of a
material fact or omits to state any material fact necessary to make the
certificate, statement or report not misleading;
(xxii) All material actions, approvals, consents, waivers, exemptions,
variances, franchises, orders, permits, authorizations, rights and licenses
required to be taken, given or obtained, as the case may be, by or from any
court or any federal, state or other governmental authority or agency that
are required in connection with the execution, delivery and performance by
the Unaffiliated Seller of this Agreement, have been duly taken, given or
obtained, as the case may be, are in full force and effect on the date
hereof, are not subject to any pending proceedings or appeals
(administrative, judicial or otherwise) and either the time within which
any appeal therefrom may be taken or review thereof may be obtained has
expired or no review thereof may be obtained or appeal therefrom taken, and
are adequate to authorize the consummation of the transactions contemplated
by this Agreement on the part of the Unaffiliated Seller and the
performance by the Unaffiliated Seller of its obligations under this
Agreement in all material respects;
(xxiii) The Unaffiliated Seller will not incur, create, assume or
suffer to exist any Adverse Claim on any of its properties, revenues or
assets, whether now owned or hereafter acquired;
(xxiv) The Unaffiliated Seller will not engage in any business
activity other than issuing the Certificates, acquiring and holding
Mortgages securing the Certificates and entering into and performing its
obligations under those agreements contemplated hereby, together with the
Sale Agreement and the other Related Documents and engaging in any
activities incidental thereto;
(xxv) The Unaffiliated Seller will not incur, create, assume or suffer
to exist or otherwise become or be liable in respect of any Debt,
obligation or certificate other than in respect of or relating to (a) the
Certificates, (b) the related placement agent agreement, or (c) taxes,
assessments or governmental charges not yet due and payable;
(xxvi) The Unaffiliated Seller will not make, incur, assume or suffer
to exist any ownership interest or investment in any Person other than the
Trust;
(xxvii) Except for the transactions contemplated hereby, and by the
Sale Agreement, the Unaffiliated Seller will not sell, transfer, release or
otherwise dispose of any of, or grant options, warrants or other rights
with respect to any of, its assets to any
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Person other than as contemplated or permitted by the Unaffiliated Seller's
Agreement. The Unaffiliated Seller will not merge with or consolidate with
or into any other Person;
(xxviii) The Unaffiliated Seller will promptly deliver to the Trustee
any amendment or waiver of any Mortgage Loan;
(xxix) The Unaffiliated Seller will not impede the Servicer or the
Trustee from exercising any right or remedy to which it is entitled under a
Mortgage Loan;
(xxx) The statistical information regarding the Mortgage Loans set
forth in the Prospectus Supplement dated June 24, 1998 relating to the
Certificates offered thereby is accurate in all material respects as of its
date; and
(xxxi) (A) immediately prior to assigning each Mortgage Loan to the
Depositor, the Unaffiliated Seller was the sole owner and had full right to
transfer the Mortgage Loan to the Depositor and such Mortgage Loan has not
been sold, assigned or pledged to any other Person, and immediately prior
to the transfer of the Mortgage Loan to the Depositor, the Seller was the
owner of record of the related Mortgage and the Unaffiliated Seller was the
owner of record of the indebtedness evidenced by the related Mortgage Note;
(B) the Unaffiliated Seller's Agreement constitutes the valid transfer,
assignment, set-over and conveyance to the Depositor of all right, title
and interest of the Unaffiliated Seller in and to the Mortgage Loans sold
thereunder, free and clear of any Adverse Claim (except for any Permitted
Liens on the related Loan Collateral set forth in the List of Loans); (C)
without limiting the generality of the foregoing, the Unaffiliated Seller
has duly fulfilled all obligations on its part to be fulfilled under or in
connection with the Mortgage Loans and has done nothing to impair the
rights of the Depositor or the Trust in the Mortgage Loans or the proceeds
with respect thereto, including, without limitation, paid in full all taxes
and other charges payable in connection with the Mortgage Loans and the
transfer of the Mortgage Loans to the Depositor or the Trust Fund, which
could impair or become an Adverse Claim to the Depositor or the Trust
Fund's interest in such Mortgage Loans; and (D) the transfer, assignment
and conveyance of the related Mortgage Loans by the Unaffiliated Seller
pursuant to the Unaffiliated Seller's Agreement is not subject to the bulk
transfer laws or any similar statutory provisions in effect in any
applicable jurisdiction;
Section 3.02. Representations and Warranties of the Servicer. The Servicer
hereby represents, warrants and covenants to the Unaffiliated Seller, the
Depositor, the Trustee for its own benefit and for the benefit of the Holders of
the Certificates that, as of the Closing Date:
(a) The Servicer is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware, and is duly qualified to
do business, and is in good standing in each jurisdiction in which the nature of
its business requires it to be so qualified.
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(b) The execution and delivery of this Agreement by the Servicer and its
performance and compliance with the terms of this Agreement have been duly
authorized by all necessary corporate action on the part of the Servicer.
(c) This Agreement, assuming due authorization, execution and delivery by
the other parties hereto, constitutes a valid, legal and binding obligation of
the Servicer, enforceable against it in accordance with the terms hereof, except
as the enforcement hereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors' rights
generally and by general principles of equity (whether considered in a
proceeding or action in equity or at law).
(d) The Servicer is not in violation of, and the execution, delivery and
performance of this Agreement by the Servicer and its compliance with the terms
hereof will not constitute a violation with respect to, any existing law or
regulation or any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or governmental agency, which violation
would have consequences that would materially adversely affect the condition
(financial or other) or operations of the Servicer or its properties or would
have consequences that would materially adversely affect its performance
hereunder. The execution, delivery and performance of this Agreement by the
Servicer and its compliance with the terms hereof will not in any material
respect conflict with, result in any breach of any of the terms and provisions
of, or constitute (with or without notice, lapse of time or both) a default
under, the charter documents or by-laws of the Servicer, or any material
indenture, agreement, mortgage, deed of trust or other instrument to which the
Servicer is a party or by which it is bound, or result in the creation or
imposition of any lien encumbrance upon any of its material properties pursuant
to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument.
(e) No litigation, actions, proceedings or investigations are pending or,
to the best of the Servicer's knowledge, threatened against the Servicer which
would have consequences that would prohibit its entering into this Agreement or
that would materially and adversely affect the condition (financial or
otherwise) or operations of the Servicer or its properties or would have
consequences that would materially adversely affect its performance hereunder,
or the validity or enforceability of this Agreement, or prevent the consummation
on the part of the Servicer of any of the transactions contemplated by this
Agreement.
(f) No certificate of an officer, statement furnished in writing or report
delivered or to be delivered pursuant to the terms hereof by the Servicer
contains or will contain any untrue statement of a material fact or omits to
state any material fact necessary to make the certificate, statement or report
not misleading insofar as any such fact or omission pertains to the unpaid
principal balance of any Mortgage Loan or Mortgage Loans.
(g) All actions, approvals, consents, waivers, exemptions, variances,
franchises, orders, permits, authorizations, rights and licenses required to be
taken, given or obtained, as the case may be, by or from any court or any
federal, state or other governmental authority or agency that are required in
connection with the execution, delivery and performance by the Servicer of this
Agreement, have been duly taken, given or obtained, as the case may be, are in
full force and effect on the date hereof, are not subject to any pending
proceedings or
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appeals (administrative, judicial or otherwise) and either the time within which
any appeal therefrom may be taken or review thereof may be obtained has expired
or no review thereof may be obtained or appeal therefrom taken, and are adequate
to authorize the consummation of the transactions contemplated by this Agreement
on the part of the Servicer and the performance by the Servicer of its
obligations under this Agreement.
Section 3.03. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Servicer, the Unaffiliated
Seller, the Back-Up Servicer, the Trustee for its own benefit and for the
benefit of the Holders of the Certificates that as of the Closing Date:
(a) The Depositor is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware, and is duly qualified to
do business, and is in good standing in each jurisdiction in which the nature of
its business requires it to be so qualified.
(b) The execution and delivery of this Agreement by the Depositor and its
performance and compliance with the terms of this Agreement have been duly
authorized by all necessary corporate action on the part of the Depositor.
(c) This Agreement, assuming due authorization, execution and delivery by
the other parties hereto, constitutes a valid, legal and binding obligation of
the Depositor, enforceable against it in accordance with the terms hereof,
except as the enforcement hereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally and by general principles of equity (whether
considered in a proceeding or action in equity or at law).
(d) The Depositor is not in violation of, and the execution, delivery and
performance of this Agreement by the Depositor and its compliance with the terms
hereof will not constitute a violation with respect to, any existing law or
regulation or any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or governmental agency, which violation
would have consequences that would materially adversely affect the condition
(financial or other) or operations of the Depositor or its properties or would
have consequences that would adversely affect its performance hereunder. The
execution, delivery and performance of this Agreement by the Depositor and its
compliance with the terms hereof will not conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice, lapse
of time or both) a default under, the charter documents or by-laws of the
Depositor, or any material indenture, agreement, mortgage, deed of trust or
other instrument to which the Depositor is a party or by which it is bound, or
result in the creation or imposition of any lien encumbrance upon any of its
material properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument.
(e) No litigation, actions, proceedings or investigations are pending or,
to the best of the Depositor's knowledge, threatened against the Depositor which
would have consequences that would prohibit its entering into this Agreement or
that would materially and adversely affect the condition (financial or
otherwise) or operations of the Depositor or its properties or would have
consequences that would adversely affect its performance hereunder, or
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the validity or enforceability of this Agreement, or prevent the consummation on
the part of the Depositor of any of the transactions contemplated by this
Agreement.
(f) No certificate of an officer, statement furnished in writing or report
delivered or to be delivered pursuant to the terms hereof by the Depositor
contains or will contain any untrue statement of a material fact.
(g) All actions, approvals, consents, waivers, exemptions, variances,
franchises, orders, permits, authorizations, rights and licenses required to be
taken, given or obtained, as the case may be, by or from any court or any
federal, state or other governmental authority or agency that are required in
connection with the execution, delivery and performance by the Depositor of this
Agreement, have been duly taken, given or obtained, as the case may be, are in
full force and effect on the date hereof, are not subject to any pending
proceedings or appeals (administrative, judicial or otherwise) and either the
time within which any appeal therefrom may be taken or review thereof may be
obtained has expired or no review thereof may be obtained or appeal therefrom
taken, and are adequate to authorize the consummation of the transactions
contemplated by this Agreement on the part of the Depositor and the performance
by the Depositor of its obligations under this Agreement.
(h) The Depositor is conveying to the Trust the entire interest in the
Mortgage Loans which the Depositor has acquired from the Unaffiliated Seller,
free and clear of any Adverse Claims created by, or for the benefit of, the
Depositor.
Section 3.04. [Reserved].
Section 3.05. Representations and Warranties as to each Mortgage Loan and
the other Trust Assets.
(a) Unaffiliated Seller represents and warrants to the Servicer, the
Depositor, the Back-Up Servicer, the Trustee for its own benefit and for the
benefit of the Holders of the Certificates, as to each Mortgage Loan, that it
has entered into the Sale Agreement with the Wilshire Seller, that each Mortgage
Loan was purchased from the Wilshire Seller pursuant to the Sale Agreement, and
that the Wilshire Seller has made the following representations and warranties
in respect of the Mortgage Loans conveyed pursuant to the Sale Agreement, which
representations and warranties are or will be true and correct as of the Closing
Date (unless otherwise specified):
(i) (A) the information with respect to each Mortgage Loan set forth
in the List of Loans is true and correct; (B) such Mortgage Loan is
denominated and payable in Dollars; (C) except for the Balloon Loans, each
Mortgage Loan will provide for a schedule of payments which are, if timely
paid, sufficient to fully pay the principal balance of such Mortgage Loan
on or before its maturity date and to pay interest at the applicable
interest rate (without giving effect to any contingent interest or shared
appreciation feature); (D) to the best of its knowledge, the down payment,
if any, described in the Loan File was paid in the manner stated in the
Loan File; (E) to the best of the Wilshire Seller's or the Unaffiliated
Seller's knowledge, the Loan Collateral, if any, the purchase of which was
financed by the seller thereof under the Mortgage Loan, has been delivered
to and accepted by the Mortgagor; (F) except as otherwise
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noted on the Exception Report and to the best of the Wilshire Seller's or
the Unaffiliated Seller's knowledge, the related Loan File is complete and
the contractual documents contained therein constitute the entire agreement
with respect to the Mortgage Loan with respect to the Mortgagor, the
Originator and the Wilshire Seller; and (G) except as otherwise noted on
the Exception Report, each Loan File contains a true and complete original
of any (1) Note and (2) Mortgage;
(ii) no Mortgage Loan was more than 89 days Delinquent, not more than
6.00%, 3.74% and 11.43% of the Mortgage Loans in Pool I, Pool II and Pool
III, respectively, were 30-59 days Delinquent and not more than 1.02%,
1.84% and 5.48% of the Mortgage Loans in Pool I, Pool II and Pool III,
respectively, were 60-89 days Delinquent, in each case by aggregate
Principal Balance as of the close of business on the Cut-Off Date;
(iii) To the knowledge of Wilshire Seller and of the Unaffiliated
Seller (A) the proceeds of the Mortgage Loan have been fully disbursed, and
there is no obligation on the part of any Person to make future advances
thereunder; (B) any and all requirements as to completion of any on-site or
off-site improvements and as to disbursements of any escrow funds therefor
have been complied with; (C) all costs, fees and expenses incurred in
making or closing or recording the Mortgage Loans were paid;
(iv) (A) such Mortgage Loan has not been satisfied, subordinated or
rescinded, and no provision of the Mortgage Loan has been waived, altered
or modified in any respect, except by instruments or documents identified
in the Loan File; the substance of which waiver, alteration or modification
has been approved by the primary mortgage guaranty insurer, if any, and by
the title insurer, to the extent required by the related policy, and is
reflected on the List of Loans. No Mortgagor has been released, in whole or
in part, except in connection with an assumption agreement approved by the
primary mortgage insurer, if any, and title insurer, to the extent required
by the related policy, and which assumption agreement is part of the
Mortgage File and the terms of which are reflected in the List of Loans;
(B) such Mortgage Loan is not and will not be subject to any right of
rescission, set-off, recoupment, counterclaim or defense, whether arising
out of transactions concerning the Mortgage Loan between the Mortgagor and
the Originator or otherwise, and no such claim has been asserted with
respect thereto; (C) to the best knowledge of the Wilshire Seller, there is
no homestead or other exemption available to the Mortgagor which would
interfere with the right to sell the Loan Collateral at a trustee's sale or
the right to foreclose on the Mortgage; and (D) the Mortgagor has not
notified the Wilshire Seller and the Wilshire Seller has no knowledge of
any relief requested or allowed to the Mortgagor under the Civil Relief
Act;
(v) (A) immediately prior to assigning such Mortgage Loan to the
Unaffiliated Seller, the Wilshire Seller was the sole owner and had full
right to transfer the Mortgage Loan to the Unaffiliated Seller and such
Mortgage Loan has not been sold, assigned or pledged to any other Person,
and immediately prior to the transfer of the Mortgage Loan to the
Unaffiliated Seller, the Wilshire Seller was the owner of record of the
related Mortgage and the indebtedness evidenced by the related Mortgage
Note; (B) the Sale Agreement constitutes the valid transfer, assignment,
set-over and conveyance to the Unaffiliated Seller of all right, title and
interest of the Wilshire Seller in and to the Mortgage Loans sold
thereunder, free and clear of any Adverse Claim (except for any Permitted
Liens on the related Loan Collateral set forth in the List of Loans); (C)
without limiting the generality of the foregoing, the Wilshire Seller has
duly
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fulfilled all obligations on its part to be fulfilled under or in
connection with the Mortgage Loan and has done nothing to impair the rights
of the Unaffiliated Seller or the Trust in the Mortgage Loan or the
proceeds with respect thereto, including, without limitation, paid in full
all taxes and other charges payable in connection with the Mortgage Loan
and the transfer of the Mortgage Loan to the Unaffiliated Seller or the
Trust, which could impair or become an Adverse Claim to the Unaffiliated
Seller or the Trust's interest in such Mortgage Loan; and (D) the transfer,
assignment and conveyance of the Mortgage Loans by the Wilshire Seller
pursuant to the Sale Agreement is not subject to the bulk transfer laws or
any similar statutory provisions in effect in any applicable jurisdiction;
(vi) to the best knowledge of the Wilshire Seller and of the
Unaffiliated Seller, (A) there is no Adverse Claim in respect of the Loan
Collateral (including any mechanics' lien or claim for work, labor or
material or tax or assessment lien) and (B) either (1) no consent for the
Mortgage Loan is required by the holder of any Permitted Lien or (2) such
consent has been obtained and is contained in the Loan File;
(vii) to the best knowledge of the Wilshire Seller and of the
Unaffiliated Seller, (A) there is no default, breach, violation, or event
permitting acceleration under the Mortgage Loan, and no event has occurred
which, with notice and the expiration of any grace or cure period or both,
would constitute a default, breach, violation, or event permitting
acceleration under such Mortgage Loan; (B) there are no proceedings or
investigations pending or threatened before any Governmental Authority (1)
asserting the invalidity of such Mortgage Loan, (2) asserting the
bankruptcy or insolvency of the related Mortgagor, (3) seeking the payment
of such Mortgage Loan or (4) seeking any determination or ruling that might
materially and adversely affect the validity or enforceability of such
Mortgage Loan; and (C) no Mortgagor on such Mortgage Loan is bankrupt,
insolvent, or is unable to make payment of its obligations when due;
(viii) each Mortgage Note, Mortgage and, solely with respect to the
Commercial Loans, each Assignment of Leases, if any, and any other
agreement executed in connection with such Mortgage Loan (1) constitutes
the legal, valid and binding obligation of the Mortgagor thereunder
enforceable against the Mortgagor in accordance with its terms (except as
may be limited by laws affecting creditors' rights generally) and (2)
contains customary and enforceable provisions such as to render the rights
and remedies of the holder thereof adequate for the realization against the
Loan Collateral for the benefit of the security afforded thereby;
(ix) the Mortgage Loan was assigned by the Wilshire Seller to the
Unaffiliated Seller without any conduct constituting fraud or
misrepresentation on the part of the Wilshire Seller, and the Wilshire
Seller has no knowledge of any specific fact which should have led it to
expect at the time of assignment of such Mortgage Loan that the Mortgage
Loan would not be paid in full when due;
(x) (A) all parties which have had any ownership interest or servicing
rights in the Mortgage Loan, including the Wilshire Seller, are (or, during
the period in which they held and disposed of such interest, were) in
compliance in all material respects with any and all applicable licensing
requirements of the laws of the state wherein the Mortgagor or the Loan
Collateral is located; and (B) the Mortgage Loan was not originated in, nor
is subject to the laws
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of any jurisdiction, the laws of which would make the transfer of the
Mortgage Loan to the Unaffiliated Seller or the Trust unlawful;
(xi) such Mortgage Loan does not contravene in any material respect
any laws, rules or regulations applicable thereto (including, without
limitation, the Real Estate Settlement Procedures Act and any other laws,
rules and regulations relating to usury, consumer protection,
truth-in-lending, fair credit billing, fair credit reporting, equal credit
opportunity, fair debt collection practices and privacy);
(xii) each Mortgage Loan immediately prior to its sale pursuant to the
Sale Agreement was being serviced by the Servicer;
(xiii) (A) the Wilshire Seller has performed any and all acts required
to be performed (if any) to preserve the rights and remedies of the Trustee
in any insurance policies applicable to the Mortgage Loans; and (B) each
insurance policy with respect to the Mortgage Loan or the Loan Collateral
is a valid, binding, enforceable and subsisting insurance policy of its
respective kind and is in full force and effect;
(xiv) to the best knowledge of the Wilshire Seller and of the
Unaffiliated Seller, the Loan Collateral is in good repair and free and
clear of any damage that would affect materially and adversely the value of
the Mortgage Loan Collateral as security for the Mortgage Loan;
(xv) to the best knowledge of the Unaffiliated Seller and the Wilshire
Seller:
(A) (1) all of the improvements which were included for the
purpose of determining the appraised value of the Loan Collateral lie
wholly within the boundaries and building restriction lines of such
property, and no improvements on adjoining properties encroach upon
the Loan Collateral and (2) no improvement located on or being part of
the Loan Collateral is in violation of any applicable zoning law or
regulation, and all inspections, licenses and certificates required to
be made or issued with respect to all occupied portions of the Loan
Collateral and, with respect to the use and occupancy of the same,
including, but not limited to, certificates of occupancy and fire
underwriting certificates, have been made or obtained from the
appropriate authorities;
(B) with respect to each Mortgage Loan secured by a deed of
trust, a trustee, duly qualified under applicable law to serve as
such, has been properly designated and currently so serves and is
named in such deed of trust, and no fees or expenses are or will
become payable by the Unaffiliated Seller or the Trust to the trustee
under the deed of trust, except in connection with a trustee's sale
after default by the Mortgagor;
(C) the Mortgage contains a customary provision for the
acceleration of the payment of the unpaid principal balance of the
Mortgage Loan in the event the related security for the Mortgage Loan
is sold without the prior consent of the mortgagee thereunder;
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(D) the Loan Collateral constituting residential Real Estate is
lawfully occupied under applicable law and the Unaffiliated Seller has
no actual knowledge that such Loan Collateral is not so occupied;
(E) except as otherwise noted in the Exception Report, the
Mortgage is contained in the Loan File, each such document was
recorded, and all subsequent assignments have been recorded in the
appropriate jurisdictions wherein such recordation is necessary to
perfect the lien thereof as against creditors of the Originator;
(F) a lender's title insurance policy, issued in standard
American Land Title Association form, or other form acceptable to
lenders generally in the applicable jurisdiction, by a title insurance
company authorized to transact business in the state in which the
related Loan Collateral is situated, together with any applicable
endorsement, in an amount at least equal to the original principal
balance of such Mortgage Loan, insuring the mortgagee's interest under
the related Mortgage Loan as the holder of a valid first (or, if so
specified in the List of Loans with respect to such Mortgage Loan,
second or third) mortgage lien of record on the real property
described in the Mortgage Loan is in full force and effect (or, in the
case of a Junior Mortgage Loan, insuring the mortgagee's interest in
any Mortgage Loan that is secured by a lien that is senior to such
Junior Mortgage Loan); except as set forth in the Exception Report, a
true and complete original copy of such lender's title insurance
policy is in the Loan File; and no claims have been made under such
lender's title insurance policy, and neither the Wilshire Seller nor
the Wilshire Seller has done, by act or omission, anything which would
impair the coverage of such lender's title insurance policy;
(G) the improvements relating to any Loan Collateral are covered
by a valid and existing hazard insurance policy (which may be a force
placed hazard insurance policy) with a generally acceptable carrier
that provides for fire and extended coverage customarily applicable in
the mortgage industry;
(H) a flood insurance policy, if customarily required in the
mortgage industry in the area in which the Loan Collateral is
situated, is in effect with respect to each Loan Collateral with a
generally acceptable carrier in an amount representing coverage
customarily applicable in the mortgage industry;
(I) either (1) any taxes, governmental assessments, insurance
premiums, water, sewer and municipal charges or ground rents which
previously became due and owing have been paid, or (2) an escrow of
funds has been established in an amount sufficient to pay for every
such item which remains unpaid and which has been assessed but is not
yet due and payable. Except for payments in the nature of escrow
payments, including, without limitation, taxes and insurance payments,
neither the Servicer nor the Sub-Servicer of the Mortgage Loan has
advanced funds, or induced, solicited or knowingly received any
advance of funds by a party other than the Mortgagor, directly or
indirectly, for the payment of any amount required by the Mortgage
Loan, except for interest accruing from the date of the Mortgage Loan
or date of disbursement of the Mortgage proceeds, whichever is
greater, to the day which precedes by one month the due date of the
first installment of principal and interest, and none of the escrow
payments or other amounts advanced by the Servicer or the Sub-Servicer
have been capitalized under any Mortgage Note or Mortgage; and
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(J) there is no proceeding pending or threatened for the total or
partial condemnation of the Loan Collateral, nor is such a proceeding
currently occurring, and such property is undamaged by waste, fire,
earthquake or earth movement, windstorm, flood, tornado or other
casualty, so as to affect materially and adversely the value of the
Loan Collateral as security for the Mortgage Loan or the use for which
the premises were intended;
(xvi) upon receipt of each Mortgage Loan by the Trust Fund pursuant to
Article II hereof, the Trust Fund has a perfected, first-priority security
interest in each Mortgage Note and the proceeds thereof;
(xvii) each Mortgage is a "qualified mortgage" for purposes of the
REMIC Provisions.
(xviii) the Mortgage is a valid, existing and enforceable lien, of the
priority set forth in the List of Loans, on the Real Estate constituting
Loan Collateral, including all improvements on the Mortgaged Property,
subject only to (a) the lien of current real property taxes and assessments
not yet due and payable, (b) covenants, conditions and restrictions, rights
of way, easements and other matters of the public record as of the date of
recording that are acceptable to mortgage lending institutions generally
and are specifically referred to in the lender's title insurance policy
referred to in paragraph (xv)(F) above, and that do not adversely affect
the Appraised Value of the Mortgaged Property; and (c) other matters to
which like properties are commonly subject which do not materially
interfere with the benefits of the security intended to be provided by the
Mortgage or the use, enjoyment, value or marketability of the related Loan
Collateral (collectively, "Permitted Liens"). Any security agreement,
chattel mortgage or equivalent document related to and delivered in
connection with the Mortgage Loan as additional Loan Collateral establishes
and creates a valid, existing and enforceable first lien and first priority
security interest on the property described therein and the Wilshire Seller
has full right to sell and assign the same to the Purchaser;
(xix) to the best knowledge of the Wilshire Seller, the Mortgage Note
is not and has not been secured by any collateral except the lien of the
corresponding Mortgage on the Mortgaged Property and the security interest
of any applicable security agreement or chattel mortgage referred to in
(xviii) above;
(xx) no Mortgage Loan contains provisions pursuant to which Monthly
Payments are (A) paid or partially paid with funds deposited in any
separate account established by the Originator, the Wilshire Seller, the
Mortgagor, or anyone on behalf of the Mortgagor or (B) contains any other
similar provisions which may constitute a "buydown" provision. No Mortgage
Loan has a shared appreciation or other contingent interest feature; not
more than 48.39% of the Mortgage Loans in Pool II, by aggregate Principal
Balance, and none of the Mortgage Loans in Pool I or Pool III, contain
provisions permitting negative amortization;
(xxi) except with respect to not more than 64.94% of the Mortgage
Loans by aggregate Principal Balance as of the Cut-Off Date, each Mortgage
Loan that has a Loan-to-Value Ratio as of the Cut-Off Date in excess of 80%
is subject to a primary mortgage insurance policy issued by an insurance
company duly qualified as such under the laws of the state where the Loan
Collateral is located, licensed to write the insurance provided and
approved
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as a primary mortgage insurer by FNMA and FHLMC; such insurance policy
insures that portion of the Mortgage Loan in excess of 75% of the Appraised
Value of the Loan Collateral. All provisions of such insurance policy are
being complied with, such policy is in full force and effect, and all
premiums due thereunder have been paid. Any Mortgage subject to any such
insurance policy obligates the Mortgagor thereunder to maintain such
insurance and to pay all premiums and charges in connection therewith, and
the Mortgage Interest Rate does not include the amount of any such premium.
Approximately 1.69% of the Mortgage Loans are insured by the Federal
Housing Administration and approximately 0.86% of the Mortgage Loans are
guaranteed by the Department of Veterans Affairs;
(xxii) the Wilshire Seller, as of the date hereof, does not expect, as
to any particular Mortgage Loan included in the Trust Fund, that such
Mortgage Loan will become a defaulted Mortgage Loan and that the related
Mortgaged Property will be foreclosed upon (or acquired by deed-in-lieu of
foreclosure);
(xxiii) the Loan Collateral with respect to each Mortgage Loan is Real
Estate owned by the Mortgagor in fee simple or by a leasehold interest;
(xxiv) With respect to any Mortgage Loan where all or a material
portion of the estate of the related Borrower therein is a leasehold
estate, based upon the terms of the ground lease and any estoppel received
from the ground lessor, the Wilshire Seller represents and warrants that:
(A) The ground lease or a memorandum regarding such ground lease
has been duly recorded. The ground lease permits the interest of the
lessee to be encumbered by the related Mortgage and does not restrict
the use of the related Mortgaged Property by such lessee, its
successors or assigns in a manner that would adversely affect the
security provided by the related Mortgage. To the Wilshire Seller's
best knowledge, there has been no material change in the terms of the
ground lease since its recordation, except by any written instruments
which are included in the related Mortgage Loan;
(B) The lessor under such ground lease has agreed in a writing
included in the related Mortgage Loan that the ground lease may not be
amended, modified, canceled or terminated without the prior written
consent of the mortgagee and that any such action without such consent
is not binding on the mortgagee, its successors or assigns;
(C) The ground lease has an original term (or an original term
plus one or more optional renewal terms, which, under all
circumstances, may be exercised, and will be enforceable, by the
mortgagee) that extends not less than 10 years beyond the stated
maturity of the related Mortgage Loan;
(D) Based on the title insurance policy (or binding commitment
therefor) obtained by the Wilshire Seller, the ground lease is not
subject to any liens or encumbrances superior to, or of equal priority
with, the Mortgage, subject to exceptions of the types described in
clause (xviii) above and liens that encumber the ground lessor's fee
interest;
(E) The ground lease is assignable to the mortgagee under the
leasehold estate and its assigns without the consent of the lessor
thereunder;
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(F) As of the closing date of the related Mortgage Loan, the
ground lease is in full force and effect, the Wilshire Seller has
received no notice that any default beyond applicable notice and grace
periods has occurred, and there is no existing condition which, but
for the passage of time or giving of notice, would result in a default
under the terms of the ground lease;
(G) The ground lease or ancillary agreement between the lessor
and the lessee requires the lessor to give notice of any default by
the lessee to the mortgagee;
(H) A mortgagee is permitted a reasonable opportunity (including,
where necessary, sufficient time to gain possession of the interest of
the lessee under the ground lease through legal proceedings, or to
take other action so long as the mortgagee is proceeding diligently)
to cure any default under the ground lease which is curable after the
receipt of notice of any default before the lessor may terminate the
ground lease. All rights of the mortgagee under the ground lease and
the related Mortgage (insofar as it relates to the ground lease) may
be exercised by or on behalf of the mortgagee;
(I) The ground lease does not impose any restrictions on
subletting that would be viewed as commercially unreasonable by an
institutional investor. The lessor is not permitted to disturb the
possession, interest or quiet enjoyment of any subtenant of the lessee
in the relevant portion of the Mortgaged Property subject to the
ground lease for any reason, or in any manner, which would adversely
affect the security provided by the related Mortgage;
(J) Under the terms of the ground lease and the related Mortgage,
any related insurance proceeds or condemnation award (other than in
respect of a total or substantially total loss or taking) will be
applied either to the repair or restoration of all or part of the
related Mortgaged Property, with the mortgagee or a trustee appointed
by it having the right to hold and disburse such proceeds as repair or
restoration progresses, or to the payment of the outstanding principal
balance of the Mortgage Loan, together with any accrued interest,
except that in the case of condemnation awards, the ground lessor may
be entitled to a portion of such award;
(K) Under the terms of the ground lease and the related Mortgage,
any related insurance proceeds, or condemnation award in respect of a
total or substantially total loss or taking of the related Mortgaged
Property will be applied first to the payment of the outstanding
principal balance of the Mortgage Loan, together with any accrued
interest (except as provided by applicable law or in cases where a
different allocation would not be viewed as commercially unreasonable
by any institutional investor, taking into account the relative
duration of the ground lease and the related Mortgage and the ratio of
the market value of the related Mortgaged Property to the outstanding
principal balance of such Mortgage Loan). Until the principal balance
and accrued interest rate are paid in full, neither the lessee nor the
lessor under the ground lease will have an option to terminate or
modify the ground lease without the prior written consent of the
mortgagee as a result of any casualty or partial condemnation, except
to provide for an abatement of the rent; and
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(L) Provided that the mortgagee cures any defaults which are
susceptible to being cured, the lessor has agreed to enter into a new
lease upon termination of the ground lease for any reason, including
rejection of the ground lease in a bankruptcy proceeding;
(xxv) no more than 2.59%, 35.96% and 24.55% of the Mortgage Loans in
Pool I, Pool II and Pool III, respectively, are Balloon Loans; none of the
Mortgage Loans in Pool I, Pool II and Pool III are Manufactured Housing
Loans; no more than 0.14%, 2.47% and 2.86% of the Mortgage Loans in Pool I,
Pool II and Pool III, respectively, are secured by unimproved land; no more
than 0%, 4.53% and 3.26% of the Mortgage Loans in Pool I, Pool II and Pool
III, respectively, are secured by Mixed Use Properties; no more than 1.91%,
42.41% and 1.30% of the Mortgage Loans in Pool I, Pool II and Pool III,
respectively, are secured by Multifamily Properties; no more than 1.32%,
21.25% and 14.07% of the Mortgage Loans in Pool I, Pool II and Pool III,
respectively, are secured by Commercial Properties.
(xxvi) to the best knowledge of the Wilshire Seller, not more than
0.19%, 6.68% and 4.72% in Pool I, Pool II and Pool III, respectively, of
the Mortgagors are currently the subject of a Chapter 13 bankruptcy
proceeding since the date of acquisition of the Mortgage Loan by the
Wilshire Seller; each such Mortgagor has paid all amounts due to the
bankruptcy trustee in accordance with the Plan in respect of past due
amounts under the Mortgage Loan, and, as of the Cut-Off Date, the Mortgagor
is not 30 days or more Delinquent in respect of any amounts due under the
Mortgage Loan since the date of such Plan; and
(xxvii) as to each Mortgage Loan that was Delinquent as of the Cut-Off
Date with a stated maturity date prior to the Cut-Off Date, the Wilshire
Seller has mailed to the Mortgagor a unilateral modification agreement
extending the stated maturity date, waiving any prior defaults by the
Mortgagor in respect of Delinquent payments, and agreeing to accept the
Monthly Payment determined in accordance with the original Mortgage Note,
which Monthly Payment will fully amortize the Mortgage Note prior to the
stated maturity date, and a copy of each such agreement is in the related
Loan File;
(xxviii) each Mixed Use Property contains at least one complete
residential unit that is occupied by a natural person as a principal
residence and contains other units being used for commercial purposes;
(xxix) to the best knowledge of the Wilshire Seller, as of the Cut-Off
Date none of the Mortgage Loans are subject to the Home Ownership and
Equity Protection Act of 1994; all notices required to be delivered to the
related Mortgagor pursuant to the Home Ownership and Equity Protection Act
of 1994 have been delivered and all other requirements of that Act have
been complied with for each such Mortgage Loan;
(xxx) the amortized Loan-to-Value Ratio in the List of Loans reflects
the value of the Mortgaged Property as determined in an appraisal or a
broker's price opinion; the appraiser or broker was appointed by the
Wilshire Seller, had no interest, direct or indirect, in the Loan
Collateral or in any loan secured thereby, and its compensation is not
affected by the value assigned to such collateral; and any such appraisal
or opinion was dated generally not earlier than 18 months prior to the
Closing Date;
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(xxxi) with respect to each of the Multifamily Loans, Mortgage Loans
secured by Mixed Use Property and Commercial Loans and to the knowledge of
the Wilshire Seller and the Unaffiliated Seller:
(A) each related Assignment of Leases creates a valid collateral
or first priority assignment of, or a valid first priority security
interest in, certain rights under the related lease, subject only to a
license granted to the related Mortgagor to exercise certain rights
and to perform certain obligations of the lessor under such lease,
including the right to operate the related Mortgaged Property; no
person other than the related Mortgagor owns any interest in any
payments due under such lease that is superior to or of equal priority
with the mortgagee's interest therein;
(B) as of the later of the closing date for each Mortgage Loan or
the most recent inspection of the related Mortgaged Property by the
Wilshire Seller, each related Mortgaged Property is free of any
material damage that would affect materially and adversely the value
of such Mortgaged Property as security for the Mortgage Loan or
reserves have been established to remediate such damage and, as of the
closing date for each Mortgage Loan and, to the best knowledge of the
Wilshire Seller, as of the date hereof, there is no proceeding pending
for the total or partial condemnation of such Mortgaged Property that
would have a material adverse effect on the value of the Mortgaged
Property;
(C) each related Mortgaged Property is covered by business
interruption insurance that covers a period of not less than 12 months
and comprehensive general liability insurance in amounts generally
required by institutional lenders for similar properties; all premiums
on such insurance policies required to be paid as of the date hereof
have been paid; such insurance policies require prior notice to the
insured of termination or cancellation, and no such notice has been
received; such insurance names the mortgagee under the Mortgage Loan
and its successors and assigns as a named or additional insured; each
related Mortgage Loan obligates the related Mortgagor to maintain all
such insurance and, at such Mortgagor's failure to do so, authorizes
the mortgagee to maintain such insurance at the Mortgagor's cost and
expense and to seek reimbursement therefor from such Mortgagor;
(D) each Mortgagor represents and warrants in the related Loan
File Documents that, to the best of its knowledge, it has not used,
caused or permitted to exist and will not use, cause or permit to
exist on the related Mortgaged Property any Hazardous Materials in any
manner that violates federal, state or local laws, ordinances,
regulations, orders, directives or policies governing the use,
storage, treatment, transportation, manufacture, refinement, handling,
production or disposal of Hazardous Materials; the related Mortgagor
or an affiliate or an affiliate thereof agrees to indemnify, defend
and hold the mortgagee and its successors and assigns harmless from
and against losses, liabilities, damages, injuries, penalties, fines,
expenses, and claims of any kind whatsoever (including attorneys' fees
and costs) paid, incurred or suffered by, or asserted against, any
such party resulting from a breach of certain representations,
warranties or covenants given by the Mortgagor in connection with such
Mortgage Loan. To the best of the Wilshire Seller's knowledge, each
Mortgaged Property is in material compliance with all applicable
federal, state and local laws pertaining to environmental hazards,
there is no material existence of Hazardous Materials on the Mortgaged
Property, and to the best of the Wilshire Seller's knowledge, no
notice of violation of such laws has been issued
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by any governmental agency or authority; the Wilshire Seller has not
taken any action that would cause the Mortgaged Property not to be in
compliance with all federal, state and local laws pertaining to
environmental hazards;
(E) each Mortgagor covenants in the Loan File Documents that it
shall remain in material compliance with all material licenses,
permits and other legal requirements necessary and required to conduct
its business;
(F) each Mortgaged Property is located on or adjacent to a
dedicated road, or has access to an irrevocable easement permitting
ingress and egress, is served by public utilities and services
generally available in the surrounding community or otherwise
appropriate for the use in which the Mortgaged Property is currently
being utilized, and is a separate tax parcel;
(G) a copy of each Form UCC-1 financing statement, if any, filed
with respect to personal property constituting a part of the related
Mortgaged Property, together with a copy of each Form UCC-2 or UCC-3
assignment, if any, of such financing statement to the Wilshire Seller
and a copy of each Form UCC-2 or UCC-3 assignment, if any, of such
financing statement executed by the Wilshire Seller in blank which the
Trustee or its designee is authorized to complete (and but for the
insertion of the name of the assignee and any related filing
information which is not yet available to the Wilshire Seller) is in
suitable form for filing in the filing office in which such financing
statement was filed;
(H) to the best knowledge of the Wilshire Seller, (a) all
material commercial leases affecting the Mortgaged Properties securing
the Mortgage Loans are in full force and effect and (b) there exists
no default under any such material commercial lease either by the
lessee thereunder or by the related Mortgagor that could give rise to
the termination of such lease;
(I) the Loan File Documents for each Mortgage Loan provide that
such Mortgage Loan is non-recourse to the related parties thereto
except for certain acts including the fraud, willful misconduct or
material misrepresentation by the related Mortgagor and/or its
affiliates and any act resulting in the Mortgaged Property becoming an
asset in a voluntary bankruptcy or insolvency proceeding.
Additionally, the Loan File Documents for each Mortgage Loan provide
that the related Mortgagor thereunder shall be liable to the mortgagee
for any losses incurred by the mortgagee due to (1) the misapplication
or misappropriation of rents, insurance proceeds or condemnation
awards, (2) any act of waste, and (3) any breach of the environmental
covenants contained in the related Loan File Documents;
(J) none of the Mortgage Loans provide for the accrual of
additional interest thereon if the such Mortgage Loan is not paid in
full on or prior to an anticipated repayment date;
(K) none of the Mortgage Loans are secured by multiple Mortgaged
Properties;
(L) none of the Mortgage Loans are cross-collateralized or
crossed-defaulted with any other Mortgage Loan; and
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(M) none of the Mortgage Loans provide for the payment of any
prepayment penalties or yield maintenance charges in connection with
any unscheduled payments of principal thereunder;
(xxxii) none of the Mortgage Loans is a Manufactured Housing Loan or a
Time Share Loan; and
(xxxiii) no Mortgage Loan is past its stated maturity date.
(b) The Depositor hereby assigns to the Trustee on behalf of the Trust its
rights under the Sale Agreement (such rights having been assigned to the
Depositor by the Unaffiliated Seller) to cause the Wilshire Seller to repurchase
any Mortgage Loan conveyed by the Wilshire Seller and the Unaffiliated Seller,
as to which there has occurred an uncured breach of a representation or warranty
(without regard to any qualification as to knowledge) which materially and
adversely affects the value of, or the interests of the Trust in, any Mortgage
Loan in respect of the representations and warranties with respect to the
Mortgage Loans set forth in such Sale Agreement. The Trustee hereby acknowledges
such assignment, and the Servicer on the Trustee's behalf agrees to exercise
such rights as provided herein.
(c) The representations and warranties described in this Section 3.05 shall
survive the assignment of the Mortgage Loans to the Trust.
Section 3.06. Repurchases and Remedies.
(a) Upon discovery by either of the Unaffiliated Seller or the Servicer, or
actual knowledge of a Responsible Officer of the Trustee, of (i) a breach of any
of the representations and warranties set forth in Section 3.05, without regard
to any limitation set forth in such representation or warranty concerning the
knowledge of the Wilshire Seller or the Unaffiliated Seller as to the facts
stated therein, (ii) a failure to make any filing or take any action required by
Section 2.05 hereof or (iii) an exception set forth in an Exception Report
prepared by the Trustee pursuant to Section 2.04, which materially and adversely
affects the value of, or the interests of the Trust in, any Mortgage Loan, the
party discovering such breach shall give prompt written notice to the others and
the Depositor. Any exception set forth on the Exception Report shall not, in and
of itself, be deemed material and adverse to such value or interests; provided,
however, that delivery of such Exception Report to the Depositor, the
Unaffiliated Seller, the Servicer and the Trustee shall constitute notice
pursuant to this Section 3.06(a), which notice shall be deemed to have been
given on the date on which such exception materially and adversely affects the
value of, or the interests of the Trust Fund in the related Mortgage Loan; and
provided further that the failure of the Trustee to receive the original or a
copy of the original Mortgage or an original or a copy of a Title Policy with
respect to any Mortgage Loan within 360 days of the Closing Date in accordance
with Section 2.05(c) will be deemed to be material and adverse. Notwithstanding
anything in this Agreement to the contrary, if any breach, failure or defect
causes a Mortgage Loan to be other than a "qualified mortgage" under Section
860G(a)(3) of the Code, any cure shall occur within 90 days of the discovery of
such defect or breach.
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If, on the Servicer Remittance Date in the month following the expiration
of a 60 day period following the date of any notice referred to in the
immediately preceding paragraph, such breach or failure shall remain uncured,
the Mortgage Loan as to which the breach or failure relates shall be repurchased
or purchased for the Repurchase Price as follows:
(i) in respect of matters set forth in Section 3.05(a), or due to a
failure to make any filing or take any action required by Section 2.05
hereof, by the Unaffiliated Seller;
(ii) in respect of matters set forth in Section 3.05(b) and the final
proviso of the second to the last sentence of the first paragraph of
Section 3.06(a) the Servicer on the Trustee's behalf shall enforce the
Unaffiliated Seller's right to effect a repurchase of such Mortgage Loan
against the Wilshire Seller; provided that if such breach or failure causes
such Mortgage Loan to be other than a "qualified mortgage" under Section
860G(a)(3) of the Code, such repurchase or purchase shall occur within 90
days of the discovery of the defect; and
(iii) in respect of any Mortgage Loan listed on an Exception Report
prepared by the Trustee pursuant to Section 2.04 the exception for which
materially and adversely affects the value of, or the interests of the
Trust Fund in, such Mortgage Loan, by the Unaffiliated Seller.
(b) Following confirmation by the Servicer that the Repurchase Price has
been deposited in the Collection Account and receipt by the Trustee of a written
Request for Release in the form of Exhibit E hereto from the Servicer, the
Trustee on behalf of the Trust shall release such Mortgage Loan and the related
Loan File to the Unaffiliated Seller or the Wilshire Seller, as the case may be,
and the Trustee on behalf of the Trust shall assign to such party or its
designee, all of the Trust's right, title and interest in such purchased or
repurchased Mortgage Loan, and all property and rights conveyed to the Trustee
relating thereto, without recourse, representation or warranty, except as to the
absence of liens, charges or encumbrances created by or arising as a result of
actions of the Trustee and except as to liens, charges or encumbrances created
or arising out of this Agreement. The Trustee and the Unaffiliated Seller shall
execute and deliver to the Unaffiliated Seller or the Wilshire Seller, as the
case may be, an assignment, prepared and furnished to the Trustee substantially
in the form of Exhibit F to vest ownership of the repurchased Mortgage Loan in
such party. The repurchase and purchase obligations pursuant to this Section
3.06 constitute the sole remedy available to the Trustee and the Holders of the
Certificates for a breach of a representation or warranty or agreement of the
Unaffiliated Seller or the Wilshire Seller, set forth in this Article III. For
the purposes of this Agreement, a Mortgage Loan has not been "repurchased" or
"purchased" by the Unaffiliated Seller, the Wilshire Seller or the Servicer, as
the case may be, pursuant to this Section 3.06 unless the Repurchase Price
therefor has been deposited into the Collection Account.
ARTICLE IV
SERVICING OF TRUST ASSETS
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Section 4.01. Servicer and Sub-Servicers.
(a) Acting directly or through one or more Sub-Servicers as provided in
Section 4.03 hereof, the Servicer shall service and administer the Mortgage
Loans in accordance with the Servicing Standard. Subject only to the terms of
the respective Mortgage Loans, the Servicer shall have full power and authority
(subject to Section 10.16(e) hereof), acting alone or through Sub-Servicers as
provided herein, to do or cause to be done any and all things in connection with
such servicing and administration which it may deem necessary or desirable. The
Servicer shall promptly notify the Back-Up Servicer in writing of any event,
circumstance or occurrence which materially adversely affects the ability of the
Servicer to service the Mortgage Loans or to otherwise perform and carry out its
duties, responsibilities and obligations under and in accordance with the
Servicing Standard.
(b) The duties of the Servicer shall include, without limitation,
collecting and posting of all payments, responding to inquiries by Mortgagors or
by federal, state or local government authorities with respect to the Mortgage
Loans, investigating delinquencies, reporting tax information to Mortgagors in
accordance with its customary practices and all applicable law, accounting for
collections and furnishing monthly and annual statements to the Back-Up Servicer
and the Trustee with respect to distributions and making Delinquency Advances
and Servicing Advances pursuant hereto. The Servicer's duties and obligations
hereunder shall commence on the date hereof, and the Servicer shall have no
obligations or liabilities hereunder with respect to the prior servicing of the
Mortgage Loans. The Servicer shall follow the provisions of this Agreement and
the Servicing Standard. The Servicer shall service and administer the Mortgage
Loans in accordance with applicable state and federal law and shall provide to
the Mortgagors any reports required to be provided to them thereby.
(c) Subject to Section 10.16(e) hereof, consistent with the Servicing
Standard, the Servicer may, on behalf of itself, the Holders of the
Certificates, the Trust and the Trustee, effect modifications of any Mortgage
Loan if, in the Servicer's reasonable determination made in good faith, such
modification is necessary to maximize collections with respect to such Loan.
The Servicer shall include in each Servicer's Monthly Report the aggregate
Principal Balances of all Mortgage Loans which were subject to such
modifications during the related Due Period, as well as the aggregate Principal
Balances of all Mortgage Loans which were subject to such modifications since
the Cut-Off Date and through the end of the related Due Period.
The Servicer agrees that it will not renew, extend, renegotiate,
compromise, settle or release any Note or Mortgage Loan, except upon payment in
full thereof, unless all Mortgagors on such Note or Mortgage Loan shall first
release and discharge the FDIC, the Depositor, each Seller, the Unaffiliated
Seller, the Trust and the Trustee, the Back-Up Servicer and the Servicer, their
agents and assigns (the "Released Parties"), from and against all claims,
demands and causes of action which any such Mortgagor may have against any such
Released Party arising from or growing out of any act or omission occurring
prior to the date of such release. Such release is to be in the form of Exhibit
G hereto. To the extent the Servicer does not obtain such release, it will not
renew, extend, renegotiate, compromise, settle or release any Note or Mortgage
Loan, except upon payment in full thereof. If the Servicer fails to obtain such
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release, and renews, extends, renegotiates, compromises or settles any Note or
Mortgage Loan in violation of this Section, the Servicer agrees to indemnify and
hold the Released Parties harmless from any and all claims, demands, losses,
damages, penalties, fines, forfeitures, judgments, legal fees and other costs,
fees, and expenses suffered by the Released Parties as a result of the
Servicer's failure to obtain a release.
(d) Consistent with the Servicing Standard the Servicer may, on behalf of
itself, the Holders of the Certificates, the Trust and the Trustee, enter into
an assumption agreement whereby a new Mortgagor agrees to assume liability on a
Mortgage Loan, provided, that (i) at the time of such assumption (x) the related
Loan is either a defaulted Mortgage Loan or the Servicer reasonably believes
that such Loan's becoming a defaulted Mortgage Loan is imminent and (y) the new
Mortgagor agrees to repay a principal balance on such Mortgage Loan which is at
least equal to the Servicer's good faith estimate of the Net Liquidation
Proceeds which would be recovered with respect to such loan (excluding any
potential for a deficiency judgment against the prior Mortgagor) if the related
Loan Collateral were to be liquidated in a commercially reasonably manner and
(ii) no such assumption shall extend the maturity date of such Mortgage Loan
beyond the latest maturity date of any other Mortgage Loan then held by the
Trust. The ability of the Servicer to effect assumptions pursuant to this
Section 4.01(d) is independent of the Servicer's rights and obligations under
Section 4.14 hereof.
(e) Subject to Sections 4.03 through 4.07 hereof, the Servicer may, and is
hereby authorized to, perform any of its servicing responsibilities with respect
to all or certain of the Mortgage Loans through a Sub-Servicer as it may from
time to time designate, but no such designation of a Sub-Servicer shall serve to
release the Servicer from any of its obligations under this Agreement.
(f) Without limiting the generality of the foregoing, but subject to
Sections 4.15 and 10.16(e) hereof, the Servicer on behalf of the Trustee, is
authorized and empowered, pursuant to a special or limited power of attorney
hereby granted by the Trust and the Trustee, to execute and deliver, on behalf
of itself, the Trust and the Trustee, (i) any and all instruments of
satisfaction or cancellation or of partial or full release or discharge and all
other comparable instruments with respect to the Mortgage Loans and with respect
to the Mortgaged Properties, (ii) to institute foreclosure proceedings or obtain
a deed in lieu of foreclosure so as to effect ownership of any Mortgaged
Property on behalf of the Trust and (iii) to hold title to any Mortgaged
Property upon such foreclosure or deed in lieu of foreclosure in the name of the
Servicer on behalf of the Trust. Subject to Section 4.17 hereof, the Trust and
the Trustee shall promptly sign and return to the Servicer and any Sub-Servicer
any special or limited powers of attorney and other documents as the
Sub-Servicer or such Sub-Servicer shall reasonably request to enable the
Servicer or such Sub-Servicer to carry out their respective servicing and
administrative duties hereunder as are delivered to the Trustee accompanied by a
certificate of a Servicing Officer to the effect that the Trustee's signature is
required pursuant to this Agreement (and neither the Trust nor the Trustee shall
have any liability for any misuse of any such special or limited powers of
attorney). Each such certification shall include a request that such pleadings
or documents be executed by the Trustee and a statement as to the reason such
documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure or
trustee's sale.
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(g) The Servicer shall give prompt notice to the Trustee of any action, of
which the Servicer has actual knowledge, to (i) assert a claim against the Trust
or (ii) assert jurisdiction over the Trust.
(h) Servicing Advances incurred by the Servicer or any Sub-Servicer in
connection with the servicing of the Mortgage Loans (including any penalties in
connection with the payment of any taxes and assessments or other charges) on
any Mortgaged Property shall be recoverable by the Servicer or such Sub-Servicer
to the extent described in Section 4.12(b) hereof.
(i) All accounting and loan servicing records pertaining to the Mortgage
Loans shall be maintained in a manner consistent with the Servicing Standard,
and in such manner as will permit the Trustee, the Back-Up Servicer or their
respective duly authorized representatives and designees to examine and audit
and make legible reproductions of records during reasonable business hours upon
reasonable notice. All such records, including but not limited to all
transaction registers and loan ledger histories, shall be maintained for the
period required under applicable law.
Section 4.02. Collection of Certain Mortgage Loan Payments.
(a) The Servicer shall, as required by the Servicing Standard, make all
reasonable efforts to collect payments called for under the terms and provisions
of the Mortgage Loans, and shall, to the extent such procedures shall be
consistent with this Agreement, follow such collection procedures with respect
to the Mortgage Loans as it follows with respect to comparable mortgage loans in
its own servicing portfolio; provided, that the Servicer shall always at least
follow collection procedures that are consistent with or better than the
Servicing Standard. Consistent with the foregoing, the Servicer may in its
discretion and subject to Section 4.01(c) hereof (i) waive any assumption fees,
late payment charges, charges for checks returned for insufficient funds,
prepayment fees, if any, or other fees which may be collected in the ordinary
course of servicing the Mortgage Loans, (ii) modify payments of monthly
principal and interest on any Mortgage Loan becoming subject to the terms of the
Civil Relief Act, as amended, in accordance with the Servicer's general policies
relating to comparable mortgage loans subject to such Act.
The Servicer may modify and extend the maturity of a Balloon Loan which
matures, to protect against a Realized Loss and which is not otherwise paid in
full at such maturity date by the related Mortgagor; provided that the
rescheduled final maturity date of such Mortgage Loan is not for a period in
excess of one year, the related Mortgage Rate is not decreased, the Mortgagor
does not receive any additional proceeds and that such Mortgage Loan fully
amortizes by such rescheduled final maturity date; and provided further that the
Mortgagor executes a written modification agreement agreeing to such
modifications.
(b) The Servicer shall apply all Advance Payments received by it with
respect to any Mortgage Loan as set forth in the related Note, and in a manner
consistent with the Servicer's standard procedures and applicable law.
Section 4.03. Sub-Servicing Agreements Between Servicer and Sub-Servicers.
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The Sub-Servicer may enter into Sub-Servicing Agreements for the servicing and
administration of Mortgage Loans with any institution which is in compliance
with the laws of each state necessary to enable it to perform its obligations
under any such Sub-Servicing Agreement. For purposes of this Agreement, the
Sub-Servicer shall be deemed to have received payments on Mortgage Loans when
the Sub-Servicer has received such payments. The Servicer covenants that any
such Sub-Servicing Agreement shall be consistent with and not in violation of
the provisions of this Agreement. The Servicer shall give written notice to the
Back-Up Servicer, the Depositor, the Trustee of the appointment of any
Sub-Servicer, and shall provide to each of them a copy of the related
Sub-Servicing Agreement.
Section 4.04. Successor Servicers. The Servicer may terminate any
Sub-Servicing Agreement in accordance with the terms and conditions of such
Sub-Servicing Agreement and directly service the related Mortgage Loans itself
or enter into a Sub-Servicing Agreement with a successor Servicer that qualifies
under Section 4.03 hereof.
In the event of termination of any Sub-Servicer, all servicing obligations
of such Sub-Servicer shall be assumed simultaneously by the Servicer without any
act or deed on the part of such Sub-Servicer or the Servicer, and the Servicer
either shall service directly the related Mortgage Loans or shall enter into a
Sub-Servicing Agreement with a successor Sub-Servicer. The Servicer shall give
written notice to the Back-Up Servicer of the termination of any Sub-Servicer.
Any Sub-Servicing Agreement shall include the provision that such agreement
may be immediately terminated, without cause and without payment of any penalty
or fee, by (x) the Back-Up Servicer or (y) the Trustee, in either case in the
event that the Servicer shall, for any reason, no longer be the Servicer
(including termination due to a Servicer default), together with a provision
stating that none of the Depositor, the Back-Up Servicer or the Trustee shall be
deemed a party thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to any Servicer, except as set forth herein.
Section 4.05. Liability of Servicer. The Servicer shall not be relieved of
its obligations under this Agreement notwithstanding any Sub-Servicing Agreement
or any of the provisions of this Agreement relating to agreements or
arrangements between the Servicer and a Sub-Servicer or otherwise, and the
Servicer shall be obligated to the same extent and under the same terms and
conditions as if it alone were servicing and administering the Mortgage Loans.
Nothing contained in any such Sub-Servicing Agreement shall be deemed to limit
or modify this Agreement. The Servicer shall be entitled to enter into any
agreement with a Sub-Servicer for indemnification of the Servicer by such
Sub-Servicer.
Section 4.06. No Contractual Relationship Between Sub-Servicer and Persons
other than the Servicer. Any Sub-Servicing Agreement and any other transactions
or services relating to the Mortgage Loans involving a Sub-Servicer shall be
deemed to be between the Sub-Servicer and the Servicer alone and none of the
Depositor, the Unaffiliated Seller, the Back-Up Servicer or the Trustee shall be
deemed a party thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to any Sub-Servicer, except as set forth in Sections
4.05 and 4.07 hereof. The Servicer shall be solely liable for all fees owed by
it to any Sub-Servicer, irrespective of whether the Servicer's compensation
pursuant to this Agreement is
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sufficient to pay such fees.
Section 4.07. Assumption or Termination of Sub- Servicing Agreements.
Subject to the second paragraph of Section 4.04 hereof, in connection with the
assumption of the responsibilities, duties and liabilities and of the authority,
power and rights of the Servicer hereunder pursuant to Section 4.19 hereof, it
is understood and agreed that the Servicer's rights and obligations under any
Sub-Servicing Agreement then in force between the Servicer and a Sub-Servicer
may be assumed or terminated by the assuming party at its option.
The Servicer shall, upon request of the Trustee or of the Back-Up Servicer,
but at the expense of the Servicer, deliver to the assuming party documents and
records relating to each Sub-Servicing Agreement and an accounting of amounts
collected and held thereunder and otherwise use its best reasonable efforts to
effect the orderly and efficient transfer of the Sub-Servicing Agreements to the
assuming party.
Section 4.08. Establishment of Lock-Box and Lock-Box Account.
(a) Prior to the Closing Date, the Servicer shall (i) establish and
maintain the Lock-Box Account, (ii) enter into the Lock-Box Agreement and (iii)
within 30 days of the Closing Date, notify each Mortgagor to remit all payments
with respect to the Mortgage Loans to the Lock-Box Account. If, at any time, the
Lock-Box Account ceases to be maintained at the Lock-Box Bank, the Servicer
shall within ten Business Days of obtaining actual knowledge of such cessation
establish a new lock-box account which shall be an Eligible Account, transfer
any cash and/or any investments from the Lock-Box Account to such new lock-box
account and from the date such new lock-box account is established, it shall be
the "Lock-Box Account", provided that notice of such new lock-box account is
given to each Rating Agency and the Trustee. In the event that a Successor
Servicer is appointed, the Trustee, the Lock-Box Bank and such Successor
Servicer will enter into a new lock-box agreement replacing the Lock-Box
Agreement and such new lock-box agreement shall be the "Lock-Box Agreement" for
all purposes hereunder.
(b) The Servicer shall instruct, or cause any Sub-Servicer to instruct, all
Mortgagors to make payments only to the Lock-Box, unless, due to special
collection circumstances (by way of illustration, a delinquent Mortgagor who is
willing to send payment by Federal Express courier, "mailgram" or other manner
not in a form eligible for receipt directly by the Lock-Box Account) such
payment must be made to the Servicer, in which event such amounts shall be
deposited by the Servicer in the Lock-Box Account in accordance with this
Section 4.08. The Servicer shall instruct the Lock-Box Bank to remit by wire
transfer of immediately available funds (x) Escrow Amounts to the appropriate
T&I Account, as directed by the Servicer and (y) all other Collections in the
Lock-Box Account to the Collection Account, in each case on the next Business
Day following their receipt by the Lock-Box Bank.
(c) For all purposes of this Agreement, no amounts shall be considered to
be on deposit in the Lock-Box Account unless such amounts are available for
withdrawal therefrom in "good funds"; i.e., until any check or "Automated
Clearing House" transfer has "cleared". The Servicer shall have the right to
withdraw from the Lock-Box Account the amount of any misapplied payment or other
amount deposited therein in error. The Servicer is not required to deposit any
amounts received by the Servicer to the Lock-Box Account in accordance with the
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provisions hereof until the Servicer has determined that such amounts relate to
the Mortgage Loans and such amounts are available as "good funds".
Section 4.09. Deposits into Collection Account. The Servicer shall deposit
(with respect to any such amounts it receives directly), or cause to be
deposited, in immediately available funds, to the Collection Account, on a daily
basis in accordance with Section 4.08(b) hereof, the following payments and
collections received or made by it, without duplication, except to the extent
that such collections include Escrow Amounts, which shall be deposited to the
appropriate T&I Account, together with all Delinquency Advances made, and
Prepayment Interest paid, by the Servicer on the related Servicer Remittance
Date, pursuant to Section 4.12 hereof; (such amounts set forth below together
with such Delinquency Advances and Prepayment Interest, "Collections"):
(i) all payments on the Mortgage Loans;
(ii) all payments received as a result of the enforcement of the
Trustee's rights under the Unaffiliated Seller's Agreement or the
Unaffiliated Seller's rights under the Sale Agreement;
(iii) all Net Liquidation Proceeds or Net Insurance Proceeds with
respect to the Mortgage Loans;
(iv) all amounts required to be deposited by the Servicer pursuant to
Section 4.13(c) hereof;
(v) any amount required to be deposited by the Servicer in connection
with losses with respect to funds invested pursuant to Section 6.03 hereof;
(vi) all Condemnation Proceeds affecting any Loan Collateral that are
not released to the Mortgagor in accordance with the Servicer's normal
servicing procedures, the Note, the Mortgagor or applicable law; and
(vii) any other amounts required to be deposited in the Collection
Account pursuant to the terms hereof.
Section 4.10. [Reserved].
Section 4.11. Servicer Reports. Not later than 12:00 noon Pacific time on
the fifteenth calendar day of each month (or the following Business Day if such
calendar day is not a Business Day), the Servicer shall deliver or cause to be
delivered to the Trustee the related Servicer's Monthly Report on computer
readable magnetic tape or diskette in a mutually agreed upon format. This report
shall also contain (i) a summary report of Mortgage Loan payment activity for
such month, (ii) exception payment reports for Mortgage Loans with respect to
which scheduled payments due in such month were not made, (iii) an itemization
by category of all amounts to be paid on the Distribution Date, (iv) a trial
balance in the form of a computer tape, and (v) such information as is necessary
for the Trustee to report items in 6.08(b).
Section 4.12. Delinquency Advances, Servicing Advances and Prepayment
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Interest.
(a) Not later than 10:00 a.m. Pacific time on each Servicer Remittance
Date, the Servicer shall advance funds (each such advance, a "Delinquency
Advance"), in immediately available funds, to the Collection Account in the
amount of any Monthly Payment that is due during the related Due Period and not
received by the Servicer or any Sub-Servicer as of the related Determination
Date; provided, however, that the Servicer will not be required to make any such
Delinquency Advance if the Servicer determines in reasonable good faith that
such Delinquency Advance would be a Non-Recoverable Advance. Such determination
by the Servicer will be evidenced by a certificate signed by a Servicing Officer
delivered to the Trustee no later than the Report Date for the related
Distribution Date. Each Delinquency Advance shall increase the Outstanding
Advances with respect to the related Mortgage Loan. The Servicer shall be
permitted to fund Delinquency Advances from its own funds, and from amounts then
on deposit in the Collection Account in excess of the Available Distribution
Amount for the related Servicer Remittance Date.
The Servicer may recover Delinquency Advances (i) from the Collection
Account out of collections on the Mortgage Loan whose delinquency gave rise to
such Delinquency Advance subsequent to the related Due Period, from Liquidation
Proceeds and/or Insurance Proceeds recovered on account of such Mortgage Loan to
the extent of the amount of such Delinquency Advance prior to, or after, the
deposit of such Liquidation Proceeds and/or Insurance Proceeds in the Collection
Account and (ii) from the Collection Account generally, if such Delinquency
Advance has been determined to be a Non-Recoverable Advance.
(b) The Servicer will advance all "out-of-pocket" costs and expenses
incurred in the performance of its servicing obligations with respect to
defaulted Mortgage Loans, including, but not limited to, the cost of (i)
Preservation Expenses, (ii) any enforcement or judicial proceedings, including
foreclosures, and any reasonable legal expenses in connection with the assertion
by a Mortgagor of any claim or defense that the Mortgagor may have had against
the originator in connection with the sale, financing or construction of such
Mortgagor's home and which the Mortgagor asserts against the Servicer and (iii)
the management and liquidation of REO Property, but shall only pay such costs
and expenses to the extent the Servicer reasonably believes such costs and
expenses will be recovered from the related Mortgage Loan and will increase Net
Liquidation Proceeds on the related Mortgage Loan. Each such expenditure, and
exclusive of overhead, together with any Servicing Advance as defined in Section
4.15(a) hereof, will constitute a "Servicing Advance." The Servicer may recover
a Servicing Advance from the Mortgagor to the extent permitted by the related
Mortgage Loan, from the Collection Account out of collections on the related
Mortgage Loan, or from Liquidation Proceeds realized upon the liquidation of the
related Mortgage Loan, from Insurance Proceeds collected with respect to the
related Mortgage Loan prior to, or after, the deposit of such Liquidation
Proceeds and/or Insurance Proceeds in the Collection Account.
(c) the Servicer shall, not later than 10:00 a.m. Pacific time on the
related Servicer Remittance Date, deposit in the Collection Account the
Prepayment Interest, if any, for the related Prepayment Period.
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Section 4.13. Maintenance of Insurance and Tax Services.
(a) The Servicer shall cause to be maintained with respect to each Mortgage
Loan with an unpaid Principal Balance of $2,000 or greater a hazard insurance
policy with a generally acceptable carrier that provides for fire and extended
coverage, and which provides for a recovery by the Servicer on behalf of the
Trust and its assignees of insurance proceeds relating to such Mortgage Loan, in
an amount not less than the least of (i) the outstanding principal balance of
the Mortgage Loan, (ii) the minimum amount required to compensate for damage or
loss on a replacement cost basis and (iii) the full insurable value of the
improvements which are a part of the related Mortgaged Property, but in any case
not less than the amount necessary to avoid the application of any co-insurance
clause.
(b) If a Mortgage Loan with an unpaid Principal Balance of $2,000 or
greater relates to a Mortgaged Property in an area identified in the Federal
Register by the Federal Emergency Management Agency as having special flood
hazards, at the time of origination, and if such loan has been specifically
identified as being in such an area in the List of Loans or other writing
delivered to the Servicer by the FDIC, the Servicer shall cause to be maintained
with respect thereto a flood insurance policy in a form meeting the requirements
of the current guidelines of the Federal Insurance Administration with a
generally acceptable carrier in an amount that provides for coverage, and which
provides for a recovery by the Servicer on behalf of the Trust of insurance
proceeds relating to such Mortgage Loan, in an amount not less than the least of
(i) the outstanding principal balance of the Mortgage Loan, (ii) the minimum
amount required to fully compensate for damage or loss to the improvements which
are a part of the related Mortgaged Property on a replacement cost basis and
(iii) the maximum amount of insurance that is available under the Flood Disaster
Protection Act of 1973, the National Flood Insurance Act of 1968 or Flood
Insurance Reform Act of 1994, as amended, but in each case in an amount not less
than such amount as is necessary to avoid the application of any co-insurance
clause contained in the related hazard insurance policy. The Servicer shall
indemnify the Trust out of the Servicer's own funds for any loss to the Trust
resulting from the Servicer's failure to maintain such flood and hazard
insurance required by this Section.
(c) In the event that the Servicer shall obtain and maintain a blanket
policy insuring against fire, flood and hazards of extended coverage on all of
the Mortgage Loans, then, to the extent such policy names the Servicer as loss
payee and provides coverage in an amount equal to the aggregate Principal
Balance of the Mortgage Loans without co-insurance, and otherwise complies with
the requirements of this Section 4.13, the Servicer shall be deemed conclusively
to have satisfied its obligations with respect to fire, flood and hazard
insurance coverage under this Section 4.13, it being understood and agreed that
such blanket policy may contain a deductible clause, in which case the Servicer
shall, in the event that there shall not have been maintained on the related
Mortgaged Property a policy complying with Sections 4.13(a) and (b) hereof, and
there shall have been a loss which would have been covered by such policy,
deposit in the Collection Account from the Servicer's own funds the difference,
if any, between the amount that would have been payable under a policy complying
with Sections 4.13(a) and (b) and the amount paid under such blanket policy.
Upon the request of the Back-Up Servicer, the Servicer shall cause to be
delivered to the requesting party a copy of such policy.
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(d) The Servicer shall maintain in full force and effect a Primary Mortgage
Insurance Policy with respect to each Mortgage Loan for which such coverage is
in effect as of the Closing Date. Such coverage (to the extent not provided by
FHA or the VA) shall be maintained until the Loan-to-Value Ratio of the related
Mortgage Loan is reduced to 75% or less. The Servicer will not cancel or refuse
to renew any such Primary Mortgage Insurance Policy in effect on the Closing
Date that is required to be kept in force pursuant to this Section 4.13(d)
unless a replacement Primary Mortgage Insurance Policy for such cancelled or
non-renewed policy has been obtained. In addition, the Servicer shall, prior to
foreclosing on any Multifamily Property, Mixed Use Property or Commercial
Property, inspect the Mortgaged Property and, as appriopriate and consistent
with the Servicing Standard, undertake an investigation or request an
environmental assessment (including any environmental testing the Servicer deems
necessary and prudent) of the Mortgaged Property in order to determine that
there are no circumstances or conditions present at the Mortgaged Property
relating to the use, management or disposal of Potentially Hazardous Materials
for which investigation , testing, monitoring, containment, clean-up or
remediation could be required under CERCLA or any comparable law and regulation.
The Servicer shall not take any action which would result in non-coverage under
any applicable Primary Mortgage Insurance Policy of any loss which but for the
actions of the Servicer would have been covered thereunder. In connection with
any assumption or substitution agreement entered into or to be entered into
pursuant to Section 4.14, the Seller shall promptly notify the insurer under the
related Primary Mortgage Insurance Policy, if any, of such assumption or
substitution of liability in accordance with the terms of such policy and shall
take all actions which may be required by such insurer as a condition to the
continuation of coverage under the Primary Mortgage Insurance Policy. If such
Primary Mortgage Insurance Policy is terminated as a result of such assumption
or substitution of liability, the Servicer shall obtain a replacement Primary
Mortgage Insurance Policy as provided above.
In connection with its activities as servicer, the Servicer agrees to
prepare and present on behalf of the Trustee for the benefit of the
Certificateholders, claims to the insurer under any Primary Mortgage Insurance
Policy in a timely fashion in accordance with the terms of such policies and, in
this regard, to take such action as shall be necessary to permit recovery under
any Primary Mortgage Insurance Policy respecting a defaulted Mortgage Loan.
Pursuant to Section 4.09, any amounts collected by the Servicer under any
Primary Mortgage Insurance Policy shall be deposited in the Collection Account.
(e) If any Person asserts that on any Mortgage Loan the borrower has
procured credit, life, accident, health or disability insurance or the like, the
Servicer's sole obligation shall be to examine the related file maintained by
the Servicer and, if evidence corroborating the assertion is found, refer such
Person to the underwriter of such insurance.
Section 4.14. Due-on-Sale Clauses; Assumption and Substitution Agreements.
When a Mortgaged Property has been or is about to be conveyed by the Mortgagor
(whether by absolute conveyance or by contract of sale, and whether or not the
Mortgagor remains liable under the Note and/or Mortgage), the Servicer shall, to
the extent it has knowledge of such conveyance or prospective conveyance,
exercise the Trust's rights to accelerate the maturity of the related Mortgage
Loan under any "due-on-sale" clause contained in the related Mortgage or Note;
provided, that the Servicer shall not exercise any such right if the
"due-on-sale" clause is
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not enforceable under applicable law or under the related Note or if the
Servicer is prohibited by law from doing so or the Servicer may not exercise
such right if, in the reasonable belief of the Servicer, determined in
accordance with the Servicing Standard the value of the Mortgage Loan would be
enhanced by waiving such provision. In such event, the Servicer, subject to
Sections 4.01(d) and 10.16(e) hereof, shall enter into an assumption and
modification agreement with the person to whom such Mortgaged Property has been
or is about to be conveyed, pursuant to which such person becomes liable under
the Note and, unless prohibited by applicable law or the documents in the
related Loan File, the Mortgagor remains liable thereon. If the foregoing is not
permitted under applicable law or the documents in the related Loan File, the
Servicer is authorized, subject to Section 4.01(d) hereof, to enter into a
substitution of liability agreement with such person, pursuant to which the
original Mortgagor is released from liability and such person is substituted as
Mortgagor and becomes liable under the Note; provided, that the Mortgage Loan,
as assumed, shall conform in all respects to the requirements, representations
and warranties of the Unaffiliated Seller's Agreement.
The Servicer shall forward to the Trustee the original of such assumption
or substitution agreement, which copy shall be added by the Trustee to the
related Loan File and which shall, for all purposes, be considered a part of
such Loan File to the same extent as all other documents and instruments
constituting a part thereof. In connection with any such assumption or
substitution agreement, no material term of the Note (including but not limited
to the related Mortgage Rate and the Monthly Payment on the related Mortgage
Loan) may be changed and all such terms shall remain as in effect immediately
prior to the assumption or substitution, the stated maturity and the Principal
Balance of such Mortgage Loan shall not be changed nor shall any required
Monthly Payments of principal or interest be deferred or forgiven.
Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.
Section 4.15. Realization Upon Defaulted Mortgage Loans.
(a) The Servicer shall, consistent with the Servicing Standard, foreclose
upon or otherwise comparably effect the ownership in the name of the Servicer on
behalf of the Trust of Mortgaged Properties relating to defaulted Mortgage Loans
as to which no satisfactory arrangements can be made for collection of
Delinquent payments. The foregoing is subject to the proviso that the Servicer
shall not advance its own funds unless it shall reasonably believe that it can
recover such funds from future payments and doing so will increase Net
Liquidation Proceeds on the Mortgage Loans. Any amounts so advanced, if
customary and reasonable, and exclusive of overhead, shall constitute "Servicing
Advances" within the meaning of Section 4.12(b) hereof. Notwithstanding the
foregoing, with respect to any Mortgage Loan as to which the Servicer has
received notice of, or has actual knowledge of, the presence of any toxic or
hazardous substance on the related Mortgaged Property (a "Potentially Hazardous
Property"), the Servicer shall not, on behalf of the Trust, either (i) obtain
title to such Mortgaged Property as a result of or in lieu of foreclosure or
otherwise, or (ii) otherwise acquire possession of, or take
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any other action with respect to, such Mortgaged Property, if, as a result of
any such action, the Trust would be considered to hold title to, be a
"mortgagee-in-possession" of, or to be an "owner" or "operator" of, such
Mortgaged Property within the meaning of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended ("CERCLA") from
time to time, or any comparable law. The Servicer shall not be required to make
Delinquency Advances with respect to a Mortgage Loan relating to a Potentially
Hazardous Property. In the event the Servicer requires any professional guidance
with respect to CERCLA, the Servicer may, at the expense of the Servicer, obtain
an Opinion of Counsel experienced in CERCLA matters, and shall be fully
protected in relying on any such Opinion of Counsel.
(b) The Servicer shall determine with respect to each defaulted Mortgage
Loan when it has recovered, whether through trustee's sale, foreclosure sale or
otherwise, all amounts (other than from deficiency judgments) it expects to
recover from or on account of such defaulted Mortgage Loan, whereupon such
Mortgage Loan shall become a "Liquidated Mortgage Loan". Any such determination
shall be evidenced by delivery of a Liquidation Report in substantially the form
of Exhibit H hereto to the Trustee.
(c) The Servicer shall sell any REO Property within two full years after
its acquisition by the Trust, unless the Servicer obtains for the Trustee an
Opinion of Counsel experienced in federal income tax matters, addressed to the
Trustee and the Servicer, to the effect that the holding by the Trust of such
REO Property for a greater specified period will not result in the imposition of
taxes on "prohibited transactions" of REMIC I or REMIC II as defined in Section
860F of the Code or any applicable state law or cause REMIC I or REMIC II to
fail to qualify as a REMIC under the REMIC Provisions or any applicable state
law at any time that any Certificates are outstanding.
(d) Notwithstanding the generality of the foregoing provisions, the
Servicer shall manage, conserve, protect and operate each REO Property for the
Holders solely for the purpose of its prompt disposition and sale in a manner
which does not cause such REO Property to fail to qualify as "foreclosure
property" within the meaning of Section 860G(a)(8) of the Code or result in the
receipt by REMIC I or REMIC II of any "income from non-permitted assets" within
the meaning of Section 860F(a)(2)(B) of the Code or any "net income from
foreclosure property" which is subject to taxation under the REMIC Provisions.
Pursuant to its efforts to sell such REO Property, the Servicer shall either
itself or through an agent selected by the Servicer protect and conserve such
REO Property in the same manner and to such extent as is customary in the
locality where such REO Property is located and may, incident to its
conservation and protection of the interests of the Holders, rent the same, or
any part thereof, as the Servicer deems to be in the best interest of the
Holders for the period prior to the sale of such REO Property. The net income
from the sale of an REO Property shall be deposited in the Collection Account.
(e) The Servicer shall prepare and file, or deliver to the Trustee for
filing pursuant to Section 10.14 if the Trustee's signature is required thereon,
reports of foreclosure and abandonment as required by Section 6050J of the Code
and all information returns required by Sections 6050H and 6050P.
Section 4.16. Servicing Compensation. As compensation for its activities
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hereunder, the Servicer shall be entitled to the Servicing Fee from amounts
available therefor in the Collection Account, as provided in Section 6.04(d)
hereof. The right to receive the Servicing Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Servicer's
responsibilities and obligations under this Agreement or except as otherwise
provided herein. Notwithstanding the foregoing, the Servicer may pay any portion
of the Servicing Fee to a Sub-Servicer. The Servicer shall pay or cause to be
paid from the Servicing Fee any Insurance Premium Fee payable on any
Distribution Date.
Section 4.17. Records, Inspections.
(a) The Servicer, during the period it is servicer hereunder, shall,
consistent with standard industry practices, maintain such books of account and
other records as will enable the Trustee and/or the Back-Up Servicer (if either
so elects, in its sole discretion) to determine the status of each Mortgage
Loan.
(b) The Servicer shall provide to representatives of the Trustee and the
Depositor, without charge, reasonable access on reasonable prior notice during
normal business hours and with reasonable frequency to the documentation
regarding the Mortgage Loans. The Servicer will permit, without charge, any
representative designated by the Depositor or the Trustee to visit and inspect
the servicing operations and its records relating to the Loans on reasonable
prior notice during normal business hours with reasonable frequency during the
term of the Certificates, and make copies thereof or extracts therefrom and to
discuss the affairs, finances, and accounts of the Servicer with its principal
officers, as applicable, and its independent accountants. Any expense incidental
to the exercise by the Depositor of any right under this Section 4.17(b) shall
be borne by such Person and, with respect to the Trustee, by the Person
requesting the Trustee to undertake such inspection. Nothing in this Section
4.17(b) shall derogate from the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Mortgagors,
and the failure of the Servicer to provide access as provided in this Section
4.17(b) as a result of such obligation shall not constitute a breach of this
Section 4.17(b).
To the extent that such information is not otherwise available to the
public, none of the Trustee, the Depositor, the Back-Up Servicer, nor any
representative thereof shall disseminate any information relating to the
Servicer obtained pursuant to this Agreement without the Servicer's written
consent, except to the extent provided for in this Agreement or to the extent
that it is necessary to do so (i) in working with legal counsel, auditors,
rating agencies, liquidity and credit providers, taxing authorities, or other
regulatory bodies or other governmental agencies or (ii) pursuant to any law,
rule, regulation, order, judgment, writ, injunction or decree of any court or
governmental authority having jurisdiction over the Trustee, the Depositor, the
Back-Up Servicer, and the Trustee, and the Back-Up Servicer shall use all
reasonable efforts to assure the confidentiality of any such disseminated
non-public information.
(c) Upon any change in the format of the computer tape maintained by the
Servicer in respect of the Mortgage Loans, the Servicer shall notify the Back-Up
Servicer and the Trustee in advance and shall deliver a copy of such new format
to the Depositor, the Back-Up Servicer and the Trustee; provided, that the
Servicer agrees to co-operate reasonably and in good
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faith with the Trustee and the Back-Up Servicer with respect to any and all
issues relating to such format change.
Section 4.18. Assignment of Agreement. The Servicer may not assign its
obligations under this Agreement, in whole or in part, unless it shall have
first obtained the written consent of the Trustee and the Depositor.
Section 4.19. Removal of Servicer; Resignation of Servicer; Term of
Servicing.
(a) If any of the following events (each, an "Event of Servicer Default")
shall occur and be continuing:
(i) Any failure by the Servicer (x) to deposit to the Collection
Account all Collections received by the Servicer directly within two
Business Days following the Business Day on which such amounts are
deposited by the Servicer to its general account (which shall be within one
Business Day following the Business Day of the Servicer's receipt of such
amount) and are determined by the Servicer to relate to the Mortgage Loans
or (y) to deposit to the Collection Account any amount required to be
deposited thereon pursuant to Section 4.12(a) or 4.12(c) hereof by the
related Servicer Remittance Date; or
(ii) Any failure on the part of the Servicer or of the Unaffiliated
Seller to observe or perform any term, covenant or agreement in this
Agreement (other than those covered by clause (i) above) or a failure to
comply with the provisions of the Servicing Standard, which failure
materially adversely affects the rights of the Holders of the Certificates
and which continues unremedied for 30 days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been
given to the Servicer by the Unaffiliated Seller, the Depositor, the
Trustee, or Certificateholders who, in the aggregate, hold Certificates
evidencing Voting Rights of 10% or more; or
(iii) Any proceeding shall be instituted against the Servicer seeking
to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding
up, reorganization, arrangement, adjustment, protection, relief, or
composition of it or any of its Debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of
an order for relief or the appointment of a receiver, trustee, custodian or
other similar official for it or for any substantial part of its property,
or any of the actions sought in such proceeding (including, without
limitation, the entry of an order for relief against, or the appointment of
a receiver, trustee, custodian or other similar official for, it or for any
substantial part of its property) shall occur; or
(iv) The commencement by the Servicer of a voluntary case or
proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to
be adjudicated a bankrupt or insolvent, or the consent by it to the entry
of a decree or order for relief in respect of the Servicer in an
involuntary case or proceeding under any applicable Federal or state
bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it,
or the filing by it of a petition or
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answer or consent seeking reorganization or relief under any applicable
Federal or state law, or the consent by it to the filing of such petition
or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or similar official of the
Servicer or of any substantial part of its property, or the making by it of
an assignment for the benefit of creditors, or the admission by it in
writing of its inability to pay its Debts generally as they become due, or
the taking of corporate action by the Servicer in furtherance of any such
action;
(v) The Servicer shall fail to deliver a report expressly required by
this Agreement, and the continuance of such failure for a period of three
Business Days after the date upon which written notice of such failure
shall have been given to the Servicer by the Seller, the Depositor, or the
Trustee (except that such three Business Day period shall be deemed not to
run as to any portion of such report during such time as the Servicer's
failure to provide such information is for cause or inability beyond its
control and the Servicer provides the Trustee, the Depositor with an
Officer's Certificate of the Servicer to such effect);
then the Trustee at the direction of the Required Certificateholders shall,
in each case by delivery to the Servicer of a written notice specifying the
occurrence of any of the foregoing events terminate the servicing
responsibilities of the Servicer hereunder, without demand, protest or further
notice of any kind, all of which are hereby waived by the Servicer, at which
such time the Back-Up Servicer shall become the Successor Servicer; provided,
that, in the event any of the events described in subsections (i)(y), (iii) or
(iv) shall have occurred, termination of the duties and responsibilities of the
Servicer shall automatically occur, without, demand, protest, or further notice
of any kind, all of which are expressly waived by the Servicer; provided that in
the case of a proceeding described in subsection (iii) brought by a third party
and not consented to by the Servicer, an Event of Servicer Default shall not be
deemed to have occurred until the earliest to occur of (A) the failure of the
relevant court to grant the Servicer's motion to dismiss such proceeding within
90 days of the filing of such motion, (B) the denial of the Servicer's motion to
dismiss such proceeding by the relevant court, (C) the failure of the Servicer
to file such a motion within 30 days of the notice of the proceeding and (D) the
subsequent withdrawal by the Servicer of its motion to dismiss such proceeding.
The Trustee shall give notice of the occurrence of any Event of Servicer
Default to the Seller, the Depositor, the Servicer, the Rating Agencies, the
Back-Up Servicer and each Certificateholder.
In the event that the Back-Up Servicer becomes the Successor Servicer, the
parties hereby agree that there shall no longer be the requirement to have a
Back-Up Servicer.
(b) The Servicer shall not resign from the obligations and duties hereby
imposed on it, except with the consent of the Required Certificateholders or
upon determination that its duties hereunder are no longer permissible under
applicable law or are in material conflict by reason of applicable law with any
other activities carried on by it, the other activities of the Servicer so
causing such a conflict being of a type and nature carried on by the Servicer at
the date of this Agreement. Any such determination permitting the resignation of
the Servicer shall be evidenced by an Opinion of Counsel to the effect that such
duties are not so permissible (the
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cost of which shall be borne by the Servicer) to such effect which shall be
delivered to the Trustee and to the Back-up Servicer. Promptly upon any
resignation pursuant to this clause (c), the Unaffiliated Seller shall notify
each Rating Agency, the Depositor and the Trustee thereof.
(c) Except as may be required by law, no removal or resignation of the
Servicer shall become effective until the Back-Up Servicer or other Successor
Servicer shall have assumed all of the Servicer's responsibilities and
obligations hereunder.
(d) If, at the time the Servicer is removed or resigns there is no Back-Up
Servicer or the Back-Up Servicer is unable to act as Successor Servicer and the
Trustee does not appoint a different Successor Servicer, then the Trustee shall
become the Successor Servicer.
(e) Upon removal or resignation of the Servicer, the Servicer also shall
promptly (and in any event no later than five Business Days subsequent to such
removal or resignation) deliver or cause to be delivered to the Back-Up Servicer
all the books and records (including, without limitation, records kept in
electronic form) that the Servicer has maintained for the Mortgage Loans,
including all tax bills, assessment notices, insurance premium notices and all
other documents as well as all original documents then in the Servicer's
possession. The Servicer may retain copies of any such books and records.
(f) Any collections received by the Servicer after removal or resignation
shall be endorsed by it and remitted directly and immediately to the Back-Up
Servicer. The Servicer shall be entitled to receive the Servicing Fee through
the day on which it is terminated as Servicer (which may be pro rated for a
partial month).
To the extent that the Servicer, at the time of its removal or resignation,
has theretofore expended any amounts as Delinquency Advances or as Servicing
Advances with respect to any Mortgage Loan, which Delinquency Advances or
Servicing Advances remain unreimbursed as of such date ("Unrecovered Advances")
the Servicer shall thereafter be entitled to receive from the Back-Up Servicer,
monthly, such information as may be generated by the Back-Up Servicer as may be
reasonably necessary to enable the Servicer to monitor the recovery of, and
collection efforts undertaken with respect to, the Unrecovered Advances, which
information will include details of collection activities, payment records and
trial balances. To the extent that the Back-Up Servicer or other Successor
Servicer receives any amounts which relate to reimbursement for Unrecovered
Advances made by the prior Servicer, such amounts shall be remitted to the prior
Servicer on the related Distribution Date. To the extent that the Servicer,
based upon the information supplied by the Back-Up Servicer, believes that any
discrepancies exist between actual Unrecovered Advances received by the Back-Up
Servicer and the amounts forwarded to the Servicer as recovered Unrecovered
Advances, the Servicer and the Back-Up Servicer shall attempt in good faith to
reconcile such discrepancies.
(g) The Back-Up Servicer shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any succession to become the
Successor Servicer. The Servicer agrees to cooperate reasonably with the Back-Up
Servicer in effecting the termination of the Servicer's servicing
responsibilities and rights hereunder and shall promptly provide to the Back-Up
Servicer all documents and records reasonably requested by it to enable it to
assume the Servicer's functions hereunder and shall promptly also transfer to
the Back-Up
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Servicer all amounts which then have been or should have been deposited in the
Lock-Box Account, or in the Collection Account, or which are thereafter received
with respect to the Mortgage Loans. The Back-Up Servicer shall not be held
liable by reason of any failure to make, or any delay in making, any
distribution hereunder or any portion thereof caused by (i) the failure of the
Servicer to deliver, or any delay in delivering, cash, documents or records to
it, or (ii) restrictions imposed by any regulatory authority having jurisdiction
over the Servicer.
(h) The Servicer which is being removed or is resigning shall give notice
to the Mortgagors of the transfer of the servicing to the Back-Up Servicer. Said
notice shall be a joint notice of servicing transfer in the form required by
applicable law.
Section 4.20. Errors and Omissions Insurance; Fidelity Bond. The Servicer
shall keep in force during the term of this Agreement a policy or policies of
insurance covering errors and omissions for failure in the performance of the
Servicer's obligations under this Agreement, which policy or policies shall be
in such form and amount that would meet the requirements of FNMA or FHLMC if it
were the purchaser of the Mortgage Loans. The Servicer shall also maintain a
fidelity bond in the form and amount that would meet the requirements of FNMA or
FHLMC if it were the purchaser of the Mortgage Loans. The Servicer shall be
deemed to have complied with this provision if an affiliate of the Servicer has
such errors and omissions and fidelity bond coverage and, by the terms of such
insurance policy or fidelity bond, the coverage afforded thereunder extends to
the Servicer. Any such errors and omissions policy and fidelity bond shall by
its terms not be cancelable (but may be transferred to a different carrier)
without thirty days prior written notice to the Trustee. Upon the request of the
Trustee, the Servicer shall furnish copies of all binders and policies or
certificates evidencing that such bonds and insurance policies are in full force
and effect. The Servicer shall also cause each Servicer to maintain a policy of
insurance covering errors and omissions and a fidelity bond which would meet the
requirements set forth above. The Servicer (and any affiliated Servicer) will be
deemed to have satisfied its obligations under this Section 4.20 if an Affiliate
of the Servicer maintains such insurance, and if the coverage thereunder applies
to the Servicer.
Section 4.21. Change in Business of the Servicer. The Unaffiliated Seller
has entered into this Agreement with the Servicer in reliance upon its ability
to perform the servicing duties without any delegation thereof; the adequacy of
its plant, personnel, records and procedures; its integrity, reputation and
financial standing and the continuance of each of the foregoing. The Servicer
shall not (a) make any material change in the character of its servicing
business; or (b) merge with or into or consolidate with or into, or convey,
transfer, lease or otherwise dispose of all or substantially all of its assets
(whether now owned or hereafter acquired), or acquire all or substantially all
of the assets or capital stock or other ownership interest of, any other
corporation, unless (x) the Servicer has notified each Rating Agency, and the
Trustee, at least 30 days prior to such action and (y) the Trustee has consented
to such action (such consent not to be unreasonably withheld). It is
acknowledged by all parties hereto that it is the intent of the Servicer
hereafter to assume the business of Wilshire Credit Corporation.
Section 4.22. Servicer Expenses. Unless otherwise provided or contemplated
herein, the Servicer shall be required to pay all expenses incurred by it in
connection with its obligations under this Agreement, including fees and
disbursements of independent accountants, taxes imposed on the Servicer,
expenses incurred in connection with distributions and reports to
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the Depositor, the Back-Up Servicer and/or to the Trustee, all costs and
expenses of filing and recording, including the costs of any searches deemed
necessary or appropriate by the Servicer from time to time to establish and
determine the validity and the continuing lien priority of the Trustee's
security interest in the Trust Asset, the ongoing fees and reasonable expenses
of each Rating Agency, and shall not be entitled to reimbursement therefor.
Section 4.23. The Back-Up Servicer.
(a) Prior to assuming any of the Servicer's rights and obligations
hereunder the Back-Up Servicer shall only be responsible to perform those duties
specifically imposed upon it by the provisions hereof. Such duties generally
relate to following procedures which would permit the Back-Up Servicer to assume
some or all of the Servicer's rights and obligations hereunder with reasonable
dispatch, following notice.
The Back-Up Servicer, prior to assuming any of the Servicer's duties
hereunder may not resign hereunder unless it arranges for a successor Back-Up
Servicer reasonably acceptable to each Rating Agency, the Servicer and the
Depositor with not less than 60 days' notice delivered to the Servicer and the
Depositor. Prior to its becoming Successor Servicer, the Back-Up Servicer shall
have only those duties and obligations imposed by it under this Agreement, and
shall have no obligations or duties under any agreement to which it is not a
party, including but not limited to the various agreements named herein. In its
capacity as Successor Servicer and as Back-Up Servicer, Bankers Trust Company of
California, N.A. shall in no event be liable for any obligations of the
Unaffiliated Seller or the Servicer to any party, whether hereunder or under any
other agreement, which are not related to servicing functions, including,
without limitation, any repurchase obligations.
(b) The Back-Up Servicer agrees to indemnify the Trust, the Trustee, the
Depositor, each Holder of a Certificate, the Servicer and the Unaffiliated
Seller, and any of their respective directors, officers, employees or agents
from, and hold them harmless against, any and all costs, expenses (including
reasonable attorney fees and disbursements), losses, claims, damages and
liabilities to the extent that such cost, expense, loss, claim, damage or
liability arose out of, or was imposed upon the Trust, the Trustee, the
Depositor, the Holder of such Certificate, the Servicer, or the Unaffiliated
Seller and their respective directors, officers, employees and agents through
the Back-Up Servicer's acts or omissions in violation of this Agreement, except
to the extent such indemnified party's own bad faith, willful misconduct or
negligence contributes to the costs, expense, loss, claim, damage or liability.
(c) The Servicer shall not have liability, direct or indirect, to any
party, for the acts or omissions of the Back-Up Servicer, whenever such acts or
omissions occur whenever such liability is imposed.
(d) The Back-Up Servicer shall not be obligated to maintain the Lock-Box
Account or to follow the WSC Servicing Guide, but may instead follow the
Servicing Standards set forth in clauses (ii) through (iv) of such definition.
Section 4.24. Escrows for Taxes, Insurance, Assessments and Similar Items;
Taxes and Insurance Accounts. The Servicer shall establish and maintain one or
more taxes and
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insurance accounts ("T&I Accounts") as impound accounts and shall deposit and
retain therein all collections from the Mortgagors for the payment of taxes,
assessments, primary mortgage insurance premiums, if applicable, or comparable
items for the account of the Mortgagors as required by the terms of the Mortgage
Loans (collectively, "Escrow Amounts"). T&I Accounts shall be maintained in
banking or savings institutions whose accounts are insured by the FDIC.
Withdrawals of amounts so collected from the T&I Accounts may be made only to
effect timely payment of taxes, assessments, primary mortgage insurance policy
premiums, if applicable, or comparable items, to reimburse the Servicer out of
related collections for any payments made, to refund to any Mortgagors any sums
as may be determined to be overages, to pay interest to the Mortgagors on
balances in the T&I Accounts or to clear and terminate the T&I Accounts as of
their respective termination days. As part of its servicing duties, the Servicer
shall pay to the Mortgagors interest on funds in the T&I Accounts to the extent
required by law.
Section 4.25. Servicer to Give Notice of Certain Events and to Deliver
Certain Information.
(a) The Servicer shall deliver to the Trustee and the Depositor as soon as
available, but in any event within 120 days after the end of each of its fiscal
years, which end December 31, a consolidated balance sheet of its parent
company, as at such last day of the fiscal year, and a statement of income and
retained earnings, for each such fiscal year, each prepared in accordance with
GAAP, in reasonable detail, and certified without qualification by an
Independent Public Accountant, who may also render other services to the
Servicer, or any of its Affiliates and certified by the chief financial officer
of its parent company as fairly presenting the financial position and the
results of operations of its parent company as at and for the year ending on its
date and as having been prepared in accordance with GAAP. For as long as the
Servicer is Wilshire Servicing Corporation, the delivery of the financial
statements of Wilshire Financial Services Group Inc. shall be deemed to satisfy
the Servicer's obligations hereunder.
(b) The Servicer shall, and shall cause any Sub-Servicer (to the extent
such Person is in any manner receiving Collections) hereunder to, deliver to the
Trustee, and the Depositor on or before March 31st of each year, beginning with
March 31, 1999 an Officer's Certificate stating, as to each signer thereof, that
(a) a review of the activities of the Servicer or the Sub-Servicer, as the case
may be, during the preceding calendar year and of performance under this
Agreement has been made under such officer's supervision and (b) to the best of
such officer's knowledge, based on such review, the Servicer or Sub-Servicer, as
the case may be, has fulfilled all its respective obligations under this
Agreement throughout such year in all material respects, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to such officer and the nature and status thereof and remedies therefor
being pursued.
(c) The Servicer shall promptly (but in any event within three Business
Days) notify the Trustee and the Depositor upon receiving actual knowledge of
any event which constitutes an Event of Servicer Default.
(d) The Trustee shall promptly deliver to each Rating Agency a copy of any
report or certificate delivered to the Trustee pursuant to this Section 4.25 and
notify each Rating
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Agency and each Holder of a Certificate upon obtaining knowledge of any event
described in Section 4.25(c).
(e) On or before the last day of June of each year, commencing in 1999, the
Servicer, at its own expense, shall cause to be delivered to the Trustee, the
Depositor, and each Rating Agency a letter or letters of a firm of independent,
nationally recognized certified public accountants reasonably acceptable to the
Trustee stating that such firm has, with respect to the Servicer's or the
Sub-Servicer's overall servicing operations examined such operations in
accordance with the requirements of the Uniform Single Attestation Program for
Mortgage Bankers, and stating such firm's conclusions relating thereto.
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates; Denominations. All Certificates shall be
executed by manual or facsimile signature on behalf of the Trustee by an
authorized officer and authenticated by the manual or facsimile signature of an
authorized officer. Certificates bearing the signatures of individuals who were
at the time of the execution of the Certificates the authorized officers of the
Trustee shall bind the Trustee, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the delivery of such Certificates
or did not hold such offices at the date of such Certificates. All Certificates
issued hereunder shall be dated the date of their authentication and issued in
registered form.
The Certificates shall be in the forms set forth in Exhibit B-1 through
B-15 hereto.
The Class A-I, Class A-II, Class A-III, Class M-1, Class M-2 and Class M-3
Certificates are issuable in minimum denominations of $25,000 original principal
amount (or original notional amount) and integral multiples of $1 in excess
thereof (with the exception of one odd-denomination Certificate of each Class).
The Class IO Certificates will be issued in minimum denominations of $1,000,000
(by notional amount) and integral multiples of $1 in excess thereof.
The Class B-1, Class B-2, and Class B-3 are issuable in minimum
denominations of $250,000 original principal amount (or original notional
amount) and integral multiples of $1 in excess thereof (with the exception of
one odd-denomination Certificate of each Class).
The Class R-I and R-II Certificates are issuable in minimum Percentage
Interests of 10% and integral multiples thereof.
Section 5.02. Registration of Transfer and Exchange of Certificates.
(a) The Trustee, as registrar, shall cause to be kept a register (the
"Certificate Register") in which, subject to such reasonable regulations as it
may prescribe, the Trustee shall provide for the registration of Certificates
and the registration of transfer of Certificates. The Trustee is hereby
appointed registrar for the purpose of registering Certificates and transfers of
Certificates as herein provided.
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(b) All Certificates issued upon any registration of transfer or exchange
of Certificates shall be valid evidence of the same ownership interests in the
Trust and entitled to the same benefits under this Agreement, and shall
represent, in the aggregate, the same Percentage Interests, as the Certificates
surrendered upon such registration of transfer or exchange.
(c) No service charge shall be made to a Holder for any registration of
transfer or exchange of Certificates, but the Trustee may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Certificates; any
other expenses in connection with such transfer or exchange shall be an expense
of the Trust.
(d) It is intended that the Book-Entry Certificates be registered so as to
participate in a book-entry system with the Depository, as set forth herein. The
Book-Entry Certificates shall, except as otherwise provided in the next
paragraph, be initially issued in the form of a single fully Book-Entry
Certificate of each class. Upon initial issuance, the ownership of each such
Book-Entry Certificate shall be registered in the Certificate Register in the
name of Cede & Co., or any successor thereto, as nominee for the Depository. The
Servicer and the Trustee are hereby authorized to execute and deliver the
Representation Letter with the Depository. With respect to Book-Entry
Certificates registered in the Certificate Register in the name of Cede & Co.,
as nominee of the Depository, the Depositor, the Unaffiliated Seller, the
Servicer, the Back-Up Servicer and the Trustee shall have no responsibility or
obligation to Direct or Indirect Participants or beneficial owners for which the
Depository holds Book-Entry Certificates from time to time as a Depository.
Without limiting the immediately preceding sentence, the Depositor, the
Unaffiliated Seller, the Servicer, the Back-Up Servicer and the Trustee shall
have no responsibility or obligation with respect to (i) the accuracy of the
records of the Depository, Cede & Co., or any Direct or Indirect Participant
with respect to any Ownership Interest, (ii) the delivery to any Direct or
Indirect Participant or any other Person, other than a Holder of a Certificate,
of any notice with respect to the Book-Entry Certificates or (iii) the payment
to any Direct or Indirect Participant or any other Person, of any amount with
respect to any distribution of principal or interest on the Book-Entry
Certificates. Upon delivery by the Depository to the Trustee of written notice
to the effect that the Depository has determined to substitute a new nominee in
place of Cede & Co., and subject to the provisions hereof with respect to the
payment of interest by the mailing of checks or drafts to the holder of a
Book-Entry Certificate appearing as holders of Certificates at the close of
business on a Record Date, the name "Cede & Co." in this Agreement shall refer
to such new nominee of the Depository.
(e) In the event that (i) the Depository or the Servicer advises the
Trustee in writing that the Depository is no longer willing or able to discharge
properly its responsibilities as nominee and depository with respect to the
Book-Entry Certificates and the Servicer or the Depositor is unable to locate a
qualified successor or (ii) the Servicer at its sole option elects to terminate
the book-entry system through the Depository, the Book-Entry Certificates shall
no longer be restricted to being registered in the Certificate Register in the
name of Cede & Co. (or a successor nominee) as nominee of the Depository. At
that time, the Servicer may determine that the Book-Entry Certificates shall be
registered in the name of and deposited with a successor depository operating a
global book-entry system, as may be acceptable to the Servicer, or such
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depository's agent or designee but, if the Servicer does not select such
alternative global book-entry system, then the Book-Entry Certificates, upon
surrender to the Trustee of the Book-Entry Certificates registered to Cede &
Co., may be registered in definitive form and in whatever name or names holders
of the Certificates transferring Book-Entry Certificates shall designate, in
accordance with the provisions hereof; provided, however, that any such
reregistration shall be at the expense of the Servicer.
(f) Notwithstanding any other provision of this Agreement to the contrary,
so long as any Book-Entry Certificate is registered in the name of Cede & Co.,
as nominee of the Depository, all distributions of principal or interest on such
Book-Entry Certificates, as the case may be, and all notices with respect to
such Book-Entry Certificates, as the case may be, shall be made and given,
respectively, in the manner provided in the Representation Letter.
(g) No transfer, sale or other disposition of any Unregistered Certificate
shall be made unless such transfer, sale or other disposition is made pursuant
to an effective registration statement under the Securities Act of 1933, as
amended and effective registration or qualification under applicable state
securities laws or "Blue Sky" laws, or is made in a transaction that does not
require such registration or qualification as evidenced by delivery to the
Trustee of an Opinion of Counsel. In lieu of such Opinion of Counsel, the
Trustee shall accept certificates from the transferee and the transferor in the
form of Exhibit I hereto. None of the Servicer, the Depositor, the Unaffiliated
Seller, the Back-Up Servicer or the Trustee is obligated under this Agreement to
register any Unregistered Certificate under the Securities Act of 1933, as
amended or any other securities law or to take any action not otherwise required
under this Agreement to permit the transfer of any Unregistered Certificate
without such registration or qualification or an exemption therefrom.
Upon the written request of any Certificateholder, the Servicer, as soon as
reasonably practicable, shall provide the requesting Certificateholder and a
prospective investor designated by such Certificateholder the information
required under Rule 144A(d)(4) promulgated under the Securities Act of 1933, as
amended.
(h) No transfer of any portion of any Certificate shall be made unless the
prospective transferee shall have provided to the Trustee and the Servicer a
written certification (substantially in the form of Exhibit I-3 hereto) to the
effect that such transferee is not an employee benefit or other plan subject to
the prohibited transaction provisions of the ERISA or Section 4975 of the Code
(a "Plan"), or any other person (including an investment manager, a named
fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf of
or purchasing any Certificate with "plan assets" of any Plan within the meaning
of the Department of Labor regulation at 29 C.F.R. ss.2510.3-101 or otherwise;
provided, however, that so long as any Certificate is held by the Depository,
the foregoing representation shall be deemed to have been made by each
transferee of any Certificate.
(i) Subject to the restrictions set forth in this Agreement, upon surrender
for registration of transfer of any Certificate at the office or agency of the
Trustee located in New York, New York, the Trustee shall execute, authenticate
and deliver in the name of the designated transferee or transferees, a new
Certificate dated the date of authentication by the Trustee, and evidencing, in
the aggregate the same Percentage Interests. At the option of the
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Holders of the Certificates, Certificates may be exchanged for other
Certificates representing in the aggregate the same Percentage Interests upon
surrender of the Certificates to be exchanged at such office. Whenever any
Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Certificates which the Holders of the Certificate
making the exchange is entitled to receive. No service charge shall be made for
any transfer or exchange of Certificates, but the Trustee may require payment of
a sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates. All Certificates
surrendered for transfer and exchange shall be cancelled by the Trustee.
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Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate is surrendered to the Trustee, or the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (b) there is delivered to the Trustee such security or
indemnity as may reasonably be required by it to save it harmless, then, in the
absence of notice to the Trustee that such Certificate has been acquired by a
bona fide purchaser, the Trustee shall execute, authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate bearing a number not contemporaneously
outstanding. Upon the issuance of any new Certificate under this Section 5.03,
the Trustee may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and its fees
and expenses connected therewith. Any duplicate Certificate issued pursuant to
this Section 5.03 shall constitute complete and indefeasible evidence of
ownership in the Trust, as if originally issued, whether or not the mutilated,
destroyed, lost or stolen Certificate shall be found at any time.
Section 5.04. Persons Deemed Holders. Prior to due presentation of a
Certificate for registration of transfer and subject to the provisions of
Section 5.02 hereof, the Servicer, the Depositor, the Unaffiliated Seller, the
Back-Up Servicer and the Trustee may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of
receiving remittances pursuant to Section 6.05 hereof and for all other purposes
whatsoever, and the Servicer, the Depositor, the Unaffiliated Seller, the
Back-Up Servicer, and the Trustee shall not be affected by notice to the
contrary.
Section 5.05. Limitation on Transfer of Residual Certificates. No sale or
other transfer of record or beneficial ownership of a Residual Certificate
(whether pursuant to a purchase, a transfer resulting from a default under a
secured lending agreement or otherwise) shall be made to a Disqualified
Organization. In no event shall the Trustee accept surrender for transfer,
registration of transfer, or register the transfer, of any Residual Certificate
nor authenticate and make available any new Residual Certificate unless the
Trustee has received an affidavit from the proposed transferee in the form
attached hereto as Exhibit J. Each holder of a Residual Certificate by his
acceptance thereof, shall be deemed for all purposes to have consented to the
provisions of this Section 5.05.
ARTICLE VI
DEPOSITS AND DISTRIBUTIONS
Section 6.01. Rights of the Holders. (a) Amounts held by the Trustee for
future distribution to the Certificateholders, including, without limitation, in
the Collection Account, shall not be distributed except in accordance with the
terms of this Agreement.
Section 6.02. Establishment and Administration of the Collection Account
and Certificate Account. The Trustee shall cause to be established and
maintained at all times the Collection Account and Certificate Account on behalf
of (and, in the case of the Certificate Account, in the name of) the Trustee for
the benefit of the Certificateholders. The Collection Account and Certificate
Account shall each be an Eligible Account initially established at the office of
the Trustee, bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Trust. The Trustee, in its capacity as
Trustee, shall possess all right,
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title and interest in all funds on deposit from time to time in the Collection
Account and in the Certificate Account and in all proceeds thereof, and such
Accounts shall, except as otherwise expressly provided herein, be under the sole
dominion and control of the Trustee.
If, at any time, the Collection Account or the Certificate Account ceases
to be an Eligible Account, the Trustee shall within 10 Business Days establish a
new Account which shall be an Eligible Account, transfer any cash and/or any
investments to such new Account and from the date such new Account is
established such new Account shall be the "Collection Account" or the
"Certificate Account".
Section 6.03. Investment of Amounts. To the extent there are uninvested
amounts in the Collection Account or the Certificate Account prior to 11:00 a.m.
New York City time of any Business Day, the Trustee shall, at the written
direction of the Servicer, invest such amounts in Eligible Investments. All such
investments shall be made in the name of the Trustee. The maturity of such
investments shall be no later than the Business Day preceding the next
Distribution Date; provided, that the funds will be available for distribution
on such Distribution Date pursuant to this Agreement. The choice of Eligible
Investments shall be determined by the Servicer; provided, that if the Servicer
does not notify the Trustee of any such choice, the Trustee shall invest such
funds in investments permitted under clause (e) of the definition of Eligible
Investments. The Servicer shall be entitled to any income on such investments
and shall be liable for any losses thereon and shall deposit the amount of
losses immediately upon realization without any right of reimbursement. The
Trustee shall, no later than the fifth Business Day of the month following each
Distribution Date, remit by wire transfer to the Servicer the net investment
income earned with respect to the Collection Account.
Section 6.04. Collections.
(a) The Servicer shall remit or cause to be remitted by wire transfer in
immediately available funds to the Collection Account, as appropriate (i) within
five Business Days after the Closing Date, the aggregate amount of all
Collections received by the Servicer from but excluding the Cut-Off Date through
and including the Closing Date and (ii) beginning from and excluding the Closing
Date, all Collections (other than penalty interest, late charges, prepayment
penalties and premiums, modification fees and assumption and substitution fees
and Escrow Amounts), including all payments by or on behalf of the Mortgagors on
the Mortgage Loans and all amounts with respect to the Mortgage Loans, as
collected not later than one Business Day following the Business Day on which
such amounts are received by the Lock-Box Bank (or by the Servicer directly and
are identified by the Servicer as relating to the Mortgage Loans); provided,
however, that it shall not be necessary for the Servicer to remit Collections on
any Business Day when the aggregate amount in the Servicer's possession from the
Collections prior to such Business Day is less than $1,000.
(b) The Servicer shall provide the Lock-Box Bank with instructions to
transfer by wire transfer in immediately available funds all amounts on deposit
in the Lock-box Account which constitute Collections to the Collection Account
on each Business Day during the term of this Agreement.
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(c) On each Determination Date, the Servicer shall determine the Available
Distribution Amount and shall include such amount on the Servicer's Monthly
Report provided to the Trustee.
(d) On the Servicer Remittance Date, the Servicer shall direct the Trustee
to remit to the Servicer the aggregate Servicing Fees, and to pay to the Trustee
the Trustee's Fee, in each case from amounts then on deposit in the Collection
Account, and to deposit the Available Distribution Amount to the Certificate
Account.
Section 6.05. Flow of Funds.
(a) On each Distribution Date the Trustee shall distribute from the
Certificate Account the Available Distribution Amount in the following order of
priority as follows:
(i) concurrently, (i) to the Class IO Certificates, the Class IO
Interest Distribution Amount for such Distribution Date and any portion of
any Class IO Interest Distribution Amount remaining unpaid from any
preceding Distribution Date and (ii) to the Class A Certificates, the
related Class A Interest Distribution Amount for such Distribution Date and
any portion of the related Class A Interest Distribution Amount remaining
unpaid from any preceding Distribution Date;
(ii) concurrently, to the holders of the Class A Certificates, in
reduction of their Certificate Principal Balances, until the Certificate
Principal Balances thereof have been reduced to zero, the related Class A
Principal Distribution Amounts for such Distribution Date; provided that
any shortfall in amounts due pursuant to this Section 6.05(a)(ii) will be
allocated among the Class A Certificates applied pro rata in proportion to
the Certificate Principal Balance of each such Class immediately preceding
such Distribution Date;
(iii) to the holders of the Class M-1 Certificates, the Class M-1
Interest Distribution Amount for such Distribution Date and any portion of
the Class M-1 Interest Distribution Amount remaining unpaid from any
preceding Distribution Date;
(iv) to the holders of the Class M-1 Certificates, the portion of the
Subordinate Principal Distribution Amount for such Distribution Date
allocated thereto pursuant to Section 6.05(b);
(v) to the holders of the Class M-2 Certificates, the Class M-2
Interest Distribution Amount for such Distribution Date and any portion of
the Class M-2 Interest Distribution Amount remaining unpaid from any
preceding Distribution Date;
(vi) to the holders of the Class M-2 Certificates, the portion of the
Subordinate Principal Distribution Amount for such Distribution Date
allocated thereto pursuant to Section 6.05(b);
(vii) to the holders of the Class M-3 Certificates, the Class M-3
Interest Distribution Amount for such Distribution Date and any portion of
the Class M-3 Interest Distribution Amount remaining unpaid from any
preceding Distribution Date;
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(viii) to the holders of the Class M-3 Certificates, the portion of
the Subordinate Principal Distribution Amount for such Distribution Date
allocated thereto pursuant to Section 6.05(b);
(ix) to the holders of the Class B-1 Certificates, the Class B-1
Interest Distribution Amount for such Distribution Date and any portion of
the Class B-1 Interest Distribution Amount remaining unpaid from any
preceding Distribution Date;
(x) to the holders of the Class B-1 Certificates, the portion of the
Subordinate Principal Distribution Amount for such Distribution Date
allocated thereto pursuant to Section 6.05(b);
(xi) to the holders of the Class B-2 Certificates, the Class B-2
Interest Distribution Amount for such Distribution Date and any portion of
the Class B-2 Interest Distribution Amount remaining unpaid from any
preceding Distribution Date;
(xii) to the holders of the Class B-2 Certificates, the portion of the
Subordinate Principal Distribution Amount for such Distribution Date
allocated thereto pursuant to Section 6.05(b);
(xiii) to the holders of the Class B-3 Certificates, the Class B-3
Interest Distribution Amount for such Distribution Date and any portion of
the Class B-3 Interest Distribution Amount remaining unpaid from any
preceding Distribution Date;
(xiv) to the holders of the Class B-3 Certificates, the portion of the
Subordinate Principal Distribution Amount for such Distribution Date
allocated thereto pursuant to Section 6.05(b);
(xv) to the holders of any Class of Certificates to which Realized
Losses will be allocated on such Distribution Date in accordance with
Section 6.07 (after distribution of the amounts set forth in clauses (i)
through (xiv) above), any portion of the Available Distribution Amount on
such Distribution Date remaining after distribution of the amounts set
forth in clauses (i) through (xiv) above, but only to the extent of the
amount of Realized Losses allocated on such Distribution Date (with such
amount to be allocated to any such Class of Certificates on a pro rata
basis in accordance with the amount of Realized Losses allocated to each
such Class on such Distribution Date); and
(xvi) to the holders of the Class R-I Certificates, the balance
remaining.
(b) The Subordinate Principal Distribution Amount will be allocated to the
Subordinate Certificates on a pro rata basis in accordance with their respective
Certificate Principal Balances and; provided, however, that if, on any
Distribution Date, the Credit Support for any Class of Subordinate Certificates
is less than the Initial Credit Support for such Class, (i) the amount set forth
in clause (ii) and (iv) of the definition of Subordinate Principal Distribution
Amount will be allocated among the Class of Subordinate Certificates with the
highest payment priority and those Classes of Subordinate Certificates with
respect to which the Credit Support is at least equal to the Initial Credit
Support, pro rata based on the respective Certificate Principal Balances
thereof, and (ii) the remainder of the Subordinate Principal Distribution Amount
will be
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allocated to the Subordinate Certificates on a pro rata basis in accordance with
their respective Certificate Principal Balances.
Section 6.06. Disbursement of Funds. All distributions shall be made
pursuant to Section 6.05 by wire transfer of immediately available funds to the
account of the Person entitled thereto at a bank or other entity having
appropriate facilities therefor if such Person shall have so notified the
Trustee in writing at least five Business Days prior to the Record Date
immediately prior to such Distribution Date; provided that, a Certificateholder
shall only be entitled to receive distributions by wire transfer if such
Certificateholder is the registered Holder of Certificates having an initial
aggregate principal amount equal to or in excess of $5,000,000 or a Percentage
Interest equal to or in excess of 25%; and in all other cases by check mailed to
each such Certificateholder at such Holder's address appearing in the
Certificate Register.
Section 6.07. Allocation of Realized Losses. On each Distribution Date,
following the application of the Available Distribution Amount as described in
Section 6.05 above, and after taking into account such application, the Realized
Losses, if any, with respect to the related Prepayment Period (as reduced by the
amount, if any, set forth in Section 6.05(xv)) shall be allocated as a reduction
in the Certificate Principal Balance of the Certificates, in the following order
of priority: (1) to the Class B-3 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; (2) to the Class B-2 Certificates
until the Certificate Principal Balance thereof has been reduced to zero; (3) to
the Class B-1 Certificates until the Certificate Principal Balance thereof has
been reduced to zero; (4) to the Class M-3 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; (5) to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; (6) to the Class M-1 Certificates until the Certificate Principal Balance
thereof has been reduced to zero; and (7) to the Senior Certificates, on a pro
rata basis, the remainder of any Realized Losses, in each case until the
Certificate Principal Balances thereof has been reduced to zero. All such
allocations to a Class of Certificates shall be on a pro rata basis in
accordance with the Percentage Interest represented by each Certificate of such
Class.
Section 6.08. Reports to Certificateholders.
(a) On each Distribution Date, concurrently with the distribution to the
Certificateholders, the Trustee shall furnish to the Certificateholders, the
Depositor and each Rating Agency, a report, based solely on information provided
to the Trustee by the Servicer in the Servicer's Monthly Report, containing the
following information:
(i) the amount of the distribution with respect to each Class of the
Certificates;
(ii) the amount of such distributions allocable to principal,
separately identifying the aggregate amount of any prepayments or other
unscheduled recoveries of principal included therein;
(iii) the amount of such distributions allocable to interest;
(iv) the Certificate Principal Balance (or notional amount) for the
related Class of Certificates as of such Distribution Date together with
the principal amount of the
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Certificates of the related Class (based on a Certificate in the original
principal amount or notional amount of $1,000) then outstanding, in each
case after giving effect to any payment of principal on such Distribution
Date;
(v) the Pass-Through Rate for the next Distribution Date;
(vi) the amount of any Delinquency Advances for such Distribution
Date, and the amount of any unreimbursed Delinquency Advances or
unreimbursed Servicing Advances remaining after such Distribution Date; and
(vii) the amount of any Repurchase Prices deposited into the
Collection Account.
Items (i) through (iii) above shall, with respect to the Certificates be
presented on the basis of a Certificate having an original $1,000 denomination
and on an aggregate basis. Each calendar year following any year during which
the Certificates are outstanding, the Trustee shall furnish a report to each
Certificateholder of record at any time during such calendar year as to the
aggregate of amounts reported pursuant to items (i), (ii) and (iii) above with
respect to the related Certificates for such calendar year.
(b) In addition, on each Distribution Date the Trustee, based upon
information provided to it by the Servicer, will distribute to each
Certificateholder (which shall be DTC as long as the Certificates are in
book-entry form), the following information as of the close of business on the
last business day of the prior calendar month:
(i) the total number of Mortgage Loans in the Trust and the aggregate
principal balances thereof, together with the number and aggregate
principal balances of Mortgage Loans in the Trust (a) 31-60 days
delinquent, (b) 61-90 days delinquent and (c) 91 or more days delinquent;
(ii) the number and aggregate principal balance of all Mortgage Loans
in the Trust in foreclosure proceedings (and whether any such Mortgage
Loans are also included in any of the statistics described in the foregoing
clause (i));
(iii) the number and aggregate principal balance of all Mortgage Loans
in the Trust relating to "REO" properties (and whether any such Mortgage
Loans are also included in any of the statistics described in the foregoing
clause (i)); and
(iv) the book value of any "REO" property in the Trust.
(c) Annually, in January of each year, the Trustee shall furnish to each
Person which was a Certificateholder during the prior calendar year a statement
showing the aggregate interest and the aggregate principal received by such
Person with respect to the Certificates during the prior calendar year, together
with any standard federal income tax reporting form for such information, and
information furnished by the Trustee pursuant to Section 6049(d)(7)(C) of the
Code and the regulations promulgated thereunder to assist the Certificateholders
in computing their market discount.
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(d) The Depositor and the Servicer, on behalf of Certificateholders and the
Trust (the "Trust Parties") hereby authorize the Trustee to include the loan
level information with respect to the Mortgage Loans contained in reports
provided to the Trustee by the Servicer hereunder and, if so directed by an
Authorized Officer of the Servicer in writing to the Trustee, the monthly report
to the Certificateholders prepared by the Trustee (the "Information") on The
Bloomberg, an on-line computer based on-line information network maintained by
Bloomberg L.P. ("Bloomberg") or on any other on-line computer based on-line
information network or service, including Intex Solutions ("Information
Network"), or in other electronic or print information services deemed
acceptable by the Servicer as designated in writing to the Trustee by an
Authorized Officer of the Servicer. The Trust Parties agree not to commence any
actions or proceedings, or otherwise assert any claims, against the Trustee or
its affiliates or any of the Trustee's or its affiliates' respective agents,
representatives, directors, officers or employees (collectively, the "Designated
Parties"), arising out of, or related to or in connection with the dissemination
and/or use of any Information by the Trustee, including, but not limited to,
claims based on allegations of inaccurate or incomplete information by the
Trustee to Bloomberg or to any Information Network or otherwise (other than in
connection with the Trustee's negligence or willful misconduct). The Trust
Parties waive their rights to assert any such claims against the Designated
Parties and fully and finally release the Designated Parties from any and all
such claims, demands, obligations, actions and liabilities (other than in
connection with such Designated Parties' negligence or willful misconduct). The
Trustee makes no representations or warranties, expressed or implied, of any
kind whatsoever with respect to the accuracy, adequacy, timeliness,
completeness, merchantability or fitness for any particular purpose of any
Information in any form or manner. The authorizations, covenants and obligations
of the Trust Parties under this section shall be irrevocable and shall survive
the termination of this Agreement.
Section 6.09. Presentation of Certificates. Upon receipt of notice of the
final Distribution Date with respect to any Class, the Trustee will notify each
affected Certificateholder that the next Distribution Date will be the final
Distribution Date. In the event that a Certificateholder fails to deliver its
Certificate(s) for cancellation on the final Distribution Date, by its purchase
of a Certificate it agrees to indemnify the Unaffiliated Seller, the Seller, the
Depositor, the Trustee, and the Trust against all claims with respect to such
Certificate(s) arising following such Distribution Date. Claims against the
Trust for payment on such Certificate shall be void unless made within three
years from the Trust termination date.
ARTICLE VII
REMEDIES
Section 7.01. Limitation on Suits. No Certificateholder shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Agreement, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:
(a) there is a continuing Event of Servicer Default and such
Certificateholder has previously given written notice to the Trustee of a
continuing Event of Servicer Default;
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(b) the Required Certificateholders shall have made written request to the
Trustee to institute proceedings in respect of such Event of Servicer Default in
its own name as Trustee hereunder;
(c) such Certificateholders have offered to the Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;
(d) the Trustee, for 30 days after its receipt of such notice, request and
offer of indemnity, has failed to institute any such proceeding; and
(e) no direction inconsistent with such written request has been given to
the Trustee during such 30-day period by the Required Certificateholders;
it being understood and intended that no one or more Certificateholders
shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Agreement to affect, disturb or prejudice the rights of any
other Certificateholders, or to obtain or to seek to obtain priority or
preference over any other Certificateholders or to enforce any right under this
Agreement, except in the manner herein provided and for the ratable benefit of
all the Certificateholders as provided herein.
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Section 7.02. Restoration of Rights and Remedies. If the Trustee or any
Certificateholder has instituted any proceeding to enforce any right or remedy
under this Agreement and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such
Certificateholder, then and in every such case, subject to any determination in
such proceeding, the Unaffiliated Seller, the Trustee and the Certificateholders
shall be restored severally and respectively to their former positions hereunder
and thereafter all rights and remedies of the Trustee and the Certificateholders
shall continue as though no such proceeding had been instituted.
Section 7.03. Rights and Remedies Cumulative. Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Certificates in Section 5.04, no right or remedy herein conferred upon or
reserved to the Trustee or to the Certificateholders is intended to be exclusive
of any other right or remedy and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.
Section 7.04. Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Certificateholder to exercise any right or remedy accruing
upon any Event of Servicer Default shall impair any such right or remedy or
constitute a waiver of any such Event of Servicer Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee
or to the Certificateholders may be exercised from time to time, and as often as
may be deemed expedient, as permitted under the terms hereof, by the Trustee or
by the Certificateholders, as the case may be.
Section 7.05. Control by Certificateholders.
(a) Subject to Section 7.06 hereof, the Required Certificateholders shall
have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee; provided, that (i) such direction shall not be in
conflict with any rule of law or with this Agreement, (ii) such direction shall
not involve any action for which the Trustee reasonably believes it may not
obtain compensation for hereunder or, if the Trustee determines that such
compensation is not available, such Certificateholders have not offered the
Trustee reasonable indemnity for the cost of such actions, and (iii) the Trustee
may take any other action deemed proper by the Trustee which is not inconsistent
with such direction.
(b) Prior to the occurrence of an Event of Servicer Default hereunder and
after the curing or waiver of all Events of Default which may have occurred, the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond or other paper or document,
unless requested in writing to do so by the Required Certificateholders;
provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this Agreement,
the Trustee may require reasonable indemnity against such expense or
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liability as a condition to taking any such action. The reasonable expense of
every such examination shall be paid by the Servicer if an Event of Servicer
Default shall have occurred and be continuing, and otherwise by the
Certificateholders requesting the investigation.
Section 7.06. Waiver of Past Defaults. The Required Certificateholders may
on behalf of the Certificateholders of all the Certificates waive any past
default hereunder and its consequences.
Upon any such waiver, such default shall cease to exist, and any Event of
Servicer Default arising therefrom shall be deemed to have been cured, for every
purpose of this Agreement; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.
Section 7.07. Undertaking for Costs. All parties to this Agreement agree,
and each Certificateholder by the acceptance of a Certificate shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Agreement, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees and disbursements, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this
Section 7.07 shall not apply to any suit instituted by the Unaffiliated Seller,
by the Depositor, by the Trustee, by any Certificateholder or group of
Certificateholders holding in the aggregate more than 10% of the Voting Rights
of the outstanding Certificates, or to any suit instituted by any
Certificateholder for the enforcement of the payment of any principal of or
interest on any Certificate.
Section 7.08. Waiver of Stay or Extension Laws. The Unaffiliated Seller
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Agreement; and the Unaffiliated Seller (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.
ARTICLE VIII
LIMITATION ON LIABILITY; INDEMNITIES
Section 8.01. Liabilities of Mortgagors. No obligation or liability of any
Mortgagor under any of the Mortgage Loans is intended to be assumed by the
Unaffiliated Seller, the Depositor, the Servicer, the Trust, the Trustee, the
Back-Up Servicer, the Holder of any Certificate under or as a result of this
Agreement and the transactions contemplated hereby and, to the maximum extent
permitted and valid under mandatory provisions of law, the Unaffiliated Seller,
the Servicer, the Back-Up Servicer, the Trustee and the Holders of each
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Certificate expressly disclaim such assumption.
Section 8.02. Liability of the Unaffiliated Seller, Back-Up Servicer,
Depositor and the Servicer.
(a) The Back-Up Servicer, the Depositor and the Servicer shall each be
liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.
(b) None of the Depositor, the Servicer, the Back-Up Servicer, nor any of
the directors, officers, employees or agents of the Depositor or the Servicer,
shall be under any liability to each other, the Trust, or the Holder of any
Certificate for any action taken, or for refraining from the taking of any
action, in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Servicer, or any
such Person against any breach of warranties or representations made herein, or
against any specific liability imposed on each such party pursuant to this
Agreement or against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in the performance of duties or by
reason of reckless disregard of obligations or duties hereunder. The Servicer,
the Back-Up Servicer, and any director, officer, employee or agent of the
Back-Up Servicer or of the Servicer may rely in good faith on any document of
any kind which, prima facie, is properly executed and submitted by any
appropriate Person respecting any matters arising hereunder.
(c) The Unaffiliated Seller shall be generally liable for, and shall pay,
any and all obligations of the Trust, to the extent that the payment of any such
obligations is not the responsibility of any other Person.
Section 8.03. Relationship of Servicer. The relationship of the Servicer
(and of any Successor Servicer under this Agreement) to the Trustee, the
Depositor and the Back-Up Servicer under this Agreement is intended by the
parties hereto to be that of an independent contractor and not of a joint
venturer, partner or agent of the Trustee, the Depositor or the Back-Up
Servicer.
Section 8.04. Indemnities of the Servicer.
(a) The Servicer agrees to indemnify the Trust, the Trustee, the Depositor,
each Holder of a Certificate, the Back-Up Servicer and the Unaffiliated Seller,
and any of their respective directors, officers, employees or agents from, and
hold them harmless against, any and all costs, expenses (including reasonable
attorney fees and disbursements), losses, claims, damages and liabilities to the
extent that such cost, expense, loss, claim, damage or liability arose out of,
or was imposed upon the Trust, or with respect to any taxes imposed on the
Trust, the Trustee, the Depositor, the Holder of such Certificate, the Back-Up
Servicer, or the Unaffiliated Seller and their respective directors, officers,
employees and agents through the Servicer's acts or omissions in violation of
this Agreement (other than with respect to recourse on the Mortgage Loans and
subject to the servicing standard set forth in Section 4.01), except to the
extent such indemnified party's own bad faith, willful misconduct or negligence
contributes to the costs, expense, loss, claim, damage or liability.
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(b) The Servicer also agrees to indemnify the Trustee, its directors,
officers, employees or agents from, and hold it harmless against, any and all
losses, liabilities, damages, claims, expenses (including attorneys fees and
disbursements), fines or penalties, or judgments arising out of or in connection
with the performance by the Trustee of its duties hereunder, or the issuance of
the Certificates except to the extent such indemnified party's own bad faith,
willful misconduct or negligence contributes to the loss, liability, damage,
claim or expense.
(c) This Section 8.04 shall survive the termination of this Agreement, the
resignation or removal of WSC as Servicer, and the resignation or removal of the
Trustee, with respect to the acts or omissions of WSC while it acted as
Servicer.
(d) This indemnification provision shall apply to and bind each Successor
Servicer (including, without limitation, the Back-Up Servicer) with respect to
its acts and omissions during the period it shall act as Servicer.
ARTICLE IX
THE TRUSTEE
Section 9.01. Certain Duties.
(a) Except during the occurrence and continuance of an Event of Servicer
Default, the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Agreement, and no implied covenants or
obligations shall be read into this Agreement against the Trustee.
(b) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Agreement; but in the case of any such
certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the
same to determine whether or not they conform to the requirements of this
Agreement.
(c) In case an Event of Servicer Default of which a Responsible Officer of
the Trustee has actual knowledge has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Agreement, and
use the same degree of care and skill in their exercise, as a prudent Person
would exercise or use under the circumstances in the conduct of such Person's
own affairs; provided, however, that no provision in this Agreement shall be
construed to limit the obligations of the Trustee to provide notices under
Section 9.02.
(d) No provision of this Agreement shall be construed to require the
Trustee to exercise any of its duties under this Agreement in any case in which
the Trustee has not been offered reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred by it in the exercise of
such duty.
(e) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:
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(i) this Section shall not be construed to limit the effect of Section
9.01(a) and (b);
(ii) the Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer;
(iii) the Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith in accordance with the written
direction of the Required Certificateholders or other applicable percentage
of Certificateholders relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Agreement; and
(iv) no provision of this Agreement shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder, or in the exercise of any
of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.
(f) Whether or not therein expressly so provided, every provision of this
Agreement relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section
9.01.
(g) The Trustee shall have no liability in connection with activities of
the Servicer or compliance of the Servicer or the Unaffiliated Seller with
statutory or regulatory requirements related to the Trust Fund. The Trustee
makes no representations or warranties with respect to the Trust Fund or the
validity or sufficiency of any assignment of the Mortgage Loans to the
Unaffiliated Seller or to the Trustee. Notwithstanding anything in this
Agreement to the contrary, the Trustee shall have no duty or obligation to
supervise, verify or monitor the performance of the Servicer nor recompute,
recalculate or verify any information provided to it by the Servicer.
(h) For all purposes under this Agreement, the Trustee shall not be deemed
to have notice of any Event of Servicer Default hereof unless a Responsible
Officer has actual knowledge thereof or unless written notice of such an Event
of Servicer Default is received by the Trustee at the Corporate Trust Office,
and such notice references this Agreement.
(i) The Trustee shall be under no obligation to institute any suit, or to
take any remedial proceeding under this Agreement, or to enter any appearance or
in any way defend in any suit in which it may be made defendant, or to take any
steps in the execution of the trusts hereby created or in the enforcement of any
rights and powers hereunder until it shall be indemnified to its satisfaction
against any and all costs and expenses, outlays and counsel fees and other
reasonable disbursements and against all liability, except liability that is
adjudicated in connection with any action so taken.
(j) Subject to the other provisions of this Agreement and without limiting
the generality of this Section 9.01, the Trustee shall have no duty (A) to see
to any recording, filing, or depositing of this Agreement or any agreement
referred to herein or any financing statement
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or continuation statement evidencing a security interest, or to see to the
maintenance of any such recording or filing or depositing or to any rerecording,
refiling or redepositing of any thereof, (B) to see to any insurance, (C) to see
to the payment or discharge of any Tax of any kind owing with respect to,
assessed or levied against, any part of the Trust from funds available in the
Collection Account, (D) to confirm or verify the contents of any reports or
certificates of the Servicer delivered to the Trustee pursuant to this Agreement
believed by the Trustee to be genuine and to have been signed or presented by
the proper party or parties;
(k) The Trustee shall not be personally liable for any action taken,
suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Agreement.
Section 9.02. Notice of Defaults. Within five Business Days after the
earlier of a Responsible Officer (i) receiving actual knowledge and (ii)
receiving written notice, of an Event of Servicer Default or of any default
hereunder, the Trustee shall transmit to the Depositor and all
Certificateholders, as their names and addresses appear in the Certificate
Register and the Rating Agency, notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived.
Section 9.03. Certain Matters Affecting the Trustee. Subject to the
provisions of Section 9.01:
(a) The Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;
(b) Whenever in the performance of its duties hereunder the Trustee shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer's Certificate or Opinion of Counsel with respect to its
actions or its inaction;
(c) The Trustee may consult with counsel and the advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered, or omitted by it hereunder in good
faith and in reliance thereon;
(d) The Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Agreement at the request or direction of any of
the Certificateholders pursuant to this Agreement, unless such
Certificateholders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction;
(e) Prior to the occurrence of an Event of Servicer Default, or after the
curing of all Events of Default which may have occurred, the Trustee shall not
be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document,
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unless requested in writing so to do by the Required Certificateholders;
provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this Agreement,
the Trustee may require reasonable indemnity against such cost, expense or
liability as a condition to so proceeding. The reasonable expense of every such
examination shall be paid by the Servicer or, if paid by the Trustee, shall be
reimbursed by the Servicer upon demand; and
(f) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys or a custodian (which may be Affiliates of the Trustee) and the
Trustee shall not be liable for any acts or omissions of the Servicer hereunder
or of such agents, attorneys or custodians appointed with due care by it
hereunder.
Section 9.04. Trustee Not Liable for Certificates or Mortgages.
(a) The Trustee makes no representations as to the validity or sufficiency
of this Agreement or any Related Document, the Certificates (other than the
execution and authentication thereof) or of any Mortgage Loan. The Trustee shall
not be accountable for the use or application by the Unaffiliated Seller of
funds paid to the Unaffiliated Seller in consideration of conveyance of the
Mortgage Loans to the Trust.
(b) The Trustee shall have no responsibility or liability for or with
respect to: the validity of any security interest in any Loan Collateral; the
perfection of any such security interest (whether as of the date hereof or at
any future time) or the maintenance of or the taking of any action to maintain
such perfection; the existence or validity of any Mortgage, the validity of the
assignment of any Mortgage Loan to the Trust or of any intervening assignment;
the review of any Mortgage Loan, any Loan File or the Electronic Ledger (except
as otherwise specified herein); the completeness of any Loan File, the receipt
by it or its custodian of any Mortgage Loan or Loan File (it being understood
that the Trustee has not reviewed and does not intend to review such matters);
the performance or enforcement of any Mortgage Loan; the performance of the
Servicer; the compliance by the Unaffiliated Seller or the Servicer with any
covenant or the breach by the Unaffiliated Seller or the Servicer of any
warranty or representation made hereunder or in any related document or the
accuracy of any such warranty or representation; any investment of monies in the
Collection Account or any loss resulting therefrom; the acts or omissions of the
Servicer or the Back-Up Servicer or any Mortgagor or originator of the related
Mortgage Loans; any action of the Servicer taken in the name of the Trustee; any
action by the Trustee taken at the instruction of the Servicer, the Unaffiliated
Seller or the Required Certificateholders. No recourse shall be had for any
claim based on any provision of this Agreement, the Certificates or any Mortgage
Loan against the Trustee in its individual capacity, and the Trustee shall not
have any personal obligation, liability or duty whatsoever to any
Certificateholder, or any other Person with respect to any such claim, and any
such claim shall be asserted solely against the Trust or any indemnitor who
shall furnish indemnity as provided herein.
Section 9.05. Trustee May Own Certificates. The Trustee in its individual
or any other capacity may become the owner or pledgee of Certificates with the
same rights as it would
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have if it were not Trustee.
Section 9.06. Eligibility Requirements for Trustee. The Trustee hereunder
shall at all times (a) be a corporation, depository institution, or trust
company organized and doing business under the laws of the United States of
America or any state thereof authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $100,000,000,
(b) be subject to supervision or examination by Federal or state authority and
(c) have a long-term unsecured debt rating of not less than A from each Rating
Agency (or to the extent not rated by the Rating Agency, not less than an
equivalent rating from each nationally recognized statistical rating
organization that the Servicer requested to rate such debt) or such other rating
as may be acceptable to the Rating Agency, and the Required Certificateholders.
If such institution publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 9.06, the combined capital and
surplus of such institution shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 9.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 9.07.
Section 9.07. Resignation or Removal of Trustee.
(a) The Trustee may at any time resign and be discharged from the Trust
hereby created by giving 30 days' written notice thereof to the Servicer, the
Back-Up Servicer, the Depositor, the Unaffiliated Seller, each
Certificateholder, and each Rating Agency. Upon receiving such notice of
resignation, the Required Certificateholders shall promptly appoint a successor
Trustee by written instrument, a counterpart of which instrument shall be
delivered to each of the Unaffiliated Seller, each Certificateholder, the
successor Trustee and the predecessor Trustee. A copy of such instrument shall
be delivered to each Rating Agency. If no successor Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 9.06 and shall fail to resign after written
request therefor by the Required Certificateholders, or if at any time the
Trustee shall be legally unable to act, or shall be adjudged a bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation, or the
Required Certificateholders may remove the Trustee. If the Trustee is removed
under the authority of the immediately preceding sentence, the Required
Certificateholders shall promptly appoint a successor Trustee by written
instrument, a counterpart of which instrument shall be delivered to each of the
Unaffiliated Seller, each Certificateholder, the successor Trustee and the
predecessor Trustee. Copies of such instrument shall also be delivered by the
Servicer to each Rating Agency.
(c) Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section 9.07 shall
not become effective until acceptance of appointment by the successor Trustee as
provided in Section 9.08.
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Section 9.08. Successor Trustee.
(a) Any successor Trustee appointed as provided in Section 9.07 shall
execute, acknowledge and deliver to each of the Unaffiliated Seller, the
Servicer, each Certificateholder and to its predecessor Trustee an instrument
accepting such appointment hereunder, and thereupon the resignation or removal
of the predecessor Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder with
like effect as if originally named a Trustee. The predecessor Trustee shall
deliver or cause to be delivered to the successor Trustee or its custodian any
related documents and statements held by it or its custodian hereunder
(provided, that so long as no Event of Servicer Default shall have occurred, the
Servicer shall continue as custodian of the Loan Files hereunder); and the
Unaffiliated Seller, the Servicer and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for the full and certain vesting and confirmation in the successor Trustee of
all such rights, powers, duties and obligations.
(b) No successor Trustee shall accept appointment as provided in this
Section 9.08 unless at the time of such acceptance such successor Trustee shall
be eligible under the provisions of Section 9.06.
(c) Upon acceptance of appointment by a successor Trustee as provided in
this Section 9.08, the Servicer shall mail notice of the succession of such
Trustee hereunder to each Certificateholder at its address as shown in the
Certificate Register and to each Rating Agency. If the Servicer fails to mail
such notice within 10 days after acceptance of appointment by the successor
Trustee, the successor Trustee shall cause such notice to be mailed at the
expense of the Unaffiliated Seller.
Section 9.09. Merger or Consolidation of Trustee. Any corporation into
which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such corporation shall be eligible
under the provisions of Section 9.06, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.
Section 9.10. Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions of this Agreement, at any time for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Asset may at the time be located, the Trustee shall have the
power and may execute and deliver all instruments to appoint one or more Persons
to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such
capacity and for the benefit of the Certificateholders, such title to the Trust,
or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Trustee may consider
necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under
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Section 9.06 and no notice to Certificateholders of the appointment of any
co-trustee or separate trustee shall be required under Section 9.08.
(b) Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:
(i) powers, duties and obligations conferred or imposed upon the
Trustee shall be conferred or imposed upon and exercised or performed by
the Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to
act separately without the Trustee joining in such act) except to the
extent that under any law of any jurisdiction in which any particular act
or acts are to be performed (whether as Trustee hereunder or as Successor
Servicer) the Trustee shall be incompetent or unqualified to perform such
act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any
such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Trustee;
(ii) hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; and
(iii) may at any time accept the resignation or remove any separate
trustee or co-trustee.
(c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Servicer, and to the Back-Up Servicer, the Depositor.
(d) Any separate trustee or co-trustee may at any time constitute the
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 9.11. Tax Matters.
(a) The Trustee shall prepare all tax returns and any other information,
returns or reports, if any, that need to be filed for the Trust or the
Certificateholders. The Trustee shall execute and file all such tax returns and
other information, returns or reports.
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(b) Notwithstanding any other provision of this Agreement, the Trustee
shall comply with all federal withholding requirements with respect to payments
to Certificateholders of interest or original issue discount that the Trustee
reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for any such withholding.
Section 9.12. Trustee's Fees and Expenses.
(a) On each Distribution Date, the Trustee shall be entitled to withdraw
from the Collection Account, pursuant to Section 6.04, the Trustee's Fee. The
Servicer covenants and agrees to pay from the Certificate Account to the Trustee
and any co-trustee from time to time, and the Trustee and any co-trustee shall
be entitled to, reasonable compensation to be withdrawn from the Collection
Account pursuant to Section 6.05, or directly (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services rendered by each of them in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee and any co-trustee. The Servicer will pay or reimburse
the Trustee and any co-trustee upon request, from the Collection Account, or
directly, for all reasonable unanticipated expenses, disbursements and advances
incurred or made by the Trustee or any co-trustee in accordance with any of the
provisions of this Agreement (including the reasonable compensation and the
expenses and disbursements of its counsel and of all persons not regularly in
its employ, and the expenses incurred by the Trustee or any co-trustee in
connection with the appointment of an office or agency pursuant to Section 9.10)
except any such expense, disbursement or advance as may arise from its
negligence or bad faith.
ARTICLE X
MISCELLANEOUS
Section 10.01. Termination of Agreement. The respective obligations and
responsibilities of the Unaffiliated Seller, the Servicer, the Depositor, the
Back-Up Servicer and the Trustee created hereby (other than obligations
expressly stated to survive the termination of the Trust) shall terminate on the
date (the "Trust Termination Date") which is the earlier to occur of:
(i) after the day on which the Certificates are paid in full
(including payment pursuant to Section 10.02 below); and
(ii) the date that is 21 years from the death of the last survivor of
the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date hereof; and
(iii) the December 2037 Distribution Date.
Section 10.02. Optional Purchase of Trust Assets.
(a) On any Distribution Date on or after the Distribution Date on which the
then-outstanding aggregate Principal Balances of the Mortgage Loans in the Trust
is less than or equal to ten percent of the aggregate Principal Balance of the
Mortgage Loans as of the Cut-Off
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Date, the Servicer, acting directly or through one or more affiliates (other
than the Wilshire Seller or the Seller, may determine to purchase and may cause
the purchase from the Trust of all (but not fewer than all) Mortgage Loans in
the Trust and all property theretofore acquired in respect of any such Mortgage
Loan by foreclosure, deed in lieu of foreclosure, or otherwise then remaining in
the Trust at a price equal to the sum of (x) the greater of (i) 100% of the
aggregate Principal Balance of the related Mortgage Loans and related accrued
interest as of the day of purchase minus the amount actually remitted by the
Servicer representing the related Available Distribution Amount on the related
Servicer Remittance Date for the related Due Period and (ii) the fair market
value of such Mortgage Loans (disregarding accrued interest), and (y) the amount
of any difference between the related Available Distribution Amount actually
remitted by the Servicer on such Servicer Remittance Date and the Available
Distribution Amount due on the related Servicer Remittance Date (such amount,
the "Termination Price"). The right of the Holder of the Class R-I Certificates
so to exercise such optional purchase right is superior to such right of the
Servicer. The Servicer may only exercise such optional right if the Holder of
the Class R-I Certificates explicitly declines to do so. In connection with such
purchase, the Servicer shall remit to the Trustee all amounts then on deposit in
the Collection Account for deposit to the Certificate Account, which deposit
shall be deemed to have occurred immediately preceding such purchase. It is
intended that such purchase will be made pursuant to a Qualified Liquidation of
each REMIC.
(b) In connection with any such purchase, the Servicer shall provide to the
Trustee an Opinion of Counsel, at the expense of the Servicer, experienced in
federal income tax matters to the effect that such purchase constitutes a
Qualified Liquidation of each REMIC held by the Trust.
(c) Promptly following any such purchase, the Trustee will release the Loan
Files to the Servicer, or otherwise upon its order.
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Section 10.03. Certain Notices upon Final Payment. The Servicer shall give
the Trustee, each Rating Agency, each Certificateholder, the Back-Up Servicer,
the Depositor and the Unaffiliated Seller at least 30 days' prior written notice
of the date on which the Trust is expected to terminate in accordance with
Section 10.01, or the date on which the Certificates will be optionally redeemed
in accordance with Section 10.02. Not later than the fifth Business Day in the
Due Period in which the final distribution in respect to the Certificates is
payable to the Certificateholders, the Trustee shall mail to the Holders of the
Certificates a notice specifying the procedures with respect to such final
distribution. The Trustee shall give a copy of such notice to each Rating Agency
at the time such notice is given to Certificateholders. Following the final
distribution thereon, the Certificates shall become void, no longer outstanding
and no longer evidence any right or interest in the Mortgage Loans or the Loan
Files or any proceeds of the foregoing.
Section 10.04. Beneficiaries. This Agreement will inure to the benefit of
and be binding upon the parties hereto, the Holders of the Certificates, and
their respective successors and permitted assigns. No other Person will have any
right or obligation hereunder.
Section 10.05. Amendment.
(a) This Agreement may be amended from time to time by the Unaffiliated
Seller, the Back-Up Servicer, the Depositor, the Servicer and the Trustee,
without the consent of any of the Holders of the Certificates, (i) to cure any
ambiguity or defect of, to correct or supplement any provisions herein which may
be inconsistent with any other provisions herein or to add any other provisions
with respect to matters or questions arising under this Agreement which shall
not be inconsistent with the provisions of this Agreement; (ii) upon receipt of
an Opinion of Counsel experienced in federal income tax matters to the effect
that no entity-level tax will be imposed on the Trust or upon the transferor of
a Residual Certificate as a result of the ownership of any Residual Certificate
by an Disqualified Organization, to remove the restriction on transfer set forth
in Section 5.05 hereof or (iii) to comply with the requirements of the Code and
the regulations proposed or promulgated thereunder; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel delivered to the
Trustee, adversely affect in any material respect the interests of any Holder or
cause an Adverse REMIC Event.
(b) This Agreement may also be amended from time to time by the
Unaffiliated Seller, the Servicer, the Back-Up Servicer, the Depositor and the
Trustee, with the consent of Required Certificateholders, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Holders of the Certificates; provided, however, that no such amendment shall (a)
reduce in any manner the amount of, or delay the timing of, collections of
payments on the Mortgage Loans or distributions which are required to be made on
any Certificate then outstanding, (b) reduce the percentage required to consent
to any such amendment, (c) cause an Adverse REMIC Event or (d) modify this
Section 10.05(b) without the consent of the Holders of all of the Holders of the
Certificates. The Servicer may set a record date for purposes of determining the
holders entitled to give a written consent or waive compliance as authorized or
permitted by this Section 10.05(b). Such record date shall not be more than 30
days prior to the first solicitation to such consent or waiver.
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(c) Promptly after the execution of any amendment or consent pursuant to
this Section 10.05, the Trustee shall furnish a copy of such amendment to each
Holder of a Certificate and, not later than the tenth Business Day preceding the
effectiveness of any such amendment, to each Rating Agency.
(d) The manner of obtaining consents and of evidencing the authorization of
the execution thereof by Holders of the Certificates be subject to such
reasonable requirements as the Trustee may prescribe.
(e) The Trustee may, but shall not be obligated to, enter into any such
amendment which affects the Trustee's own rights, duties or immunities under
this Agreement or otherwise.
(f) In connection with any amendment pursuant to this Section 10.05, the
Trustee shall be entitled to receive an Opinion of Counsel to the effect that
such amendment is authorized or permitted by the Agreement.
Section 10.06. Notices.
(a) All communications and notices to the parties hereto shall be in
writing and delivered as follows:
If to the Unaffiliated
Seller at: Wilshire Mortgage
Funding Company VI, Inc.
1705 S.W. Taylor Street
Portland, Oregon 97205
Attn: Lawrence Mendelsohn
Telephone: (503) 223-5600
Telecopier: (503) 223-8799
with a copy to the Servicer.
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If to the Servicer, at: Wilshire Servicing Corporation
1776 S.W. Madison Street
Portland, Oregon 97205
Attn: Andrew Wiederhorn
Telephone: (503) 223-5600
Telecopier: (503) 223-8799
with copies to:
Jim Waddington
Proskauer Rose Goetz & Mendelsohn LLP
1585 Broadway, 22nd Floor
New York, New York 10036
Telephone: (212) 969-3000
Telecopier: (212) 969-969-2900
If to the Trustee, at: Bankers Trust Company of California, N.A.
3 Park Plaza
16th Floor
Irvine, CA 92614
Attn: Wilshire Funding Corporation
Mortgage-Backed Certificates,
Series 1998-WFC2 (WM 9802)
Telephone: (949) 253-7575
Telecopier: (949) 253-7577
If to the Depositor: Credit Suisse First Boston Mortgage
Securities Corp.
11 Madison Avenue
New York, New York 10010
Attn: Vice President
Mortgage Products Group
If to the Rating
Agencies: Moody's Investors Service
99 Church Street
New York, New York 10007
Attn: Wilshire Funding 1998-WFC2
Telephone: (212) 553-0300
Telecopier: (212) 553-0881
Duff & Phelps Credit Rating Co.
55 East Monroe Street
Chicago, IL 60603
Attn: MBS Monitoring Group
Telephone: (312) 368-3100
Telecopier: (312) 263-2852
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Fitch IBCA, Inc.
One State Street Plaza
New York, NY 10004
Telephone: (212) 908-0500
Telecopier: (212) 480-4438
or at such other address as the party may designate by notice to the other
parties hereto, which shall be effective when received.
(b) All communications and notices to Certificateholders given pursuant
hereto shall be in writing and mailed first class mail, postage prepaid at the
address shown above, or, in the case of the Certificateholders, at the address
shown in the Certificate Register. Such notices shall be deemed given when
mailed.
Section 10.07. Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived, or supplemented except as provided herein.
Section 10.08. Headings. The headings herein are for purposes of reference
only and shall not otherwise affect the meaning or interpretation of any
provision hereof.
Section 10.09. Certificates Nonassessable and Fully Paid. The interests
represented by the Certificates shall be nonassessable for any losses or
expenses of the Trust or for any reason whatsoever, and, upon authentication
thereof by the Trustee, each Certificate shall be deemed fully paid.
Section 10.10. Severability of Provisions. If any one or more of the
covenants, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, provisions or terms shall be
deemed severable from the remaining covenants, provisions or terms of this
Agreement, and shall in no way affect the validity or enforceability of the
other provisions of this Agreement, the rights of the Certificateholders or the
rights of the Trustee.
Section 10.11. No Proceedings. The Servicer, the Depositor and the
Unaffiliated Seller each hereby agrees that it will not, directly or indirectly
institute, or cause to be instituted, against the Unaffiliated Seller or the
Trust any proceeding of the type referred to in Section 7.01(c) so long as there
shall not have elapsed one year plus one day since the Trust Termination Date.
Section 10.12. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL.
(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE INTERNAL LAWS (AS OPPOSED TO CONFLICT OF LAWS PROVISIONS) OF THE STATE OF
NEW YORK.
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(b) THE UNAFFILIATED SELLER, THE SERVICER, THE BACK-UP SERVICER, THE
DEPOSITOR AND THE TRUSTEE HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN
THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND EACH WAIVES PERSONAL SERVICE OF
ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE
MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH IN SECTION 10.06
HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON RECEIPT THEREOF.
THE UNAFFILIATED SELLER, THE SERVICER AND THE TRUSTEE EACH HEREBY WAIVE ANY
OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY
ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF THE UNAFFILIATED SELLER, THE SERVICER AND THE TRUSTEE
TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT
OF ANY SUCH PERSON TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER
JURISDICTION.
(c) THE UNAFFILIATED SELLER, THE SERVICER, THE BACK-UP SERVICER, THE
DEPOSITOR AND THE TRUSTEE EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS
AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH
TRIAL WITHOUT A JURY.
Section 10.13. Counterparts. This Agreement may be executed in counterparts
each of which shall be an original, but all of which together shall constitute
one and the same instrument.
Section 10.14. Tax Matters.
(a) The Trustee shall prepare, execute and file on a timely basis all tax
returns and any other information, returns or reports, if any, that are required
to be filed for the Trust; provided that the Trustee shall execute and file the
reports prepared by the Servicer pursuant to Section 4.15 promptly following
receipt thereof from the Servicer.
(b) The Servicer shall take all action reasonably necessary to assure
compliance with the provisions of the Code relating to (i) certain withholding
requirements applicable to non-U.S. Person taxpayers; (ii) backup withholding
requirements and (iii) certain taxpayer certification requirements relating to
clauses (i) and (ii) above.
Section 10.15. REMIC. The Servicer and the Trustee covenant and agree for
the benefit of the Holders (i) to take no action which would result in the
termination of REMIC status for either REMIC, (ii) not to engage in any
"Prohibited Transaction", as such term is defined in Section 860F(a)(2) of the
Code and (iii) not to engage in any other action which may
107
<PAGE>
result in the imposition of any other taxes under the Code.
Section 10.16. REMIC Status; Taxes.
(a) The Tax Matters Person shall prepare and file or cause to be filed with
the Internal Revenue Service Federal tax or information returns with respect to
each REMIC and the Certificates containing such information and at the times and
in such manner as may be required by the Code or applicable Treasury
regulations, and shall furnish to Holders such statements or information at the
times and in such manner as may be required thereby. For this purpose, the Tax
Matters Person may, but need not, rely on any proposed regulations of the United
States Department of the Treasury. The Tax Matters Person shall indicate the
election to treat each REMIC as a REMIC (which election shall apply to the
taxable period ending December 31, 1998 and each calendar year thereafter) in
such manner as the Code or applicable Treasury regulations may prescribe. The
Trustee, as Tax Matters Person appointed pursuant to Section 10.18 hereof shall
sign all tax information returns filed pursuant to this Section 10.16. The Tax
Matters Person shall provide information necessary for the computation of tax
imposed on the transfer of a Residual Certificate to a Disqualified
Organization, or an agent of a Disqualified Organization, or a pass-through
entity in which a Disqualified Organization is the record holder of an interest.
(b) The Tax Matters Person shall timely file all reports required to be
filed by the Trust with any federal, state or local governmental authority
having jurisdiction over the Trust, including other reports that must be filed
with the Certificateholders, such as the Internal Revenue Service's Form 1066
and Schedule Q. Furthermore, the Tax Matters Person shall report to Holders, if
required, with respect to the allocation of expenses pursuant to Section 212 of
the Code in accordance with the specific instructions to the Tax Matters Person
by the Seller with respect to such allocation of expenses. The Tax Matters
Person shall collect any forms or reports from the Holders determined by the
Seller to be required under applicable federal, state and local tax laws.
(c) The Tax Matters Person shall provide to the Internal Revenue Service
and to persons described in Section 860E(e)(3) and (6) of the Code the
information described in Treasury Regulation Section 1.860D-1(b)(5)(ii), or any
successor regulation thereto. Such information will be provided in the manner
described in Treasury Regulation Section 1.860E-2(a)(5), or any successor
regulation thereto.
(d) The Seller and the Depositor covenant and agree to within ten Business
Days after the Startup Day provide to the Trustee any information necessary to
enable the Trustee to meet its obligations under subsections (b) and (c) above.
(e) The Trustee, the Depositor, the Unaffiliated Seller and the Servicer
each covenants and agrees for the benefit of the Holders (i) to take no action
or fail to take any action, which would, if taken or not taken, as the case may
be, result in the termination of "REMIC" status for either REMIC, (ii) not to
engage in any "prohibited transaction", as such term is defined in Section
860F(a)(2) of the Code and (iii) not to engage in any other action which may
result in the imposition on the Trust of any other taxes under the Code,
including, without limitation, for purposes of this paragraph any alteration,
modification, amendment, extension, waiver or forbearance with respect to any
Mortgage Loan.
108
<PAGE>
(f) The Trustee shall, for federal income tax purposes, maintain books on a
calendar year basis and report income on an accrual basis.
(g) No Eligible Investment shall be sold prior to its stated maturity
(unless sold pursuant to a plan of liquidation in accordance with Section 10.02
hereof).
(h) Neither the Seller nor the Trustee shall enter into any arrangement by
which the Trustee will receive a fee or other compensation for services rendered
pursuant to this Agreement, which fee or other compensation is paid from the
Trust Fund, other than as expressly contemplated by this Agreement.
(i) Notwithstanding foregoing clauses (g) and (h), the Trustee and the
Seller may engage in any of the transactions prohibited by such clauses,
provided that the Trustee shall have received an opinion of counsel experienced
in federal income tax matters to the effect that such transaction does not
result in a tax imposed on the Trust Fund or cause a termination of REMIC status
for either REMIC; provided, however, that such transaction is otherwise
permitted under this Agreement.
Section 10.17. Additional Limitation on Action and Imposition of Tax.
(a) Except as otherwise provided in this Agreement, the Trustee shall not,
without having obtained an opinion of counsel experienced in federal income tax
matters to the effect that such transaction does not result in a tax imposed on
the Trust or cause a termination of REMIC status for either REMIC, (i) sell any
assets in the Trust Estate, (ii) accept any contribution of assets after the
Startup Day or (iii) agree to any modification of this Agreement.
(b) In the event that any tax is imposed on "prohibited transactions" as
defined in Section 860F(a)(2) of the Code, on the "net income from foreclosure
property" as defined in Section 860G(c) of the Code, on any contribution to
either REMIC after the Startup Day pursuant to Section 860G(d) of the Code, or
any other tax is imposed, such tax shall be paid by (i) the Trustee, if such tax
arises out of or results from the Trustee's negligence or willful misconduct,
(ii) the Servicer, if such tax arises out of or results from a breach by the
Servicer of any of its obligations under this Agreement, or otherwise (iii) the
Certificateholders of the Residual Certificates in proportion to their
Percentage Interests. To the extent such tax is chargeable against the
Certificateholders of the Residual Certificates, notwithstanding anything to the
contrary contained herein, the Trustee is hereby authorized to retain from
amounts otherwise distributable to the Holders of the Residual Certificates on
any Payment Date sufficient funds for the payment of such tax.
Section 10.18. Appointment of Tax Matters Person. The Certificateholders of
the Residual Certificates hereby appoint the holder of a majority of the
Percentage Interests in the Class R-I Certificates as Tax Matters Person, and
Tax Matters Person will perform, or cause to be performed, such duties and take,
or cause to be taken, such actions, as are required to be performed or taken by
the Tax Matters Person under the Code. The Trustee hereby agrees to act as the
Tax Matters Person (or as the attorney-in-fact and agent for any Person that is
the Tax Matters Person) and the Trustee is hereby appointed by the
Certificateholders as the Tax Matters Person and each Certificateholder consents
to such appointment for each REMIC held by the
109
<PAGE>
Trust.
110
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this
Pooling and Servicing Agreement to be executed by their respective officers
thereunto duly authorized on the day and year first above written.
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.,
as Depositor
By: /s/ Heidi Davis
---------------------------------
Name: Heidi Davis
Title: Vice President
WILSHIRE MORTGAGE FUNDING
COMPANY VI, INC., as Unaffiliated
Seller
By: /s/ Andrew A. Wiederhorn
---------------------------------
Name: Andrew A. Wiederhorn
Title: Chief Executive Officer
WILSHIRE SERVICING CORPORATION,
as Servicer
By: /s/ Andrew A. Wiederhorn
---------------------------------
Name: Andrew A. Wiederhorn
Title: Chief Executive Officer
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A., as Trustee and
as Back-Up Servicer
By: /s/ Katherine M. Wannenmacher
---------------------------------
Name: Katherine M. Wannenmacher
Title: Assistant Vice President
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS...........................................1
Section 1.01. Certain Defined Terms.................................1
"Adjusted Class A-I Percentage"............................................1
"Adjusted Class A-I Prepayment Percentage".................................1
"Adjusted Subordinate Percentage"..........................................2
"Adjusted Subordinate Prepayment Percentage"...............................2
"Advance Payment" ......................................................2
"Advances" ......................................................2
"Adverse Claim" ......................................................2
"Adverse REMIC Event"......................................................2
"Affiliate" ......................................................2
"Agreement" ......................................................2
"Assignment" ......................................................2
"Assignment of Leases".....................................................2
"Authorized Officer" ......................................................3
"Available Distribution Amount"............................................3
"Balloon Loan" ......................................................4
"Blended Rate" ......................................................4
"Book-Entry Certificate"...................................................4
"Business Day" ......................................................5
"CERCLA" ......................................................5
"Certificate" ......................................................5
"Certificate Account"......................................................5
"Certificateholder" ......................................................5
"Certificate Principal Balance"............................................5
"Certificate Register".....................................................5
"Chapter 13" ......................................................5
"Civil Relief Act" ......................................................5
"Civil Relief Act Interest Shortfall"......................................6
"Class" ......................................................6
"Class A Certificate"......................................................6
-i-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"Class A Interest Distribution Amount".....................................6
"Class A Principal Distribution Amount"....................................6
"Class A-I Certificates"...................................................6
"Class A-I Interest Distribution Amount"...................................6
"Class A-I Pass-Through Rate"..............................................6
"Class A-I Percentage".....................................................6
"Class A-I Prepayment Percentage"..........................................6
"Class A-I Principal Distribution Amount"..................................8
"Class A-II Certificates"..................................................8
"Class A-II Interest Distribution Amount"..................................9
"Class A-II Pass-Through Rate".............................................9
"Class A-II Principal Distribution Amount".................................9
"Class A-III Certificates"................................................10
"Class A-III Interest Distribution Amount"................................10
"Class A-III Pass-Through Rate"...........................................10
"Class A-III Principal Distribution Amount"...............................10
"Class B Certificates"....................................................11
"Class B Pass-Through Rate"...............................................11
"Class B-1 Certificates"..................................................11
"Class B-1 Interest Distribution Amount"..................................11
"Class B-2 Certificates"..................................................11
"Class B-2 Interest Distribution Amount"..................................11
"Class B-3 Certificates"..................................................11
"Class B-3 Interest Distribution Amount"..................................11
"Class IO Certificates"...................................................12
"Class IO Interest Distribution Amount"...................................12
"Class IO Pass-Through Rate"..............................................12
"Class M Certificates"....................................................13
"Class M-1 Certificates"..................................................13
"Class M-1 Interest Distribution Amount"..................................13
"Class M-1 Pass-Through Rate".............................................13
-ii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"Class M-2 Certificates"..................................................13
"Class M-2 Interest Distribution Amount"..................................13
"Class M-2 Pass-Through Rate".............................................13
"Class M-3 Certificates"..................................................13
"Class M-3 Interest Distribution Amount"..................................13
"Class M-3 Pass-Through Rate".............................................14
"Class R-I Certificates"..................................................14
"Class R-II Certificates".................................................14
"Closing Date" .....................................................14
"Code" .....................................................14
"Collection Account" .....................................................14
"Collections" .....................................................14
"Commercial Property" ....................................................14
"Condemnation Proceeds"...................................................14
"Credit Support" .....................................................14
"Cross Support Weighted Average Net Mortgage Rate"........................14
"Cut-Off Date" .....................................................15
"DCR" .....................................................15
"Debt" .....................................................15
"Deferred Interest" .....................................................15
"Deficient Valuation".....................................................16
"Deficit Percentage" .....................................................16
"Delinquency Advance".....................................................16
"Delinquent" .....................................................16
"Determination Date" .....................................................16
"Depository" .....................................................16
"Direct Participant" .....................................................16
"Disqualified Organization"...............................................16
"Distribution Date" ......................................................17
"Dollar" .....................................................17
"Due Date" .....................................................17
-iii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"Due Period" .....................................................17
"Electronic Ledger" .....................................................17
"Eligible Account" .....................................................17
"Eligible Investments"....................................................17
"ERISA" .....................................................18
"Escrow Amounts" .....................................................18
"Event of Servicer Default"...............................................18
"Exception Report" .....................................................18
"FDIC" .....................................................18
"FHA" .....................................................18
"FHLMC" .....................................................18
"Final Scheduled Distribution Date".......................................18
"Fitch" .....................................................18
"FNMA" .....................................................18
"GAAP" .....................................................18
"Governmental Authority"..................................................18
"Group I Certificates"....................................................18
"Holder" .....................................................19
"Independent Public Accountant"...........................................19
"Indirect Participant"....................................................19
"Initial Certificate Principal Balance"...................................19
"Initial Credit Support"..................................................19
"Insurance Policy" .......................................................19
"Insurance Premium Fee"...................................................19
"Insurance Proceeds" .....................................................19
"Junior Mortgage Loan"....................................................20
"Liquidated Mortgage Loan"................................................20
"Liquidation Expenses"....................................................20
"Liquidation Proceeds"....................................................20
"List of Loans" .....................................................20
"Loan Collateral" .....................................................20
-iv-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"Loan File" ..............................................................20
"Loan File Documents" ....................................................20
"Loan-to-Value Ratio" ....................................................20
"Lock-Box" ...............................................................20
"Lockbox Account" ........................................................20
"Lockbox Agreement" ......................................................21
"Lockbox Bank" ...........................................................21
"Manufactured Home" ......................................................21
"Manufactured Housing Loan"...............................................21
"Mixed Use Property" .....................................................21
"Monthly Payment" ........................................................21
"Moody's" ................................................................21
"Mortgage" ...............................................................21
"Mortgage Loan" ..........................................................21
"Mortgage Rate" ..........................................................22
"Mortgaged Property" .....................................................22
"Mortgagor" ..............................................................22
"Multifamily Property"....................................................22
"Negative Amortization Loan...............................................22
"Net Insurance Proceeds"..................................................22
"Net Liquidation Proceeds"................................................22
"Net Mortgage Rate" ......................................................22
"Net Negative Amortization"...............................................22
"Non-Recoverable Advance".................................................22
"Non-Surplus Percentage"..................................................22
"Note" ...................................................................23
"Notional Amount" ........................................................23
"Officer's Certificate"...................................................23
"One-Year CMT" ...........................................................23
"Opinion of Counsel" .................................................... 23
"Original Subordinate Principal Balance"..................................23
-v-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"Originator" .....................................................23
"Outstanding Advances"....................................................23
"Pass-Through Rate" .....................................................23
"Percentage Interest".....................................................23
"Permitted Liens" .....................................................24
"Person" .....................................................24
"Pool" .....................................................24
"Pool I" .....................................................24
"Pool II" .....................................................24
"Pool III" .....................................................24
"Pool Deficit Amount"24
"Pool Surplus Amount"24
"Potentially Hazardous Property"..........................................24
"Prepayment Interest"24
"Prepayment Interest Shortfall"...........................................24
"Prepayment Period" .....................................................24
"Preservation Expenses"...................................................25
"Primary Mortgage Insurance Policy".......................................25
"Principal Balance" 25
"Principal Prepayment"....................................................25
"Qualified Liquidation"...................................................25
"Rating Agency" .....................................................25
"Real Estate" .....................................................25
"Realized Loss" .....................................................25
"Record Date" .....................................................26
"Records" .....................................................26
"Related Documents" 26
"REMIC" .....................................................26
"REMIC I" .....................................................26
"REMIC I Regular Interest"................................................26
"REMIC II" .....................................................26
-vi-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"REMIC Provisions" .....................................................26
"REO Property" .....................................................26
"Report Date" .....................................................26
"Representation Letter"...................................................27
"Repurchase Price" .......................................................27
"Request for Release" ....................................................27
"Required Certificateholders".............................................27
"Required Information"....................................................27
"Residual Certificates"...................................................27
"Responsible Officer" ....................................................27
"RTC" .....................................................27
"Sale Agreement" .........................................................27
"Securities Act" .....................................................27
"Senior Certificates" ....................................................28
"Senior Percentage" ......................................................28
"Servicer" .....................................................28
"Servicer Remittance Date"................................................28
"Servicer's Monthly Report"...............................................28
"Servicing Fee" .....................................................28
"Servicing Fee Rate" .....................................................28
"Servicing Officer" .....................................................28
"Servicing Standard" .....................................................28
"Standard & Poor's" .....................................................28
"Start-Up Day" .....................................................28
"Subordinate Certificates"................................................28
"Subordinate Percentage"..................................................28
"Subordinate Prepayment Percentage".......................................29
"Subordinate Principal Distribution Amount"...............................29
"Sub-Servicer" .....................................................30
"Sub-Servicing Agreement".................................................30
"Successor Servicer" .....................................................30
-vii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"Surplus Percentage" .....................................................30
"T&I Account" .....................................................30
"Tax" .....................................................30
"Tax Matters Person" .....................................................30
"Time Share" .....................................................30
"Time Share Loan" .....................................................30
"Title Policy" .....................................................30
"Trust Assets" .....................................................30
"Trust Fund" .....................................................30
"Trust Termination Date"..................................................30
"Trustee Fee" .....................................................30
"Trustee's Fee Rate" .....................................................31
"U.S. Person" .....................................................31
"Unaffiliated Seller".....................................................31
"Unaffiliated Seller's Agreement".........................................31
"Uncertificated Balance"..................................................31
"Uncertificated REMIC I Regular Interests"................................31
"Uncertificated REMIC I Regular Interest A"...............................31
"Uncertificated REMIC I Regular Interest B"...............................31
"Uncertificated REMIC I Regular Interest C"...............................31
"Uncertificated REMIC I Regular Interest D"...............................32
"Uncertificated REMIC I Regular Interest E"...............................32
"Uncertificated REMIC I Regular Interest F"...............................32
"Uncertificated REMIC I Regular Interest G"...............................32
"Uncertificated REMIC I Regular Interest H"...............................32
"Uncertificated REMIC I Regular Interest I"...............................32
"Unregistered Certificates"...............................................32
"VA" .....................................................32
"Voting Rights" .....................................................33
"Weighted Average Pool Net Mortgage Rate".................................33
"Wilshire Seller" .....................................................33
-viii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
"WSC" .....................................................33
Section 1.02. Provisions of General Application....................33
Section 1.03. Business Day Certificate.............................33
Section 1.04. Trust Name...........................................33
ARTICLE II TRANSFER OF TRUST ASSETS.............................34
Section 2.01. Conveyance of Trust Assets; Establishment
of the Trust.........................................34
Section 2.02. Purposes and Powers..................................34
Section 2.03. Possession of Loan Files; Access to Loan Files.......35
Section 2.04. Certification........................................36
Section 2.05. Further Action Evidencing Assignments................37
Section 2.06. Grant of Security Interest; Intended
Characterization.....................................38
Section 2.07. Transmission of Loan File Documents..................40
Section 2.08. Miscellaneous REMIC Provisions.......................40
ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS............42
Section 3.01. Representations, Warranties and Covenants of the
Unaffiliated Seller..................................42
Section 3.02. Representations and Warranties of the Servicer.......46
Section 3.03. Representations and Warranties of the Depositor......47
Section 3.04. [Reserved]...........................................48
Section 3.05. Representations and Warranties as to each Mortgage
Loan and the other Trust Assets......................48
Section 3.06. Repurchases and Remedies.............................59
ARTICLE IV SERVICING OF TRUST ASSETS............................61
Section 4.01. Servicer and Sub-Servicers...........................61
Section 4.02. Collection of Certain Mortgage Loan Payments.........63
Section 4.03. Sub-Servicing Agreements Between Servicer and
Sub-Servicers........................................64
Section 4.04. Successor Servicers..................................64
Section 4.05. Liability of Servicer................................64
Section 4.06. No Contractual Relationship Between Sub-Servicer and
Persons other than the Servicer......................65
Section 4.07. Assumption or Termination of Sub- Servicing
Agreements...........................................65
Section 4.08. Establishment of Lock-Box and Lock-Box Account.......65
Section 4.09. Deposits into Collection Account.....................66
-ix-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
Section 4.10. [Reserved]...........................................67
Section 4.11. Servicer Reports.....................................67
Section 4.12. Delinquency Advances, Servicing Advances and
Prepayment Interest..................................67
Section 4.13. Maintenance of Insurance and Tax Services............68
Section 4.14. Due-on-Sale Clauses; Assumption and Substitution
Agreements...........................................70
Section 4.15. Realization Upon Defaulted Mortgage Loans............70
Section 4.16. Servicing Compensation...............................72
Section 4.17. Records, Inspections.................................72
Section 4.18. Assignment of Agreement..............................73
Section 4.19. Removal of Servicer; Resignation of Servicer; Term of
Servicing............................................73
Section 4.20. Errors and Omissions Insurance; Fidelity Bond........76
Section 4.21. Change in Business of the Servicer...................76
Section 4.22. Servicer Expenses....................................77
Section 4.23. The Back-Up Servicer.................................77
Section 4.24. Escrows for Taxes, Insurance, Assessments and Similar
Items; Taxes and Insurance Accounts..................78
Section 4.25. Servicer to Give Notice of Certain Events and to
Deliver Certain Information..........................78
ARTICLE V THE CERTIFICATES.....................................79
Section 5.01. The Certificates; Denominations......................79
Section 5.02. Registration of Transfer and Exchange of
Certificates.........................................80
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....82
Section 5.04. Persons Deemed Holders...............................82
Section 5.05. Limitation on Transfer of Residual Certificates......82
ARTICLE VI DEPOSITS AND DISTRIBUTIONS...........................83
Section 6.01. Rights of the Holders................................83
Section 6.02. Establishment and Administration of the Collection
Account and Certificate Account......................83
Section 6.03. Investment of Amounts................................84
Section 6.04. Collections..........................................84
Section 6.05. Flow of Funds........................................85
-x-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
Section 6.06. Disbursement of Funds................................86
Section 6.07. Allocation of Realized Losses........................87
Section 6.08. Reports to Certificateholders........................87
Section 6.09. Presentation of Certificates.........................89
ARTICLE VII REMEDIES.............................................89
Section 7.01. Limitation on Suits..................................89
Section 7.02. Restoration of Rights and Remedies...................90
Section 7.03. Rights and Remedies Cumulative.......................90
Section 7.04. Delay or Omission Not Waiver.........................90
Section 7.05. Control by Certificateholders........................90
Section 7.06. Waiver of Past Defaults..............................91
Section 7.07. Undertaking for Costs................................91
Section 7.08. Waiver of Stay or Extension Laws.....................91
ARTICLE VIII LIMITATION ON LIABILITY; INDEMNITIES.................92
Section 8.01. Liabilities of Mortgagors............................92
Section 8.02. Liability of the Unaffiliated Seller, Back-Up Servicer,
Depositor and the Servicer...........................92
Section 8.03. Relationship of Servicer.............................93
Section 8.04. Indemnities of the Servicer..........................93
ARTICLE IX THE TRUSTEE..........................................93
Section 9.01. Certain Duties.......................................93
Section 9.02. Notice of Defaults...................................95
Section 9.03. Certain Matters Affecting the Trustee................95
Section 9.04. Trustee Not Liable for Certificates or Mortgages.....96
Section 9.05. Trustee May Own Certificates.........................97
Section 9.06. Eligibility Requirements for Trustee.................97
Section 9.07. Resignation or Removal of Trustee....................97
Section 9.08. Successor Trustee....................................98
Section 9.09. Merger or Consolidation of Trustee...................99
Section 9.10. Appointment of Co-Trustee or Separate Trustee........99
Section 9.11. Tax Matters.........................................100
Section 9.12. Trustee's Fees and Expenses.........................100
-xi-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
ARTICLE X MISCELLANEOUS.......................................101
Section 10.01. Termination of Agreement............................101
Section 10.02. Optional Purchase of Trust Assets...................101
Section 10.03. Certain Notices upon Final Payment..................102
Section 10.04. Beneficiaries.......................................102
Section 10.05. Amendment...........................................102
Section 10.06. Notices.............................................103
Section 10.07. Merger and Integration..............................105
Section 10.08. Headings............................................105
Section 10.09. Certificates Nonassessable and Fully Paid...........105
Section 10.10. Severability of Provisions..........................105
Section 10.11. No Proceedings......................................105
Section 10.12. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL...............................................105
Section 10.13. Counterparts........................................106
Section 10.14. Tax Matters.........................................106
Section 10.15. REMIC...............................................106
Section 10.16. REMIC Status; Taxes.................................107
Section 10.17. Additional Limitation on Action and Imposition
of Tax..............................................108
Section 10.18. Appointment of Tax Matters Person...................108
-xii-
<PAGE>
Exhibits
Exhibit A.......Form of Servicer's Report
Exhibit B.......Form of Certificates
Exhibit C.......Loan File Documents
Exhibit D.......Form of Exception Report
Exhibit E.......Form of Request for Release
Exhibit F.......Form of Release of Assignment
Exhibit G.......Form of FDIC Release
Exhibit H.......Form of Liquidation Report
Exhibit I.......Form of Transfer Certificate Rule 144A Investment Representation
-i-
<PAGE>
EXHIBIT A
FORM OF SERVICER'S REPORT
Wilshire Funding Corporation Mortgage-Backed Trust 1998-WFC2
Mortgage-Backed Certificates, Series 1998-WFC2
Statement to Holders
<TABLE>
<CAPTION>
INTEREST
ORIGINAL BEGINNING INTEREST TOTAL CARRY ENDING
CERTIFICATE CERTIFICATE PRINCIPAL DISTRI- DISTRI- FORWARD CERTIFICATE
CLASS FACE VALUE BALANCE DISTRIBUTION BUTION BUTION AMOUNT BALANCE
- ----- ----------- ----------- ------------ ------- ------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
A-I $
A-II $
A-III $
IO $
M-1 $
M-2 $
M-3 $
B-1 $
B-2 $
B-3 $
R-I $
R-II $
TOTAL
- -----
</TABLE>
AMOUNT PER $1000 UNIT
A-1
<PAGE>
ORIGINAL PASS- CURRENT PASS
CLASS CUSIP THROUGH RATE THROUGH RATE CLASS RECORD DATE
----- ----- ------------ ------------ ----- -----------
A-I % % A-I
A-II % % A-II
A-III % % A-III
IO % % IO
M-1 % % M-1
M-2 % % M-2
M-3 % % M-3
B-1 % % B-1
B-2 % % B-2
B-3 % % B-3
R-I % % R-I
R-II % % R-II
UNAFFILIATED SELLER: Wilshire Mortgage Funding Company VI, Inc.
SERVICER: Wilshire Servicing Corporation
LEAD UNDERWRITER: Credit Suisse First Boston Corporation
RECORD DATE:
DISTRIBUTION DATE: FACTOR INFORMATION:
-----------------------
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Trust Administrator
Bankers Trust Company of California, National Association
Three Park Plaza, 16th Floor
Irvine, California 92614
Attention: Wilshire Funding Corporation Mortgage-Backed
Trust 1998-WFC2
Tel: (714) 253-7575
Fax: (714) 253-7577
A-2
<PAGE>
Wilshire Servicing Corporation
Wilshire Credit Corporation
Monthly Delinquency Summary Report
Wilshire Funding Corporation Mortgage-Backed Trust 1998-WFC2
Dated as of
-------------
Ending Number of Loans:
Ending Principal Balance:
<TABLE>
<CAPTION>
DELINQUENT LOANS Count Percent Principal Bal. Percent
<S> <C> <C> <C> <C> <C>
GROSS Delinquent Loans - Status
1. 30 - 59 Days Delinquent
2. 60 - 89 Days Delinquent
3. 90 or More Days Delinquent
GROSS Total Delinquencies
Foreclosure Loans - Status Count Percent Principal Bal. Percent
1. Current
2. 30 - 59 Days Delinquent
3. 60 - 89 Days Delinquent
4. 90 or More Days Delinquent
Total Foreclosures
Bankruptcy Loans - Status Count Percent Principal Bal. Percent
1. Current
2. 30 - 59 Days Delinquent
3. 60 - 89 Days Delinquent
4. 90 or More Days Delinquent
Total Bankruptcies
REO Loans - Status from Foreclosure Count Percent Principal Bal. Percent Book Value
1. 30 - 59 Days
2. 60 - 89 Days
3. 90 or More Days
Total REO
NET DELINQUENCY (Gross Delinquent less Foreclosure, Bankruptcy, REO)
Count Percent Principal Bal. Percent
1. 30 - 59 Days Delinquent
2. 60 - 89 Days Delinquent
3. 90 or More Days Delinquent
NET DELINQUENCY TOTALS
</TABLE>
A-3
<PAGE>
EXHIBIT B-1
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
__% Class A-I Certificate, 1998-WFC2
(Adjustable Rate)
No. A-I-1 Initial Certificate Principal Balance
CUSIP No. __________ $_________________
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 1, 1998 (the "Pooling and Servicing Agreement") by and among Wilshire
Mortgage Funding Company VI, Inc., as Unaffiliated Seller (the "Unaffiliated
Seller"), Wilshire Servicing Corporation, as Servicer (the "Servicer"), Bankers
Trust Company of California, N.A., as Trustee and Back-up Servicer (the
"Trustee"), and Credit Suisse First Boston Mortgage Securities Corp., as
Depositor (the "Depositor"). All capitalized terms herein used and not otherwise
herein defined shall have the meanings thereto ascribed in the Pooling and
Servicing Agreement. This Certificate is described in the Pooling and Servicing
Agreement and is issued pursuant to and subject to the Pooling and Servicing
Agreement. By acceptance of this Certificate, each Certificateholder assents to
and becomes bound by the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
B-1-1
<PAGE>
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR TO ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July 27, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer
B-1-2
<PAGE>
may set a record date for purposes of determining the Holders entitled to give a
written consent or waive compliance as authorized or permitted by Section
10.05(b) of the Pooling and Servicing Agreement. Such record date shall not be
more than 30 days prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-1-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-1-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___ , 1998
B-1-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By
---------------------------------
Signature
B-1-6
<PAGE>
EXHIBIT B-2
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
___% Class A-II Certificate, 1998-WFC2
(Adjustable Rate)
No. A-II Initial Certificate Principal Balance
CUSIP No. __________ $____________________-
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 1, 1998, (the "Pooling and Servicing Agreement") by and among
Wilshire Mortgage Funding Company VI, Inc., as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, as Servicer (the
"Servicer"), Bankers Trust Company of California, N.A., as Trustee and Back-up
Servicer (the "Trustee"), and Credit Suisse First Boston Mortgage Securities
Corp., as Depositor (the "Depositor"). All capitalized terms herein used and not
otherwise herein defined shall have the meanings thereto ascribed in the Pooling
and Servicing Agreement. This Certificate is described in the Pooling and
Servicing Agreement and is issued pursuant to and subject to the Pooling and
Servicing Agreement. By acceptance of this Certificate, each Certificateholder
assents to and becomes bound by the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
B-2-1
<PAGE>
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR TO ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July 27, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer
B-2-2
<PAGE>
may set a record date
for purposes of determining the Holders entitled to give a written consent or
waive compliance as authorized or permitted by Section 10.05(b) of the Pooling
and Servicing Agreement. Such record date shall not be more than 30 days prior
to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-2-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___ , 1998
B-2-4
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By
---------------------------------
Signature
B-2-5
<PAGE>
EXHIBIT B-3
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
___% Class A-III Certificate 1998-WFC2
(Fixed Rate)
No. A-III-1 Initial Certificate Principal Balance
CUSIP No. __________ $_______________
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 1, 1998 and Servicing Agreement") by and among Wilshire Mortgage
Funding Company VI, Inc., as Unaffiliated Seller (the "Unaffiliated Seller"),
Wilshire Servicing Corporation, as Servicer (the "Servicer"), Bankers Trust
Company of California, N.A., as Trustee and Back-up Servicer (the "Trustee"),
and Credit Suisse First Boston Mortgage Securities Corp., as Depositor (the
"Depositor"). All capitalized terms herein used and not otherwise herein defined
shall have the meanings thereto ascribed in the Pooling and Servicing Agreement.
This Certificate is described in the Pooling and Servicing Agreement and is
issued pursuant to and subject to the Pooling and Servicing Agreement. By
acceptance of this Certificate, each Certificateholder assents to and becomes
bound by the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL
B-3-1
<PAGE>
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE
REMIC PROVISIONS OF THE CODE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR TO ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July 27, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
B-3-2
<PAGE>
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer may set a record date
for purposes of determining the Holders entitled to give a written consent or
waive compliance as authorized or permitted by Section 10.05(b) of the Pooling
and Servicing Agreement. Such record date shall not be more than 30 days prior
to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-3-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-3-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June __, 1998
B-3-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------
Signature
B-3-6
<PAGE>
EXHIBIT B-4
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
____% Class IO Certificate, 1998-WFC2
(Adjustable Rate)
No. IO-1 Original Notional Amount
CUSIP No. ____________ $___________________
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS AN "INTEREST ONLY" CERTIFICATE AND DOES NOT HAVE A
PRINCIPAL BALANCE. DISTRIBUTIONS WILL BE CALCULATED ON THE "CLASS IO NOTIONAL
AMOUNT."
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 1, 1998, (the "Pooling and Servicing Agreement") by and among
Wilshire Mortgage Funding Company VI, Inc., as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, as Servicer (the
"Servicer"), Bankers Trust Company of California, N.A., as Trustee and Back-up
Servicer (the "Trustee"), and Credit Suisse First Boston Mortgage Securities
Corp., as Depositor (the "Depositor"). All capitalized terms herein used and not
otherwise herein defined shall have the meanings thereto ascribed in the Pooling
and Servicing Agreement. This Certificate is described in the Pooling and
Servicing Agreement and is issued pursuant to and subject to the Pooling and
Servicing Agreement. By acceptance of this Certificate, each Certificateholder
assents to and becomes bound by the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE
B-4-1
<PAGE>
DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF
THE CODE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July 27, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or
B-4-2
<PAGE>
delay the timing of, collections of payments on the Mortgage Loans or
distributions which are required to be made on any Certificate then outstanding,
(b) reduce the percentage required to consent to any such amendment or (c)
modify Section 10.05(b) of the Pooling and Servicing Agreement without the
consent of the Holders of all Certificates then outstanding. The Servicer may
set a record date for purposes of determining the Holders entitled to give a
written consent or waive compliance as authorized or permitted by Section
10.05(b) of the Pooling and Servicing Agreement. Such record date shall not be
more than 30 days prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-4-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-4-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-4-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By
---------------------------------
Signature
B-4-6
<PAGE>
EXHIBIT B-5
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
____% Class M-1 Certificate, 1998-WFC2
(Fixed Rate, subject to the provisions set forth
in the Pooling and Servicing Agreement)
No. M-1-1 Initial Certificate Principal Balance
CUSIP No. __________ $_________________
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS AND,
CLASS I0 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June ___, 1998, (the "Pooling and Servicing Agreement") by and among
Wilshire Mortgage Funding Company VI, Inc., as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, as Servicer (the
"Servicer"), Bankers Trust Company of California, N.A., as Trustee and Back-up
Servicer (the "Trustee"), and Credit Suisse First Boston Mortgage Securities
Corp., as Depositor (the "Depositor"). All capitalized terms herein used and not
otherwise herein defined shall have the meanings thereto ascribed in the Pooling
and Servicing Agreement. This Certificate is described in the Pooling and
Servicing Agreement and is issued pursuant to and subject to the Pooling and
B-5-1
<PAGE>
Servicing Agreement. By acceptance of this Certificate, each Certificateholder
assents to and becomes bound by the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July ___, 1998 the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or
B-5-2
<PAGE>
delay the timing of, collections of payments on the Mortgage Loans or
distributions which are required to be made on any Certificate then outstanding,
(b) reduce the percentage required to consent to any such amendment or (c)
modify Section 10.05(b) of the Pooling and Servicing Agreement without the
consent of the Holders of all Certificates then outstanding. The Servicer may
set a record date for purposes of determining the Holders entitled to give a
written consent or waive compliance as authorized or permitted by Section
10.05(b) of the Pooling and Servicing Agreement. Such record date shall not be
more than 30 days prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-5-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-5-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-5-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2 and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By
---------------------------------
Signature
B-5-6
<PAGE>
EXHIBIT B-6
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
% Class M-2 Certificate, 1998-WFC2
(Fixed Rate, subject to the limitations set forth
in the Pooling and Servicing Agreement)
No. M-2-1 Initial Certificate Principal Balance
CUSIP No. __________ $_____________________________
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS
IO AND CLASS M-1 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June ___, 1998, (the "Pooling and Servicing Agreement") by and among
Wilshire Mortgage Funding Company VI, Inc., as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, as Servicer (the
"Servicer"), Bankers Trust Company of California, N.A., as Trustee and Back-up
Servicer (the "Trustee"), and Credit Suisse First Boston Mortgage Securities
Corp., as Depositor (the "Depositor"). All capitalized terms herein used and not
otherwise herein defined shall have the meanings thereto ascribed in the Pooling
and Servicing Agreement. This Certificate is described in the Pooling and
Servicing Agreement and is issued pursuant to and subject to the Pooling and
B-6-1
<PAGE>
Servicing Agreement. By acceptance of this Certificate, each Certificateholder
assents to and becomes bound by the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July ____, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or
B-6-2
<PAGE>
delay the timing of, collections of payments on the Mortgage Loans or
distributions which are required to be made on any Certificate then outstanding,
(b) reduce the percentage required to consent to any such amendment or (c)
modify Section 10.05(b) of the Pooling and Servicing Agreement without the
consent of the Holders of all Certificates then outstanding. The Servicer may
set a record date for purposes of determining the Holders entitled to give a
written consent or waive compliance as authorized or permitted by Section
10.05(b) of the Pooling and Servicing Agreement. Such record date shall not be
more than 30 days prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-6-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-6-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-6-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
Signature
B-6-6
<PAGE>
EXHIBIT B-7
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
% Class M-3 Certificate 1998-WFC2
(Fixed Rate, subject to the limitations set forth
in the Pooling and Servicing Agreement)
No. M-3-1 Initial Certificate Principal Balance
CUSIP No. __________ $____________________
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS
IO, CLASS M-1 AND CLASS M-2 CERTIFICATES AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
Unless and until it is exchanged in whole or in part for Certificates in
definitive form, this Certificate may not be transferred except as a whole (i)
by the Depository Trust Company, a New York corporation ("DTC") to a nominee of
DTC, (ii) by a nominee of DTC to DTC or another nominee of DTC or (iii) by DTC
or any such nominee to a successor depository or a nominee of such successor
depository.
Unless this Certificate is presented by an authorized representative of
DTC, to the Trustee or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
This certifies that Cede & Co. (the "Certificateholder") is the registered
owner of certain interests in a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June ___, 1998, (the "Pooling and Servicing Agreement") by and among
Wilshire Mortgage Funding Company VI, Inc., as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, as Servicer (the
"Servicer"), Bankers Trust Company of California, N.A., as Trustee and Back-up
Servicer (the "Trustee"), and Credit Suisse First Boston Mortgage Securities
Corp., as Depositor (the "Depositor"). All capitalized terms herein used and not
otherwise herein defined shall have the meanings thereto ascribed in the Pooling
and Servicing Agreement. This Certificate is described
B-7-1
<PAGE>
in the Pooling and Servicing Agreement and is issued pursuant to and subject to
the Pooling and Servicing Agreement. By acceptance of this Certificate, each
Certificateholder assents to and becomes bound by the Pooling and Servicing
Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July ___, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders;
B-7-2
<PAGE>
provided, however, that no such amendment shall (a) reduce in any manner the
amount of, or delay the timing of, collections of payments on the Mortgage Loans
or distributions which are required to be made on any Certificate then
outstanding, (b) reduce the percentage required to consent to any such amendment
or (c) modify Section 10.05(b) of the Pooling and Servicing Agreement without
the consent of the Holders of all Certificates then outstanding. The Servicer
may set a record date for purposes of determining the Holders entitled to give a
written consent or waive compliance as authorized or permitted by Section
10.05(b) of the Pooling and Servicing Agreement. Such record date shall not be
more than 30 days prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-7-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-7-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-7-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
Signature
B-7-6
<PAGE>
EXHIBIT B-8
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES, SERIES
1998-WFC2
% Class B-1 Certificate 1998-WFC2
(Adjustable Rate)
No. B-1-1 Initial Certificate Principal Balance
$______
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS
IO AND CLASS M CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
This certifies that Credit Suisse First Boston Corporation (the
"Certificateholder") is the registered owner of certain interests in a trust
(the "Trust") created pursuant to a Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of June ___, 1998, (the "Pooling
and Servicing Agreement") by and among Wilshire Mortgage Funding Company VI,
Inc., as Unaffiliated Seller (the "Unaffiliated Seller"), Wilshire Servicing
Corporation, as Servicer (the "Servicer"), Bankers Trust Company of California,
N.A., as Trustee and Back-up Servicer (the "Trustee"), and Credit Suisse First
Boston Mortgage Securities Corp., as Depositor (the "Depositor"). All
capitalized terms herein used and not otherwise herein defined shall have the
meanings thereto ascribed in the Pooling and Servicing Agreement. This
Certificate is described in the Pooling and Servicing Agreement and is issued
pursuant to and subject to the Pooling and Servicing Agreement. By acceptance of
this Certificate, each Certificateholder assents to and becomes bound by the
Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL
B-8-1
<PAGE>
ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July ___ , 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer may set a record date
for purposes of determining the Holders entitled to give a written consent
B-8-2
<PAGE>
or waive compliance as authorized or permitted by Section 10.05(b) of the
Pooling and Servicing Agreement. Such record date shall not be more than 30 days
prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the extent assets of the Trust Fund, as provided in the Pooling and
Servicing Agreement, for payment hereunder and that the Trustee in its
individual capacity is not personally liable to the Holder hereof for any
amounts payable under this Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-8-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-8-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-8-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2 and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
Signature
B-8-6
<PAGE>
EXHIBIT B-9
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES, SERIES
1998-WFC2
% Class B-2 Certificate 1998-WFC2
(Adjustable Rate)
No. B-2-1 Initial Certificate Principal Balance
$_______
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS
IO, CLASS M AND CLASS B-1 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
This certifies that Credit Suisse First Boston Corporation (the
"Certificateholder") is the registered owner of certain interests in a trust
(the "Trust") created pursuant to a Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of June ___, 1998, (the "Pooling
and Servicing Agreement") by and among Wilshire Mortgage Funding Company VI,
Inc., as Unaffiliated Seller (the "Unaffiliated Seller"), Wilshire Servicing
Corporation, as Servicer (the "Servicer"), Bankers Trust Company of California,
N.A., as Trustee and Back-up Servicer (the "Trustee"), and Credit Suisse First
Boston Mortgage Securities Corp., as Depositor (the "Depositor"). All
capitalized terms herein used and not otherwise herein defined shall have the
meanings thereto ascribed in the Pooling and Servicing Agreement. This
Certificate is described in the Pooling and Servicing Agreement and is issued
pursuant to and subject to the Pooling and Servicing Agreement. By acceptance of
this Certificate, each Certificateholder assents to and becomes bound by the
Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL
B-9-1
<PAGE>
ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July ____, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer may set a record date
for purposes of determining the Holders entitled to give a written consent
B-9-2
<PAGE>
or waive compliance as authorized or permitted by Section 10.05(b) of the
Pooling and Servicing Agreement. Such record date shall not be more than 30 days
prior to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-9-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-9-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-9-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
Signature
B-9-6
<PAGE>
EXHIBIT B-10
FORM OF
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES,
SERIES 1998-WFC2
% Class B-3 Certificate 1998-WFC2
(Adjustable Rate)
No. B-3-1 Initial Certificate Principal Balance
$______
Percentage Interest: 100%
Final Scheduled Distribution Date: _____________________
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS
IO, CLASS M, CLASS B-1 AND CLASS B-2 CERTIFICATES AS DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
This certifies that Credit Suisse First Boston Corporation (the
"Certificateholder") is the registered owner of certain interests in a trust
(the "Trust") created pursuant to a Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of June ___, 1998, (the "Pooling
and Servicing Agreement") by and among Wilshire Mortgage Funding Company VI,
Inc., as Unaffiliated Seller (the "Unaffiliated Seller"), Wilshire Servicing
Corporation, as Servicer (the "Servicer"), Bankers Trust Company of California,
N.A., as Trustee and Back-up Servicer (the "Trustee"), and Credit Suisse First
Boston Mortgage Securities Corp., as Depositor (the "Depositor"). All
capitalized terms herein used and not otherwise herein defined shall have the
meanings thereto ascribed in the Pooling and Servicing Agreement. This
Certificate is described in the Pooling and Servicing Agreement and is issued
pursuant to and subject to the Pooling and Servicing Agreement. By acceptance of
this Certificate, each Certificateholder assents to and becomes bound by the
Pooling and Servicing Agreement.
B-10-1
<PAGE>
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, THE
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
On each Distribution Date, commencing on July ___, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by this Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing
B-10-2
<PAGE>
Agreement without the consent of the Holders of all Certificates then
outstanding. The Servicer may set a record date for purposes of determining the
Holders entitled to give a written consent or waive compliance as authorized or
permitted by Section 10.05(b) of the Pooling and Servicing Agreement. Such
record date shall not be more than 30 days prior to the first solicitation to
such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-10-3
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-10-4
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-10-5
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
Signature
B-10-6
<PAGE>
EXHIBIT B-11
FORM OF CLASS R-I CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
THIS CERTIFICATE IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER
GOVERNMENTAL AGENCY.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN THE ONLY "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G and
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
TRANSFER OF THIS CLASS R-I CERTIFICATE IS RESTRICTED AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CLASS R-I CERTIFICATE MAY
BE MADE TO AN ELECTING LARGE PARTNERSHIP OR A "DISQUALIFIED ORGANIZATION" AS
DEFINED IN SECTIONS 775 AND 860E(e)(5) OF THE CODE. SUCH TERM INCLUDES THE
UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR INSTRUMENTALITY OF ANY
OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE INSTRUMENTALITIES), ANY COOPERATIVE
ORGANIZATION FURNISHING ELECTRIC ENERGY OR PROVIDING TELEPHONE SERVICE TO
PERSONS IN RURAL AREAS, OR ANY ORGANIZATION (OTHER THAN A FARMERS' COOPERATIVE)
THAT IS EXEMPT FROM FEDERAL INCOME TAX UNLESS SUCH ORGANIZATION IS SUBJECT TO
THE TAX ON UNRELATED BUSINESS INCOME. NO TRANSFER OF THIS Class R-I CERTIFICATE
WILL BE REGISTERED BY THE TRUSTEE UNLESS THE PROPOSED TRANSFEREE HAS DELIVERED
AN AFFIDAVIT AFFIRMING, AMONG OTHER THINGS, THAT THE PROPOSED TRANSFEREE IS NOT
A DISQUALIFIED ORGANIZATION AND IS NOT ACQUIRING THE Class R-I CERTIFICATE FOR
THE ACCOUNT OF A DISQUALIFIED ORGANIZATION. A COPY OF THE FORM OF
B-11-1
<PAGE>
AFFIDAVIT REQUIRED OF EACH PROPOSED TRANSFEREE IS ON FILE AND AVAILABLE FROM THE
TRUSTEE.
A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A
SUBSTANTIAL TAX UPON THE UNAFFILIATED SELLER OR, IN CERTAIN CASES, UPON AN AGENT
ACTING FOR THE TRANSFEREE. A PASS-THROUGH ENTITY THAT HOLDS THIS CLASS R-I
CERTIFICATE AND THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY
TAXABLE YEAR GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE
PRODUCT OF (A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF
THIS CERTIFICATE OWNED THROUGH SUCH PASS-THROUGH ENTITY BY SUCH DISQUALIFIED
ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS. FOR
PURPOSES OF THE PRECEDING SENTENCE, THE TERM "PASS-THROUGH" ENTITY INCLUDES
REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST
FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER
I OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES.
B-11-2
<PAGE>
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES, SERIES
1998-WFC2
Class R-I Certificate 1998-WFC2
(REMIC I Residual)
No: R-I-1 Date: June ___, 1998
Percentage Interest: 100%
WILSHIRE MORTGAGE FUNDING COMPANY VI, INC.
-----------------------------------------
Registered Owner
B-11-3
<PAGE>
This certifies that Wilshire Mortgage Funding Company VI, Inc. (the
"Certificateholder") is the registered owner of certain interests in a trust
(the "Trust") created pursuant to a Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of June ___, 1998, (the "Pooling
and Servicing Agreement") by and among Wilshire Mortgage Funding Company VI,
Inc., as Unaffiliated Seller (the "Unaffiliated Seller"), Wilshire Servicing
Corporation, as Servicer (the "Servicer"), Bankers Trust Company of California,
N.A., as Trustee and Back-up Servicer (the "Trustee"), and Credit Suisse First
Boston Mortgage Securities Corp., as Depositor (the "Depositor"). All
capitalized terms herein used and not otherwise herein defined shall have the
meanings thereto ascribed in the Pooling and Servicing Agreement. This
Certificate is described in the Pooling and Servicing Agreement and is issued
pursuant to and subject to the Pooling and Servicing Agreement. By acceptance of
this Certificate, each Certificateholder assents to and becomes bound by the
Pooling and Servicing Agreement.
On each Distribution Date, commencing on July ___, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
2.08 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by the Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
B-11-4
<PAGE>
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer may set a record date
for purposes of determining the Holders entitled to give a written consent or
waive compliance as authorized or permitted by Section 10.05(b) of the Pooling
and Servicing Agreement. Such record date shall not be more than 30 days prior
to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets of the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-11-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-11-6
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-11-7
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
B-11-8
<PAGE>
EXHIBIT B-12
FORM OF CLASS R-II CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
THIS CERTIFICATE IS INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER
GOVERNMENTAL AGENCY.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN THE ONLY "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY EMPLOYEE BENEFIT PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ANY
TRUSTEE OR ANY OTHER PERSON ACTING ON BEHALF OF ANY PLAN OR TO ANY PERSON USING
"PLAN ASSETS" TO EFFECT THE ACQUISITION OF THIS CERTIFICATE.
TRANSFER OF THIS CLASS R-II CERTIFICATE IS RESTRICTED AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CLASS R-II CERTIFICATE MAY
BE MADE TO AN ELECTING LARGE PARTNERSHIP OR A "DISQUALIFIED ORGANIZATION" AS
DEFINED IN SECTIONS 775 AND 860E(e)(5) OF THE CODE. SUCH TERM INCLUDES THE
UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR INSTRUMENTALITY OF ANY
OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE INSTRUMENTALITIES), ANY COOPERATIVE
ORGANIZATION FURNISHING ELECTRIC ENERGY OR PROVIDING TELEPHONE SERVICE TO
PERSONS IN RURAL AREAS, OR ANY ORGANIZATION (OTHER THAN A FARMERS' COOPERATIVE)
THAT IS EXEMPT FROM FEDERAL INCOME TAX UNLESS SUCH ORGANIZATION IS SUBJECT TO
THE TAX ON UNRELATED BUSINESS INCOME. NO TRANSFER OF THIS CLASS R-II CERTIFICATE
WILL BE REGISTERED BY THE TRUSTEE UNLESS THE PROPOSED TRANSFEREE HAS DELIVERED
AN AFFIDAVIT AFFIRMING, AMONG OTHER THINGS, THAT THE PROPOSED TRANSFEREE IS NOT
A DISQUALIFIED ORGANIZATION AND IS NOT ACQUIRING THE Class R-II CERTIFICATE FOR
THE ACCOUNT OF A DISQUALIFIED ORGANIZATION. A COPY OF THE FORM OF
B-12-1
<PAGE>
AFFIDAVIT REQUIRED OF EACH PROPOSED TRANSFEREE IS ON FILE AND AVAILABLE FROM THE
TRUSTEE.
A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A
SUBSTANTIAL TAX UPON THE UNAFFILIATED SELLER OR, IN CERTAIN CASES, UPON AN AGENT
ACTING FOR THE TRANSFEREE. A PASS-THROUGH ENTITY THAT HOLDS THIS CLASS R-II
CERTIFICATE AND THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY
TAXABLE YEAR GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE
PRODUCT OF (A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF
THIS CERTIFICATE OWNED THROUGH SUCH PASS-THROUGH ENTITY BY SUCH DISQUALIFIED
ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS. FOR
PURPOSES OF THE PRECEDING SENTENCE, THE TERM "PASS-THROUGH" ENTITY INCLUDES
REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST
FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER
I OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES.
B-12-2
<PAGE>
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED TRUST 1998-WFC2
Class R-II Certificate 1998-WFC2
(REMIC II Residual)
No: R-II-1 Date: June ____, 1998
Percentage Interest: 100%
WILSHIRE MORTGAGE FUNDING COMPANY VI, INC.
------------------------------------------
Registered Owner
B-12-3
<PAGE>
This certifies that Wilshire Mortgage Funding Company VI, Inc. (the
"Certificateholder") is the registered owner of certain interests in a trust
(the "Trust") created pursuant to a Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of June ___, 1998, (the "Pooling
and Servicing Agreement") by and among Wilshire Mortgage Funding Company VI,
Inc., as Unaffiliated Seller (the "Unaffiliated Seller"), Wilshire Servicing
Corporation, as Servicer (the "Servicer"), Bankers Trust Company of California,
N.A., as Trustee and Back-up Servicer (the "Trustee"), and Credit Suisse First
Boston Mortgage Securities Corp., as Depositor (the "Depositor"). All
capitalized terms herein used and not otherwise herein defined shall have the
meanings thereto ascribed in the Pooling and Servicing Agreement. This
Certificate is described in the Pooling and Servicing Agreement and is issued
pursuant to and subject to the Pooling and Servicing Agreement. By acceptance of
this Certificate, each Certificateholder assents to and becomes bound by the
Pooling and Servicing Agreement.
On each Distribution Date, commencing on July ___, 1998, the Trustee shall
distribute to the Person in whose name this Certificate is registered on the
last Business Day of the calendar month immediately preceding the calendar month
in which such Distribution Date occurs, an amount equal to the Percentage
Interest set forth above of the amount required to be distributed to the
Certificateholders of this Class on such Distribution Date pursuant to Section
6.05 of the Pooling and Servicing Agreement.
All distributions shall be made to the Certificateholder by wire transfer
of immediately available funds to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor if such
Certificateholder shall have so notified the Trustee in writing by no later than
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered Certificateholder of Certificates of the
Class represented by the Certificate with an Initial Certificate Principal
Balance equal to or in excess of $5,000,000 or a Percentage Interest equal to or
in excess of 25%; and in all other cases by check mailed to each such
Certificateholder at such Certificateholder's address appearing in the
Certificate Register, in either case without presentation or surrender of any
Certificate held by such Certificateholder or the making of any notation
thereon.
The Pooling and Servicing Agreement may be amended from time to time by the
parties thereto, without the consent of any of the Certificateholders, to cure
any ambiguity or defect of, to correct or supplement any provisions therein that
may be inconsistent with any other provisions therein or to add any other
provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement that shall not be inconsistent with the provisions of the
Pooling and Servicing Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of any Certificateholder.
The Pooling and Servicing Agreement may also be amended from time to time
by the parties thereto, with the consent of Required Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Pooling and Servicing Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall (a) reduce in any manner the amount of, or delay the timing of,
collections of payments on the Mortgage Loans or distributions which are
B-12-4
<PAGE>
required to be made on any Certificate then outstanding, (b) reduce the
percentage required to consent to any such amendment or (c) modify Section
10.05(b) of the Pooling and Servicing Agreement without the consent of the
Holders of all Certificates then outstanding. The Servicer may set a record date
for purposes of determining the Holders entitled to give a written consent or
waive compliance as authorized or permitted by Section 10.05(b) of the Pooling
and Servicing Agreement. Such record date shall not be more than 30 days prior
to the first solicitation to such consent or waiver.
No sale, transfer or other disposition of this Certificate shall be
permitted other than in accordance with the provisions of Section 5.02 of the
Pooling and Servicing Agreement.
This Certificate does not represent an obligation of, or an interest in the
Unaffiliated Seller, the Servicer, the Depositor or the Trustee, except to the
extent described in the Pooling and Servicing Agreement, or any Affiliate
thereof, nor will this Certificate be insured or guaranteed by any governmental
agency. This Certificate is limited in right of payment to certain collections
on the Mortgage Loans, as more specifically set forth in the Pooling and
Servicing Agreement.
The Holder hereof, by its acceptance of this Certificate, agrees to look
solely to the assets the Trust Fund, as provided in the Pooling and Servicing
Agreement, for payment hereunder and that the Trustee in its individual capacity
is not personally liable to the Holder hereof for any amounts payable under this
Certificate or the Pooling and Servicing Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and is qualified in its entirety by the Pooling and Servicing
Agreement. Reference is made to the Pooling and Servicing Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and immunities of
the Trustee. Copies of the Pooling and Servicing Agreement and all amendments
thereto will be made available for review and inspection by any
Certificateholder during normal business hours at the office of the Trustee, 3
Park Plaza, Irvine, California 92614, Attention: Wilshire Funding Corporation
Mortgage-Backed Certificates, Series 1998-WFC2 upon the prior written request of
the Certificateholder.
B-12-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed by the manual or facsimile signature of the duly authorized officer of
the Trustee.
By BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
not in its individual capacity,
but solely as Trustee
By
---------------------------------
B-12-6
<PAGE>
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within mentioned Pooling
and Servicing Agreement.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A.
as Trustee
By
---------------------------------
Authorized Officer
Dated: June ___, 1998
B-12-7
<PAGE>
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the within Wilshire Funding Corporation Mortgage-Backed Certificate, Series
1998-WFC2, and does hereby irrevocably constitute and appoint Attorney to
transfer the said certificate on the Certificate Register maintained by the
Trustee, with full power of substitution in the premises.
Dated:
By:
----------------------------------
B-12-8
<PAGE>
EXHIBIT C
LOAN FILE DOCUMENTS
1. The original of either (i) a Note evidencing a complete chain of title
ending with an endorsement by the Wilshire Seller (a) to the Trustee in
accordance with Section 2.03(f) or (b) in blank or (ii) a lost note affidavit
from the Wilshire Seller, together with a copy of the original Note.
2. An original or copy certified by the public recording office of the
Mortgage or Deed of Trust with evidence of recording thereon.
3. An assignment or assignments of mortgage evidencing a complete chain of
assignment from the originator ending with an assignment by the Wilshire Seller
(i) to the Trustee in accordance with Section 2.03(f) or (ii) in blank. Each
such assignment or assignments of mortgage from the originator to the Wilshire
Seller shall be an original or copy certified by the public recording office
evidence of recording thereon and the assignment from the Wilshire Seller to the
Trustee or in blank shall be in recordable form.
4. An original or copy of any related Assignment of Leases (if such item is
a document separate from the Mortgage) and of any intervening assignments
thereof that precede the assignment referred to in 5. below, in each case with
evidence of recording thereon.
5. An original assignment of any related Assignment of Leases (if such item
is a document separate from the Mortgage), to the Trustee as set forth in
Section 2.03(f) in recordable form.
6. An original or copy of each Primary Mortgage Insurance Policy and
evidence of insurance by the FHA or VA, if applicable.
7. An original or copy of each Title Policy.
8. The original or copy of each modification or assumption agreement, if
any, relating to a Mortgage Loan.
9. Filed copies of any prior UCC financing statements in favor of the
originator of such Mortgage Loan or in favor of any assignee prior to the
Trustee (but only to the extent the Seller had possession of such UCC Financing
Statements prior to the Closing Date) and, if there is an effective UCC
Financing Statement in favor of the Seller on record with the applicable public
office of UCC Financing Statements, an original UCC-2 or UCC-3, as appropriate,
in favor of the Trustee as set forth in Section 2.03(f).
10. Any environmental indemnity agreement, power of attorney, property
management agreement, ground lease, intercreditor agreement, cash management
agreement and lock-box agreement relating to such Mortgage Loan.
C-1
<PAGE>
EXHIBIT D
FORM OF EXCEPTION REPORT
Wilshire Servicing Corporation
1776 S.W. Madison Street
Portland, Oregon 97205
Re: The Pooling and Servicing Agreement dated as of June 1, 1998 (the
"Pooling and Servicing Agreement"), by and among Wilshire Servicing
Corporation, Credit Suisse First Boston Mortgage Securities Corp.,
Wilshire Mortgage Funding Company VI, Inc., and Bankers Trust Company
of California, N.A..
Ladies and Gentlemen:
In accordance with the provisions of Section 2.04 of the above-referenced
Pooling and Servicing Agreement, the undersigned, as the Trustee, hereby
certifies that as to each Mortgage Loan listed on the List of Loans (other than
any Mortgage Loan paid in full or any Mortgage Loan listed on the attached
hereto) it has reviewed the Loan File Documents and has determined that, with
the exception of the documents listed on the schedule attached hereto, (i) all
documents required to be delivered to it pursuant to Section 2.03 of the Pooling
and Servicing Agreement are in its possession and (ii) such documents have been
reviewed by it and appear regular on their face and related to such Mortgage
Loan. The Trustee makes no representations as to and shall not be responsible to
verify (i) the validity, legality, enforceability, sufficiency, due
authorization, recordability or genuineness of any of the Loan File Documents or
of any of the Loans or (ii) the collectability, insurability, effectiveness or
suitability of any such Loan.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A., Trustee
By:
---------------------
Name:
Title:
D-1
<PAGE>
EXHIBIT E
FORM OF REQUEST FOR RELEASE
TO: Bankers Trust Company of California, N.A.
3 Park Plaza, 16th Floor
Irvine, CA 92614
Attention: Corporate Trust
Date:
In connection with the administration of the loans serviced by Wilshire
Servicing Corporation (the "Servicer") pursuant to a Pooling and Servicing
Agreement dated as of June ___, 1998 (the "Pooling and Servicing Agreement") by
and among the Servicer, Credit Suisse First Boston Mortgage Securities Corp.,
Wilshire Mortgage Funding Company VI, Inc., and Bankers Trust Company of
California, N.A. (the "Trustee"), the Servicer hereby requests a release of the
Loan File held by the Trustee with respect to the following described Loan for
the reason indicated below.
Obligor's Name:
Mortgage Loan No.:
Reason for requesting file:
______ 1. Mortgage Loan Paid in full.
(The Servicer hereby certifies that all amounts received in
connection with the Mortgage Loan and required to be
remitted to the Trustee have been or will be remitted to
the Trustee pursuant to the Pooling and Servicing
Agreement.)
______ 2. Mortgage Loan repurchased pursuant to Section 3.03 of the
Pooling and Servicing Agreement.
______ 3. The Mortgage Loan is being foreclosed.
______ 4 Other. (Describe)
The undersigned acknowledges that the above Loan File will be held by the
undersigned in accordance with the provisions of the Pooling and Servicing
Agreement and will be returned to you, except (i) if the Mortgage Loan has been
paid in full, or repurchased (in which case the Loan File will be returned when
no longer required by us for such purpose).
E-1
<PAGE>
Capitalized terms used herein shall have the meanings ascribed to them in the
Pooling and Servicing Agreement.
WILSHIRE SERVICING CORPORATION
By:
---------------------
Name:
Title:
The Trustee hereby acknowledges the above request.
BANKERS TRUST COMPANY
OF CALIFORNIA, N.A.
By:
---------------------
Name:
Title:
E-2
<PAGE>
EXHIBIT F
FORM OF RELEASE OF ASSIGNMENT
RELEASE AND ASSIGNMENT, dated as of __________, 199__ between Bankers Trust
Company of California, N.A., as Trustee (the "Trustee") and Wilshire Servicing
Corporation, as Servicer (the "Servicer").
1. We refer to the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of June 1, 1998, by and among Wilshire Mortgage
Funding Company VI, Inc., as Unaffiliated Seller, the Servicer and Bankers Trust
Company of California, N.A. as Trustee and as Back-up Servicer. All provisions
of such Pooling and Servicing Agreement are incorporated by reference. All
capitalized terms shall have the meanings set forth in the Pooling and Servicing
Agreement.
2. Pursuant to Section 3.06 of the Pooling and Servicing Agreement, the
Trustee does hereby transfer, assign, set over and convey to the Servicer
without recourse or warranty, express or implied (except as described in
Paragraph 3 below), all right, title and interest, in, to and under the Mortgage
Loans (and the related Loan File Documents) listed on Schedule 1 hereto.
3. The Trustee, on behalf of the Trust, hereby represents and warrants that
each Loan transferred hereunder is transferred without any lien, charge or
encumbrance created by or arising as a result of actions or omissions of the
Trustee except as to liens, charges or encumbrances created or arising out of
the Pooling and Servicing Agreement.
F-1
<PAGE>
IN WITNESS WHEREOF, the parties have caused this Release and Assignment to
be executed by their respective officer thereunto duly authorized, as of the
date first above written.
BANKERS TRUST COMPANY OF
CALIFORNIA, N.A., Trustee
By:
---------------------
Name:
Title:
ACKNOWLEDGED:
WILSHIRE SERVICING CORPORATION
as Servicer
By:
---------------------
Name:
Title:
F-2
<PAGE>
EXHIBIT G
FORM OF FDIC RELEASE
[Intentionally Omitted]
G-1
<PAGE>
EXHIBIT H
FORM OF LIQUIDATION REPORT
1. Type of Liquidation (REO disposition/charge-off/short payoff)
o Date Last Paid
o Date of Foreclosure
o Date of REO
o Date of REO Disposition
o Property Sale Price; Estimated Market Value at Disposition
2. Liquidation Proceeds
o Principal Prepayment $__________
o Property Sale Proceeds __________
o Insurance Proceeds __________
o Other (itemize) __________
3. Liquidation Expenses
o Servicing Advances $__________
o Delinquency Advances
o Servicing Fees
o Other
4. Net Liquidation Proceeds (Item 2 minus Item 3) $
5. Principal Balance of Mortgage Loan on date of Liquidation $
6. Realized Loss on Mortgage Loan (Item 4 minus Item 5) $
H-1
<PAGE>
EXHIBIT I-1
FORM OF TRANSFER CERTIFICATE RULE 144A INVESTMENT REPRESENTATION
Bankers Trust Company of California, N.A.
3 Park Plaza, 16th Floor
Irvine, CA 92614
Attention: Corporate Trust
Ladies and Gentlemen:
Description of Rule 144A Securities, including numbers:
-------------------------------------------------------
-------------------------------------------------------
-------------------------------------------------------
-------------------------------------------------------
The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").
1. In connection with such transfer and in accordance with the agreements
pursuant to which the Rule 144A Securities were issued, the Seller hereby
certifies the following facts: Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the Seller and
the Trustee pursuant to Section 5.02 of the Pooling and Servicing Agreement as
follows:
a. The Buyer understands that the Rule 144A Securities have not been
registered under the 1933 Act or the securities laws of any state.
b. The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks
of investment in the Rule 144A Securities.
I-1-1
<PAGE>
c. The Buyer has been furnished with all information regarding the
Rule 144A Securities that it has requested from the Seller, the Trustee or
the Depositor and has received and reviewed a copy of the Private Placement
Memorandum with respect to the Certificates.
d. Neither the Buyer nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Rule 144A
Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security from, or otherwise approached
or negotiated with respect to the Rule 144A Securities, any interest in the
Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the 1933 Act or that would
render the disposition of the Rule 144A Securities a violation of Section 5
of the 1933 Act or require registration pursuant thereto, nor will it act,
nor has it authorized or will it authorize any person to act, in such
manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that term is
defined in Rule 144A under the 1933 Act and has completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex
2. The Buyer is aware that the sale to it is being made in reliance on Rule
144A. The Buyer is acquiring the Rule 144A Securities for its own account
or the accounts of other qualified institutional buyers, understands that
such Rule 144A Securities may be resold, pledged or transferred only (i) to
a person reasonably believed to be a qualified institutional buyer that
purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, or (ii) pursuant to
another exemption from registration under the 1933 Act.
4. The Buyer is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
1986 (the "Code") (a "Plan"), or any other person (including an investment
manager, a named fiduciary or a trustee of any Plan) acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan assets" of any
Plan within the meaning of the Department of Labor ("DOL") regulation at 29
C.F.R. ss.2510.3-101.
5. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
I-1-2
<PAGE>
IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.
- ---------------------------- -------------------------
Print Name of Seller Print Name of Buyer
By: By:
------------------------- ---------------------
Name: Name:
Title Title:
Taxpayer Identification: Taxpayer Identification:
No. No.
------------------------- ---------------------
Date: Date:
----------------------- -------------------
I-1-3
<PAGE>
ANNEX 1 TO EXHIBIT I-1
I-1-A1-1
<PAGE>
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule 144A
Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $_______(1)/ in securities (except for the excluded
securities referred to below) as of the end of the Buyer's most recent fiscal
year (such amount being calculated in accordance with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.
_____ Corporation, etc. The Buyer is a corporation (other than a
bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or
charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.
_____ Bank. The Buyer (a) is a national bank or banking
institution organized under the laws of any State, territory
or the District of Columbia, the business of which is
substantially confined to banking and is supervised by the
State or territorial banking commission or similar official
or is a foreign bank or equivalent institution, and (b) has
an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements, a copy of which
is attached hereto.
_____ Savings and Loan. The Buyer (a) is a savings and loan
association, building and loan association, cooperative
bank, homestead association or similar institution, which is
supervised and examined by a State or Federal authority
having supervision over any such institutions or is a
foreign savings and loan association or equivalent
institution and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial
statements.
_____ Broker-Dealer. The Buyer is a dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934.
_____ Insurance Company. The Buyer is an insurance company whose
primary and predominant business activity is the writing of
insurance or the reinsuring of risks underwritten by
insurance companies and which is subject to supervision by
the insurance commissioner or a similar official or agency
of a State or
- --------
(1)/ Buyer must own and/or invest on a discretionary basis at least $100,000,000
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.
I-1-A1-2
<PAGE>
territory or the District of Columbia.
_____ State or Local Plan. The Buyer is a plan established and
maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees.
_____ ERISA Plan. The Buyer is an employee benefit plan within the
meaning of Title I of the Employee Retirement Income
Security Act of 1974.
_____ Investment Adviser. The Buyer is an investment adviser
registered under the Investment Advisers Act of 1940.
_____ SBIC. The Buyer is a Small Business Investment Company
licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment Act
of 1958.
_____ Business Development Company. The Buyer is a business
development company as defined in Section 202(a)(22) of the
Investment Advisers Act of 1940.
_____ Trust Fund. The Buyer is a trust fund whose trustee is a
bank or trust company and whose participants are exclusively
(a) plans established and maintained by a State, its
political subdivisions, or any agency or instrumentality of
the State or its political subdivisions, for the benefit of
its employees, or (b) employee benefit plans within the
meaning of Title I of the Employee Retirement Income
Security Act of 1974, but is not a trust fund that includes
as participants individual retirement accounts or H.R. 10
plans.
3. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer, (ii) securities that are part of an
unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to
I-1-A1-3
<PAGE>
rely on the statements made herein because one or more sales to the Buyer may be
in reliance on Rule 144A.
_____ _____ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer agrees that,
in connection with any purchase of securities sold to the Buyer for the account
of a third party (including any separate account) in reliance on Rule 144A, the
Buyer will only purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase securities for a third party
unless the Buyer has obtained a current representation letter from such third
party or taken other appropriate steps contemplated by Rule 144A to conclude
that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this certification is
made of any changes in the information and conclusions herein. Until such notice
is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
------------------------------------
Print Name of Buyer
By:
---------------------------------
Name:
Title:
Date:
--------------------------------
I-1-A1-4
<PAGE>
ANNEX 2 TO EXHIBIT I-1
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.
_____The Buyer owned $_______ in securities (other than the
excluded securities referred to below) as of the end of the
Buyer's most recent fiscal year (such amount being
calculated in accordance with Rule 144A).
_____The Buyer is part of a Family of Investment Companies which
owned in the aggregate $_______ in securities (other than
the excluded securities referred to below) as of the end of
the Buyer's most recent fiscal year (such amount being
calculated in accordance with Rule 144A).
3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.
5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.
I-1-A2-1
<PAGE>
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
-------------------------------------
Print Name of Buyer
By:
---------------------------------
Name:
Title:
IF AN ADVISER:
-------------------------------------
Print Name of Buyer
Date:
--------------------------------
I-1-A2-2
<PAGE>
EXHIBIT I-2
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
-------------------------------------------------------
-------------------------------------------------------
-------------------------------------------------------
-------------------------------------------------------
The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").
The Buyer warrants and represents to, and covenants with, the Seller and
the Trustee pursuant to Section 5.02 of the Pooling and Servicing Agreement as
follows:
1. The Buyer is a "qualified institutional buyer" as that term is
defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as
amended (the "1933 Act"). The Buyer is aware that the sale to it is being
made in reliance on Rule 144A. The Buyer is acquiring the Rule 144A
Securities for its own account or the accounts of other qualified
institutional buyers, understands that such Rule 144A Securities may be
resold, pledged or transferred only (i) to a person reasonably believed to
be a qualified institutional buyer that purchases for its own account or
for the account of a qualified institutional buyer to whom notice is given
that the resale, pledge or transfer is being made in reliance on Rule 144A,
or (ii) pursuant to another exemption from registration under the 1933 Act.
2. The Buyer is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986 (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a trustee of any
Plan) acting, directly or indirectly, on behalf of or purchasing any
Certificate with "plan assets" of any Plan within the meaning of the
Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101 or
otherwise; or
This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
I-2-1
<PAGE>
IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.
- ---------------------------- -------------------------
Print Name of Seller Print Name of Buyer
By: By:
------------------------- ---------------------
Name: Name:
Title Title:
Taxpayer Identification: Taxpayer Identification:
No. No.
------------------------- ---------------------
Date: Date:
----------------------- -------------------
I-2-2
<PAGE>
EXHIBIT I-3
[FORM OF ERISA REPRESENTATION]
The undersigned seller, as registered holder (the "Seller"), intends to
transfer the [Class A/Class M Certificates] to the undersigned buyer (the
"Buyer").
The Buyer warrants and represents to, and covenants with, the Seller and
the Trustee pursuant to Section 5.02 of the Pooling and Servicing Agreement as
follows:
The Buyer is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
1986 (the "Code") (a "Plan"), or any other person (including an investment
manager, a named fiduciary or a trustee of any Plan) acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan assets" of any
Plan within the meaning of the Department of Labor ("DOL") regulation at 29
C.F.R. ss.2510.3-101 or otherwise; or
This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.
- ---------------------------- -------------------------
Print Name of Seller Print Name of Buyer
By: By:
------------------------- ---------------------
Name: Name:
Title Title:
Taxpayer Identification: Taxpayer Identification:
No. No.
------------------------- ---------------------
Date: Date:
----------------------- -------------------
I-3-1
<PAGE>
EXHIBIT J
FORM OF RESIDUAL INTEREST TAX MATTERS TRANSFER CERTIFICATE
AFFIDAVIT PURSUANT TO SECTION 860E(e)
OF THE INTERNAL REVENUE CODE OF 1986
STATE OF )
) ss:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Investor] (the "Investor"), a
[savings institution] [corporation] duly organized and existing under the laws
of [the State of _________] [the United States], on behalf of which he makes
this affidavit.
2. That (i) the Investor is not a "disqualified organization" and will not
be a "disqualified organization" as of [date of transfer] (For this purpose, a
"disqualified organization" means the United States, any state or political
subdivision thereof, any foreign government, any international organization, any
agency or instrumentality of any of the foregoing (other than certain taxable
instrumentalities), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas, or any organization
(other than a farmers' cooperative) that is exempt from federal income tax
unless such organization is subject to the tax on unrelated business income);
(ii) it is not acquiring the Class R Certificates for the account of a
disqualified organization; (iii) it consents to any amendment of the Pooling and
Servicing Agreement that shall be deemed necessary by the Trustee (upon advice
of counsel) to constitute a reasonable arrangement to ensure that the Class R
Certificates will not be owned directly or indirectly by a disqualified
organization; (iv) it is a citizen or resident of the United States, a
corporation, partnership, or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof (except, in the
case of a partnership to the extent regulations provide that any partnership is
not a United States Person under the Internal Revenue Code of 1986), or an
estate that is described in Section 7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code; (v) that no purpose of the
Investor relating to the transfer of any of the Class R Certificates by the
Investor is or will be to impede the assessment or collection of any tax; and
(vi) it will not transfer any such Class R Certificate unless (a) it has
received from the transferee an affidavit in substantially the same form as this
affidavit containing these same six representations and (b) as of the time of
the transfer, it does not have actual knowledge that such affidavit is false.
J-1
<PAGE>
IN WITNESS WHEREOF, the Investor has caused this instrument to be executed
on its behalf, pursuant to authority of its Board of Directors, by its [Title of
Officer] and its corporate seal to be hereunto attached, attested by its
[Assistant] Secretary, this _____ day of ________ , ____.
[NAME OF INVESTOR]
By:
---------------------------------
[Name of Officer]
[Title of Officer]
[Corporate Seal]
Attest:
- -----------------------
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known or
proved to be the same person who executed the foregoing instrument and to be the
[Title of Officer] of the Investor, and acknowledged to me that he executed the
same as his free act and deed and the free act and deed of the Investor.
Subscribed and sworn before me this _____ day of ________ , ____.
- ------------------------
NOTARY PUBLIC
COUNTY OF
--------------
STATE OF
---------------
My commission expires the _____ day of ________ , ____.
J-2
<PAGE>
SCHEDULES I
Pool I Loans
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 1
<TABLE>
<CAPTION>
Orig WtdAvg Current Loan Average Orig Stated Per Life MaxLife
Coupon Coupon Margin Balance Count Balance Term Term Cap Cap Coupon
------ ------ ------ ------- ----- ------- ---- ---- --- --- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.478 5.801 2.834 87,011,812.55 425 204,733.68 354.91 329.75 1.264 6.399 12.144
<CAPTION>
Min Max Orig Amort
Balance Balance Ltv Ltv
------- ------- --- ---
<S> <C> <C> <C> <C>
6,148.31 1,664,702.18 49.72 103.21
</TABLE>
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
140968 SPRINGFIELD FLORISTS 44,547.36 9.000 360 10/01/91 381.55 1
6F MAPLE CREST CL 47,975.00 6.125 279 09/01/21 Type: Conv ARM Mth
HOLYOKE,MA 01040 279 05/01/98 1 Yr 1 Yr 1 YR CMT
142518 SCANLON ROBERT M 44,796.21 9.000 360 10/01/91 383.68 1
4C MAPLE CREST CIR 47,975.00 6.125 279 09/01/21 Type: Conv ARM Mth
HOLYOKE, MA 01040 280 05/01/98 1 Yr 1 Yr 1 YR CMT
228269 CADRECHE ATILIO 15,076.92 8.125 420 11/01/87 118.62 1
55 OCEAN LN. DR. 29,400.00 4.500 292 10/01/22 Type: Conv ARM Mth
KEY BISCAYNE, FL 33149 292 05/01/98 1 Yr 1 Yr 1 YR CMT
228716 WESTHEIDEN ALAN G 14,186.09 9.340 360 12/01/89 139.52 0
LOT 47 SEC 12 LASAYLERS CREEK R 16,700.00 11.500 257 11/01/19 Type: Resi LARM Mth
LOCUST GROVE, VA 22508 203 05/01/98 3 Yr 3 Yr 3 YR CMT
228724 KING JOSEPH A 11,006.90 9.340 360 03/01/90 99.45 0
LOT B-309 LAKE LAMADISON MAG DIS 11,900.00 11.500 260 02/01/20 Type: Resi LARM Mth
LADY SMITH, VA 22501 255 05/01/98 3 Yr 3 Yr 3 YR CMT
228745 MCCAULEY DAVID L 13,891.25 10.030 360 09/01/90 130.51 0
LOT 1127 LAKE LANMADISON MAG DIS 15,200.00 12.500 266 08/01/20 Type: Resi LARM Mth
CAROLINE COUNTY, VA 22192 265 05/01/98 3 Yr 3 Yr 3 YR CMT
228749 MOODY JAMES R 12,684.34 10.530 360 09/01/90 124.08 0
LOT B-732 LAKE LAMADISON MAG. DI 13,520.00 12.500 266 08/01/20 Type: Resi LARM Mth
CAROLINE COUNTY, VA 22186 261 02/01/98 3 Yr 3 Yr 3 YR CMT
228806 TEHRANI FARHAD 10,242.47 10.000 180 01/01/90 179.11 0
LOT 65 SECTION 1 FOREST S/D LOU 18,400.00 9.900 78 12/01/04 Type: Resi LARM Mth
MINERAL, VA 23117 78 06/01/98 1 Yr 1 Yr 1 YR CMT
229240 YOUNG WILLIAM 57,431.99 8.720 180 09/01/89 1,006.14 0
BLK 558 LOTS 11.05 & 12 ARROWHEA 101,250.00 9.500 74 08/01/04 Type: Resi LARM Mth
UPPER TOWNSHIP, NJ 08230 74 05/01/98 1 Yr 1 Yr 1 YR CMT
229843 BAILEY ARNOLD W. 26,886.89 8.220 301 09/01/86 534.68 1
73 NEW BOSTON RD. 48,000.00 10.250 159 09/01/11 Type: Conv ARM Mth
KINGSTON, NH 03848 62 06/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
140968 22,000 88.84 12.125 2.000 Condo
0 202.49 0.000 3.500 OO
MI Co: Uninsured 09/01/98 Pur
142518 22,000 90.52 12.125 2.000 Condo
0 203.62 0.000 3.500 OO
MI Co: Uninsured 09/01/98 Pur
228269 136,000 0.00 10.500 1.000 Condo
0 115.50 0.000 2.500 OO
MI Co: Uninsured 10/01/98 Pur
228716 10,000 75.91 16.500 2.000 Land
0 141.86 0.000 3.500 NA
MI Co: Uninsured 12/01/98 NA
228724 4500 59.50 16.500 2.000 Land
0 244.60 0.000 3.500 NA
MI Co: Uninsured 12/01/98 NA
228745 8000 74.15 17.500 2.000 Land
0 173.64 0.000 3.500 NA
MI Co: Uninsured 09/01/99 NA
228749 8000 75.11 17.500 2.000 Land
0 158.55 0.000 4.000 NA
MI Co: Uninsured 09/01/99 NA
228806 5000 0.00 16.000 0.000 Land
0 204.85 10.000 3.500 NA
MI Co: Uninsured 01/01/99 NA
229240 45,000 136.82 14.500 2.000 Land
0 127.63 0.000 3.000 NA
MI Co: Uninsured 08/01/98 NA
229843 105,000 73.85 16.250 2.000 SFD
0 25.61 0.000 2.500 OO
09/01/98 Pur
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 2
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
229848 LINFIELD WARREN W 90,902.59 8.200 360 09/16/85 821.89 1
689 HUNTS BRIDGE 106,400.00 11.250 207 08/16/15 Type: Conv ARM Mth
N ATTLEBOROUGH, MA 02760 207 03/16/98 3 Yr 3 Yr 3 YR CMT
230688 SEQUEIRA PAUL C 7,729.40 8.500 360 11/01/94 61.46 1
4 RANSOM ROAD UNIT # 4R-19 9,100.00 4.000 316 10/01/24 Type: Conv ARM Mth
BRIGHTON, MA 02135 314 05/01/98 1 Yr 1 Yr 1 YR CMT
230857 MAILLIAN AUDREY ADAMS 136,624.12 6.000 240 03/01/85 2,076.28 1
49 EAST 96TH ST 275,000.00 11.000 80 02/01/05 Type: Conv ARM Mth
NEW YORK, NY 10128 81 05/01/98 1 Yr 1 Yr 1 YR CMT
230936 REVILLE PATRICK J 90,428.93 9.375 300 12/01/87 955.4 1
107 HILLCREST RD 108,000.00 8.750 173 11/01/12 Type: Conv ARM Mth
NIANTIC, CT 06357 173 03/01/98 1 Yr 1 Yr 1 YR CMT
231703 ACKERMAN GRANT 148,716.07 8.375 360 12/01/87 1,293.84 1
5000 SHRINE PARK 155,200.00 9.875 233 11/01/17 Type: Conv ARM Mth
LEAVENWORTH, KS 66048 233 05/01/98 1 Yr 1 Yr 1 YR CMT
234087 GARCIA LUCAS 68,994.83 8.625 360 08/01/87 621.79 2
324-326 BROOKS ST 80,000.00 7.500 229 07/01/17 Type: Conv ARM Mth
BRIDGEPORT, CT 06608 224 05/01/98 1 Yr 1 Yr 1 YR CMT
235230 HUBBARD DAVID 333,995.99 9.450 120 12/01/90 3,260.49 1
4 NABBY ROAD 377,336.21 11.250 29 11/01/00 Type: Comm ARM Mth Bal
DANBURY, CT 06810 210 05/01/98 3 Yr 3 Yr 3 YR CMT
235236 BUCHANAN JAMES M. 69,355.59 7.625 360 06/01/84 660.26 1
20020 FISHER AVEN 92,000.00 13.500 191 05/01/14 Type: Conv ARM Mth
POOLESVILLE, MD 20837 174 05/01/98 3 Yr 3 Yr 3 YR CMT
235251 GAGNON MARION C. 73,085.86 7.375 360 12/01/86 605.72 1
12119 HERITAGE PA 84,800.00 10.500 221 11/01/16 Type: Comm ARM Mth
SILVER SPRING, MD 20906 221 04/01/98 3 Yr 3 Yr 3 YR CMT
235252 MCGOVERN JOHN H. III 161,649.35 9.000 120 02/01/91 1,480.50 3
10620 RIGGS RD BLDG 1 UNIT G 184,000.00 9.000 31 01/01/01 Type: Comm ARM Mth Bal
SAVAGE, MD 20794 229 05/01/98 3 Yr 3 Yr 3 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
229848 155,000 80.00 16.250 2.000 SFD
0 58.65 6.250 2.000 OO
08/16/00 Pur
230688 48,000 0.00 12.000 0.000 Condo
0 107.77 0.000 3.000 OO
MI Co: Uninsured 10/01/98 DbtCon
230857 350,000 45.83 16.000 2.000 CO-OP
0 39.04 6.000 0.000 OO
02/01/99 Refi
230936 105,900 79.12 14.750 2.000 SFD
0 85.39 0.000 3.750 NOO
MI Co: Uninsured 11/01/98 Pur
231703 275,000 0.00 14.875 2.000 SFD
0 54.08 0.000 2.750 OO
11/01/98 CnstrP
234087 55,000 56.34 13.500 2.000 2-4
0 125.45 1.500 2.750 OO
MI Co: Uninsured 07/01/98 Refi
235230 525,000 0.00 0.000 0.000 Retail
0 63.62 0.000 3.000 NA
11/01/99 NA
235236 185,000 80.00 0.000 0.000 SFD
0 37.49 0.000 1.730 NA
05/01/99 Refi
235251 105,000 80.00 0.000 0.000 OfficeCondo
0 69.61 0.000 3.000 NA
11/01/98 NA
235252 200,000 90.00 15.000 0.000 IndusCondo
0 80.82 9.000 3.000 NA
MI Co: Uninsured 01/01/00 NA
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 3
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
235263 SONITROL OF COLUMBIA INC. 38,145.14 8.500 300 03/01/84 454.23 1
1427 GREGG ST. 45,000.00 12.250 128 02/01/09 Type: Comm ARM Mth
COLUMBIA, SC 29201 129 03/01/98 6 Mo 6 Mo 6 MO ACAVG
235391 MUNDT 35,339.37 10.000 300 11/12/88 374.46 1
39 REDOAK COVE 40,000.00 11.350 185 10/12/13 Type: Conv ARM Mth
JACKSON, TN 38301 187 06/17/98 1 Yr 1 Yr 10 YR CMT
235557 CESTARO ARTHUR V. JR. 64,930.67 8.000 360 08/01/87 553.8 1
290 GOODY HALLET 75,000.00 7.750 229 07/01/17 Type: Conv ARM Mth
EASTHAM, MA 02651 230 04/01/98 1 Yr 1 Yr 1 YR CMT
235867 BRUNSCHWIG GASTON L 287,732.96 8.250 360 03/01/91 2,341.34 1
3520 E FAIRVIEW S 307,500.00 9.375 272 02/01/21 Type: Conv ARM Mth
COCONUT GROVE, FL 331334017 272 04/01/98 1 Yr 1 Yr 1 YR CMT
236323 HOUSE OF LIBERTY CHURCH 13,064.61 8.000 180 08/01/86 399.54 2
1 WOMACK ST. RTE7 52,000.00 9.500 37 07/01/01 Type: Comm ARM Mth
CARTERSVILLE, GA 30120 38 05/01/98 1 Yr 1 Yr 1 YR CMT
236331 BIASE STEVEN 64,616.41 8.180 300 03/15/90 591.44 2
9-11 CLIFFORD TER 75,000.00 9.750 201 02/15/15 Type: Conv ARM Mth
NEW HAVEN, CT 06511 201 05/15/98 3 Yr 3 Yr 3 YR CMT
236841 LAWSON DAVID K. 12,045.72 5.375 240 06/01/86 154.66 1
421 S 7TH ST 20,000.00 10.500 95 05/01/06 Type: Conv ARM Mth
KIOWA, KS 67070 96 06/01/98 1 Yr 1 Yr 1 YR CMT
236885 BROWN RALPH W. 9,378.26 8.810 180 10/07/88 186.55 1
19 CANDLEWYCK RD 17,095.00 12.000 64 09/07/03 Type: Conv ARM Mth
PORTLAND, ME 04102 63 04/22/98 1 Yr 1 Yr 1 YR TSY
236901 RICKARDS SIDNEY LEWIS 10,998.43 8.125 179 01/06/86 50 1
310 OLD SEAFORD R 18,700.00 10.375 30 12/01/00 Type: HELOC ARM Mth
SEAFORD, VA 23696 30 05/28/98 1Mo 1 Mo 6 MO ACAVG
238435 NANCE STEVEN 110,090.48 8.625 360 05/01/85 1,034.82 1
1419 W 179TH ST 15 132,346.73 10.000 202 04/01/15 Type: Conv ARM Mth
GARDENA, CA 90248 203 06/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
235263 85,000 112.50 0.000 0.000 Office
0 44.88 0.000 3.250 NA
08/01/98 NA
235391 51,000 80.00 24.000 2.000 Condo
0 69.29 10.000 2.500 OO
10/17/98 Pur
235557 235,000 0.00 13.750 2.000 SFD
0 27.63 0.000 2.500 OO
10/01/98 Refi
235867 231,000 0.00 13.875 2.000 SFD
0 124.56 0.000 2.750 OO
MI Co: Uninsured 02/01/99 Pur
236323 225,000 74.69 14.500 2.000 Church
0 5.81 0.000 2.500 NA
09/01/98 NA
236331 99,000 35.71 15.750 3.000 2-4
0 65.27 5.500 2.750 OO
02/15/99 Refi
236841 35,000 0.00 0.000 0.000 SFD
0 137.27 0.000 0.040 OO
MI Co: Uninsured 05/01/99 Pur
236885 120,000 0.00 18.000 2.000 SFD
0 161.98 0.000 3.250 OO
MICo: Yes/Unk Insurer 09/07/98 Refi
236901 50,000 0.00 0.000 0.000 SFD
0 78.40 0.000 3.000 OO
06/01/98 HmImp
238435 85,000 102.99 13.750 1.750 Condo
0 129.52 0.000 2.750 OO
MI Co: Uninsured 07/01/98 Pur
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 4
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
238533 DENNIS DONNA L. 66,022.81 7.500 360 07/01/88 533.72 1
117 37TH STREET W 75,514.00 9.000 240 06/01/18 Type:FHA ARMMth
WILMINGTON, DE 19802 239 05/01/98 1 Yr 1 Yr 1 YR CMT
238637 WAGNER WILLIAM R 65,149.62 7.625 360 05/01/88 531.73 1
115 ADAMS STREET 74,217.00 8.500 238 04/01/18 Type: FHA ARM Mth
WILLIAMSBURG, VA 23185 238 05/01/98 1 Yr 1 Yr 1 YR CMT
238928 OSBORN TED R. 541,703.00 8.810 299 03/01/88 5,727.42 2
2300 NICHOLAS VILL 700,000.00 10.500 175 01/01/13 Type: Conv ARM Mth
LEXINGTON, KY 40522 163 05/01/98 3 Yr 3 Yr 3 YR CMT
239163 BERMAN GARY 83,572.73 8.125 360 06/01/89 693.31 1
3112 GULL AVE 92,800.00 10.375 251 05/01/19 Type: Conv ARM Mth
MEDFORD, NY 11763 251 05/01/98 1 Yr 1 Yr 1 YR CMT
239179 RUDNICKI LUDWIK 245,674.41 8.750 360 06/01/89 2,176.54 2
66-03 52ND AVE. 270,000.00 11.000 251 05/01/19 Type: Conv ARM Mth
MASPETH, NY 11378 239 04/01/98 1 Yr 1 Yr 1 YR CMT
239220 RASNER DANNY R. 176,631.51 7.625 360 12/01/96 1,268.67 1
4620 S. EDMONDS D 180,000.00 5.625 341 11/01/26 Type: Conv ARM Mth
CARSON CITY, NV 89701 341 05/01/98 1 Yr 1 Yr 1 YR CMT
239222 SPEARMAN BETH 143,574.37 8.250 360 01/01/97 1,091.39 1
3141 WYNCROFT PLA 146,050.00 6.250 342 12/01/26 Type: Conv ARM Mth
NORCROSS, GA 30071 343 05/01/98 1 Yr 1 Yr 1 YR CMT
239223 LACAVA ELIZABETH 266,477.75 8.250 360 03/01/97 2,023.71 1
3411 BANKS MOUNTA 270,400.00 6.250 344 02/01/27 Type: Conv ARM Mth
GAINESVILLE, GA 30506 344 04/01/98 1 Yr 1 Yr 1 YR CMT
239224 HUMPHREY SUSAN D. 345,536.57 7.375 360 03/01/97 2,417.37 1
1961 LUKE EDWARDS 350,000.00 7.375 344 02/01/27 Type: Conv ARM Mth
DACULA, GA 30211 344 05/01/98 1 Yr 1 Yr 1 YR CMT
239226 CROHAN THOMAS E. SR. 163,375.00 6.750 360 04/01/97 1,074.08 1
5314 ROUNDTREE ST 165,600.00 6.750 345 03/01/27 Type: Conv ARM Mth
SHAWNEE, KS 66226 345 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
238533 83,000 103.44 14.000 1.000 SFD
0 79.55 4.000 2.000 OO
10/01/98 Pur
238637 82,500 101.67 13.500 1.000 SFD
0 78.97 3.500 2.000 OO
07/01/98 Pur
238928 475,000 73.68 16.500 2.000 Retail
0 114.04 4.500 3.000 NA
MI Co: Uninsured 01/01/00 NA
239163 116,000 80.00 16.375 2.000 SFD
0 72.05 0.000 2.750 OO
05/01/99 Refi
239179 310,000 90.00 17.000 2.000 2-4
0 79.25 0.000 3.325 OO
05/01/99 Pur
239220 225,000 80.00 11.625 2.000 SFD
0 78.50 0.000 2.750 OO
11/01/98 C/O
239222 183,000 79.81 12.250 2.000 PUD
0 78.46 0.000 2.750 OO
12/01/98 Pur
239223 270,000 86.39 12.250 2.000 SFD
0 98.70 0.000 2.750 OO
MICo: Yes/Unk Insurer 02/01/99 Refi
239224 725,000 48.28 12.375 2.000 SFD
0 47.66 0.000 2.750 OO
02/01/02 C/O
239226 185,000 89.51 12.750 2.000 PUD
0 88.31 0.000 2.750 OO
MICo: Yes/Unk Insurer 03/01/00 Pur
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 5
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
239228 WILLIAMS RUSSELL A. 461,108.61 7.625 360 05/01/97 3,298.54 1
7200 BAYWOOD ROAD 468,000.00 5.625 346 04/01/27 Type: Conv ARM Mth
GRANITE BAY, CA 95746 346 05/01/98 1 Yr 1 Yr 1 YR CMT
239229 DAVIS GLEN H. 49,921.52 7.750 360 03/01/97 361.96 1
1638 PURE GAS ROA 51,000.00 5.750 344 02/01/27 Type: Conv ARM Mth
RIVERTON, WY 82501 344 05/01/98 1 Yr 1 Yr 1 YR CMT
239231 LUNSFORD JAMES B. 443,734.80 7.250 360 02/01/97 3,069.80 1
10 CYPRESS HOLLOW 450,000.00 7.250 343 01/01/27 Type: Conv ARM Mth
MILL VALLEY, CA 94941 343 05/01/98 1 Yr 1 Yr 1 YR CMT
239235 FOX JERRY R. 256,548.33 8.250 360 12/01/96 1,952.55 1
26 WEST 140 WOODL 259,900.00 8.250 341 11/01/26 Type: Conv ARM Mth
WHEATON, IL 60187 341 05/01/98 1 Yr 1 Yr 1 YR CMT
239240 DALTON LARRY M. 140,481.25 7.250 360 03/01/97 971.01 1
ROUTE 14 BOX 482 143,000.00 5.250 344 02/01/27 Type: Conv ARM Mth
NORTH, VA 23128 345 05/01/98 1 Yr 1 Yr 1 YR CMT
239242 ALFSEN MARIO J. 293,647.02 8.250 360 01/01/97 2,233.26 1
104 PARKHAVEN DRI 298,400.00 6.250 342 12/01/26 Type: Conv ARM Mth
DANVILLE, CA 94506 342 06/01/98 1 Yr 1 Yr 1 YR CMT
239263 SLONINA STEPHEN W 67,425.43 12.000 360 05/01/96 699.46 1
186 CHAPEL ST. 68,000.00 12.000 334 04/01/26 Type: Conv ARM Mth
ABINGTON, MA 02351 334 03/01/98 1 Yr 1 Yr 1 YR CMT
239270 RIVAS MANUEL 148,369.19 11.375 360 08/01/96 1,469.28 3
71 03 72ND PLACE 150,000.00 10.125 337 07/01/26 Type: Conv ARM Mth
GLENDALE, NY 11385 335 04/01/98 1 Yr 1 Yr 1 YR CMT
239291 SCELIA EDMUND P 85,660.96 11.875 360 10/01/96 878.89 1
20 LISS RD 86,250.00 11.875 339 09/01/26 Type: Conv ARM Mth
WAPPINGER FALLS, NY 12590 339 04/01/98 1 Yr 1 Yr 1 YR CMT
239316 MONE VINCENT J 222,128.61 11.625 360 12/01/96 2,234.53 1
922 SOUND SHORE R 224,000.00 10.625 341 11/01/26 Type: Conv ARM Mth
RIVERHEAD, NY 11947 342 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
239228 610,000 76.72 11.625 2.000 SFD
0 75.59 0.000 2.750 OO
04/01/99 Pur
239229 68,000 75.00 11.750 2.000 SFD
0 73.41 3.750 2.875 OO
02/01/99 Dbt Con
239231 745,000 60.40 12.250 2.000 SFD
0 59.56 0.000 2.750 OO
01/01/04 Pur
239235 325,000 79.97 14.250 3.000 PUD
0 78.94 0.000 2.875 OO
11/01/01 Pur
239240 160,000 89.38 11.250 2.000 SFD
0 87.80 0.000 2.750 OO
MICo: Uninsured 02/01/99 Refi
239242 465,000 64.17 12.250 2.000 PUD
0 63.15 0.000 2.750 OO
12/01/98 Refi
239263 100,000 54.40 18.000 2.000 SFD
0 67.43 12.000 6.000 OO
04/01/99 DbtCon
239270 235,000 58.82 16.125 2.000 2-4
0 63.14 10.125 5.500 OO
07/01/98 Pur
239291 119,680 75.00 17.875 2.000 SFD
0 71.58 11.875 6.000 OO
09/01/98 DbtCon
239316 259,000 70.00 16.625 2.000 SFD
0 85.76 10.625 6.000 OO
MI Co: Uninsured 11/01/98 C/O
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 6
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
239323 HEADLEY DONNA 107,546.77 11.125 360 12/01/96 1,041.84 1
513 E. THIRD AVE. 108,350.00 10.875 341 11/01/26 Type: Conv ARM Mth
ROSELLE, NJ 07203 341 05/01/98 1 Yr 1 Yr 1 YR CMT
239334 RASH ESTATE OF BRIAN S 34,711.97 12.125 360 05/01/96 363.38 1
166 MELODY LANE 35,000.00 12.125 334 04/01/26 Type: Conv ARM Mth
WINSTON SALEM, NC 27105 335 04/01/98 1 Yr 1 Yr 1 YR CMT
241358 URMAN NAOMI 1,664,702.18 8.540 156 08/15/88 13,213.22 6
FULTON GARDEN APA 7636 FULTON AVE 3,440,000.00 8.750 38 07/15/01 Type: MultiFARM MthBal
NORTH HOLLYWOOD, CA 91605 320 05/01/98 1 Yr 1 Yr 1 YR CMT
241660 CRONIN JAMES R 6,983.45 9.700 180 12/01/87 196.11 1
RD 2 BOX 41 29,200.00 11.500 53 11/01/02 Type: HELOC ARM Mth
PERRYOPOLIS, PA 15473 43 05/17/98 6 Mo 6 Mo 6 MO ACAVG
241753 POUPKO REUVEN 17,898.16 8.875 360 01/01/85 172.46 1
915 E 17TH ST. #106 21,250.00 12.250 198 12/01/14 Type: Conv ARM Mth
BROOKLYN, NY 11230 199 05/01/98 1 Yr 1 Yr 6 MO ACAVG
241755 SAMET STANLEY 50,545.66 8.500 360 02/01/90 426.59 1
85-15 MAIN ST. # 55,552.00 9.750 259 01/01/20 Type: Conv ARM Mth
BRIARWOOD, NY 11435 260 05/01/98 1 Yr 1 Yr 1 YR CMT
241760 ROCQUE JEAN M. 62,277.19 8.750 370 11/01/87 554.33 1
24 FLAGSHIP CIRC 105,010.00 9.750 242 08/01/18 Type: Conv ARM Mth
STATEN ISLAND, NY 10309 236 05/01/98 3 Yr 3 Yr 3 YR CMT
241762 HUTCHISON MARK 110,724.70 8.625 360 02/01/91 929.51 1
20 MAPLE ST 119,900.00 9.125 271 01/01/21 Type: Conv ARM Mth
MILLBURY, MA 01527 271 05/01/98 3 Yr 3 Yr 3 YR CMT
241763 LAPLANTE REMILIEN 77,535.62 8.315 360 02/01/89 656.52 1
6 BROADVIEW PL 87,500.00 10.625 247 01/01/19 Type: Conv ARM Mth
WINDSOR, CT 06095 248 04/01/98 1 Yr 1 Yr 1 YR CMT
241765 HUNTT HARRY ANDREW JR. 88,493.00 8.500 258 07/31/83 1,452.73 1
ROBIN DRIVE LOT 13 CHERRY L 162,000.00 0.000 79 12/30/04 Type: Conv ARM Mth
LEESBURG, FL 32748 81 06/28/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
239323 60,000 84.98 16.875 2.000 SFD
0 179.24 10.875 5.500 OO
MI Co: Uninsured 11/01/98 Refi
239334 49,900 70.00 18.125 2.000 SFD
0 69.56 12.125 5.750 OO
04/01/99 Pur
241358 2,400,000 80.00 12.500 0.000 Multi
0 69.36 0.000 3.000 NA
09/01/98 NA
241660 20,000 0.00 15.000 0.000 SFD
0 34.92 9.000 4.500 OO
06/17/98 Refi
241753 25,000 85.00 17.000 2.000 CO-OP
0 71.59 8.000 3.750 OO
12/01/98 Pur
241755 38,000 70.00 15.875 2.500 CO-OP
0 133.01 6.000 3.000 OO
MI Co: Uninsured 01/01/99 Pur
241760 179,000 0.00 14.750 2.000 PUD
0 34.79 7.750 2.500 OO
08/01/00 CnstrP
241762 120,000 0.00 15.125 2.000 SFD
0 92.27 0.000 2.750 OO
MI Co: Uninsured 01/01/00 Pur
241763 75,000 0.00 16.625 2.000 SFD
0 103.38 4.625 2.875 OO
MI Co: Uninsured 01/01/99 Pur
241765 160,000 0.00 14.500 1.000 SFD
0 55.31 0.000 2.875 OO
12/30/98 Unk
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 7
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241766 EBERHART BYRON L. JR. 8,724.65 8.000 180 09/01/85 133.63 1
618 CLEVELAND AVE 15,700.00 9.500 26 08/01/00 Type: Conv ARM MthBal
ROME, GA 30161 86 05/01/98 1 Yr 1 Yr 1 YR CMT
241767 EBERHART BYRON L. JR. 20,834.92 8.000 180 09/01/85 319.1 4
620 CLEVELAND AVE 37,800.00 10.250 26 08/01/00 Type: Conv ARM MthBal
ROME, GA 30161 87 05/01/98 1 Yr 1 Yr 1 YR CMT
241769 GIBSON OLIVE A 124,373.80 8.875 360 11/01/87 1,118.30 1
1033 BOROS CT 139,700.00 9.000 232 10/01/17 Type: Conv ARM Mth
HERNDON, VA 22070 235 03/01/98 3 Yr 3 Yr 3 YR CMT
241773 POWER PETER 71,248.52 8.250 360 02/01/91 580.49 1
201 BAY HEAD DR 76,800.00 8.875 271 01/01/21 Type: Conv ARM Mth
KISSIMMEE, FL 34743 272 03/01/98 1 Yr 1 Yr 1 YR CMT
241777 WHITE CHRISTOPHER 85,741.65 7.875 360 01/01/95 643.02 1
2754 FREMONTIA D 88,804.00 7.500 318 12/01/24 Type:FHA ARM Mth
SAN BERNARDINO, CA 92404 318 03/01/98 1 Yr 1 Yr 1 YR CMT
241788 MOSS CHARLES 148,403.45 7.750 464 10/01/86 1,095.38 1
550 BARNARD AVE 176,200.00 7.900 323 05/01/25 Type: Conv ARM Mth
WOODMERE, NY 11598 323 06/01/98 1 Yr 1 Yr 1 YR CMT
241791 BUNDY RAINA P 181,366.36 6.500 446 07/01/88 1,187.22 1
2 COOPER MORRIS D 202,500.00 6.250 326 08/01/25 Type: Conv ARM Mth
POMONA, NY 10970 326 04/01/98 1 Yr 1 Yr 1 YR CMT
241794 BRICKER AUGUST 58,390.83 8.250 374 02/01/88 494 1
1883 HECKSCHER ST 55,000.00 8.250 249 03/01/19 Type: Conv ARM Mth
BAYSHORE, NY 11706 245 04/01/98 1 Yr 1 Yr 1 YR CMT
241800 MANN JAMES H. JR. 66,780.65 8.470 360 09/01/85 615.97 1
16799 SE CO. HWY 80,000.00 9.500 206 08/01/15 Type: Conv ARM Mth
SUMMERFIELD, FL 34491 207 05/01/98 1 Yr 1 Yr 1 YR CMT
241802 MCKINNEY JEFFREY L 111,473.83 8.375 348 12/01/95 875.44 1
LOT 14 PINE RUN S 114,880.00 7.000 317 11/01/24 Type: Conv ARM Mth
AYLETT, VA 23009 316 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241766 28,000 0.00 14.500 2.000 SFD
0 31.16 0.000 2.500 NOO
09/01/98 Pur
241767 55,000 0.00 15.250 2.000 2-4
0 37.88 0.000 2.500 NOO
09/01/98 Refi
241769 130,000 0.00 14.000 2.000 SFD
0 95.67 0.000 2.750 OO
MI Co: Yes/Unk Insurer 10/01/99 Pur
241773 108,000 0.00 13.875 2.000 SFD
0 65.97 0.000 2.750 2nd
01/01/99 Pur
241777 69,900 98.67 12.500 1.000 SFD
0 122.66 2.500 2.500 OO
MI Co: FHA 04/01/99 Pur
241788 240,000 74.98 11.750 2.000 SFD
0 61.83 0.000 2.750 OO
05/01/99 Refi
241791 199,900 75.00 12.500 2.000 SFD
0 90.73 0.000 2.750 OO
MI Co: Uninsured 08/01/98 Refi
241794 120,000 0.00 13.000 2.000 SFD
0 48.66 0.000 2.750 OO
12/01/98 C/O
241800 150,000 80.00 14.500 2.000 SFD
0 44.52 4.500 2.750 OO
08/01/98 Pur
241802 136,400 79.78 13.000 2.000 SFD
0 81.73 0.000 2.750 OO
MI Co: Uninsured 11/01/98 Pur
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 8
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241832 SMITROVICH WILLIAM STANL 346,813.98 8.500 360 02/01/93 2,806.53 1
5052 RUBIO AVENUE 365,000.00 8.500 295 01/01/23 Type: Conv ARM Mth
ENCINO, CA 91436 295 05/01/98 1 Yr 1 Yr 1 YR CMT
241836 PEARSON GERALD L. 100,966.66 8.000 360 05/01/95 763.37 1
906 QUICKSAND LAN 104,600.00 6.750 322 04/01/25 Type: Conv ARM Mth
N LAS VEGAS, NV 89030 322 05/01/98 6 Mo 6 Mo 6 MO ACAVG
241932 SMITH NATHAN L 211,051.60 8.250 360 06/01/95 1,629.10 1
4918 FORMAN AVENU 218,600.00 6.000 323 05/01/25 Type: Conv ARM Mth
NORTH HOLLYWOOD, CA 91601 324 04/01/98 1 Yr 1 Yr 1 YR CMT
241935 DIAZ GIL JR. 118,620.75 8.000 360 07/01/95 894.74 1
480 PURITAN DRIVE 122,700.00 6.000 324 06/01/25 Type: Conv ARM Mth
SHIRLEY, NY 11967 324 04/01/98 1 Yr 1 Yr 1 YR CMT
241936 LORENTZIAN RAFFY 378,485.01 8.000 360 07/01/95 2,854.85 1
19750 TURTLE SPRI 391,500.00 6.000 324 06/01/25 Type: Conv ARM Mth
NORTHRIDGE, CA 91326 324 05/01/98 1 Yr 1 Yr 1 YR CMT
241937 HEGGE CARL A 214,426.40 8.000 360 07/01/95 1,617.39 1
15329 SOUTH WILKI 221,800.00 6.000 324 06/01/25 Type: Conv ARM Mth
GARDENA, CA 90247 324 03/01/98 1 Yr 1 Yr 1 YR CMT
241941 MCCARTHY KEVIN F 226,866.00 8.000 360 08/01/95 1,709.73 1
53 REGATO 234,500.00 6.000 325 07/01/25 Type: Conv ARM Mth
RANCHO S. MARGA, CA 92688 325 05/01/98 1 Yr 1 Yr 1 YR CMT
241942 COSMAN MARK 257,091.84 5.000 360 08/01/95 1,445.81 1
4621 DUNSMORE AVE 271,900.00 3.000 325 07/01/25 Type: Conv ARM Mth
GLENDALE, CA 91214 325 06/01/98 1 Yr 1 Yr 1 YR CMT
241943 BERG JAMES D 115,939.18 8.000 360 08/01/95 873.76 1
16915 VISTA FORES 119,800.00 6.000 325 07/01/25 Type: Conv ARM Mth
SAN ANTONIO, TX 78247 325 02/01/98 1 Yr 1 Yr 1 YR CMT
241944 PERKINS CRAIG R 218,729.51 8.000 360 08/01/95 1,649.63 1
8443 135TH AVE SE 226,550.00 6.000 325 07/01/25 Type: Conv ARM Mth
RENTON, WA 98059 325 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241832 339,000 79.00 14.500 2.000 SFD
0 102.31 0.000 2.875 OO
MI Co: Uninsured 01/01/00 Refi
241836 114,500 89.79 12.750 1.000 SFD
0 88.18 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Pur
241932 190,000 124.91 12.000 2.000 SFD
0 111.08 0.000 2.875 OO
MI Co: Uninsured 05/01/99 Refi
241935 125,000 92.26 12.000 2.000 SFD
0 94.90 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
241936 340,000 0.00 12.000 2.000 SFD
0 111.32 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
241937 165,000 134.42 12.000 2.000 SFD
0 129.96 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
241941 220,000 132.49 12.000 2.000 Condo
0 103.12 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
241942 245,000 0.00 12.000 2.000 SFD
0 104.94 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
241943 99,600 108.91 12.000 2.000 SFD
0 116.40 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
241944 289,000 0.00 12.000 2.000 SFD
0 75.68 0.000 2.875 OO
07/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 9
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241945 PETTWAY JIMMIE L 131,331.32 8.000 360 09/01/95 994.45 1
19660 KAURI AVENU 137,500.00 6.000 326 08/01/25 Type: Conv ARM Mth
RIALTO, CA 92377 320 05/01/98 1 Yr 1 Yr 1 YR CMT
241946 GILMORE ROBYN L 108,930.19 8.000 360 09/01/95 820.23 1
782 EAST AVENUE K 112,950.00 6.000 326 08/01/25 Type: Conv ARM Mth
LANCASTER, CA 93535 326 05/01/98 1 Yr 1 Yr 1 YR CMT
241948 ERAN HARUTYUN 260,787.82 8.000 360 09/01/95 1,963.67 1
10046 RUFFNER AVE 269,200.00 6.000 326 08/01/25 Type: Conv ARM Mth
LOS ANGELES, CA 91343 326 05/01/98 1 Yr 1 Yr 1 YR CMT
241949 PACHECO JOSE 149,672.55 8.000 360 09/01/95 1,127.01 1
12200 STAGG STREE 154,500.00 6.000 326 08/01/25 Type: Conv ARM Mth
LOS ANGELES, CA 91605 326 05/01/98 1 Yr 1 Yr 1 YR CMT
241951 TOVEG ISAAC 241,938.65 8.000 360 08/01/95 1,823.34 1
27827 CHURCH STRE 250,000.00 6.000 325 07/01/25 Type: Conv ARM Mth
CASTAIC, CA 91384 325 05/01/98 1 Yr 1 Yr 1 YR CMT
241952 HANCHETT CHARLES L 227,025.89 6.000 360 10/01/95 1,411.42 1
1110 SOUTH LELAND 237,300.00 4.000 327 09/01/25 Type: Conv ARM Mth
SAN PEDRO, CA 90731 327 05/01/98 1 Yr 1 Yr 1 YR CMT
241953 WHITE ROBERT J. 149,873.24 8.000 360 10/01/95 1,127.85 1
1401 VALLEY VIEW 155,600.00 6.000 327 09/01/25 Type: Conv ARM Mth
GLENDALE, CA 91202 327 04/01/98 1 Yr 1 Yr 1 YR CMT
241954 SULLIVAN TERRENCE D. 362,459.09 8.000 360 10/01/95 2,726.89 1
3946 OLYMPIAD DRI 374,500.00 6.000 327 09/01/25 Type: Conv ARM Mth
LOS ANGELES, CA 90043 327 04/01/98 1 Yr 1 Yr 1 YR CMT
241955 RAFIQ AHMAD SHAH 251,822.31 7.000 360 10/01/95 1,726.73 1
3034 EL KU AVENUE 261,550.00 5.000 327 09/01/25 Type: Conv ARM Mth
ESCONDIDO, CA 92025 327 04/01/98 1 Yr 1 Yr 1 YR CMT
241956 ZACHARIE SHERWIN A 154,785.50 8.000 360 11/01/95 1,163.52 1
185 HILLSIDE AVE N 159,500.00 6.000 328 10/01/25 Type: Conv ARM Mth
BERGENFIELD, NJ 07621 328 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241945 125,000 0.00 12.000 2.000 SFD
0 105.07 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
241946 89,000 0.00 12.000 2.000 SFD
0 122.39 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
241948 190,000 0.00 12.000 2.000 SFD
0 137.26 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
241949 130,000 0.00 12.000 2.000 SFD
0 115.13 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
241951 200,000 144.51 12.000 2.000 SFD
0 120.97 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
241952 165,000 143.82 12.000 2.000 Condo
0 137.59 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
241953 135,000 141.45 12.000 2.000 Condo
0 111.02 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
241954 399,000 145.72 12.000 2.000 SFD
0 90.84 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
241955 197,000 0.00 12.000 2.000 SFD
0 127.83 0.000 2.750 OO
MI Co: Uninsured 09/01/98 Refi
241956 150,000 106.33 12.000 2.000 SFD
0 103.19 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Pur
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 10
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241957 BLASCO ALBERTO A 352,135.02 5.000 360 11/01/95 1,971.25 1
19867 TURTLE SPRI 370,900.00 3.000 328 10/01/25 Type: Conv ARM Mth
NORTHRIDGE, CA 91326 328 05/01/98 1 Yr 1 Yr 1 YR CMT
241958 FERNANDEZ ERICK A 216,446.17 6.000 360 11/01/95 1,346.34 1
30609 WATKINS COU 227,500.00 4.000 328 10/01/25 Type: Conv ARM Mth
UNION CITY, CA 94587 327 05/01/98 1 Yr 1 Yr 1 YR CMT
241959 RADNIECKI GARY A 294,503.14 8.000 360 11/01/95 2,218.26 4
3416 W. ARIEL PLA 306,600.00 6.000 328 10/01/25 Type: Conv ARM Mth
ANAHEIM, CA 92804 326 05/01/98 1 Yr 1 Yr 1 YR CMT
241960 MAYZELS ILYA 483,798.32 5.000 360 11/01/95 2,708.34 1
2451 COLDWATER CA 509,300.00 3.000 328 10/01/25 Type: Conv ARM Mth
LOS ANGELES, CA 90210 328 05/01/98 1 Yr 1 Yr 1 YR CMT
241962 TOKUNAGA TSUTOMU 239,774.99 8.000 360 12/01/95 1,800.85 1
25816 BLAKE COURT 249,800.00 6.000 329 11/01/25 Type: Conv ARM Mth
STEVENSON RANCH, CA 91381 329 06/01/98 1 Yr 1 Yr 1 YR CMT
241963 PORTER CARL 104,483.34 8.000 360 12/01/95 788.17 1
505 SOUTH YUCCA A 108,600.00 6.000 329 11/01/25 Type: Conv ARM Mth
RIALTO, CA 92376 324 05/01/98 1 Yr 1 Yr 1 YR CMT
241964 DAVIS DAVID H 86,656.78 8.000 360 12/01/95 651.14 1
33121 LIME STREET 89,750.00 6.000 329 11/01/25 Type: Conv ARM Mth
LAKE ELSINORE, CA 92530 329 05/01/98 1 Yr 1 Yr 1 YR CMT
241965 MIRABDOLBAGHI COUROS 260,721.82 6.000 360 12/01/95 1,617.00 1
17368 SUNSET BLVD 272,500.00 4.000 329 11/01/25 Type: Conv ARM Mth
PACIFIC PALISAD, CA 90272 329 05/01/98 1 Yr 1 Yr 1 YR CMT
241966 PITTS ROY 232,100.93 8.000 360 12/01/95 1,743.89 1
1377 HAZELWOOD PL 239,750.00 6.000 329 11/01/25 Type: Conv ARM Mth
BREA, CA 92621 329 05/01/98 1 Yr 1 Yr 1 YR CMT
241967 BRIMBUELA BERNADITA 122,896.79 8.000 360 12/01/95 923.37 1
941 WEST CARSON S 127,550.00 6.000 329 11/01/25 Type: Conv ARM Mth
TORRANCE, CA 90502 329 02/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241957 355,000 148.36 12.000 2.000 SFD
0 99.19 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
241958 240,000 130.00 12.000 2.000 SFD
0 90.19 0.000 2.750 OO
MI Co: Uninsured 10/01/98 Refi
241959 195,000 0.00 12.000 2.000 2-4
0 151.03 0.000 2.750 NOO
MI Co: Uninsured 10/01/98 Refi
241960 540,000 137.65 12.000 2.000 SFD
0 89.59 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
241962 200,000 151.39 12.000 2.000 SFD
0 119.89 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
241963 75,000 0.00 12.000 2.000 SFD
0 139.31 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
241964 45,000 0.00 12.000 2.000 SFD
0 192.57 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
241965 275,000 0.00 12.000 2.000 Condo
0 94.81 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
241966 198,000 0.00 12.000 2.000 SFD
0 117.22 0.000 2.875 OO
MI Co: Yes/Unk Insurer 11/01/98 Refi
241967 105,000 0.00 12.000 2.000 Condo
0 117.04 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 11
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241968 SHILLING ROGER E 153,181.49 6.000 360 12/01/95 950.31 1
24558 MOON CREST C 160,000.00 4.000 329 11/01/25 Type: Conv ARM Mth
MURRIETA, CA 92562 329 02/01/98 1 Yr 1 Yr 1 YR CMT
241969 OTT DAVID 98,706.24 8.500 360 12/01/95 775.19 1
14 GRANVILLE ROAD 101,200.00 7.000 329 11/01/25 Type: Conv ARM Mth
WESTFIELD, MA 01085 329 05/01/98 1 Yr 1 Yr 1 YR CMT
241970 GARCIA JOSE 222,951.38 8.000 360 01/01/96 1,673.09 1
316 SOUTH MAPLE A 230,000.00 6.000 330 12/01/25 Type: Conv ARM Mth
MONTEBELLO, CA 90640 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241971 GOODMAN JOSEPH 216,578.68 8.000 360 01/01/96 1,625.27 1
55 UNION AVE 222,800.00 6.000 330 12/01/25 Type: Conv ARM Mth
GARFIELD, NJ 07025 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241972 DILLS JANEL 258,050.38 6.000 360 01/01/96 1,598.52 1
2760 19TH AVENUE UNIT 30 269,600.00 4.000 330 12/01/25 Type: Conv ARM Mth
SAN FRANCISCO, CA 94132 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241973 PALMA JOHNNY W 145,733.78 8.000 360 01/01/96 1,093.63 1
1132 SOUTH ARROWH 151,000.00 6.000 330 12/01/25 Type: Conv ARM Mth
RIALTO, CA 92376 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241974 MAYER DENNIS R 179,001.34 8.000 360 01/01/96 1,343.28 1
108 SIERRA LINDA 184,200.00 6.000 330 12/01/25 Type: Conv ARM Mth
LOS GATOS, CA 95030 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241975 MARINELLI NICHOLAS 167,235.11 7.000 360 01/01/96 1,143.26 2
23 WEST RIDLEY AV 173,150.00 5.000 330 12/01/25 Type: Conv ARM Mth
RIDLEY PARK, PA 19078 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241976 HARRISON STEPHEN E 474,794.85 8.000 360 01/01/96 3,562.99 1
4530 LYME BAY 488,800.00 6.000 330 12/01/25 Type: Conv ARM Mth
OXNARD, CA 93035 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241977 NEHER MICHAEL H 272,979.24 8.000 480 01/01/96 1,916.23 1
2154 PINTO STREET 277,300.00 6.000 450 12/01/35 Type: Conv ARM Mth
LAVERNE, CA 91750 450 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241968 155,900 0.00 12.000 2.000 SFD
0 98.26 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
241969 122,000 0.00 12.000 2.000 SFD
0 80.91 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
241970 173,800 0.00 12.000 2.000 SFD
0 128.28 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241971 140,000 0.00 12.000 2.000 SFD
0 154.70 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241972 280,000 0.00 12.000 2.000 Condo
0 92.16 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241973 120,000 0.00 12.000 2.000 SFD
0 121.44 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241974 405,000 0.00 12.000 2.000 Condo
0 44.20 0.000 2.875 OO
12/01/98 Refi
241975 115,000 0.00 12.000 2.000 2-4
0 145.42 0.000 2.875 NOO
MI Co: Uninsured 12/01/98 Refi
241976 330,000 0.00 12.000 2.000 SFD
0 143.88 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241977 190,000 145.95 12.000 2.000 SFD
0 143.67 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 12
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241978 GOLLUB JOEL H 68,463.64 8.000 360 01/01/96 513.78 1
131 KENWOOD DRIVE 70,500.00 6.000 330 12/01/25 Type: Conv ARM Mth
SICKERVILLE, NJ 08081 330 06/01/98 1 Yr 1 Yr 1 YR CMT
241979 VISCONTI MICHAEL A 110,185.59 7.000 360 01/01/96 753.26 1
167 PILGRIM ROAD 114,000.00 5.000 330 12/01/25 Type: Conv ARM Mth
HAVERHILL, MA 01830 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241980 CONWAY ROBERT B 216,145.81 7.000 360 01/01/96 1,477.62 1
3293 TEMESCAL AVE 224,300.00 5.000 330 12/01/25 Type: Conv ARM Mth
NORCO, CA 91760 330 03/01/98 1 Yr 1 Yr 1 YR CMT
241981 RIVAS MARK LANI 186,384.02 8.000 360 01/01/96 1,398.68 1
1557 SHELLEY AVE N 191,750.00 6.000 330 12/01/25 Type: Conv ARM Mth
UPLAND, CA 91786 330 02/01/98 1 Yr 1 Yr 1 YR CMT
241982 CANALES DAVID JOHN 119,744.36 8.375 360 01/01/96 929.36 1
41858 SHOREWOOD C 124,000.00 7.000 330 12/01/25 Type: Conv ARM Mth
TEMECULA, CA 92591 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241983 PETERSEN DONALD R 283,284.37 6.000 360 02/01/96 1,752.75 1
29995 LOS NOGALES 296,050.00 4.000 331 01/01/26 Type: Conv ARM Mth
TEMECULA, CA 92591 331 05/01/98 1 Yr 1 Yr 1 YR CMT
241984 YBARRA JOSEPH M 287,795.60 6.000 360 01/01/96 1,782.78 4
1890 MOLINO AVENU 300,000.00 4.000 330 12/01/25 Type: Conv ARM Mth
SIGNAL HILL, CA 90804 330 05/01/98 1 Yr 1 Yr 1 YR CMT
241985 ACOSTA GEORGE R. SR. 330,732.08 7.000 360 02/01/96 2,258.69 1
4130 NEWTON STREE 342,000.00 5.000 331 01/01/26 Type: Conv ARM Mth
TORRANCE, CA 90505 331 04/01/98 1 Yr 1 Yr 1 YR CMT
241986 SEBHATU LEMMA 202,139.35 8.000 360 01/01/96 1,516.92 1
5810 APPLEFORD DR 208,000.00 6.000 330 12/01/25 Type: Conv ARM Mth
ALEXANDRIA, VA 22310 330 03/01/98 1 Yr 1 Yr 1 YR CMT
241987 EVERT BILL D 264,679.00 6.000 360 01/01/96 1,639.58 1
2904 CANADA BOULE 276,550.00 4.000 330 12/01/25 Type: Conv ARM Mth
GLENDALE, CA 91208 330 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241978 60,000 141.00 12.000 2.000 Condo
0 114.11 0.000 2.875 NOO
MI Co: Uninsured 12/01/98 Refi
241979 100,000 0.00 12.000 2.000 TWNHS
0 110.19 0.000 2.875 OO
MI Co: Yes/Unk Insurer 12/01/98 Refi
241980 219,000 0.00 12.000 2.000 SFD
0 98.70 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241981 204,000 0.00 12.000 2.000 SFD
0 91.36 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241982 136,000 91.18 12.000 2.000 SFD
0 88.05 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241983 260,000 113.87 12.000 2.000 PUD
0 108.96 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241984 195,000 136.36 12.000 2.000 2-4
0 147.59 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241985 425,000 0.00 12.000 2.000 SFD
0 77.82 0.000 2.875 OO
01/01/99 Refi
241986 199,500 104.26 12.000 2.000 SFD
0 101.32 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
241987 240,000 177.28 12.000 2.000 SFD
0 110.28 0.000 2.875 NOO
MI Co: Uninsured 12/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 13
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241988 HUAMBACHANO EDUARDO 164,734.53 6.000 360 02/01/96 1,019.26 1
1063 HUDSPETH STR 171,950.00 4.000 331 01/01/26 Type: Conv ARM Mth
SIMI VALLEY, CA 93065 331 04/01/98 1 Yr 1 Yr 1 YR CMT
241989 ROMANO JEANNE N 350,609.58 7.000 360 02/01/96 2,399.68 1
2739 BELDEN DRIVE 366,000.00 5.000 331 01/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90068 329 05/01/98 1 Yr 1 Yr 1 YR CMT
241990 REIFF MICHAEL 499,565.36 7.000 360 02/01/96 3,411.72 1
2404 BENEDICT CAN 537,050.00 5.000 331 01/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90210 331 04/01/98 1 Yr 1 Yr 1 YR CMT
241991 SIMMONS HERMAN D. JR. 201,430.58 8.000 360 02/01/96 1,510.33 1
3954 SOUTH ORANGE 208,250.00 6.000 331 01/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90008 331 05/01/98 1 Yr 1 Yr 1 YR CMT
241992 BAILEY BRENDA 138,808.75 8.000 360 02/01/96 1,040.88 1
903 EAST 106TH ST UNIT 3A 142,700.00 6.000 331 01/01/26 Type: Conv ARM Mth
BROOKLYN, NY 11236 331 03/01/98 1 Yr 1 Yr 1 YR CMT
241993 BURGOS RAMON P 280,156.22 6.000 360 02/01/96 1,745.41 1
4046 INGRAHAM STR 294,600.00 4.000 331 01/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90005 326 05/01/98 1 Yr 1 Yr 1 YR CMT
241994 FINLEY MARVIN S 250,116.18 8.000 360 02/01/96 1,875.37 1
4701 KENISTON AVE 257,350.00 6.000 331 01/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90043 332 04/01/98 1 Yr 1 Yr 1 YR CMT
241995 DUNN MARK EDMUND 112,548.69 6.000 360 02/01/96 696.45 1
6 STONE POST LANELOT 48-14 117,100.00 4.000 331 01/01/26 Type: Conv ARM Mth
RAYMOND, NH 03077 331 05/01/98 1 Yr 1 Yr 1 YR CMT
241996 DOLL ROBERT 616,133.02 8.000 360 02/01/96 4,619.79 1
3 TURNBERRY COURT 635,000.00 6.000 331 01/01/26 Type: Conv ARM Mth
HALF MOON BAY, CA 94019 331 05/01/98 1 Yr 1 Yr 1 YR CMT
241997 VOKAL PAUL D 221,019.87 7.000 360 02/01/96 1,509.43 1
227724 CAVALIER S 230,000.00 5.000 331 01/01/26 Type: Conv ARM Mth
WOODLAND HILLS, CA 91364 331 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241988 159,000 0.00 12.000 2.000 SFD
0 103.61 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241989 315,000 162.67 12.000 2.000 SFD
0 111.30 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241990 419,000 185.19 12.000 2.000 SFD
0 119.23 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241991 179,900 130.16 12.000 2.000 SFD
0 111.97 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241992 123,000 0.00 12.000 2.000 Condo
0 112.85 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241993 249,000 125.90 12.000 2.000 SFD
0 112.51 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241994 220,000 142.97 12.000 2.000 SFD
0 113.69 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241995 115,000 0.00 12.000 2.000 SFD
0 97.87 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241996 800,000 94.07 12.000 2.000 SFD
0 77.02 0.000 2.875 OO
01/01/99 Refi
241997 170,000 153.33 12.000 2.000 SFD
0 130.01 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 14
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241998 WAINRIGHT CHARLES E 347,500.31 8.000 360 02/01/96 2,605.56 1
24613 SAINT DENIS 358,000.00 6.000 331 01/01/26 Type: Conv ARM Mth
SANTA CLARITA, CA 91355 332 04/01/98 1 Yr 1 Yr 1 YR CMT
241999 PEARCE MARION E. 155,914.10 8.375 360 02/01/96 1,209.13 2
69 FLOYD STREET 159,600.00 7.000 331 01/01/26 Type: Conv ARM Mth
DORCHESTER, MA 02124 331 05/01/98 1 Yr 1 Yr 1 YR CMT
242000 POLIDANO PEDRO H 196,687.87 8.000 360 02/01/96 1,474.77 1
27302 PINOCHA 202,300.00 6.000 331 01/01/26 Type: Conv ARM Mth
MISSION VIEJO, CA 92692 331 04/01/98 1 Yr 1 Yr 1 YR CMT
242001 BAQUERA VINCE 166,089.38 8.000 360 02/01/96 1,245.34 1
40011 GIBRALTER D 171,000.00 6.000 331 01/01/26 Type: Conv ARM Mth
MURRIETA, CA 92562 332 04/01/98 1 Yr 1 Yr 1 YR CMT
242002 FERNANDEZ ABNER 281,739.53 7.000 360 03/01/96 1,922.19 1
2112 STILLMAN COU 291,550.00 5.000 332 02/01/26 Type: Conv ARM Mth
SIMI VALLEY, CA 93065 333 03/01/98 1 Yr 1 Yr 1 YR CMT
242003 MASON DEBORAH L 91,234.64 8.000 360 03/01/96 683.51 1
1204 PRINCESS STR 93,700.00 6.000 332 02/01/26 Type: Conv ARM Mth
WILLIAMSTOWN, NJ 08094 333 03/01/98 1 Yr 1 Yr 1 YR CMT
242004 SAVAGE FAITH JOAN 240,498.02 6.000 360 03/01/96 1,486.26 1
40757 AMMONS WAY 250,800.00 4.000 332 02/01/26 Type: Conv ARM Mth
FALLBROOK, CA 92028 332 05/01/98 1 Yr 1 Yr 1 YR CMT
242005 OLSON JEFFREY H 132,032.05 8.000 360 03/01/96 989.16 1
125-127 CRESENT R 135,600.00 6.000 332 02/01/26 Type: Conv ARM Mth
PAWTUCKET, RI 02861 333 05/01/98 1 Yr 1 Yr 1 YR CMT
242006 FORSYTHE TODD E 110,749.66 8.000 360 02/01/96 830.41 1
394 ESSEX STREET UNIT #2 113,850.00 6.000 331 01/01/26 Type: Conv ARM Mth
SALEM, MA 01970 331 05/01/98 1 Yr 1 Yr 1 YR CMT
242007 KENNISON JAMES E 150,721.87 8.000 360 03/01/96 1,129.18 2
2 PENNYBROOK ROAD 154,800.00 6.000 332 02/01/26 Type: Conv ARM Mth
LYNN, MA 01905 333 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
241998 320,000 117.76 12.000 2.000 SFD
0 108.59 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
241999 130,000 133.00 12.000 2.000 2-4
0 119.93 0.000 2.875 OO
MI Co: Yes/Unk Insurer 01/01/99 Refi
242000 200,000 0.00 12.000 2.000 SFD
0 98.34 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242001 245,900 0.00 12.000 2.000 SFD
0 67.54 0.000 2.875 OO
01/01/99 Refi
242002 245,000 0.00 12.000 2.000 SFD
0 115.00 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242003 101,900 0.00 12.000 2.000 SFD
0 89.53 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242004 205,000 0.00 12.000 2.000 SFD
0 117.32 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242005 117,500 0.00 12.000 2.000 SFD
0 112.37 0.000 2.875 OO
MI Co: Yes/Unk Insurer 02/01/99 Refi
242006 59,900 0.00 12.000 2.000 Condo
0 184.89 0.000 2.875 OO
MI Co: Yes/Unk Insurer 01/01/99 Refi
242007 125,000 0.00 12.000 2.000 2-4
0 120.58 0.000 2.875 OO
MI Co: Yes/Unk Insurer 02/01/99 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 15
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242008 VICARI THOMAS C 333,089.16 6.000 360 03/01/96 2,058.46 1
15247 RAYNETA DRI 350,100.00 4.000 332 02/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91403 333 05/01/98 1 Yr 1 Yr 1 YR CMT
242009 BARNES QUILLER 236,557.52 7.000 360 03/01/96 1,613.93 1
258 ELDERBERRY CO 248,500.00 5.000 332 02/01/26 Type: Conv ARM Mth
HERCULES, CA 94547 333 05/01/98 1 Yr 1 Yr 1 YR CMT
242010 JOCSON ROGER G 222,484.69 8.000 360 03/01/96 1,666.82 1
3330 WEST STONYBR 231,200.00 6.000 332 02/01/26 Type: Conv ARM Mth
ANAHEIM, CA 92804 332 03/01/98 1 Yr 1 Yr 1 YR CMT
242011 BURINSKI THOMAS R 191,935.70 6.000 360 04/01/96 1,184.75 1
1521 EAST RIVERVI 200,200.00 4.000 333 03/01/26 Type: Conv ARM Mth
ORANGE, CA 92665 334 03/01/98 1 Yr 1 Yr 1 YR CMT
242012 LEE SOON OCK 383,368.05 6.000 360 04/01/96 2,366.40 1
2355 LYRIC AVE 398,450.00 4.000 333 03/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90027 334 05/01/98 1 Yr 1 Yr 1 YR CMT
242013 DIRENZO JAMES F 102,021.22 8.000 360 03/01/96 764.33 1
36 FRANCIS STREET 104,880.00 6.000 332 02/01/26 Type: Conv ARM Mth
BROCKTON, MA 02401 332 05/01/98 1 Yr 1 Yr 1 YR CMT
242014 WESSEL THEODORE J 488,648.60 6.000 360 05/01/96 3,012.75 1
11920 CUSTIS ACRE 511,200.00 4.000 334 04/01/26 Type: Conv ARM Mth
CLIFTON, VA 22024 334 05/01/98 1 Yr 1 Yr 1 YR CMT
242015 BAILLIE ALISTAIR 301,819.81 7.750 360 05/01/96 2,206.20 1
552 CYPRESS DRIVE 310,200.00 6.000 334 04/01/26 Type: Conv ARM Mth
LAGUNA BEACH, CA 92651 335 05/01/98 1 Yr 1 Yr 1 YR CMT
242016 CARRION HECTOR 235,637.64 7.750 360 05/01/96 1,723.31 1
3302 BROADWAY AVE 242,500.00 6.000 334 04/01/26 Type: Conv ARM Mth
HUNTINGTON, CA 90255 334 04/01/98 1 Yr 1 Yr 1 YR CMT
242017 SUSZKA ROBERT W 402,092.99 7.000 360 05/01/96 2,740.11 1
20021 MERRIDY STR 419,600.00 5.000 334 04/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91311 334 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242008 320,000 0.00 12.000 2.000 SFD
0 104.09 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242009 230,000 0.00 12.000 2.000 SFD
0 102.85 0.000 2.875 NOO
MI Co: Yes/Unk Insurer 02/01/99 Refi
242010 160,000 0.00 12.000 2.000 SFD
0 139.05 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242011 230,000 114.40 12.000 2.000 SFD
0 83.45 0.000 2.875 OO
MI Co: Uninsured 03/01/99 Pur
242012 190,000 0.00 12.000 2.000 SFD
0 201.77 0.000 2.875 OO
MI Co: Uninsured 03/01/99 Refi
242013 80,000 132.76 12.000 2.000 SFD
0 127.53 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Pur
242014 505,000 0.00 12.000 2.000 SFD
0 96.76 0.000 2.500 OO
MI Co: Uninsured 04/01/99 Refi
242015 240,000 0.00 12.000 1.000 Condo
0 125.76 0.000 2.500 OO
MI Co: Uninsured 04/01/99 Refi
242016 200,000 0.00 12.000 1.000 SFD
0 117.82 0.000 2.500 NOO
MI Co: Uninsured 04/01/99 Refi
242017 430,000 0.00 12.000 1.000 SFD
0 93.51 0.000 2.500 OO
MI Co: Uninsured 04/01/99 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 16
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242018 PRITCHARD NANCY SELIK 508,471.53 6.000 360 05/01/96 3,134.97 1
1904 OAK DRIVE 529,200.00 4.000 334 04/01/26 Type: Conv ARM Mth
TOPANGA, CA 90290 334 05/01/98 1 Yr 1 Yr 1 YR CMT
242019 HANSSEN GREGORY K 257,815.43 6.000 360 05/01/96 1,589.55 1
1783 NORTH SABEL 268,000.00 4.000 334 04/01/26 Type: Conv ARM Mth
ANAHEIM, CA 92807 335 05/01/98 1 Yr 1 Yr 1 YR CMT
242020 OLEARY THOMAS J 305,235.27 7.750 360 05/01/96 2,231.17 1
17 BROOKVIEW DRIV 313,000.00 6.000 334 04/01/26 Type: Conv ARM Mth
COLTS NECK, NJ 07722 334 05/01/98 1 Yr 1 Yr 1 YR CMT
242021 COUCH DONALD D 211,894.87 6.000 360 05/01/96 1,306.43 1
3729 MARTZ STREET 219,650.00 4.000 334 04/01/26 Type: Conv ARM Mth
SIMI VALLEY, CA 93063 335 05/01/98 1 Yr 1 Yr 1 YR CMT
242022 EPSTEIN LARRY 440,312.75 6.000 360 05/01/96 2,715.45 1
11733 BAIRD AVENU 457,000.00 4.000 334 04/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91326 334 05/01/98 1 Yr 1 Yr 1 YR CMT
242023 BONDS DWIGHT A 256,700.85 7.875 360 06/01/96 1,896.59 1
12155 EL ORO WAY 264,250.00 6.000 335 05/01/26 Type: Conv ARM Mth
GRANADA HILLS, CA 91344 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242024 ELDRIDGE STEPHEN D 96,145.23 7.750 360 06/01/96 702.2 1
84 BRENTWOOD DRIV 99,100.00 6.000 335 05/01/26 Type: Conv ARM Mth
WALLINGFORD, CT 06492 335 05/01/98 1 Yr 1 Yr 1 YR CMT
242025 HERSCH LLOYD 300,416.39 7.875 360 06/01/96 2,219.26 1
1870 STANLEY DRIV 299,500.00 8.250 335 05/01/26 Type: Conv ARM Mth
MERRICK, NY 11566 336 04/01/98 1 Yr 1 Yr 1 YR CMT
242026 CHU SHIN-DIANN 322,498.96 6.000 360 06/01/96 1,986.05 1
30425 HARBOR CIRC 334,500.00 4.000 335 05/01/26 Type: Conv ARM Mth
CANYON LAKE, CA 92587 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242027 KARAPETIAN BERDJ P 200,477.25 7.000 360 06/01/96 1,363.77 1
7648 GOODLAND AVE 206,400.00 5.000 335 05/01/26 Type: Conv ARM Mth
NORTH HOLLYWOOD, CA 91605 336 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242018 380,000 0.00 12.000 1.000 SFD
0 133.81 0.000 2.500 OO
MI Co: Uninsured 04/01/99 Refi
242019 225,000 144.86 12.000 1.000 SFD
0 114.58 0.000 2.500 OO
MI Co: Uninsured 04/01/99 Refi
242020 390,000 101.85 12.000 1.000 SFD
0 78.27 0.000 2.500 OO
04/01/99 Refi
242021 190,000 129.21 12.000 1.000 SFD
0 111.52 0.000 2.500 OO
MI Co: Uninsured 04/01/99 Refi
242022 400,000 154.92 12.000 1.000 SFD
0 110.08 0.000 2.375 OO
MI Co: Uninsured 04/01/99 Refi
242023 230,000 165.16 12.000 1.000 SFD
0 111.61 0.000 2.500 OO
MI Co: Uninsured 05/01/99 Refi
242024 87,900 0.00 12.000 1.000 Condo
0 109.38 0.000 2.375 OO
MI Co: Uninsured 05/01/99 Refi
242025 270,000 0.00 12.000 1.000 SFD
0 111.27 0.000 2.500 OO
MI Co: Uninsured 05/01/99 DbtCon
242026 275,000 0.00 12.000 1.000 PUD
0 117.27 0.000 2.375 OO
MI Co: Uninsured 05/01/99 Refi
242027 140,000 0.00 12.000 1.000 SFD
0 143.20 0.000 2.375 OO
MI Co: Uninsured 05/01/99 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 17
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242028 SASSON MORDECHAI 255,762.72 7.750 360 06/01/96 1,867.72 1
20569 CALIFA STRE 262,300.00 6.000 335 05/01/26 Type: Conv ARM Mth
WOODLAND HILLS, CA 91367 336 04/01/98 1 Yr 1 Yr 1 YR CMT
242030 HARLES MARTIN W 341,786.41 7.750 360 06/01/96 2,496.23 1
10816 WHIPPLE STR 354,400.00 6.000 335 05/01/26 Type: Conv ARM Mth
NORTH HOLLYWOOD, CA 91602 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242031 ANDERSON KEVIN 121,973.66 6.000 360 06/01/96 751.15 1
105 MUIR AVEN 127,350.00 4.000 335 05/01/26 Type: Conv ARM Mth
BRISTOL, CT 06010 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242032 HUNTLING BRADLEY E 108,968.26 8.000 360 06/01/96 814.38 1
2188 S. OAKLAND A 112,400.00 6.000 335 05/01/26 Type: Conv ARM Mth
ONTARIO, CA 91762 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242033 MARCUS JEFF 203,311.59 7.000 360 07/01/96 1,381.73 1
8132 HATILLO AVEN 208,300.00 6.000 336 06/01/26 Type: Conv ARM Mth
WINNETKA, CA 91306 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242034 BASTERO AURELIO T 144,353.10 7.000 360 08/01/96 980.11 1
117 WEST 214TH ST 147,850.00 6.000 337 07/01/26 Type: Conv ARM Mth
CARSON, CA 90745 337 04/01/98 1 Yr 1 Yr 1 YR CMT
242036 DIXON LORA A 146,789.80 5.000 360 08/01/96 811.49 1
1705 WEST 147TH S 151,900.00 4.000 337 07/01/26 Type: Conv ARM Mth
GARDENA, CA 90247 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242037 HAMILTON CAROL LESLIE 552,738.77 5.000 360 08/01/96 3,056.54 1
1546 NORTH BEVERL 571,500.00 4.000 337 07/01/26 Type: Conv ARM Mth
BEVERLY HILLS, CA 90210 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242038 CONTI FRED S 114,178.75 6.000 360 08/01/96 701.55 1
14 LAKESIDE AVENU 117,700.00 5.000 337 07/01/26 Type: Conv ARM Mth
CRANSTON, RI 02910 337 04/01/98 1 Yr 1 Yr 1 YR CMT
242039 CHAVEZ JAVIER 267,902.89 6.000 360 08/01/96 1,646.06 1
20906 BRIGHTON AV 275,600.00 5.000 337 07/01/26 Type: Conv ARM Mth
TORRANCE, CA 90501 337 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242028 215,000 0.00 12.000 1.000 SFD
0 118.96 0.000 2.375 OO
MI Co: Uninsured 05/01/99 Refi
242030 350,000 0.00 12.000 1.000 SFD
0 97.65 0.000 2.375 OO
MI Co: Uninsured 05/01/99 Refi
242031 131,000 0.00 12.000 1.000 SFD
0 93.11 0.000 2.875 OO
MI Co: Uninsured 05/01/99 Refi
242032 95,000 99.56 12.000 1.000 SFD
0 114.70 0.000 2.875 OO
MI Co: Uninsured 05/01/99 Refi
242033 134,000 143.66 12.000 1.000 SFD
0 151.73 0.000 2.375 OO
MI Co: Uninsured 06/01/98 Refi
242034 129,000 0.00 12.000 1.000 SFD
0 111.90 0.000 2.375 OO
MI Co: Uninsured 07/01/98 Pur
242036 119,000 108.50 12.000 1.000 Condo
0 123.35 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
242037 539,000 0.00 12.000 1.000 SFD
0 102.55 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
242038 78,000 0.00 12.000 1.000 SFD
0 146.38 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
242039 185,000 0.00 12.000 1.000 SFD
0 144.81 0.000 2.375 OO
MI Co: Uninsured 07/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 18
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242040 ALTOBELLI VIRGINO 264,288.97 5.000 360 08/01/96 1,461.63 1
141 LINN AVENUE 239,200.00 10.500 337 07/01/26 Type: Conv ARM Mth
YONKERS, NY 10705 337 04/01/98 1 Yr 1 Yr 1 YR CMT
242041 CUTLER STEPHEN C 167,181.97 6.000 360 08/01/96 1,027.26 1
5265 PERCHERON WA 172,900.00 5.000 337 07/01/26 Type: Conv ARM Mth
ANTIOCH, CA 94509 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242042 KRUTHERS MICHAEL J 265,998.61 6.000 360 08/01/96 1,634.36 1
32002 PASEO AMANT 273,650.00 5.000 337 07/01/26 Type: Conv ARM Mth
SAN JUAN CAPIST, CA 92675 337 04/01/98 1 Yr 1 Yr 1 YR CMT
242043 FULLER RONALD A 241,336.33 7.000 360 08/01/96 1,639.52 1
414 NORTH SPARKS 249,250.00 6.000 337 07/01/26 Type: Conv ARM Mth
BURBANK, CA 91506 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242044 CLEMONS EARL A. JR. 73,325.73 7.000 360 08/01/96 497.86 1
250 CONGRESS AVE UNIT 16 75,000.00 6.000 337 07/01/26 Type: Conv ARM Mth
CHELSEA, MA 02150 337 04/01/98 1 Yr 1 Yr 1 YR CMT
242046 HARVEY BRIAN D 231,965.89 7.000 360 09/01/96 1,573.58 1
7221 BECKFORD AVE 238,100.00 6.000 338 08/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91335 338 04/01/98 1 Yr 1 Yr 1 YR CMT
242047 RENCHER CHARLES GREGORY 191,839.37 5.000 360 08/01/96 1,060.86 1
1730 HODGE LAKE L 198,500.00 4.000 337 07/01/26 Type: Conv ARM Mth
SUGAR LAND, TX 77478 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242048 CARRASCO KENNETH F 269,575.28 7.000 360 08/01/96 1,830.32 1
4546 STANSBURY AV SHERMAN OAKS AR 275,700.00 6.000 337 07/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91423 337 03/01/98 1 Yr 1 Yr 1 YR CMT
242049 BURNS ANN W 183,093.64 7.000 360 08/01/96 1,244.67 1
105 DOGWOOD ROAD 188,450.00 6.000 337 07/01/26 Type: Conv ARM Mth
LEOMINSTER, MA B68801453 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242050 KIM CHINOK 211,693.90 7.000 360 08/01/96 1,437.33 1
17410 FAIRLAND COGRANADA HILLS A 219,050.00 6.000 337 07/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91344 337 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242040 215,000 0.00 12.000 1.000 SFD
0 122.93 0.000 2.375 OO
MI Co: Uninsured 07/01/98 DbtCon
242041 180,000 0.00 12.000 1.000 SFD
0 92.88 0.000 2.375 OO
MI Co: Uninsured 07/01/98 Refi
242042 285,000 101.35 12.000 1.000 SFD
0 93.33 0.000 2.375 OO
MI Co: Uninsured 07/01/98 Refi
242043 240,000 0.00 12.000 1.000 SFD
0 100.56 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242044 80,000 0.00 12.000 1.000 Condo
0 91.66 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
242046 185,000 0.00 12.000 1.000 SFD
0 125.39 0.000 2.250 OO
MI Co: Uninsured 08/01/98 Refi
242047 160,000 0.00 12.000 1.000 SFD
0 119.90 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
242048 180,000 0.00 12.000 1.000 PUD
0 149.76 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
242049 150,000 0.00 12.000 1.000 SFD
0 122.06 0.000 2.250 OO
MI Co: Yes/Unk Insurer 07/01/98 Refi
242050 160,000 0.00 12.000 1.000 SFD
0 132.31 0.000 2.250 OO
MI Co: Uninsured 07/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 19
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242051 SIGALA DAVID 298,889.73 7.000 360 09/01/96 2,027.41 1
21334 THOMAS DRIV 314,750.00 6.000 338 08/01/26 Type: Conv ARM Mth
CARSON, CA 90745 339 05/01/98 1 Yr 1 Yr 1 YR CMT
242053 HELLER SAMUEL J 389,599.07 5.000 360 10/01/96 2,147.99 1
21604 PARVIN DRIV SAUGUS AREA 406,500.00 4.000 339 09/01/26 Type: Conv ARM Mth
SANTA CLARITA, CA 91350 339 05/01/98 1 Yr 1 Yr 1 YR CMT
242054 ROBERTS BRADFORD P 450,024.29 5.000 360 10/01/96 2,481.21 1
3137 CORTE CALETA 464,000.00 4.000 339 09/01/26 Type: Conv ARM Mth
NEWPORT BEACH, CA 92660 339 05/01/98 1 Yr 1 Yr 1 YR CMT
242057 KELLSTROM DANIEL R 267,774.17 5.000 360 10/01/96 1,476.33 1
15559 SORBONNE ST 276,300.00 4.000 339 09/01/26 Type: Conv ARM Mth
SYLMAR, CA 91342 339 05/01/98 1 Yr 1 Yr 1 YR CMT
242058 SLOAN JOHN M 276,870.91 5.000 360 11/01/96 1,524.43 1
10068 KEYSTONE CO 285,700.00 4.000 340 10/01/26 Type: Conv ARM Mth
ALTA LOMA, CA 91737 340 04/01/98 1 Yr 1 Yr 1 YR CMT
242060 LOAYZA MIGUEL 339,020.65 5.000 360 11/01/96 1,866.62 1
20062 MERRIDY STR 348,850.00 4.000 340 10/01/26 Type: Conv ARM Mth
CHATSWORTH, CA 91311 340 03/01/98 1 Yr 1 Yr 1 YR CMT
242061 MALINKA CORINNE L 317,701.76 6.000 360 11/01/96 1,946.03 1
15755 LIVEOAK SPG 326,300.00 5.000 340 10/01/26 Type: Conv ARM Mth
SANTA CLARITA, CA 91351 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242062 GOLDADE MARTIN J 127,485.21 7.000 360 11/01/96 863.13 1
643 37TH STREET 130,600.00 6.000 340 10/01/26 Type: Conv ARM Mth
RICHMOND, CA 94805 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242063 DEL ROSARI0 LOUIE G 282,939.75 6.000 480 11/01/96 1,573.34 1
33 FLORENCE STREE 287,000.00 5.000 460 10/01/36 Type: Conv ARM Mth
DALY CITY, CA 94014 461 05/01/98 1 Yr 1 Yr 1 YR CMT
242064 ROCCHI MICHAEL A 308,991.26 7.000 360 11/01/96 2,092.00 1
2915 FIELD STONE 318,075.00 6.000 340 10/01/26 Type: Conv ARM Mth
SANTA ROSA, CA 95405 340 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242051 279,000 0.00 12.000 1.000 SFD
0 107.13 0.000 2.250 OO
MI Co: Uninsured 08/01/98 Pur
242053 465,000 0.00 12.000 1.000 SFD
0 83.78 0.000 2.375 OO
MI Co: Uninsured 09/01/98 Refi
242054 469,000 0.00 12.000 1.000 SFD
0 95.95 0.000 2.375 OO
MI Co: Uninsured 09/01/98 Refi
242057 175,000 0.00 12.000 1.000 SFD
0 153.01 0.000 2.375 OO
MI Co: Uninsured 09/01/98 Refi
242058 265,000 0.00 12.000 1.000 SFD
0 104.48 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242060 310,000 0.00 12.000 1.000 SFD
0 109.36 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242061 325,000 0.00 12.000 1.000 SFD
0 97.75 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242062 92,000 0.00 12.000 1.000 SFD
0 138.57 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242063 275,000 0.00 12.000 1.000 SFD
0 102.89 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242064 285,000 0.00 12.000 1.000 PUD
0 108.42 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 20
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242065 GUSZICK DAVID 111,153.00 5.000 360 11/01/96 612.04 1
8 OLD FORESTBURG 114,900.00 4.000 340 10/01/26 Type: Conv ARM Mth
SPARROWBUSH, NY 12780 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242066 RANDOLPH MARILYN L 300,855.06 6.000 360 11/01/96 1,842.26 1
212 FRANKFORT AVE 308,100.00 5.000 340 10/01/26 Type: Conv ARM Mth
HUNTINGTON BEAC, CA 92648 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242067 SAUNDERS HERBERT 93,600.61 5.000 360 12/01/96 514.68 1
4480 MONTRIL WAY 98,000.00 4.000 341 11/01/26 Type: Conv ARM Mth
SACRAMENTO, CA 95823 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242068 MOORE DAVID 175,421.91 5.000 360 11/01/96 965.87 1
17409 ARMINTA STR 182,350.00 4.000 340 10/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91325 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242069 BRANDON LOUIS D 218,012.77 7.000 360 12/01/96 1,474.67 1
17092 KINGSBURY S 223,500.00 6.000 341 11/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91344 341 03/01/98 1 Yr 1 Yr 1 YR CMT
242070 HOSS JOSEPH P 175,232.12 5.000 360 12/01/96 963.54 1
10049 ROTHGARD RO 180,600.00 4.000 341 11/01/26 Type: Conv ARM Mth
SPRING VALLEY, CA 91977 341 06/01/98 1 Yr 1 Yr 1 YR CMT
242071 SINGLETON BRANDON L 278,923.42 7.000 360 12/01/96 1,887.01 1
2553 STONEHILL CO 291,950.00 6.000 341 11/01/26 Type: Conv ARM Mth
CLAREMONT, CA 91711 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242072 LARA ROUEL S 134,411.95 5.000 360 12/01/96 739.08 1
1530 WOODLAND OAK 139,000.00 4.000 341 11/01/26 Type: Conv ARM Mth
SACRAMENTO, CA 95833 341 03/01/98 1 Yr 1 Yr 1 YR CMT
242074 NIXON DENNIS WILLIAM 220,593.38 5.000 360 12/01/96 1,212.96 1
6480 NAPA AVENUE 228,500.00 4.000 341 11/01/26 Type: Conv ARM Mth
RANCHO CUCAMONG, CA 91701 341 02/01/98 1 Yr 1 Yr 1 YR CMT
242075 GREENGLASS JEREMIAH 167,948.24 6.000 360 12/01/96 1,027.27 1
7 EDITH ROAD 173,700.00 5.000 341 11/01/26 Type: Conv ARM Mth
FRAMINGHAM, MA 01701 341 03/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242065 100,000 0.00 12.000 1.000 SFD
0 111.15 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242066 319,900 0.00 12.000 1.000 SFD
0 94.05 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242067 112,000 0.00 12.000 1.000 SFD
0 83.57 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Pur
242068 175,000 0.00 12.000 1.000 SFD
0 100.24 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242069 170,000 0.00 12.000 1.000 SFD
0 128.24 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242070 167,000 0.00 12.000 1.000 SFD
0 104.93 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242071 242,500 0.00 12.000 1.000 SFD
0 115.02 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242072 125,000 0.00 12.000 1.000 SFD
0 107.53 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242074 214,000 0.00 12.000 1.000 SFD
0 103.08 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242075 140,000 0.00 12.000 1.000 SFD
0 119.96 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 21
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242076 DRISCOLL MICHAEL R 100,745.56 7.000 360 12/01/96 681.81 1
2007 LAVACA TRAIL 102,700.00 6.000 341 11/01/26 Type: Conv ARM Mth
CARROLLTON, TX 75010 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242077 SMITH GIL R 251,293.32 6.000 360 12/01/96 1,537.06 1
11219 HIGHVIEW DR 257,200.00 5.000 341 11/01/26 Type: Conv ARM Mth
ALTALOMA, CA 91737 341 04/01/98 1 Yr 1 Yr 1 YR CMT
242078 DAMICO ANTHONY M 159,674.24 6.000 360 12/01/96 976.8 1
3373 NOLINA STREE 163,500.00 5.000 341 11/01/26 Type: Conv ARM Mth
BALDWIN PARK, CA 91706 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242079 TAYLOR CHARLES M 217,419.08 6.000 360 12/01/96 1,329.87 1
19251 TERRACE VIE 222,700.00 5.000 341 11/01/26 Type: Conv ARM Mth
TRABUCO CANYON, CA 92679 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242080 DOMINGUEZ WILLIAM JR. 117,859.05 7.000 360 01/01/97 800.68 1
64 CATHY LANE 121,500.00 6.000 342 12/01/26 Type: Conv ARM Mth
WATERBURY, CT 06704 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242081 GOLD MARINA 969,833.25 5.000 360 01/01/97 5,325.72 1
4465 PETIT AVENUE 996,000.00 4.000 342 12/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 91436 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242082 GILBERT LEON P 501,215.75 5.000 360 01/01/97 2,752.33 1
4332 LOUISE AVENU 514,600.00 4.000 342 12/01/26 Type: Conv ARM Mth
ENCINO, CA 91316 342 04/01/98 1 Yr 1 Yr 1 YR CMT
242083 JEFFERSON BENJAMIN 140,798.99 6.000 360 01/01/97 860.34 1
1227 SOUTH PINE A 144,250.00 5.000 342 12/01/26 Type: Conv ARM Mth
ONTARIO, CA 91761 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242084 SPANJER GORDON WAYNE 119,516.14 6.000 360 01/01/97 730.23 1
40210 SE LOUDON R 122,650.00 5.000 342 12/01/26 Type: Conv ARM Mth
CORBETT, OR 97109 342 04/01/98 1 Yr 1 Yr 1 YR CMT
242085 SONG KAY K 358,392.92 6.000 360 01/01/97 2,189.71 1
2020 N SERRANO AV 367,528.00 5.000 342 12/01/26 Type: Conv ARM Mth
LOS ANGELES, CA 90027 342 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242076 109,000 0.00 12.000 1.000 SFD
0 92.43 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242077 260,000 0.00 12.000 1.000 SFD
0 96.65 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242078 130,000 0.00 12.000 1.000 SFD
0 122.83 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242079 280,000 0.00 12.000 1.000 PUD
0 77.65 0.000 2.875 OO
11/01/98 Refi
242080 110,000 0.00 12.000 1.000 SFD
0 107.14 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242081 620,000 158.10 12.000 1.000 SFD
0 156.42 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242082 520,000 0.00 12.000 1.000 SFD
0 96.39 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242083 120,000 0.00 12.000 1.000 SFD
0 117.33 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242084 130,000 0.00 12.000 1.000 SFD
0 91.94 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Pur
242085 425,000 0.00 12.000 1.000 SFD
0 84.33 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 22
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242086 SHANKS CHERY MENDES 246,527.46 5.000 360 02/01/97 1,351.98 1
3613 INGLEWOOD BO 252,700.00 4.000 343 01/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90066 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242087 PETRO JOHN PAUL 239,609.51 6.000 360 01/01/97 1,463.97 1
28296 VIA ALFONSO 244,600.00 5.000 342 12/01/26 Type: Conv ARM Mth
LAGUNA NIGUEL, CA 92656 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242088 APPLEWHITE JOHN SCOTT 224,340.62 6.000 480 01/01/97 1,246.12 1
17105 TITUS WAY 226,900.00 5.000 462 12/01/36 Type: Conv ARM Mth
POOLESVILLE, MD 20837 462 05/01/98 1 Yr 1 Yr 1 YR CMT
242090 WELDON ANN 208,379.40 5.000 360 02/01/97 1,143.82 1
13627 SYLVAN STRE 214,200.00 4.000 343 01/01/27 Type: Conv ARM Mth
VAN NUYS, CA 91401 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242091 SMITH BRYSON R 238,122.33 6.000 360 02/01/97 1,453.28 1
1079 CLARK WAY 244,250.00 5.000 343 01/01/27 Type: Conv ARM Mth
GILROY, CA 95020 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242092 OBRIEN FRANK J 226,526.87 6.000 360 02/01/97 1,382.56 1
33 PHEASANT LANE 234,350.00 5.000 343 01/01/27 Type: Conv ARM Mth
ALISO VIEJO, CA 92656 343 04/01/98 1 Yr 1 Yr 1 YR CMT
242093 NGUYEN NHANG VAN 239,298.26 6.000 360 01/01/97 1,462.07 1
8541 ENFIELD AVEN 245,500.00 5.000 342 12/01/26 Type: Conv ARM Mth
NORTHBRIDGE, CA 91325 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242094 LATUSKA ARVID PAUL 114,230.97 6.000 360 02/01/97 697.17 1
8172 LARSON AVENU UNIT 10 117,950.00 5.000 343 01/01/27 Type: Conv ARM Mth
GARDEN GROVE, CA 92644 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242095 FANDETTI SEAN K 138,378.29 5.000 360 02/01/97 758.87 1
87 PINE HILL AVEN 142,050.00 4.000 343 01/01/27 Type: Conv ARM Mth
JOHNSTON, RI 02919 344 03/01/98 1 Yr 1 Yr 1 YR CMT
242096 GONZALEZ CARLOS 102,846.05 7.000 360 02/01/97 694.39 1
37052 CALLE GRAND 104,950.00 6.000 343 01/01/27 Type: Conv ARM Mth
PALMDALE, CA 93550 343 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242086 330,000 0.00 12.000 1.000 SFD
0 74.71 0.000 2.875 OO
01/01/99 Refi
242087 285,000 0.00 12.000 1.000 SFD
0 84.07 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242088 267,000 0.00 12.000 1.000 SFD
0 84.02 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242090 150,000 0.00 12.000 1.000 SFD
0 138.92 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242091 275,950 0.00 12.000 1.000 SFD
0 86.29 0.000 2.875 OO
MI Co: Yes/Unk Insurer 01/01/99 Refi
242092 340,000 0.00 12.000 1.000 SFD
0 66.63 0.000 2.875 OO
01/01/99 Refi
242093 255,000 0.00 12.000 1.000 SFD
0 93.84 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242094 104,000 0.00 12.000 1.000 Condo
0 109.84 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242095 135,000 0.00 12.000 1.000 SFD
0 102.50 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242096 75,000 0.00 12.000 1.000 SFD
0 137.13 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 23
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242097 BROWN STEVE L 215,885.58 6.000 360 02/01/97 1,317.57 1
24122 CASTILLA LA 222,600.00 5.000 343 01/01/27 Type: Conv ARM Mth
MISSION VIEJO, CA 92691 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242098 HARRIS ANDREW H 116,120.60 6.000 360 02/01/97 708.7 1
121 OAK FOREST DR 118,500.00 5.000 343 01/01/27 Type: Conv ARM Mth
MANCHESTER, CT 06040 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242099 VAN GERWEN ANDRE G 196,056.67 6.000 360 02/01/97 1,196.55 1
5419 W 117TH STRE 202,300.00 5.000 343 01/01/27 Type: Conv ARM Mth
INGLEWOOD, CA 90304 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242100 ONEILL STEPHEN B 257,805.45 5.000 360 03/01/97 1,411.97 1
8674 VICARA DRIVE 264,100.00 4.000 344 02/01/27 Type: Conv ARM Mth
RANCHO CUCAMONG, CA 91730 344 05/01/98 1 Yr 1 Yr 1 YR CMT
242101 MEDINA AUGUSTINE E 164,840.61 6.000 360 03/01/97 1,005.58 1
1332 ANGELUS AVEN 168,450.00 5.000 344 02/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90021 344 06/01/98 1 Yr 1 Yr 1 YR CMT
242103 OCONNOR PATRICK J 59,298.40 7.000 480 03/01/97 370.86 1
101 LEWIS ROAD 60,300.00 6.000 464 02/01/37 Type: Conv ARM Mth
BINGHAMTON, NY 13905 465 04/01/98 1 Yr 1 Yr 1 YR CMT
242104 LOPEZ ANTHONY T 268,214.81 6.000 360 03/01/97 1,635.13 1
14318 CARNITAS ST 275,800.00 5.000 344 02/01/27 Type: Conv ARM Mth
POWAY, CA 92064 344 05/01/98 1 Yr 1 Yr 1 YR CMT
242105 FRIEBERG HELENA 150,153.47 7.000 360 03/01/97 1,012.86 1
1230 NORTH HORN AUNIT 523 152,800.00 6.000 344 02/01/27 Type: Conv ARM Mth
WEST HOLLYWOOD, CA 90069 344 05/01/98 1 Yr 1 Yr 1 YR CMT
242106 FERRARA STEVEN ANTHONY 167,880.55 6.000 360 03/01/97 1,023.80 1
24145 VICTORY BLV 171,450.00 5.000 344 02/01/27 Type: Conv ARM Mth
WEST HILLS, CA 91307 344 05/01/98 1 Yr 1 Yr 1 YR CMT
242107 FUCCI RICHARD J 54,125.83 7.000 360 03/01/97 365.10 1
16 EAGLE DRIVE 55,000.00 6.000 344 02/01/27 Type: Conv ARM Mth
SALEM, NH 03079 345 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242097 210,000 0.00 12.000 1.000 SFD
0 102.80 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242098 92,000 0.00 12.000 1.000 Condo
0 126.22 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242099 190,000 0.00 12.000 1.000 SFD
0 103.19 0.000 2.875 OO
MI Co: Uninsured 01/01/99 Refi
242100 240,000 0.00 12.000 1.000 SFD
0 107.42 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242101 155,000 0.00 12.000 1.000 SFD
0 106.35 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242103 57,000 0.00 12.000 1.000 SFD
0 104.03 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242104 300,000 0.00 12.000 1.000 SFD
0 89.40 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242105 139,000 0.00 12.000 1.000 Condo
0 108.02 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242106 170,000 0.00 12.000 0.000 SFD
0 98.75 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242107 78,900 0.00 12.000 1.000 Condo
0 68.60 0.000 2.875 OO
02/01/99 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 24
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242108 HORNE LISA C 211,073.06 6.000 360 03/01/97 1,286.77 1
7625 KELVIN AVENU 215,300.00 5.000 344 02/01/27 Type: Conv ARM Mth
WINNETKA, CA 91306 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242109 BROWN WILLIAM H. JR. 320,796.05 7.000 360 01/01/97 2,167.90 1
9764 WATER OAK DR 326,550.00 6.000 342 12/01/26 Type: Conv ARM Mth
FAIRFAX, VA 22031 342 03/01/98 1 Yr 1 Yr 1 YR CMT
242110 CEBALLOS DAVID 174,544.10 7.000 360 04/01/97 1,176.32 1
3832 TOLAND WAY 177,550.00 6.000 345 03/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90065 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242111 CONTRERAS RAUL A 207,384.84 6.000 360 04/01/97 1,262.91 1
4918 ARGUS DRIVE 213,850.00 5.000 345 03/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90041 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242113 EYMAN MALCOM STERLING 634,149.29 5.000 360 04/01/97 3,468.66 1
22638 RIDGE LINE 648,750.00 4.000 345 03/01/27 Type: Conv ARM Mth
DIAMOND BAR, CA 91765 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242114 AVERY RICHARD B. 120,147.59 6.000 360 04/01/97 731.66 1
9895 THERMAL STRE 123,700.00 5.000 345 03/01/27 Type: Conv ARM Mth
OAKLAND, CA 94605 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242116 MELENDREZ MARIA G 199,811.19 5.000 360 05/01/97 1,091.50 1
721 SOUTH YNEZ AV 205,750.00 4.000 346 04/01/27 Type: Conv ARM Mth
MONTEREY PARK, CA 91754 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242117 SMITH BARBARA J 114,899.17 6.000 360 04/01/97 699.70 1
1323 COLUMBIA 117,300.00 5.000 345 03/01/27 Type: Conv ARM Mth
ONTARIO, CA 91764 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242118 INIGUEZ MANUEL A 259,298.51 5.000 360 05/01/97 1,416.45 1
5321 DE ROJA AVEN 265,300.00 4.000 346 04/01/27 Type: Conv ARM Mth
WOODLAND HILLS, CA 91364 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242119 RESPICIO ANTONIO G. JR. 202,462.63 6.000 360 05/01/97 1,233.88 1
7658 VAN NOORD AV 205,800.00 6.000 346 04/01/27 Type: Conv ARM Mth
NORTH HOLLYWOOD, CA 91605 345 03/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242108 162,000 0.00 12.000 1.000 SFD
0 130.29 0.000 2.875 OO
MI Co: Uninsured 02/01/99 Refi
242109 355,500 0.00 12.000 1.000 PUD
0 90.24 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242110 125,000 0.00 12.000 1.000 SFD
0 139.64 0.000 2.875 OO
MI Co: Uninsured 03/01/99 Refi
242111 235,000 0.00 12.000 1.000 SFD
0 88.25 0.000 2.875 NOO
MI Co: Uninsured 03/01/99 Refi
242113 675,000 0.00 12.000 1.000 SFD
0 93.95 0.000 2.875 OO
MI Co: Uninsured 03/01/99 Refi
242114 99,500 0.00 12.000 1.000 SFD
0 120.75 0.000 2.875 NOO
MI Co: Uninsured 03/01/99 Refi
242116 173,000 0.00 12.000 1.000 SFD
0 115.50 0.000 2.875 OO
MI Co: Uninsured 04/01/99 Refi
242117 110,000 0.00 12.000 1.000 SFD
0 104.45 0.000 2.875 OO
MI Co: Uninsured 03/01/99 Refi
242118 220,000 0.00 12.000 1.000 SFD
0 117.86 0.000 2.875 OO
MI Co: Uninsured 04/01/99 Refi
242119 165,000 0.00 12.000 2.000 SFD
0 122.70 0.000 2.875 OO
MI Co: Uninsured 04/01/00 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 25
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242120 CLARK STEPHEN R 241,915.51 5.000 360 05/01/97 1,321.50 1
748 WEST VINE STR 247,300.00 4.000 346 04/01/27 Type: Conv ARM Mth
STOCKTON, CA 95203 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242121 KIDD HAZEL J 217,666.39 5.000 360 05/01/97 1,189.03 1
3701 PROVINCETOWN 222,700.00 4.000 346 04/01/27 Type: Conv ARM Mth
IRVINE, CA 92714 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242122 SEDANO ABEL 154,370.33 7.000 360 05/01/97 1,039.69 1
1812 MCCREERY COU 157,000.00 6.000 346 04/01/27 Type: Conv ARM Mth
SAN JOSE, CA 95116 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242124 HAKIMIAN KAMRAN 803,123.81 5.000 360 05/01/97 4,387.17 1
850 SOUTH AMHERST 821,450.00 4.000 346 04/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90049 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242125 COLOMBO ROSEANN 117,053.42 5.000 360 06/01/97 638.43 1
29 55TH STREET 119,600.00 4.000 347 05/01/27 Type: Conv ARM Mth
NEWBURYPORT, MA 01950 348 04/01/98 1 Yr 1 Yr 1 YR CMT
242126 WIKLUND BORGHILD 203,528.42 6.000 360 06/01/97 1,236.75 1
11659 BABBITT AVE 207,050.00 5.000 347 05/01/27 Type: Conv ARM Mth
GRANADA HILLS, CA 91344 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242127 DOUTHIT REBECCA F 217,261.98 6.000 360 06/01/97 1,320.20 1
368 HIGHLAND PLAC 220,800.00 5.000 347 05/01/27 Type: Conv ARM Mth
CLYDE, CA 94520 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242128 MORRISON HOPE 120,389.78 6.000 360 06/01/97 731.55 1
15156 LEAHY AVENU 124,900.00 5.000 347 05/01/27 Type: Conv ARM Mth
BELLFLOWER, CA 90706 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242129 HINDY WILLIAM 238,468.11 6.000 360 06/01/97 1,449.97 1
7140 RICKRIDGE TE 242,450.00 5.000 347 05/01/27 Type: Conv ARM Mth
WEST HILLS, CA 91304 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242139 HUTCHINSON PATRICK J 184,507.95 5.000 360 10/01/97 1,013.52 1
410 NORTH PINE TO 188,800.00 5.000 351 09/01/27 Type: Conv ARM Mth
BETHLEHEM, PA 18017 342 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242120 175,000 0.00 12.000 1.000 SFD
0 138.24 0.000 2.875 OO
MI Co: Uninsured 04/01/99 Refi
242121 229,000 0.00 12.000 1.000 PUD
0 95.05 0.000 2.875 OO
MI Co: Uninsured 04/01/99 Refi
242122 179,950 0.00 12.000 1.000 SFD
0 85.79 0.000 2.875 OO
MI Co: Uninsured 04/01/99 Refi
242124 860,000 113.30 12.000 1.000 SFD
0 93.39 0.000 2.875 OO
MI Co: Uninsured 04/01/99 Refi
242125 145,000 0.00 12.000 1.000 SFD
0 80.73 0.000 2.875 NOO
MI Co: Uninsured 05/01/99 Refi
242126 220,000 0.00 12.000 1.000 SFD
0 92.51 0.000 2.875 OO
MI Co: Uninsured 05/01/99 Refi
242127 225,000 0.00 12.000 1.000 SFD
0 96.56 0.000 2.875 OO
MI Co: Uninsured 05/01/99 Refi
242128 153,000 0.00 12.000 1.000 SFD
0 78.69 0.000 2.875 OO
05/01/99 Refi
242129 220,000 0.00 12.000 1.000 SFD
0 108.39 0.000 2.875 NOO
MI Co: Uninsured 05/01/99 Refi
242139 215,000 0.00 12.000 1.000 SFD
0 85.82 0.000 2.875 OO
MI Co:Uninsured 09/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 26
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242141 LOPEZ RAYMOND 171,227.03 6.000 360 12/01/97 1,033.93 1
12502 MAIDSTONE A 172,450.00 6.000 353 11/01/27 Type: Conv ARM Mth
NORWALK, CA 90650 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242142 HELLEIS JOSEPH 298,376.40 6.000 360 07/01/97 1,815.14 1
2639 SOUTH BAREFO 302,750.00 6.000 348 06/01/27 Type: Conv ARM Mth
ROWLAND HEIGHTS, CA 91748 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242143 VANDERHORST JEAN 227,532.18 6.000 360 07/01/97 1,392.16 1
420 LA LOMA ROAD 232,200.00 6.000 348 06/01/27 Type: Conv ARM Mth
GLENDALE, CA 91206 341 04/01/98 1 Yr 1 Yr 1 YR CMT
242144 ZARAGOZA ALEXANDER 216,873.09 6.000 360 08/01/97 1,317.82 1
33884 CAPULET CIR 219,800.00 6.000 349 07/01/27 Type: Conv ARM Mth
FREMONT, CA 94555 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242145 TIGH MELISSA M 86,218.64 6.000 360 09/01/97 531.21 1
16552 SAN JUAN CO 88,600.00 6.000 350 08/01/27 Type: Conv ARM Mth
VICTORVILLE, CA 92392 335 05/01/98 1 Yr 1 Yr 1 YR CMT
242146 ROSENBERGER ROBERT F. JR 206,054.11 6.000 480 11/01/97 1,138.40 1
27 THOMAS SHILLIN 206,900.00 6.000 472 10/01/37 Type: Conv ARM Mth
UPPERCO, MD 21155 472 05/01/98 1 Yr 1 Yr 1 YR CMT
242147 DEAL DAVID A 183,667.41 5.000 360 08/01/97 999.57 1
729 OWENS STREET 186,200.00 5.000 349 07/01/27 Type: Conv ARM Mth
ROCKVILLE, MD 20805 349 04/01/98 1 Yr 1 Yr 1 YR CMT
242148 FAIOLA STEVEN J 137,510.69 6.000 360 11/01/97 833.38 1
55 TRAY MORE STREE 139,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
CRANSTON, RI 02920 350 04/01/98 1 Yr 1 Yr 1 YR CMT
242149 MCDOWELL BEVERLY 47,588.84 6.000 360 10/01/97 289.59 1
315 MALIBU DRIVE 48,300.00 6.000 351 09/01/27 Type: Conv ARM Mth
LITTLE ROCK, AR 72211 346 04/01/98 1 Yr 1 Yr 1 YR CMT
242150 MCKEE ROBERT DAVID 167,610.66 5.000 360 07/01/97 917.43 1
208 E SOUTH AVENU 170,900.00 5.000 348 06/01/27 Type: Conv ARM Mth
REDLANDS, CA 92373 345 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242141 139,000 0.00 12.000 1.000 SFD
0 123.18 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242142 285,000 0.00 12.000 1.000 SFD
0 104.69 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
242143 255,000 0.00 12.000 1.000 SFD
0 89.23 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
242144 290,000 0.00 12.000 1.000 SFD
0 74.78 0.000 2.875 OO
07/01/98 Refi
242145 90,000 98.44 12.000 1.000 SFD
0 95.80 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242146 320,000 0.00 12.000 1.000 SFD
0 64.39 0.000 2.875 OO
10/01/98 Refi
242147 175,000 0.00 12.000 1.000 SFD
0 104.95 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242148 165,000 0.00 12.000 1.000 SFD
0 83.34 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242149 62,500 0.00 12.000 1.000 SFD
0 76.14 0.000 2.875 OO
09/01/98 Refi
242150 173,000 0.00 12.000 1.000 PUD
0 96.88 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 27
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242151 DAWES CALVIN F 273,689.40 6.000 360 01/01/98 1,651.77 1
14116 CRICKETT LA 275,500.00 6.000 354 12/01/27 Type: Conv ARM Mth
SILVER SPRING, MD 20904 354 03/01/98 1 Yr 1 Yr 1 YR CMT
242152 KRIBELL ROBERTA L 149,167.21 6.000 360 10/01/97 905.93 1
7891 JACKSON WAY 151,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
BUENA PARK, CA 90620 348 04/01/98 1 Yr 1 Yr 1 YR CMT
242153 BONETT SERGIO 260,541.12 6.000 360 10/01/97 1,577.72 1
1630 CALLE DON JU 263,150.00 6.000 351 09/01/27 Type: Conv ARM Mth
LA HABRA, CA 90631 351 04/01/98 1 Yr 1 Yr 1 YR CMT
242154 FORGE MICHAEL 436,433.82 6.000 360 11/01/97 2,638.03 1
5142 DUMONT PLACE 440,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
WOODLAND HILLS, CA 91364 352 04/01/98 1 Yr 1 Yr 1 YR CMT
242155 MARSA KAREN A 266,913.54 6.000 360 08/01/97 1,621.49 1
936 SOUTH CITRUS 270,450.00 6.000 349 07/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90036 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242156 BROWN KERKLON R 210,596.09 6.000 360 10/01/97 1,277.65 1
1315 SOMERSET PLA 213,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
WASHINGTON, DC 20011 349 04/01/98 1 Yr 1 Yr 1 YR CMT
242157 DELA CRUZ LUNINGNING 247,292.20 6.000 360 07/01/97 1,517.47 1
20200 BLYTHE STRE 253,100.00 6.000 348 06/01/27 Type: Conv ARM Mth
CANOGA PARK, CA 91306 339 05/01/98 1 Yr 1 Yr 1 YR CMT
242158 HILL SHEILA D 343,772.60 5.000 360 09/01/97 1,913.24 1
1631 ESTUDILLO AV 356,400.00 5.000 350 08/01/27 Type: Conv ARM Mth
SAN LEANDRO, CA 94577 333 05/01/98 1 Yr 1 Yr 1 YR CMT
242159 FOSTER GREGORY B 175,439.06 6.000 360 09/01/97 1,064.51 1
15111 FREEMAN AVE UNIT 62 177,550.00 6.000 350 08/01/27 Type: Conv ARM Mth
LAWNDALE, CA 90260 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242160 DOYLE LAWRENCE W 118,121.07 6.000 360 07/01/97 719.47 1
9 SCHOOL STREET 120,000.00 6.000 348 06/01/27 Type: Conv ARM Mth
GROVELAND, MA 01834 345 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242151 280,000 0.00 12.000 1.000 SFD
0 97.75 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242152 145,000 0.00 12.000 0.000 SFD
0 102.87 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242153 250,000 0.00 12.000 1.000 PUD
0 104.22 0.000 2.875 OO
MI Co:Yes/Unk Insurer 09/01/98 Refi
242154 400,000 0.00 12.000 1.000 SFD
0 109.11 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242155 200,000 0.00 12.000 1.000 SFD
0 133.46 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242156 198,000 107.09 12.000 1.000 SFD
0 106.36 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242157 180,000 0.00 12.000 1.000 SFD
0 137.38 0.000 2.875 OO
MI Co: Uninsured 06/01/98 Refi
242158 375,000 95.04 12.000 1.000 SFD
0 91.67 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242159 130,000 136.58 12.000 1.000 Condo
0 134.95 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242160 145,000 0.00 12.000 1.000 SFD
0 81.46 0.000 2.875 OO
MI Co:Yes/Unk Insurer 06/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 28
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242161 WILCOX KENNETH DEAN 209,290.80 6.000 360 11/01/97 1,267.16 1
4344 ALDERDALE 211,350.00 6.000 352 10/01/27 Type: Conv ARM Mth
ANAHEIM, CA 92807 351 06/01/98 1 Yr 1 Yr 1 YR CMT
242162 GUZMAN MICHAEL A 253,007.96 6.000 360 12/01/97 1,534.55 1
605 BULLFROG CIRC 255,950.00 6.000 353 11/01/27 Type: Conv ARM Mth
WALNUT, CA 91789 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242163 MUNOZ JOSEPH 701,187.35 5.000 360 08/01/97 3,833.45 1
5129 AMESTOY AVEN 714,100.00 5.000 349 07/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 91316 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242164 PROCTOR CURTIS A 160,641.42 6.000 360 12/01/97 971.28 1
7819 MARTHA WASHI 162,000.00 6.000 353 11/01/27 Type: Conv ARM Mth
ALEXANDRIA, VA 22309 352 04/01/98 1 Yr 1 Yr 1 YR CMT
242165 PIEROT GARY D 277,712.73 6.000 360 10/01/97 1,680.55 1
5811 WESTVIEW DR 280,300.00 6.000 351 09/01/27 Type: Conv ARM Mth
ORANGE, CA 92669 351 03/01/98 1 Yr 1 Yr 1 YR CMT
242166 ROMERO HENRY L 226,246.52 6.000 360 11/01/97 1,385.27 1
24 BUTTONWOOD DRI 231,050.00 6.000 352 10/01/27 Type: Conv ARM Mth
MARLBORO, NJ 07746 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242167 KARLIN DONALD A. JR. 389,929.40 6.000 360 10/01/97 2,361.03 1
7 RANCHO LAGUNA D 393,800.00 6.000 351 09/01/27 Type: Conv ARM Mth
POMONA, CA 91766 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242168 FAMINU ALBERTINE 259,258.25 6.000 360 10/01/97 1,568.73 1
8543 WINDOW LATCH 261,650.00 6.000 351 09/01/27 Type: Conv ARM Mth
COLUMBIA, MD 21045 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242169 KANGAS VAN 234,044.93 6.000 360 01/01/98 1,414.34 1
1112 GLACIER AVEN 235,900.00 6.000 354 12/01/27 Type: Conv ARM Mth
PACIFICA, CA 94044 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242170 BREEDEN FRANCES P 66,567.97 5.000 360 10/01/97 362.63 1
2401 ALDRIDGE AVE 67,550.00 5.000 351 09/01/27 Type: Conv ARM Mth
COLONIAL HEIGHT, VA 23834 349 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242161 215,000 111.24 12.000 1.000 SFD
0 97.34 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Pur
242162 259,000 115.29 12.000 1.000 SFD
0 97.69 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242163 600,000 0.00 12.000 1.000 SFD
0 116.86 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242164 137,000 0.00 12.000 1.000 SFD
0 117.26 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242165 290,000 0.00 12.000 1.000 SFD
0 95.76 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242166 235,000 0.00 12.000 1.000 SFD
0 96.28 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242167 460,000 0.00 12.000 1.000 SFD
0 84.77 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242168 275,000 0.00 12.000 1.000 PUD
0 94.28 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242169 290,000 78.65 12.000 1.000 SFD
0 80.71 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242170 62,900 0.00 11.000 2.000 SFD
0 105.83 0.000 2.875 OO
MI Co: Uninsured 09/01/00 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 29
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242171 COX JOHN JAMES 238,425.42 6.000 360 06/01/97 1,448.80 1
3257 BROADMOOR LA 242,600.00 5.000 347 05/01/27 Type: Conv ARM Mth
FAIRFIELD, CA 94533 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242172 MANIACI DANIEL V 1,229,918.46 5.000 360 08/01/97 6,708.66 1
1516 VIA MONTEMAR 1,249,700.00 5.000 349 07/01/27 Type: Conv ARM Mth
PALOS VERDES ES, CA 90274 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242173 GREEN MERILEE FRANCES 99,672.39 6.000 360 10/01/97 604.95 1
1820 S W 69TH AVE 100,900.00 6.000 351 09/01/27 Type: Conv ARM Mth
MIAMI, FL 33155 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242174 NEDEAU GARY M 238,685.81 5.000 360 08/01/97 1,302.87 1
2262 BLACK PINE R 242,700.00 5.000 349 07/01/27 Type: Conv ARM Mth
CHINO HILLS, CA 91709 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242175 PALOPOLI FRANK 269,696.30 6.000 360 11/01/97 1,630.18 1
1241 MOORES HILL 271,900.00 6.000 352 10/01/27 Type: Conv ARM Mth
LAUREL HOLLOW, NY 11791 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242176 HAAKER MARILYN W 241,237.33 4.000 360 08/01/97 1,172.54 1
1648 PALISADES DR 245,600.00 4.000 349 07/01/27 Type: Conv ARM Mth
PACIFIC PALISAD, CA 90272 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242177 MCDONALD EILEEN 173,208.79 6.000 360 09/01/97 1,049.82 1
286 CLOVE ROAD 175,100.00 6.000 350 08/01/27 Type: Conv ARM Mth
NEW ROCHELL, NY 10804 350 05/01/98 1 Yr 1 Yr 1 YR CMT
242178 KUKODA CARL 110,598.81 5.000 360 08/01/97 605.27 1
88 JACOBS TOWN ROA 112,750.00 5.000 349 07/01/27 Type: Conv ARM Mth
NEW EGYPT, NJ 08533 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242179 KNEELAND PAUL J 211,722.24 6.000 360 09/01/97 1,295.03 1
11008 PROMESA DRI 216,000.00 6.000 350 08/01/27 Type: Conv ARM Mth
SAN DIEGO, CA 92124 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242180 FOSSEY RICHARD P 305,521.69 6.000 360 07/01/97 1,856.81 1
24305 VIA LENARDO 309,700.00 6.000 348 06/01/27 Type: Conv ARM Mth
YORBA LINDA, CA 92686 347 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242171 260,000 0.00 12.000 1.000 PUD
0 91.70 0.000 2.875 OO
MI Co: Uninsured 05/01/99 Refi
242172 1,150,000 128.17 12.000 1.000 SFD
0 106.95 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242173 125,000 100.90 12.000 1.000 SFD
0 79.74 0.000 2.875 OO
09/01/98 Refi
242174 214,000 115.57 12.000 1.000 SFD
0 111.54 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242175 950,000 19.42 12.000 1.000 SFD
0 28.39 0.000 2.875 OO
10/01/98 Refi
242176 289,000 0.00 12.000 1.000 Condo
0 83.47 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242177 175,000 94.65 12.000 1.000 SFD
0 98.98 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242178 135,000 0.00 12.000 1.000 SFD
0 81.93 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242179 255,000 0.00 12.000 1.000 SFD
0 83.03 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242180 320,000 0.00 12.000 1.000 SFD
0 95.48 0.000 2.875 NOO
MI Co: Uninsured 06/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 30
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242181 EAGLESON JAMES W. JR. 289,745.13 5.000 360 10/01/97 1,585.51 1
1770 NORTH CYPRES 295,350.00 5.000 351 09/01/27 Type: Conv ARM Mth
LA HABRA, CA 90631 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242182 WEST H BARTON 407,846.76 6.000 360 12/01/97 2,467.46 1
38 EAST 2ND STREE 411,550.00 6.000 353 11/01/27 Type: Conv ARM Mth
FREDERICK, MD 21701 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242183 NEALY JOHNNY JR 202,631.87 6.000 360 11/01/97 1,226.09 1
1406 BERMUDA DUNE 204,500.00 6.000 352 10/01/27 Type: Conv ARM Mth
MITCHELLVILLE, MD 20721 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242184 MCMULLEN JON 103,711.19 6.000 360 10/01/97 633.13 1
18 TARGET ROAD 105,600.00 6.000 351 09/01/27 Type: Conv ARM Mth
NEW GLOUCESTER, ME 04260 343 04/01/98 1 Yr 1 Yr 1 YR CMT
242185 ALEXANDER BRIAN W 201,915.53 6.000 360 09/01/97 1,241.67 1
27255 VILLANUEVA 207,100.00 6.000 350 08/01/27 Type: Conv ARM Mth
MISSION VIEJO, CA 92691 337 04/01/98 1 Yr 1 Yr 1 YR CMT
242186 KAMINSKAS WALTER R 182,027.97 6.000 360 10/01/97 1,111.57 1
37 PETER RAFFERTY 185,400.00 6.000 351 09/01/27 Type: Conv ARM Mth
HAMILTON SQ, NJ 08690 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242187 WASHINGTON CHRIS ANGELO 162,870.70 6.000 180 10/01/97 1,423.17 1
8845 FALCON RIDGE 168,650.00 6.000 171 09/01/12 Type: Conv ARM Mth
RANDALLSTOWN, MD 21133 171 04/01/98 1 Yr 1 Yr 1 YR CMT
242188 GRIMM LANCE E 186,788.73 6.000 360 09/01/97 1,134.35 1
1846 HIDDEN HILLS 189,200.00 6.000 350 08/01/27 Type: Conv ARM Mth
ROSEVILLE, CA 95661 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242189 CABRERA MAXIMO 155,514.51 6.000 360 10/01/97 941.9 1
7044 ENFIELD AVEN 157,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
RESEDA, CA 91335 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242190 BRANSON DAVID W 215,241.21 6.000 360 11/01/97 1,301.03 1
22073 PHEASANT ST 217,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
LAKE FOREST, CA 92630 352 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242181 232,000 0.00 12.000 1.000 SFD
0 124.89 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242182 465,000 102.91 12.000 1.000 SFD
0 87.71 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242183 225,000 0.00 12.000 1.000 PUD
0 90.06 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242184 130,000 0.00 12.000 1.000 SFD
0 79.78 0.000 2.875 OO
09/01/98 Refi
242185 275,000 0.00 12.000 1.000 SFD
0 73.42 0.000 2.875 OO
08/01/98 Pur
242186 240,000 0.00 12.000 1.000 SFD
0 75.84 0.000 2.875 OO
09/01/98 Refi
242187 1 96.37 12.000 1.000 SFD
0 98.41 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242188 189,950 106.29 12.000 1.000 SFD
0 98.34 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242189 135,000 136.61 12.000 1.000 SFD
0 115.20 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242190 235,000 99.09 12.000 1.000 PUD
0 91.59 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 31
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242191 MARTIN ROBERT G 228,939.12 6.000 360 09/01/97 1,389.76 1
1811 ROSEGLEN AVE 231,800.00 6.000 350 08/01/27 Type: Conv ARM Mth
SAN PEDRO, CA 90732 348 03/01/98 1 Yr 1 Yr 1 YR CMT
242192 ALEXANDER DOLORES D 94,626.01 6.000 360 10/01/97 577.67 1
9709 5TH AVENUE 96,350.00 6.000 351 09/01/27 Type: Conv ARM Mth
INGLEWOOD, CA 90305 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242193 CAMERON JOANNE C 50,328.43 6.000 360 11/01/97 306.38 1
300 YORK AVENUE U 51,100.00 6.000 352 10/01/27 Type: Conv ARM Mth
PAWTUCKET, RI 02860 346 04/01/98 1 Yr 1 Yr 1 YR CMT
242194 ROSS KAREN W 245,974.39 6.000 360 08/01/97 1,494.08 1
5189 VISTA BAHIA 249,200.00 6.000 349 07/01/27 Type: Conv ARM Mth
SANTA BARBARA, CA 93111 348 04/01/98 1 Yr 1 Yr 1 YR CMT
242195 PARKER JONATHAN 202,732.63 6.000 360 12/01/97 1,226.09 1
13708 GULLIVERS T 204,500.00 6.000 353 11/01/27 Type: Conv ARM Mth
BOWIE, MD 20720 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242196 CETRO MAUREEN 97,443.11 5.000 360 09/01/97 533.07 1
2 RADIO AVENUE C 99,300.00 5.000 350 08/01/27 Type: Conv ARM Mth
SECAUCUS, NJ 07094 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242197 PADDOCK KING EILEEN V 82,588.06 6.000 360 10/01/97 499.73 1
2004 CONDOR STREET 83,350.00 6.000 351 09/01/27 Type: Conv ARM Mth
COLORADO SPRING, CO 80909 351 04/01/98 1 Yr 1 Yr 1 YR CMT
242198 MAXIMO RONOEL B 228,035.87 6.000 360 10/01/97 1,381.97 1
19 HAZELNUT 230,500.00 6.000 351 09/01/27 Type: Conv ARM Mth
IRVINE, CA 92614 350 04/01/98 1 Yr 1 Yr 1 YR CMT
242199 SCOTT WILLIAM L 129,269.24 6.000 360 10/01/97 786.62 1
13539 POPPY PLACE 131,200.00 6.000 351 09/01/27 Type: Conv ARM Mth
CHINO, CA 91710 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242200 NELSON BRUCE ERIC 226,651.64 6.000 360 10/01/97 1,373.28 1
13719 BRADLEY AVE 229,050.00 6.000 351 09/01/27 Type: Conv ARM Mth
SYLMAR, CA 91342 350 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242191 240,000 103.02 12.000 1.000 SFD
0 95.39 0.000 2.875 NOO
MI Co: Uninsured 08/01/98 Refi
242192 170,000 0.00 12.000 1.000 SFD
0 55.66 0.000 2.875 OO
09/01/98 Refi
242193 38,000 113.56 12.000 1.000 Condo
0 132.44 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242194 425,000 0.00 12.000 1.000 SFD
0 57.88 0.000 2.875 OO
07/01/98 Refi
242195 235,000 113.61 12.000 1.000 PUD
0 86.27 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242196 80,000 0.00 12.000 1.000 Condo
0 121.80 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242197 130,000 75.77 12.000 1.000 SFD
0 63.53 0.000 2.875 OO
09/01/98 Refi
242198 310,000 0.00 12.000 1.000 PUD
0 73.56 0.000 2.875 OO
09/01/98 Refi
242199 130,000 0.00 12.000 1.000 PUD
0 99.44 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242200 180,000 0.00 12.000 1.000 SFD
0 125.92 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 32
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242201 HARLAN GEORGE THOMAS 180,957.98 6.000 360 10/01/97 1,098.38 1
2413 MCCALL ROAD 183,200.00 6.000 351 09/01/27 Type: Conv ARM Mth
AUSTIN, TX 78703 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242202 SCHECHTER MARC S 286,903.26 6.000 360 10/01/97 1,736.00 1
10880 ELDERWOOD R 289,550.00 6.000 351 09/01/27 Type: Conv ARM Mth
SAN DIEGO, CA 92131 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242203 HANNAH MARY MCCURDY 66,734.34 6.000 360 10/01/97 403.8 1
744 WESTMINSTER L 67,350.00 6.000 351 09/01/27 Type: Conv ARM Mth
VIRGINIA BEACH, VA 23454 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242204 BARBINI EDWARD 231,799.14 6.000 360 09/01/97 1,405.95 1
9639 FARRAGUT DRI 234,500.00 6.000 350 08/01/27 Type: Conv ARM Mth
CULVER CITY, CA 90232 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242205 LOVATO LOIS ANN 108,450.40 6.000 360 10/01/97 660.71 1
13127 S MOUNTAIN 110,200.00 6.000 351 09/01/27 Type: Conv ARM Mth
LAKESIDE, CA 92040 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242206 TAVERAS-CRUZ CARMEN 302,810.56 6.000 360 10/01/97 1,834.03 1
30 LAFAYETTE DRIV 305,900.00 6.000 351 09/01/27 Type: Conv ARM Mth
PORT CHESTER, NY 10573 351 04/01/98 1 Yr 1 Yr 1 YR CMT
242207 COSTELLO JOHN J 224,489.56 6.000 360 10/01/97 1,393.66 1
2544 CENTINELA AV 232,450.00 6.000 351 09/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90064 329 05/01/98 1 Yr 1 Yr 1 YR CMT
242208 GULICK JACK A 273,979.44 5.000 360 08/01/97 1,494.78 1
2420 DELMONTE DR 278,450.00 5.000 349 07/01/27 Type: Conv ARM Mth
FAIRFIELD, CA 94533 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242209 NICKOLS DAVID R 134,493.92 6.000 360 11/01/97 827.38 1
12683 ORGREN AVEN 138,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
CHINO, CA 91710 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242210 REED CHRISTIAN F 86,677.68 6.000 360 11/01/97 530.31 1
2123 CERVIN BOULE 88,450.00 6.000 352 10/01/27 Type: Conv ARM Mth
AUSTIN, TX 78728 341 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242201 170,000 118.19 12.000 1.000 SFD
0 106.45 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242202 280,000 112.67 12.000 1.000 SFD
0 102.47 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242203 75,500 108.63 12.000 1.000 SFD
0 88.39 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242204 267,000 0.00 12.000 1.000 SFD
0 86.82 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Refi
242205 135,000 81.63 12.000 1.000 SFD
0 80.33 0.000 2.875 OO
MI Co:Yes/Unk Insurer 09/01/98 Refi
242206 247,000 129.07 12.000 1.000 SFD
0 122.60 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242207 225,000 0.00 12.000 1.000 Condo
0 99.77 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242208 229,950 111.38 12.000 1.000 SFD
0 119.15 0.000 2.875 OO
MI Co: Uninsured 07/01/98 Refi
242209 135,000 120.00 12.000 1.000 SFD
0 99.63 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242210 88,000 98.28 12.000 1.000 SFD
0 98.50 0.000 2.875 NOO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 33
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242212 REDSTONE ROBERT J 145,278.61 6.000 360 09/01/97 885.84 1
44 SHARON ROAD 147,750.00 6.000 350 08/01/27 Type: Conv ARM Mth
MIDDLEBORO, MA 02346 344 04/01/98 1 Yr 1 Yr 1 YR CMT
242213 ZELMAN RICHARD M 271,700.51 6.000 360 10/01/97 1,644.57 1
28756 TIMBER LANE 274,300.00 6.000 351 09/01/27 Type: Conv ARM Mth
AGOURA HILL, CA 91301 351 04/01/98 1 Yr 1 Yr 1 YR CMT
242214 WRIGHT KEITH G 210,347.77 6.000 360 10/01/97 1,277.05 1
275 POWER VILLE RO 213,000.00 6.000 351 09/01/27 Type: Conv ARM Mth
BOOTON, NJ 07005 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242215 RAYMOND MICHELLE 213,898.00 6.000 360 10/01/97 1,305.83 1
27181 GALVEZ LANE 217,800.00 6.000 351 09/01/27 Type: Conv ARM Mth
MISSION VIEJO, CA 92691 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242216 EDWARDS DONNA 166,877.15 6.000 360 12/01/97 1,009.65 2
551-553 N. SUMMER 168,400.00 6.000 353 11/01/27 Type: Conv ARM Mth
BRIDGEPORT, CT 06610 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242217 CASTELLANOS FERNANDO 243,676.77 6.000 360 12/01/97 1,472.20 1
9361 MANZANITA 245,550.00 6.000 353 11/01/27 Type: Conv ARM Mth
ALTA LOMA, CA 91701 353 04/01/98 1 Yr 1 Yr 1 YR CMT
242219 OKEEFE WALTER CONNOLL 156,281.55 6.000 360 10/01/97 946.4 1
346 SYLVAN ROAD 157,850.00 6.000 351 09/01/27 Type: Conv ARM Mth
BLOOMFIELD, NJ 07003 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242220 EZE ISAAC C. 146,646.42 6.000 360 10/01/97 888.84 1
17 BROWNLEIGH ROA 148,250.00 6.000 351 09/01/27 Type: Conv ARM Mth
WESTHARTFORD, CT 06117 350 05/01/98 1 Yr 1 Yr 1 YR CMT
242221 HARRISON JAMES P 154,373.54 6.000 360 10/01/97 935.9 1
2310 N W 102ND WA 156,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
PEMBROKE PINES, FL 33026 350 04/01/98 1 Yr 1 Yr 1 YR CMT
242222 LOTHROP DONALD W 83,072.94 6.000 360 09/01/97 504.53 2
110 BRIDGE STREET 84,150.00 6.000 350 08/01/27 Type: Conv ARM Mth
SALEM, MA 01970 348 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242212 183,500 0.00 12.000 1.000 SFD
0 79.17 0.000 2.875 OO
08/01/98 Refi
242213 320,000 85.72 12.000 1.000 SFD
0 84.91 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242214 225,000 96.82 12.000 1.000 SFD
0 93.49 0.000 2.875 OO
MI Co:Yes/Unk Insurer 09/01/98 Refi
242215 360,000 87.12 12.000 1.000 SFD
0 59.42 0.000 2.875 OO
09/01/98 Refi
242216 99,900 198.12 12.000 1.000 2-4
0 167.04 0.000 2.875 OO
MI Co:Yes/Unk Insurer 11/01/98 Refi
242217 220,000 121.56 12.000 1.000 SFD
0 110.76 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Pur
242219 143,000 98.04 12.000 1.000 SFD
0 109.29 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242220 175,000 109.81 12.000 1.000 SFD
0 83.80 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242221 160,000 99.43 12.000 1.000 SFD
0 96.48 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242222 109,000 0.00 12.000 1.000 2-4
0 76.21 0.000 2.875 NOO
08/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 34
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242223 BANNER SHAWN 104,524.63 6.000 360 10/01/97 634.63 1
53 DUNCAN AVE UNIT 56 105,850.00 6.000 351 09/01/27 Type: Conv ARM Mth
JERSEY CITY, NJ 07304 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242224 MC CARL RUSSELL 155,250.18 6.000 360 09/01/97 945.2 1
4741 HANKS EXCHAN 157,650.00 6.000 350 08/01/27 Type: Conv ARM Mth
PLACERVILLE, CA 95667 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242225 BLANDO JOHN 219,462.33 6.000 360 11/01/97 1,329.51 1
RD 5 SETTLERS HIL 221,750.00 6.000 352 10/01/27 Type: Conv ARM Mth
BREWSTER, NY 10509 350 05/01/98 1 Yr 1 Yr 1 YR CMT
242226 GREENBERG HENRY STUART 337,581.61 6.000 360 12/01/97 2,039.68 1
10395 LA CEBRA AV 340,200.00 6.000 353 11/01/27 Type: Conv ARM Mth
FOUNTAIN VALLEY, CA 92708 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242227 DOROW DANIEL A. 116,414.62 6.000 360 10/01/97 708.07 1
1901 LAFAYETTE RO 118,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
PORTSMOUTH, NH 03801 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242228 KELISHADI MAHMOOD 552,593.58 5.000 360 10/01/97 3,001.64 1
18142 SWEET ELM D 559,150.00 5.000 351 09/01/27 Type: Conv ARM Mth
ENCINO, CA 91316 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242229 CLARK NANCY G 177,881.96 6.000 360 01/01/98 1,093.88 1
2024 PRINCE ALBER 182,450.00 6.000 354 12/01/27 Type: Conv ARM Mth
RIVERSIDE, CA 92506 337 03/01/98 1 Yr 1 Yr 1 YR CMT
242230 TROTTER TRACY 315,910.41 6.000 360 10/01/97 1,911.97 1
8265 KIRKWOOD DRI 318,900.00 6.000 351 09/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90046 351 03/01/98 1 Yr 1 Yr 1 YR CMT
242231 COLEMAN FRED L 101,529.09 6.000 360 12/01/97 613.35 1
23 NORTH GREEN AC 102,300.00 6.000 353 11/01/27 Type: Conv ARM Mth
CHERRYHILL, NJ 08003 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242232 ZIMMERMAN RICHARD 241,302.18 6.000 360 11/01/97 1,472.20 1
22122 AVENIDA MOR 245,550.00 6.000 352 10/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 91364 344 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242223 35,000 141.13 12.000 1.000 Condo
0 298.64 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242224 195,000 0.00 12.000 1.000 SFD
0 79.62 0.000 2.875 OO
08/01/98 Refi
242225 269,000 92.40 12.000 1.000 SFD
0 81.58 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242226 285,000 130.85 12.000 1.000 SFD
0 118.45 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242227 99,900 101.81 12.000 1.000 SFD
0 116.53 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242228 470,000 0.00 12.000 1.000 SFD
0 117.57 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242229 165,000 138.22 12.000 1.000 SFD
0 107.81 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242230 280,000 148.33 12.000 1.000 SFD
0 112.83 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242231 185,000 60.18 12.000 1.000 SFD
0 54.88 0.000 2.875 OO
11/01/98 Refi
242232 200,000 131.31 12.000 1.000 SFD
0 120.65 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 35
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242233 GONZALEZ RAMON 133,893.21 7.000 360 11/01/97 909.81 2
28 LESLIE PLACE 136,750.00 7.000 352 10/01/27 Type: Conv ARM Mth
IRVINGTON, NJ 07111 337 05/01/98 1 Yr 1 Yr 1 YR CMT
242234 ARNOLD KENNETH 203,126.08 6.000 360 10/01/97 1,229.08 1
5605 WINDSOR COUR 205,000.00 6.000 351 09/01/27 Type: Conv ARM Mth
SUITLAND, MD 20746 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242235 EVERETT WILLIAM JR 204,117.45 6.000 360 10/01/97 1,247.07 1
37 COLUMBUS 208,000.00 6.000 351 09/01/27 Type: Conv ARM Mth
IRVINE, CA 92620 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242237 BOATRIGHT RONALD 140,498.40 6.000 360 12/01/97 848.37 1
2429 BARNSLEIGH 141,500.00 6.000 353 11/01/27 Type: Conv ARM Mth
BENSALEM, PA 19020 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242238 MCKENZIE PETER C 244,006.69 6.000 360 10/01/97 1,477.30 1
4111 CALLE ABRIL 246,400.00 6.000 351 09/01/27 Type: Conv ARM Mth
SAN CLEMENTE, CA 92673 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242239 SONNENBERG WILLIAM H 209,487.21 6.000 360 10/01/97 1,268.65 1
1253 WARREN STREE 211,600.00 6.000 351 09/01/27 Type: Conv ARM Mth
PLACENTIA, CA 92670 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242240 LEE CHANG HOON 298,550.21 6.000 360 10/01/97 1,812.75 1
610 BOXCOVE PLACE 302,350.00 6.000 351 09/01/27 Type: Conv ARM Mth
DIAMOND BAR, CA 91765 348 05/01/98 1 Yr 1 Yr 1 YR CMT
242241 VILLEGAS FRANK M 229,127.72 6.000 360 11/01/97 1,384.97 1
1063 PACIFIC HILL 231,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
CHULA VISTA, CA 91911 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242242 MURDOCH CARY RICHARD 37,003.16 8.000 180 10/01/97 365.54 1
1208 BURCHILL DRI 38,250.00 8.000 171 09/01/12 Type: Conv ARM Mth
MIDLAND, TX 75480 170 05/01/98 1 Yr 1 Yr 1 YR CMT
242243 MINIACI ANTHONY D 147,356.69 6.000 360 11/01/97 892.74 1
30 SHORT STREET 148,900.00 6.000 352 10/01/27 Type: Conv ARM Mth
HAWTHORNE, NJ 07506 350 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242233 139,000 105.19 12.000 1.000 2-4
0 96.33 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242234 190,000 107.89 12.000 1.000 SFD
0 106.91 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242235 250,000 0.00 12.000 1.000 SFD
0 81.65 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242237 175,000 83.24 12.000 1.000 SFD
0 80.28 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242238 325,000 96.63 12.000 1.000 SFD
0 75.08 0.000 2.875 OO
09/01/98 Refi
242239 229,000 96.18 12.000 1.000 SFD
0 91.48 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242240 299,000 123.41 12.000 1.000 SFD
0 99.85 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242241 200,000 115.50 12.000 1.000 SFD
0 114.56 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242242 26,000 166.30 12.000 1.000 SFD
0 142.32 0.000 2.875 NOO
MI Co: Uninsured 09/01/98 Refi
242243 161,000 90.24 12.000 1.000 SFD
0 91.53 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 36
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242244 BUSH JEFFREY J 116,863.13 6.000 360 10/01/97 707.77 1
2 WARBLER DRIVE 118,050.00 6.000 351 09/01/27 Type: Conv ARM Mth
VOORHEES, NJ 08043 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242245 LATIMER JAMES M 67,297.47 6.000 360 10/01/97 408.3 1
172 KENWOOD DRIVE 68,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
SICKLERVILLE, NJ 08081 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242246 ROBERTS RONALD WAYNE 249,635.71 7.000 360 10/01/97 1,674.24 1
23656 COMMUNITY S 251,650.00 7.000 351 09/01/27 Type: Conv ARM Mth
WEST HILLS, CA 91304 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242247 VERA JESS P 209,707.30 6.000 360 10/01/97 1,271.65 1
637 PERSIA AVENUE 212,100.00 6.000 351 09/01/27 Type: Conv ARM Mth
SAN FRANCISCO, CA 94112 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242248 PAJON ROBERT 248,772.98 6.000 360 12/01/97 1,508.47 1
16303 ESTELLA AVE 251,600.00 6.000 353 11/01/27 Type: Conv ARM Mth
CERRITOS, CA 90703 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242249 ROBINSON CHARLES L 231,934.00 6.000 360 10/01/97 1,420.64 1
16 LAS FLORES DRI 236,950.00 6.000 351 09/01/27 Type: Conv ARM Mth
CHULA VISTA, CA 91910 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242250 BERNIER ROBERT E 128,674.00 6.000 360 10/01/97 786.32 1
175 WASHINGTON DR 131,150.00 6.000 351 09/01/27 Type: Conv ARM Mth
MIDDLEBURY, CT 06762 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242251 BAUTISTA CIRILO C 208,017.92 6.000 360 11/01/97 1,271.05 1
5821 KIPLING DRIV 212,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
RICHMOND, CA 94803 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242253 MELENDEZ ALEX 191,684.32 6.000 360 12/01/97 1,157.44 1
1376 NORTH LAUREL 193,050.00 6.000 353 11/01/27 Type: Conv ARM Mth
UPLAND, CA 91786 353 04/01/98 1 Yr 1 Yr 1 YR CMT
242254 ROBERTS CINDY A 109,630.24 6.000 360 11/01/97 663.11 1
162 POINT BREEZE 110,600.00 6.000 352 10/01/27 Type: Conv ARM Mth
HEWITT, NJ 07421 352 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242244 125,000 0.00 12.000 1.000 SFD
0 93.49 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242245 53,000 0.00 12.000 1.000 Condo
0 126.98 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242246 218,000 0.00 12.000 1.000 SFD
0 114.51 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242247 249,000 101.00 12.000 1.000 SFD
0 84.22 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242248 260,000 0.00 12.000 1.000 SFD
0 95.68 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242249 240,000 0.00 12.000 1.000 SFD
0 96.64 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242250 125,000 0.00 12.000 1.000 SFD
0 102.94 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242251 230,000 96.36 12.000 1.000 SFD
0 90.44 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242253 163,000 115.25 12.000 1.000 SFD
0 117.60 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242254 90,000 0.00 12.000 1.000 SFD
0 121.81 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 37
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242255 SULLIVAN STEVE S 206,466.20 6.000 360 10/01/97 1,252.47 1
7562 TAYLOR DRIVE 208,900.00 6.000 351 09/01/27 Type: Conv ARM Mth
HUNGTINGTON BEA, CA 92648 349 05/01/98 1 Yr 1 Yr 1 YR CMT
242256 YASUI CINDY 241,159.01 6.000 360 12/01/97 1,457.21 1
1920 SPRINGFIELD 243,050.00 6.000 353 11/01/27 Type: Conv ARM Mth
HERMOSA BEACH, CA 90254 353 06/01/98 1 Yr 1 Yr 1 YR CMT
242257 FELDMETH ROBERT W 73,025.77 6.000 360 11/01/97 442.47 1
22 HARVEST LANE 73,800.00 6.000 352 10/01/27 Type: Conv ARM Mth
SICKLERVILLE, NJ 08081 350 05/01/98 1 Yr 1 Yr 1 YR CMT
242258 FIX DEBORAH A 105,054.73 6.000 360 10/01/97 642.72 1
109 HIGH AVENUE 107,200.00 6.000 351 09/01/27 Type: Conv ARM Mth
NYACK, NY 10960 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242259 MILLS GLORIA M 234,186.53 6.000 360 12/01/97 1,414.64 1
365 SYCAMORE GLEN 235,950.00 6.000 353 11/01/27 Type: Conv ARM Mth
PASADENA, CA 91105 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242260 YEE CLIFFORD A 339,858.65 6.000 360 01/01/98 2,050.47 1
681 HEIRLOOM COUR 342,000.00 6.000 354 12/01/27 Type: Conv ARM Mth
SAN JOSE, CA 95127 354 05/01/98 1 Yr 1 Yr 1 YR CMT
242262 MULLIGAN DONALD C 237,622.95 6.000 360 12/01/97 1,436.83 1
13567 FENTON AVE N 239,650.00 6.000 353 11/01/27 Type: Conv ARM Mth
SYLMAR, CA 91342 352 04/01/98 1 Yr 1 Yr 1 YR CMT
242263 WORTHINGTON ROB L 145,449.85 6.000 360 10/01/97 888.54 1
12580 GREEN WILLO 148,200.00 6.000 351 09/01/27 Type: Conv ARM Mth
GARDEN GROVE, CA 92845 343 05/01/98 1 Yr 1 Yr 1 YR CMT
242264 PHILLIPS ALLEN R 125,785.24 6.000 360 11/01/97 761.73 1
118 OLD TOLLAND T 127,050.00 6.000 352 10/01/27 Type: Conv ARM Mth
COVENTRY, CT 06238 351 05/01/98 1 Yr 1 Yr 1 YR CMT
242265 MACNAB ALONZO S 103,855.60 6.000 360 12/01/97 627.13 1
6107 WEST GRANDVI 104,600.00 6.000 353 11/01/27 Type: Conv ARM Mth
GLENDALE, AZ 85306 353 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242255 219,000 110.01 12.000 1.000 PUD
0 94.28 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242256 290,000 0.00 12.000 1.000 SFD
0 83.16 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242257 93,000 95.84 12.000 1.000 SFD
0 78.52 0.000 2.875 OO
10/01/98 Refi
242258 95,000 108.83 12.000 1.000 Condo
0 110.58 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242259 200,000 112.36 12.000 1.000 SFD
0 117.09 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242260 475,950 90.00 12.000 1.000 SFD
0 71.41 0.000 2.875 OO
12/01/98 Refi
242262 210,000 140.97 12.000 1.000 SFD
0 113.15 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242263 122,500 118.56 12.000 1.000 Condo
0 118.73 0.000 2.875 OO
MI Co: Uninsured 09/01/98 Refi
242264 111,000 86.43 12.000 1.000 SFD
0 113.32 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242265 141,000 84.35 12.000 1.000 SFD
0 73.66 0.000 2.875 OO
11/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 38
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242266 NGUYEN HOANG VAN 156,922.32 6.000 360 11/01/97 959.89 1
10531 KEMERTON RO 160,100.00 6.000 352 10/01/27 Type: Conv ARM Mth
SAN DEIGO, CA 92126 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242267 CONNOR ANN R 381,360.93 6.000 360 12/01/97 2,304.98 1
1242 ETHEL STREET 384,450.00 6.000 353 11/01/27 Type: Conv ARM Mth
GLENDALE, CA 91207 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242268 RENDON SERGIO F 207,508.26 6.000 360 11/01/97 1,268.65 1
14400 SILVER HEIG 211,600.00 6.000 352 10/01/27 Type: Conv ARM Mth
POWAY, CA 92064 342 05/01/98 1 Yr 1 Yr 1 YR CMT
242269 GARCIA FRED JR. 171,416.97 6.000 360 12/01/97 1,044.72 1
872 S CARDIFF STR 174,250.00 6.000 353 11/01/27 Type: Conv ARM Mth
ANAHEIM, CA 92806 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242270 JACOBS KYLE ANN 272,574.51 6.000 360 12/01/97 1,660.76 1
1742 RUDELL ROAD 277,000.00 6.000 353 11/01/27 Type: Conv ARM Mth
BURBANK, CA 91501 345 05/01/98 1 Yr 1 Yr 1 YR CMT
242271 MOBASHER ROD 274,317.13 6.000 360 11/01/97 1,658.66 1
561 RANCHO LINDO 276,650.00 6.000 352 10/01/27 Type: Conv ARM Mth
COVINA, CA 91724 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242272 PERIES IGNATIUS G 221,584.67 5.000 360 11/01/97 1,209.20 1
616 MERIDIAN AVEN 225,250.00 5.000 352 10/01/27 Type: Conv ARM Mth
SOUTH PASADENA, CA 91030 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242273 CHISHOLM DAVID E 224,670.95 6.000 360 11/01/97 1,358.29 1
9725 HINDRY PLACE 226,550.00 6.000 352 10/01/27 Type: Conv ARM Mth
LOS ANGELES, CA 90045 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242274 HARTT RICHARD 114,947.42 6.000 360 11/01/97 703.88 1
40 EXETER STREET 117,400.00 6.000 352 10/01/27 Type: Conv ARM Mth
OLD BRIDGE, NJ 08857 340 05/01/98 1 Yr 1 Yr 1 YR CMT
242275 HARRISON CINDI A 295,702.83 6.000 360 11/01/97 1,798.66 1
19502 FLAVIAN AVE 300,000.00 6.000 352 10/01/27 Type: Conv ARM Mth
TORRANCE, CA 90503 347 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242266 155,000 103.29 12.000 1.000 SFD
0 101.24 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242267 420,000 0.00 12.000 1.000 SFD
0 90.80 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242268 310,000 72.97 12.000 1.000 SFD
0 66.94 0.000 2.875 OO
10/01/98 Refi
242269 185,000 113.15 12.000 1.000 SFD
0 92.66 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242270 175,000 89.35 12.000 1.000 SFD
0 155.76 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242271 320,000 0.00 12.000 1.000 SFD
0 85.72 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242272 170,000 0.00 12.000 1.000 SFD
0 130.34 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242273 280,000 141.59 12.000 1.000 SFD
0 80.24 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242274 140,000 85.69 12.000 1.000 SFD
0 82.11 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242275 290,000 0.00 12.000 1.000 SFD
0 101.97 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 39
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242276 PIERCE LESTELY R. JR. 204,036.98 6.000 360 11/01/97 1,255.16 1
13635 VOSE STREET 209,350.00 6.000 352 10/01/27 Type: Conv ARM Mth
VAN NUYS, CA 91405 336 05/01/98 1 Yr 1 Yr 1 YR CMT
242277 KORNBLUM MARK H 114,116.29 6.000 360 01/01/98 693.68 1
761 BRADFORD TERR 115,700.00 6.000 354 12/01/27 Type: Conv ARM Mth
WESTCHESTER, PA 19382 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242278 NICHOLS RUSSELL D 88,022.84 6.000 360 12/01/97 531.51 1
554 COPELAND STRE 88,650.00 6.000 353 11/01/27 Type: Conv ARM Mth
BROCKTON, MA 02401 353 06/01/98 1 Yr 1 Yr 1 YR CMT
242279 CICCONI SILVIO 236,381.87 6.000 360 11/01/97 1,436.53 1
1153 CROWNE DRIVE 239,600.00 6.000 352 10/01/27 Type: Conv ARM Mth
PASADENA, CA 91107 347 05/01/98 1 Yr 1 Yr 1 YR CMT
242280 DE JESUS JOSE F 130,846.49 6.000 360 12/01/97 802.5 1
6 HICKORY HILL RO 133,850.00 6.000 353 11/01/27 Type: Conv ARM Mth
JACKSON, NJ 08527 339 05/01/98 1 Yr 1 Yr 1 YR CMT
242281 SCHULTZ STEVEN P 315,273.82 6.000 360 11/01/97 1,905.68 1
1140 SEA BLUFF DR 317,850.00 6.000 352 10/01/27 Type: Conv ARM Mth
COSTA MESA, CA 92627 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242282 MIZELL KEITH E 259,547.55 5.000 360 12/01/97 1,406.21 1
13710 ADELE LANE 261,950.00 5.000 353 11/01/27 Type: Conv ARM Mth
JAMUL, CA 91935 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242284 EDSON W DOYLE 352,945.75 6.000 360 12/01/97 2,132.01 3
314 A B C ROCHEST 355,600.00 6.000 353 11/01/27 Type: Conv ARM Mth
COSTA MESA, CA 92627 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242285 MARTIN MARY JO 61,833.45 6.000 360 12/01/97 374.72 1
360 WESTMONT DRIV 62,500.00 6.000 353 11/01/27 Type: Conv ARM Mth
COLLINGDALE, PA 19023 350 04/01/98 1 Yr 1 Yr 1 YR CMT
242286 MORADI VAHID 209,170.93 6.000 360 12/01/97 1,388.05 1
5134 PARK RIM DRI 211,600.00 6.000 353 11/01/27 Type: Conv ARM Mth
SAN DIEGO, CA 92117 281 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242276 160,000 123.88 12.000 1.000 SFD
0 127.52 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242277 126,900 100.61 12.000 1.000 PUD
0 89.93 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242278 80,000 110.81 12.000 1.000 SFD
0 110.03 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242279 230,000 0.00 12.000 1.000 TWNHS
0 102.77 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242280 160,000 0.00 12.000 1.000 PUD
0 81.78 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242281 245,000 0.00 12.000 1.000 SFD
0 128.68 0.000 2.875 OO
MI Co: Uninsured 10/01/98 Refi
242282 230,000 0.00 12.000 1.000 SFD
0 112.85 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242284 195,000 0.00 12.000 1.000 2-4
0 181.00 0.000 2.875 NOO
MI Co: Uninsured 11/01/98 Refi
242285 60,000 0.00 12.000 1.000 SFD
0 103.06 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242286 250,000 98.42 12.000 1.000 SFD
0 83.67 0.000 2.875 NOO
MI Co: Uninsured 11/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 40
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242287 SOBINE RICHARD 175,009.32 6.000 360 01/01/98 1,057.61 1
12 SANDPIPER DRIVE 176,400.00 6.000 354 12/01/27 Type: Conv ARM Mth
MANALAPAN, NJ 07726 353 04/01/98 1 Yr 1 Yr 1 YR CMT
242288 WAGNER DENNIS E 280,688.87 5.000 360 12/01/97 1,519.75 1
1332 LA LOMA DRIV 283,100.00 5.000 353 11/01/27 Type: Conv ARM Mth
REDLANDS, CA 92373 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242289 OWENS G MITCHELL 260,311.89 6.000 360 12/01/97 1,584.02 1
21151 PRAIRIE VIE 264,200.00 6.000 353 11/01/27 Type: Conv ARM Mth
TRABUCO CANYON, CA 92679 346 05/01/98 1 Yr 1 Yr 1 YR CMT
242290 BURKE BRIAN D 178,924.86 6.000 360 01/01/98 1,079.50 1
181 NORTH SANTA F 180,050.00 6.000 354 12/01/27 Type: Conv ARM Mth
ANAHEIM, CA 92805 354 05/01/98 1 Yr 1 Yr 1 YR CMT
242291 KAHWAJIAN Z GREG 250,606.38 6.000 360 12/01/97 1,515.07 1
4904 PETIT AVENUE 252,700.00 6.000 353 11/01/27 Type: Conv ARM Mth
ENCINO, CA 91436 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242292 GOVE ROBERT F 190,351.55 6.000 360 12/01/97 1,165.53 1
1122 ERIN DRIVE 194,400.00 6.000 353 11/01/27 Type: Conv ARM Mth
EL CAJON, CA 92020 341 05/01/98 1 Yr 1 Yr 1 YR CMT
242293 SMITH WILLIAM P 109,235.29 6.000 360 01/01/98 658.91 1
14 EUSTON ROAD 109,900.00 6.000 354 12/01/27 Type: Conv ARM Mth
MARLTON, NJ 08053 354 04/01/98 1 Yr 1 Yr 1 YR CMT
242294 NICHOLAS LORRAINE D 183,845.75 6.000 360 01/01/98 1,111.27 1
9 SCOTT LANE 185,350.00 6.000 354 12/01/27 Type: Conv ARM Mth
WINDSOR, CT 06095 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242295 SAMPILO FELIZARDO O 199,245.82 6.000 360 01/01/98 1,202.40 1
210 BLACKBERY DRI 200,550.00 6.000 354 12/01/27 Type: Conv ARM Mth
FORT WASHINGTON, MD 20744 354 05/01/98 1 Yr 1 Yr 1 YR CMT
242296 ILSLEY JAMES E 254,932.31 6.000 360 12/01/97 1,541.45 1
694 W 11TH STREET 257,100.00 6.000 353 11/01/27 Type: Conv ARM Mth
CLAREMONT, CA 91711 352 05/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242287 285,000 70.56 12.000 1.000 SFD
0 61.41 0.000 2.875 OO
12/01/98 Refi
242288 169,000 0.00 12.000 1.000 SFD
0 166.09 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242289 315,000 0.00 12.000 1.000 SFD
0 82.64 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242290 165,000 105.91 12.000 1.000 Condo
0 108.44 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242291 180,000 112.31 12.000 1.000 SFD
0 139.23 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Pur
242292 247,000 90.42 12.000 1.000 SFD
0 77.07 0.000 2.875 OO
11/01/98 Pur
242293 170,000 68.73 12.000 1.000 SFD
0 64.26 0.000 2.875 OO
12/01/98 Refi
242294 157,000 105.91 12.000 1.000 SFD
0 117.10 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242295 210,000 0.00 12.000 1.000 SFD
0 94.88 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242296 197,500 0.00 12.000 1.000 SFD
0 129.08 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 41
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242297 WESTMAN FRANK 117,385.45 6.000 360 12/01/97 723.06 1
27714 WALNUT SPRI 120,600.00 6.000 353 11/01/27 Type: Conv ARM Mth
SANTA CLARITA, CA 91351 335 03/01/98 1 Yr 1 Yr 1 YR CMT
242298 VERBURG ROBERT T 214,774.86 6.000 300 12/01/97 1,398.14 1
5186 WESTFORD COU 217,000.00 6.000 293 11/01/22 Type: Conv ARM Mth
RIVERSIDE, CA 92505 293 05/01/98 1 Yr 1 Yr 1 YR CMT
242299 CALDWELL MITCHELL R 245,363.87 6.000 360 12/01/97 1,488.99 1
2648 MACADAMIA CO 248,350.00 6.000 353 11/01/27 Type: Conv ARM Mth
CHINO HILLS, CA 91709 349 04/01/98 1 Yr 1 Yr 1 YR CMT
242300 TERRY LUETE J 233,771.26 5.000 360 12/01/97 1,265.83 1
11331 EVANS COURT 235,800.00 5.000 353 11/01/27 Type: Conv ARM Mth
MORENO VALLEY, CA 92360 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242301 BOWMAN MARC SCOTT 205,336.69 6.000 360 12/01/97 1,242.27 1
23404 POMITA PLAC 207,200.00 6.000 353 11/01/27 Type: Conv ARM Mth
VALENCIA, CA 91355 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242302 DANIELS ERNEST 210,945.21 6.000 360 12/01/97 1,275.25 1
1006 OAKWATER STR 212,700.00 6.000 353 11/01/27 Type: Conv ARM Mth
TORRANCE, CA 90502 352 05/01/98 1 Yr 1 Yr 1 YR CMT
242303 CHOP BARBARA A.K. 61,209.25 6.000 360 12/01/97 378.32 1
89 AMERIDGE DRIVE 63,100.00 6.000 353 11/01/27 Type: Conv ARM Mth
BRIDGEPORT, CT 06606 332 05/01/98 1 Yr 1 Yr 1 YR CMT
242305 PIEDAD-VASQUEZ OLIVIA L. 239,938.93 5.000 360 12/01/97 1,299.11 1
232 W 231 ST STRE 242,000.00 5.000 353 11/01/27 Type: Conv ARM Mth
CARSON, CA 90745 353 05/01/98 1 Yr 1 Yr 1 YR CMT
242306 GOMEZ ROGER 141,886.61 6.000 360 01/01/98 855.86 1
21372 BROOKHURST UNIT 616 142,750.00 6.000 354 12/01/27 Type: Conv ARM Mth
HUNTINGTON BEAC, CA 92646 354 05/01/98 1 Yr 1 Yr 1 YR CMT
242307 YOUNG MICHAEL C 243,658.44 6.000 360 12/01/97 1,471.90 1
21825 PALANCE 245,500.00 6.000 353 11/01/27 Type: Conv ARM Mth
MISSION VIEJO, CA 92692 353 06/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242297 115,000 0.00 12.000 1.000 SFD
0 102.07 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242298 175,000 136.48 12.000 1.000 SFD
0 122.73 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242299 240,000 0.00 12.000 1.000 SFD
0 102.23 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242300 210,000 136.30 12.000 1.000 SFD
0 111.32 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242301 185,000 124.82 12.000 1.000 SFD
0 110.99 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242302 219,900 101.29 12.000 1.000 SFD
0 95.93 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242303 56,900 114.73 12.000 1.000 Condo
0 107.57 0.000 2.875 OO
MI Co: Uninsured 11/01/98 DbtCon
242305 229,000 130.81 12.000 1.000 SFD
0 104.78 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
242306 134,900 117.01 12.000 1.000 Condo
0 105.18 0.000 2.875 OO
MI Co: Uninsured 12/01/98 Refi
242307 275,000 94.42 12.000 1.000 PUD
0 88.60 0.000 2.875 OO
MI Co: Uninsured 11/01/98 Refi
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 42
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242308 BOUSKILA MARTYN 109,328.01 6.000 360 01/01/98 662.81 1
1441 BISHOP 110,550.00 6.000 354 12/01/27 Type: Conv ARM Mth
GROSSE POINTE P, MI 48230 350 05/01/98 1 Yr 1 Yr 1 YR CMT
242309 PARENTEAU STEVEN 210,469.29 6.000 360 01/01/98 1,269.55 1
5789 E HUDSON BAY 211,750.00 6.000 354 12/01/27 Type: Conv ARM Mth
ANAHEIM, CA 92807 354 04/01/98 1 Yr 1 Yr 1 YR CMT
242350 WRIGHT LAWRENCE D. 84,568.76 8.000 360 02/01/95 640.78 1
1023 SERRILL AVE 0.00 8.000 319 01/01/25 Type: FHA ARM Mth
YEADON, PA 19050 319 02/01/98 1 Yr 1 Yr 1 YR CMT
242352 MATTA JOSEPH J. JR. 125,683.01 8.375 360 02/01/95 984.2 1
416 IBIS LANE 130,000.00 7.625 319 01/01/25 Type: Conv ARM Mth
WILDWOOD CREST, NJ 08260 320 04/01/98 1 Yr 1 Yr 1 YR CMT
242356 HOWARD DONALD W. 81,423.95 7.500 360 09/01/94 592.69 1
1017 JANSEN AVE 84,596.00 7.000 314 08/01/24 Type: Conv ARM Mth
CAPITOL HEIGHTS, MD 20743 314 05/01/98 1 Yr 1 Yr 1 YR CMT
370897 FAULK CHARLES R. 6,148.31 8.500 180 02/01/88 136.27 0
LOT 1 MOR RAY EST 14,900.00 9.750 55 01/01/03 Type: Resi LARM Mth
JACKSONVILLE, NC 28540 55 04/01/98 1 Yr 1 Yr 1 YR CMT
374523 DESIR ANDRE T 61,826.47 7.875 360 02/01/94 468.65 1
1125 NW 132 STREE 65,147.00 6.000 307 01/01/24 Type: FHA ARM Mth
MIAMI, FL 33168 307 05/01/98 1 Yr 1 Yr 1 YR CMT
374535 CERON SERGIO 80,122.38 8.000 360 09/01/94 609.85 1
7074 BANGOR AV 83,143.00 7.500 314 08/01/24 Type: FHA ARM Mth
HIGHLAND, CA 92346 315 04/01/98 1 Yr 1 Yr 1 YR CMT
374581 GRANT ANGELENNA S 60,848.78 8.375 366 06/01/95 460.51 1
70 BELMONTE CIRCL 60,800.00 7.000 329 11/01/25 Type: FHA ARM MthBal
ATLANTA, GA 30311 368 06/01/98 1 Yr 1 Yr 1 YR CMT
374592 RODRIGUEZ MIGUEL ANGEL 133,084.85 8.000 360 08/01/95 1,002.96 1
8231 PURITAN A 136,657.00 8.000 325 07/01/25 Type: FHA ARM Mth
DOWNEY, CA 90242 325 04/01/98 1 Yr 1 Yr 1 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
242308 184,900 59.79 12.000 1.000 SFD
0 59.13 0.000 2.875 OO
12/01/98 Refi
242309 222,500 96.25 12.000 1.000 SFD
0 94.59 0.000 2.875 NOO
MI Co: Uninsured 12/01/98 Refi
242350 81,000 0.00 13.000 1.000 SFD
0 104.41 3.000 2.750 OO
MI Co: FHA 04/01/99 Pur
242352 199,900 0.00 13.625 2.000 Condo
0 62.87 0.000 2.875 2nd
01/01/99 Pur
242356 77,000 0.00 12.000 1.000 SFD
0 105.75 0.000 2.000 OO
MI Co: Uninsured 01/01/99 Pur
370897 25,000 75.63 15.750 2.000 Land
0 24.59 0.000 3.000 NA
01/01/99 NA
374523 69,000 0.00 11.000 1.000 SFD
0 89.60 0.000 2.000 OO
MI Co: FHA 07/01/98 Pur
374535 59,900 0.00 12.500 1.000 SFD
0 133.76 2.500 2.500 OO
MI Co: FHA 10/01/98 Refi
374581 67,500 98.86 12.000 1.000 Condo
0 90.15 2.000 2.500 OO
MI Co: FHA 07/01/98 Pur
374592 140,000 98.31 13.000 1.000 SFD
0 95.06 3.000 2.500 OO
MI Co: FHA 10/01/98 Pur
</TABLE>
<PAGE>
CS First Boston
ARM LOAN SCHEDULE
Wilshire 98-2 Balanced as of: 06/01/98 43
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P&I Units:
- ------------- ---------------- -------- -------- --------- --------- --- ------
<S> <C> <C> <C> <C> <C> <C> <C>
374612 THOMPSON LISA M 307,684.81 6.750 360 02/01/96 2,057.68 1
4333 EAST MOUNTAI 317,250.00 6.750 331 01/01/26 Type: Conv ARM Mth
PHOENIX, AZ 85028 328 05/01/98 1 Yr 1 Yr 1 YR CMT
374672 TRIGO LUIS C 150,208.46 8.875 360 02/01/89 1,325.70 1
6003 HIGHPLACE 166,950.00 9.000 247 01/01/19 Type: Conv ARM Mth
DALLAS, TX 75240 248 06/01/98 1 Yr 1 Yr 1 YR CMT
700377 PHILIP ROSE 283,985.66 8.500 360 08/01/90 2,377.88 2
51 HAMILTON TERRA 312,500.00 8.750 265 07/01/20 Type: Conv ARM Mth
NEW YORK, NY 10031 266 04/01/98 1 Yr 1 Yr 1 YR CMT
700384 SCHILLACI JOHN C. 90,791.01 8.250 360 04/01/84 859.67 2
393-395 ALDRICH R 112,000.00 9.750 189 03/01/14 Type: Conv ARM Mth
PERINTON, NY 14450 189 06/01/98 1 Yr 1 Yr 1 YR CMT
770479 BUSHEE NORMAN 53,555.52 9.230 507 08/18/84 444.96 3
229 MECHANIC ST. 52,000.00 15.750 341 10/11/26 Type: Conv ARM Mth
FITCHBURG, MA 01420 340 05/11/98 2 Yr 2 Yr 2 YR CMT
<CAPTION>
Loan Number/ Appraisal: LTV: PerCap/ PropType/
Servicer Loan/ Original/ Orig/ MaxRate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- ------------- ------- ----- -------- -------- -------
<S> <C> <C> <C> <C> <C>
374612 315,000 89.37 12.750 2.000 SFD
0 97.68 0.000 3.250 OO
MI Co: Uninsured 01/01/99 Pur
374672 187,500 90.00 15.000 2.000 SFD
0 80.11 0.000 3.375 OO
MI Co: Uninsured 01/01/99 Refi
700377 325,000 0.00 14.750 2.000 2-4
0 87.38 0.000 2.625 OO
MI Co: Uninsured 07/01/98 C/O
700384 129,000 79.43 14.750 2.000 2-4
0 70.38 4.750 3.000 OO
03/01/99 C/O
770479 70,000 0.00 16.000 0.000 2-4
0 76.51 0.000 3.000 NA
10/11/98 NA
</TABLE>
<PAGE>
SCHEDULES II
Pool II Loans
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Orig Wtd Avg Current Loan Average Orig Stated Per Life MaxLife
Coupon Coupon Margin Balance Count Balance Term Term Cap Cap Coupon
------ ------ ------- ------- ----- ------- ---- ------ --- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8.680 9.030 2.769 33,552,979.79 213 157,525.73 273.98 170.89 0.387 5.316 14.740
<CAPTION>
Min Max Orig Amort
Balance Balance Ltv Ltv
------- ------- ---- -----
<S> <C> <C> <C> <C>
5,550.25 3,502,736.83 48.16 86.76
</TABLE>
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru
- -------------- ---------------- --------- -------- --------- ----------
<S> <C> <C> <C> <C> <C>
140320 WILSON LEWIS R. JR. 16,417.40 8.500 141 04/29/88
524 PARKSIDE DR 8088 WYATT 60,000.00 10.250 19 01/24/00
WHITE SETTLEMENT, TX 76108 19 04/24/98
141971 WAYNE E. THEODORA 39,268.48 7.900 360 07/01/82
2506 ROCKY POINT 52,650.00 16.000 168 06/01/12
TAMPA, FL 33607 168 04/01/98
142499 ZONA FAMILY REALTY TR 174,492.53 10.500 407 02/17/91
20 E A JOSEPH DR 315,000.00 13.500 319 12/30/24
NORWELL, MA 02061 337 04/30/98
142592 MORALES FRANCISCO 15,490.34 10.000 442 12/01/88
1220 WHITNEY AVE 27,000.00 11.500 327 09/01/25
HAMDEN, CT 06514 310 05/01/98
142693 YOUNG KEVIN M 6,029.21 10.230 180 11/03/85
19 RALEIGH RD 22,000.00 13.250 29 10/03/00
E WEYMOUTH, MA 02189 29 03/03/98
142740 PAVLOU ACHILLES 36,250.33 7.910 360 08/01/81
7095 W 15TH AVE 48,000.00 15.000 157 07/01/11
HIALEAH, FL 33014 159 05/01/98
228003 131 WEST OWNERS CORP 154,909.08 10.500 181 08/01/87
131 WEST 85TH STR 200,000.00 12.000 50 08/01/02
NEW YORK, NY 10024 350 05/01/98
228049 GILBEAUX MICHAEL W 10,625.41 7.618 180 09/01/89
278 GREENVIEW DRI 15,400.00 9.250 74 08/01/04
DALY CITY, CA 94014 250 05/01/98
228065 BROWN RONALD C 21,829.85 7.568 180 11/01/89
534 HOOVER COURT 25,500.00 9.250 76 10/01/04
SAN DIMAS, CA 91773 261 05/01/98
228068 MERATI VENITA J 11,102.36 7.768 180 11/01/89
2929 WAVERLY DRIV 12,500.00 9.000 76 10/01/04
LOS ANGELESS, CA 90039 261 05/01/98
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account P & I Units: Current Amort Min Rate NxtReset Purpose
- ------------- ----- ------ ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
140320 116.29 2 26,000 0.00 0.000 0.000 2-4
Type: DemandARM Qua 0 63.14 0.000 0.000 NOO
Daily 1 Mo Prime 06/01/98 Pur
141971 387.05 1 0.001 Condo
Type: Conv ARM Mth 55,000 92.21 0.000 0.610 OO
1 Yr 1 Yr CNTRCT RT 0 71.40 0.000 06/01/98 Pur
142499 1,612.94 1 425,000 0.00 55.000 0.000 SFD
Type: Conv ARM Mth 0 106.56 0.000 2.000 OO
1 Yr 1 Yr Prime MI Co: Uninsured 12/30/98 Refi
142592 139.83 1 40,000 0.00 17.500 0.000 Condo
Type: Conv ARM Mth 0 187.90 0.000 0.000 OO
1 Yr 1 Yr 6MO LIBOR MI Co: Uninsured 09/01/98 DbtCon
142693 236.60 1 160,000 0.00 0.000 0.000 SFD
Type: Conv ARM Mth 0 11.12 0.000 2.380 OO
3 Yr 3 Yr FHLBB 10/03/00 C/O
142740 368.65 1 61,000 0.00 0.000 0.000 SFD
Type: Conv ARM Mth 0 59.43 0.000 0.000 NOO
1 Yr 1 Yr FHLBB 07/01/98 Unk
228003 1,422.90 4 6,000,000 24.08 0.000 0.000 Multi
Type: MultiFARM MthBal 0 11.69 0.000 2.000 NA
1 Yr 1 Yr Prime 08/01/98 NA
228049 84.97 1 220,000 78.02 14.750 0.000 Condo
Type: Conv ARM MthBal 0 110.26 0.000 2.650 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228065 170.92 1 229,000 82.16 14.750 0.000 SFD
Type: Conv ARM MthBal 0 89.88 0.000 2.600 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228068 88.32 1 69,000 82.00 14.750 0.000 Condo
Type: Conv ARM MthBal 0 146.53 0.000 2.800 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru
- -------------- ---------------- --------- -------- --------- ----------
<S> <C> <C> <C> <C> <C>
228076 GARRETT KENN S 12,882.77 7.518 180 01/01/90
1789 PROMENADE PL 14,500.00 9.000 78 12/01/04
VISTA, CA 92083 260 05/01/98
228131 CASTANO GABRIEL 8,941.76 8.467 180 03/01/90
369 STAGE COACH R 9,950.00 9.750 80 02/01/05
OCEANSIDE, CA 92056 258 05/01/98
228153 HANNAN MARIBETH 11,041.80 7.568 180 10/01/89
1720 ARDMORE AVEN 15,500.00 9.250 75 09/01/04
HERMOSA BEACH, CA 90254 226 05/01/98
228159 CAMPBELL DANIEL LEE 12,637.27 7.668 180 10/01/89
30 SAN ANGELO 14,250.00 9.000 75 09/01/04
RANCHO S. M. ARE, CA 92688 262 05/01/98
228198 SOOKIKIAN DENNIS M 24,784.76 7.968 180 10/01/89
843 N. MARTEL AVE 26,950.00 8.500 75 09/01/04
LOS ANGELES, CA 90048 262 05/01/98
228200 ZAMORA JEFFREY 10,982.00 7.568 180 10/01/89
18182 SUNDOWNER W 12,500.00 9.500 75 09/01/04
CANYON COUNTRY, CA 91351 259 05/01/98
228218 ROMANELLO JUDITH A 11,799.47 7.518 180 12/01/89
2241 SUMMERTON DR 13,500.00 9.000 77 11/01/04
SAN JOSE, CA 95122 255 04/01/98
228230 DE LA NUEZ GEORGE 13,668.70 8.268 180 02/01/90
10926 BLUFFSIDE D 15,500.00 8.875 79 01/01/05
STUDIO CITY, CA 91604 260 05/01/98
228243 BAYOL GREGORY M 16,594.16 7.518 180 01/01/90
480 POINTE PACIFI 29,200.00 9.000 78 12/01/04
DALY CITY, CA 94014 240 05/01/98
228319 ANDERSON HELEN 23,607.69 7.518 180 11/01/89
22927 ARCHIBALD A 26,400.00 9.000 76 10/01/04
CARSON, CA 90745 260 05/01/98
228321 GASSMAN JOEL 70,818.13 8.218 180 08/01/89
4635 & 4635 1/2 W 79,500.00 10.125 73 07/01/04
LAWNDALE, CA 90260 261 05/01/98
228331 MATO GUY 19,261.41 7.518 180 11/01/89
16910 LA SALLE AV 21,500.00 9.000 76 10/01/04
GARDENA, CA 90247 261 05/01/98
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account P & I Units: Current Amort Min Rate NxtReset Purpose
- ------------- ----- ------ ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
228076 100.61 1 90.000 82.41 14.750 0.000 SFD
Type: Conv ARM Mth Bal 0 130.98 0.000 2.550 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228131 75.44 1 42,000 84.88 15.500 0.000 Condo
Type: Conv ARM MthBal 0 198.69 0.000 3.550 OO
1 Mo 1 Yr 11th DIST MI Co:Yes/Unk Insurer 06/01/98 Pur
228153 91.86 1 85,000 81.61 14.750 0.000 Condo
Type: Conv ARM MthBal 0 143.58 0.000 2.600 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228159 99.60 1 92,000 81.99 14.750 0.000 Condo
Type: Conv ARM MthBal 0 125.69 0.000 2.700 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228198 199.99 1 125,000 84.80 14.750 0.000 Condo
Type: Conv ARM MthBal 0 181.43 0.000 3.000 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228200 86.29 1 72,000 82.00 14.750 0.000 SFD
Type: Conv ARM MthBal 0 140.25 0.000 2.600 OO
1 Mo 1 Yr 11th DIST MI Co:Yes/Unk Insurer 06/01/98 Pur
228218 92.91 1 12,000 81.85 14.750 0.000 Condo
Type: Conv ARM MthBal 0 906.66 0.000 2.550 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228230 113.25 1 80,000 81.61 14.750 0.000 Condo
Type: Conv ARM MthBal 0 155.84 0.000 3.300 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228243 133.95 1 168,000 80.55 14.750 0.000 Condo
Type: Conv ARM MthBal 0 132.50 0.000 2.550 OO
1 Mo 1 Yr 11th DIST MI Co:Yes/Unk Insurer 06/01/98 Pur
228319 184.44 1 170,000 83.48 14.750 0.000 SFD
Type: Conv ARM MthBal 0 128.00 0.000 2.550 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228321 583.71 2 200,000 75.49 15.000 0.000 2-4
Type: Conv ARM MthBal 0 135.31 0.000 3.250 OO
1 Mo 1 Yr 11th DIST MI Co:Yes/Unk Insurer 06/01/98 Refi
228331 150.22 1 140,000 80.68 14.750 0.000 SFD
Type: Conv ARM MthBal 0 125.19 0.000 2.550 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 3
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru
- -------------- ---------------- --------- -------- --------- ----------
<S> <C> <C> <C> <C> <C>
228333 ABAD STEVEN S 26,087.11 7.668 180 11/01/89
17214 GARD AVENUE 31,000.00 9.000 76 10/01/04
ARTESIA, CA 90701 260 05/01/98
228334 CAYABYAB ANGEL D 16,623.23 7.668 180 11/01/89
321 EAST 51ST STR 18,650.00 9.000 76 10/01/04
LONG BEACH, CA 90805 261 05/01/98
228351 SIM MICHAEL J 15,697.41 8.456 180 01/01/90
810 S CAMINO REAL 19,600.00 8.750 78 12/01/04
REDONDO BEACH, CA 90277 250 05/01/98
228358 MENDOZA JOSE LUIS 21,507.73 7.918 180 01/01/90
1973-1975-1977 HO 24,000.00 9.500 78 12/01/04
LOS ANGELES, CA 90034 261 05/01/98
228359 CHANG IN SU 23,492.86 7.918 180 01/01/90
553 NORTH MANHATT 25,900.00 9.000 78 12/01/04
LOS ANGELES, CA 90004 260 04/01/98
228371 MORRIS WILLIAM M 20,639.33 8.406 180 03/01/90
12111 SUNDALE AVE 23,100.00 8.750 80 02/01/05
HAWTHORNE, CA 90250 264 05/01/98
228373 DALANGPAN RODNEY M 18,664.30 8.406 180 03/01/90
945 RENTON STREET 20,600.00 8.750 80 02/01/05
CARSON, CA 90745 264 04/01/98
228379 TAHSILDOOST HOOSHANG 28,779.05 8.906 180 05/01/90
8408 REGIS WAY 31,850.00 9.250 82 04/01/05
LOS ANGELES, CA 90045 261 06/01/98
228383 SINGLETON MILA 19,466.47 8.656 180 04/01/90
2003 SHENANDOAH S 22,000.00 9.000 81 03/01/05
LOS ANGELES, CA 90034 263 05/01/98
228413 JONAVIC THEODORE P 24,090.47 7.518 180 11/01/89
5724 SHIRE COURT 33,050.00 9.000 76 10/01/04
RANCHO CUCAMONG, CA 91701 238 06/01/98
228446 LENHART D. RONALD 11,665.52 8.506 180 02/01/90
2360 WHITE OAK LA 20,450.00 8.750 79 01/01/05
CORONA, CA 91720 78 06/01/98
228454 HOA RAYMOND 14,079.08 8.656 180 03/01/90
658 LEAGUE AVENUE 16,200.00 9.000 80 02/01/05
LA PUENTE, CA 91744 264 05/01/98
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account P & I Units: Current Amort Min Rate NxtReset Purpose
- -------------- ----- ------ ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
228333 206.13 1 165,000 83.23 14.750 0.000 SFD
Type: Conv ARM MthBal 0 153.39 0.000 2.700 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228334 131.20 1 119,000 82.17 14.750 0.000 SFD
Type: Conv ARM MthBal 0 127.41 0.000 2.700 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228351 133.80 1 119,000 80.29 13.950 0.000 Condo
Type: Conv ARM MthBal 0 138.40 7.500 2.800 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
228358 173.12 3 130,000 83.33 14.750 0.000 2-4
Type: Conv ARM MthBal 0 151.93 0.000 2.950 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228359 189.38 1 93,000 74.10 14.750 0.000 SFD
Type: Conv ARM MthBal 0 228.49 0.000 2.950 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228371 171.95 1 130,000 83.23 13.950 0.000 SFD
Type: Conv ARM MthBal 0 146.65 7.500 2.750 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
228373 155.50 1 145,000 83.11 13.950 0.000 SFD
Type: Conv ARM MthBal 0 116.74 7.500 2.750 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
228379 250.15 1 119,000 83.47 14.250 0.000 SFD
Type: Conv ARM MthBal 0 220.82 7.500 3.250 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
228383 165.42 1 119,000 83.18 13.950 0.000 SFD
Type: Conv ARM MthBal 0 151.65 7.500 3.000 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
228413 195.25 1 205,500 81.21 14.750 0.000 SFD
Type: Conv ARM MthBal 0 128.02 0.000 2.550 OO
1 Mo 1 Yr 11th DIST MI Co: Uninsured 06/01/98 Pur
228446 195.76 1 155,000 0.00 13.950 0.000 SFD
Type: Conv ARM Mth 0 113.14 7.500 2.850 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
228454 119.57 1 123,000 115.56 13.950 0.000 SFD
Type: Conv ARM MthBal 0 150.47 7.500 3.000 OO
1 Mo 1 Yr 1 MO LIBOR MI Co: Uninsured 06/01/98 Pur
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 4
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
228482 TROVATO TIMOTHY DEAN 22,459.00 7.718 180 10/01/89 177.71 1
22379 BARBACOA DR 25,400.00 9.750 75 09/01/04 Type: Conv ARM MthBal
SAUGUS, CA 91350 262 06/01/98 1 Mo 1 Yr 11th DIST
228489 SCARBOROUGH DAVID R 23,107.86 7.518 180 11/01/89 180.55 1
4813 LA CRESCENTA 26,900.00 9.000 76 10/01/04 Type: Conv ARM MthBal
LA CRESCENTA, CA 91214 260 04/01/98 1 Mo 1 Yr 11th DIST
228491 GUERRA RAMON 12,928.33 7.768 180 11/01/89 113.25 1
9331 DORRINGTON A 18,000.00 9.000 76 10/01/04 Type: Conv ARM MthBal
ARLETA, CA 91331 209 05/01/98 1 Mo 1 Yr 11th DIST
228493 NORAVIAN MARTICK 19,630.13 7.718 180 12/01/89 155.52 1
218 WEST ASH AVEN 21,950.00 9.125 77 11/01/04 Type: Conv ARM MthBal
BURBANK, CA 91502 261 05/01/98 1 Mo 1 Yr 11th DIST
228496 ALEJANDRO GEORGE 20,857.39 8.406 180 02/01/90 175.34 1
10419 MEMORY PARK 23,200.00 8.750 79 01/01/05 Type: Conv ARM MthBal
MISSION HILLS A, CA 91345 257 03/01/98 1 Mo 1 Yr 1 MO LIBOR
228497 ANOPOL ALICIA 17,371.97 7.768 180 02/01/90 138.37 1
16414 BRYANT STRE 20,000.00 9.000 79 01/01/05 Type: Conv ARM MthBal
SEPULVEDA, CA 91343 260 05/01/98 1 Mo 1 Yr 11th DIST
228503 BERENS DAVID G 23,984.23 8.406 180 03/01/90 199.82 1
5049 CATALON AVEN 26,500.00 8.750 80 02/01/05 Type: Conv ARM MthBal
WOODLAND HILLS, CA 91364 264 05/01/98 1 Mo 1 Yr 1 MO LIBOR
228505 TAUB KEITH 20,454.54 8.406 180 03/01/90 170.41 1
11429 GERALD AVEN 24,700.00 8.750 80 02/01/05 Type: Conv ARM MthBal
GRANADA HILLS, CA 91344 264 05/01/98 1 Mo 1 Yr 1 MO LIBOR
228506 KUMARAPERU NEIL 26,012.74 8.406 180 04/01/90 216.86 1
28366 NORTH ROBIN 29,000.00 8.750 81 03/01/05 Type: Conv ARM MthBal
SAUGUS, CA 91350 263 05/01/98 1 Mo 1 Yr 1 MO LIBOR
228512 CHESEBROUGH KURT 15,239.81 8.406 180 04/01/90 128.01 1
22465 LOS ROGUES 19,000.00 8.750 81 03/01/05 Type: Conv ARM MthBal
SANTA CLARITA, CA 91350 258 05/01/98 1 Mo 1 Yr 1 MO LIBOR
228513 HILLIER DON T 12,511.07 8.406 180 03/01/90 104.67 1
2061 BAYLOR STREE 15,500.00 8.750 80 02/01/05 Type: Conv ARM MthBal
DUARTE, CA 91010 261 05/01/98 1 Mo 1 Yr 1 MO LIBOR
228530 DAMMON RONALD J 83,688.77 7.875 180 04/01/89 683.25 4
672-674 IVY ST. & 771- 773 GROVE S 92,750.00 8.875 69 03/01/04 Type: Conv ARM Mth
SAN FRANCISCO, CA 94102 249 05/01/98 6 Mo 6 Mo 11th DIST
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
228482 130,000 77.15 14.500 0.000 SFD
0 148.81 0.000 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228489 192,000 83.23 14.750 0.000 SFD
0 114.64 0.000 2.550 OO
MI Co: Uninsured 06/01/98 Pur
228491 107,000 108.84 14.750 0.000 SFD
0 179.37 0.000 2.800 OO
MI Co: Uninsured 06/01/98 Pur
228493 128,000 98.61 14.750 0.000 SFD
0 167.68 2.750 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228496 145,000 88.45 13.950 0.000 SFD
0 139.90 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228497 135,000 80.80 14.750 0.000 SFD
0 147.68 0.000 2.800 OO
MI Co: Uninsured 06/01/98 Pur
228503 125,000 62.08 13.950 0.000 SFD
0 129.59 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228505 145,000 82.63 13.950 0.000 SFD
0 142.38 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228506 185,000 92.15 13.950 0.000 SFD
0 144.33 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228512 130,000 126.32 13.950 0.000 SFD
0 181.72 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228513 130,000 149.04 13.950 0.000 SFD
0 176.55 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228530 200,000 73.82 13.875 1.000 2-4
0 152.34 0.000 2.950 OO
MI Co: Uninsured 09/01/98 Dbt Con
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 5
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
228575 PEREZ CARLOS 26,698.77 8.406 180 04/01/90 222.56 1
570 NAPLES STREET 29,500.00 8.750 81 03/01/05 Type: Conv ARM MthBal
SAN FRANCISCO, CA 94112 263 04/01/98 1 Mo 1 Yr 1 MO LIBOR
228617 TOMPKINS REID E 16,699.50 8.125 180 05/01/89 136.45 1
2357 CHIPPEWA LAN 18,990.00 10.000 70 04/01/04 Type: Conv ARM MthBal
VENTURA, CA 93001 262 06/01/98 6 Mo 11th DIST
228640 SMITH STEVEN C 14,515.92 7.718 180 02/01/90 115.16 1
38784 JUNIPER TRE 17,000.00 8.750 79 01/01/05 Type: Conv ARM MthBal
PALMDALE, CA 93550 260 05/01/98 1 Mo 1 Yr 11th DIST
228648 EMADI SIAMAK 12,519.87 8.406 180 05/01/90 104.73 1
17805 COOLWATER A 13,800.00 8.750 82 04/01/05 Type: Conv ARM MthBal
PALMDALE, CA 93550 261 05/01/98 1 Mo 1 Yr 1 MO LIBOR
228655 RICHARDS COLIN T 147,550.18 13.500 423 06/01/90 1,689.38 1
601 WEST HIGHWAY 150,000.00 12.375 326 08/01/25 Type: Conv ARM MthBal
BUELLTON, CA 93427 362 06/01/98 6 Mo 6 Mo Prime
229113 PLYMEL REALTY INC. 147,833.17 10.000 360 08/24/91 1,231.34 0
2838 SARNO RD 150,000.00 10.000 278 07/24/21 Type: DemandARM Mth
MELBOURNE, FL 32935 278 05/24/98 Daily 1 Mo Prime
229114 ONE WAY IMPORTS 80,000.00 10.000 360 05/11/90 660.67 0
LT 42 & 43 ROSELAND 92,125.00 11.500 263 04/11/20 Type: DemandARM Mth
ROSELAND, FL 32957 263 05/11/98 1 Mo 1 Mo Prime
229259 GERAK STEPHEN T. 258,020.55 10.000 266 01/01/91 2,763.76 0
533 FEDERAL ROAD 276,000.00 11.500 176 02/15/13 Type: Comm LARM Mth
BROOKFIELD, CT 06804 182 04/15/98 6 Mo 6 Mo Prime
229506 MERANO INC 249,006.35 10.500 119 11/04/89 2,170.81 0
UNITS 213-216 + 2PLAYMOR BERNARD 250,000.00 12.500 16 09/04/99 Type: HELOC ARM Mth
SAN DIEGO, CA 92120 16 05/04/98 1 Mo 1 Mo Prime
229814 JOSEPH J. KELLIHER CO. IN 204,177.79 11.500 431 02/01/90 2,043.67 4
19 LINDEN STEET 61 LOGANBERRY 180,000.00 12.500 330 12/15/25 Type: Conv ARM Mth
WHITMAN & ABING, MA 02351 332 04/15/98 6 Mo 6 Mo 6MO LIBOR
229994 NICHOLSON DAVID A SR 13,587.67 10.000 180 12/05/88 266.62 1
LOT 1 TOWN HOUSE 21,500.00 12.750 66 11/05/03 Type: Comm LARM Mth
EFFINGHAM, NH 03301 67 04/05/98 1 Yr 1 Yr Prime
230084 DEVORE JAMES M 92,287.98 10.751 300 07/05/89 1,013.10 1
1253 NORTH SECOND 192,250.00 14.250 193 06/05/14 Type: Comm ARM Mth
EL CAJON, CA 92021 190 05/05/98 Daily 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
228575 200,000 89.66 13.950 0.000 SFD
0 130.85 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228617 115,000 82.63 14.250 1.000 PUD
0 134.52 0.000 3.125 OO
MI Co: Uninsured 10/01/98 Pur
228640 107,300 170.18 13.950 0.000 SFD
0 268.89 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228648 81,200 83.31 13.950 0.000 SFD
0 141.03 7.500 2.750 OO
MI Co: Uninsured 06/01/98 Pur
228655 425,000 69.42 55.000 0.000 SFD
0 112.13 0.000 5.000 NOO
MI Co: Uninsured 08/01/98 C/O
229113 172,150 0.00 18.000 0.000 Land
0 85.87 10.000 1.500 NA
MI Co: Uninsured 06/01/98 NA
229114 100,000 92.12 0.000 0.000 Land
0 80.00 0.000 1.500 NA
06/02/98 NA
229259 230,000 0.00 55.000 0.000 Land
0 112.18 0.000 1.500 NA
MI Co: Uninsured 08/15/98 NA
229506 700,000 0.00 0.000 0.000 Land
0 148.03 0.000 2.000 NA
MI Co: Uninsured 06/01/98 NA
229814 152,000 44.55 20.000 0.000 2-4
0 134.33 11.500 5.500 NOO
MI Co: Uninsured 06/15/98 C/O
229994 15,000 0.00 23.000 0.000 Land
0 90.58 0.000 1.500 NA
MI Co: Uninsured 11/05/98 NA
230084 360,000 50.59 0.000 0.000 Garage
0 25.64 0.000 2.251 NA
06/01/98 NA
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 6
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
230091 RUEBE BAMBI LYNN 146,932.69 12.000 131 01/28/90 1,526.56 2
50 N OAK ST 150,000.00 12.750 30 12/01/00 Type: Conv ARM MthBal
VENTURA, CA 93001 331 05/01/98 6 Mo 6 Mo Prime
230093 SEGAL ISREAL 192,592.64 11.500 241 07/14/90 2,460.22 1
6100 W PICO BLVD LA COUNTY 230,000.00 13.000 146 07/14/10 Type: Comm ARM Mth
LOS ANGELES, CA 90019 146 05/14/98 6 Mo 6MO LIBOR
230221 BENJAUTHRIT BOONSIENG 104,863.78 13.750 436 03/15/90 1,227.95 10
7020-7020 1/2 FOO 107,000.00 13.500 337 07/01/26 Type: MultiFARM Mth
LOS ANGELES, CA 90111 338 05/01/98 1 Mo 1 Mo Prime
230227 PABON MOISES 352,564.68 10.890 110 08/08/91 3,369.25 2
28290 TRELLIS LAN 320,000.00 12.950 28 10/01/00 Type: Conv ARM MthBal
PERRIS, CA 92370 331 05/01/98 6 Mo 6 Mo 6MO LIBOR
230242 HAMILTON CLARENCE 414,523.75 12.500 432 08/27/90 4,451.56 2
1500 WEST VERNON 393,000.00 14.000 338 08/01/26 Type: MultiFARM Mth
LOS ANGELES, CA 90062 339 05/01/98 1 Mo 1 Mo Prime
230301 CIBA JOHN 12,353.23 17.312 384 12/15/88 182.03 2
186-88 FALMOUTH A 15,000.00 11.500 270 12/01/20 Type: Conv ARM Mth
ELMWOOD PARK, NJ 07047 270 04/01/98 6 Mo 6 Mo 6MO LIBOR
230303 COLBERT BYRON D. 8,368.00 15.937 228 01/01/87 159.00 1
1004 N. BRYANT AV 17,170.70 15.000 90 12/05/05 Type: Conv ARM Mth
OKLAHOMA CITY, OK 73117 91 02/05/98 6 Mo 6 Mo 6MO LIBOR
230314 DEKLE BUTLER 7,476.79 15.000 110 08/17/96 140.57 1
1009 MINCEY ST. 19,807.36 15.000 88 10/01/05 Type: Conv ARM Mth
METTER, GA 30439 89 02/17/98 6 Mo 6 Mo 6MO LIBOR
230351 JOHNSON SARAH A. 11,364.35 15.000 326 11/01/88 154.50 1
4312 W. 56TH PL 12,831.78 15.000 210 12/15/15 Type: Conv ARM Mth
TULSA, OK 74107 203 04/15/98 6 Mo 6 Mo 6MO LIBOR
230699 ASSOCIATED HARVEST CO 122,240.35 12.500 283 10/11/92 1,425.31 2
34087 NY STATE HW10 ACRES RT 180 110,000.00 11.500 215 04/20/16 Type: Comm ARM Mth
LA FARGEVILLE, NY 13656 217 06/20/98 6 Mo 6 Mo Prime
230761 CAMPUSANO RAFAEL 21,088.48 15.000 272 09/22/88 307.95 1
666 PELHAM ROAD A 20,000.00 14.000 155 05/15/11 Type: Conv ARM Mth
NEW ROCHELLE, NY 10805 157 04/15/98 6 Mo 6 Mo 6MO LIBOR
230765 COOK ELTON I 16,739.28 13.500 395 03/01/78 229.81 2
2510 DILLON AVE 2510 1/2 DILLON 22,500.00 8.500 151 01/20/11 Type: VA ARM Mth
CHEYENNE, WY 82001 154 06/20/98 6 Mo 6 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
230091 170,000 69.77 28.000 1.000 MixedUse
0 86.43 12.000 3.250 NA
MI Co: Uninsured 06/01/98 NA
230093 275,000 35.38 22.500 0.000 Garage
0 70.03 11.500 5.500 NA
08/14/98 NA
230221 75,000 50.95 18.500 0.000 Multi
0 139.82 13.500 5.250 NA
MI Co: Uninsured 06/01/98 NA
230227 280,000 64.00 24.000 0.000 MixedUse
0 125.92 10.890 5.000 NA
MI Co: Uninsured 10/01/98 NA
230242 325,000 64.96 25.000 0.000 Multi
0 127.55 12.250 4.000 NA
MI Co: Uninsured 06/01/98 NA
230301 145,000 0.00 33.000 0.000 2-4
0 114.04 0.000 11.500 NOO
MI Co: Uninsured 06/01/98 HmImp
230303 5000 0.00 31.000 0.000 SFD
0 167.36 15.000 10.000 OO
MI Co: Uninsured 06/05/98 Refi
230314 25,000 0.00 0.000 0.000 SFD
0 29.91 15.000 9.118 OO
10/01/98 Pur
230351 9200 0.00 31.000 0.000 SFD
0 123.53 15.000 9.000 OO
MI Co: Uninsured 06/15/98 Refi
230699 125,000 0.00 28.250 0.000 Wrhse
0 97.79 12.250 4.000 NA
MI Co: Uninsured 10/20/98 NA
230761 50,000 0.00 31.000 0.000 CO-OP
0 64.18 15.000 9.000 OO
11/15/98 HmImp
230765 38,000 0.00 29.500 0.000 2-4
0 44.05 13.250 5.000 OO
07/20/98 Pur
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 7
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
230788 F E F INC 22,640.04 9.500 156 11/01/85 20,000.00 2
15 HATCH RD POTS & 7722 BLACK RI 250,000.00 12.500 4 10/01/98 Type: Conv ARM Ann
WATERTOWN, NY 13601 4 07/01/97 Daily 1 Yr Prime
230863 MESA JOAQUIN E. 16,530.15 14.010 312 01/01/82 263.03 1
11 EAST 87TH STRE APT 7F 30,000.00 18.000 114 12/01/07 Type: Conv ARM Mth
NEW YORK, NY 10028 114 03/01/98 3 Yr 3 Yr FHLBB
230884 RAWLINS LIONEL JAMES 97,475.78 12.500 441 07/01/89 1,047.74 1
906 MOORE STREET 98,050.00 10.500 333 03/15/26 Type: Conv ARM Mth
CEDAR HILLS, TX 75104 336 02/15/98 6 Mo 6 Mo Prime
230889 ROGERS NICOLINA 123,967.63 10.250 345 02/01/87 1,169.60 3
404 6TH AVE 50,000.00 7.900 208 10/01/15 Type: Conv ARM Mth
PATERSON, NJ 07514 278 05/01/98 5 Yr 5 Yr Prime
230897 SINCENO GERALDINE 35,587.28 12.500 349 05/01/87 415.46 1
1 FORDHAM HILL OV 50,000.00 10.000 215 04/25/16 Type: Conv ARM Mth
BRONX, NY 10468 216 03/25/98 1 Mo 1 Mo Prime
231212 GBY DEVELOPMENT CORP 17,342.75 10.500 129 04/24/92 200.56 1
6291 BROADWAY APARTMENT A-10 50,000.00 10.500 55 01/02/03 Type: Conv ARM MthBal
RIVERDALE, NY 10471 163 05/01/98 Daily 1 Yr Prime
231340 SMITH WILLIAM 54,315.55 9.000 300 08/17/88 548.34 1
202 SHINGLEMILL B 63,500.00 10.750 182 07/17/13 Type: Conv ARM Mth
PITTSFIELD, NH 03263 182 04/25/98 5 Yr 5 Yr Prime
231723 ELDRIDGE ALVIN 75,738.49 13.000 378 12/01/93 846.28 4
417 S WESTERN 69,800.00 8.500 323 05/15/25 Type: Conv ARM Mth
LIBERAL, KS 67901 325 05/15/98 6 Mo 6 Mo 6MO LIBOR
232851 SMITH LUMB 53,938.94 11.000 416 01/26/92 517.70 1
2810 AVENUE H 42,250.00 14.990 339 09/15/26 Type: Conv ARM Mth
FT. PIERCE, FL 34947 341 04/15/98 1 Mo 1 Mo Prime
232886 WHITFIELD ALPHONSO 104,361.67 12.250 438 04/20/90 1,100.17 1
2196 BEECHER RD S 62,640.00 16.750 340 09/15/26 Type: Conv ARM Mth
ATLANTA, GA 303112551 341 04/15/98 1 Mo 1 Mo Prime
233160 SEEGER BLAIR L 43,343.53 13.250 207 08/13/94 569.41 1
9902 COTTONWOOD D 42,857.14 12.990 161 10/11/11 Type: Conv ARM Mth
WILMER, AL 36587 168 03/11/98 1 Yr 1 Yr Prime
233178 STEPHENS ALICE 54,110.06 12.000 425 08/01/91 559.53 1
3288 WARD DRIVE STAX PARCEL ID # 49,214.65 11.500 342 12/15/26 Type: Conv ARM Mth
ATLANTA, GA 30354 344 05/15/98 1 Yr 1 Yr Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
230788 87,500 0.00 25.250 0.000 2-4
0 25.87 0.000 1.000 OO
06/01/98 Unk
230863 85,000 0.00 0.000 1.500 CO-OP
0 19.45 0.000 6.090 OO
12/01/99 Pur
230884 78,000 0.00 28.250 0.000 SFD
0 124.97 12.250 4.000 OO
MI Co: Uninsured 09/15/98 Pur
230889 80,000 0.00 20.000 0.000 MixedUse
0 154.96 9.000 1.750 NA
MI Co: Uninsured 08/01/01 NA
230897 35,000 55.56 28.250 2.000 CO-OP
0 101.68 12.250 4.000 OO
MI Co: Uninsured 06/25/98 Refi
231212 22,000 111.11 0.000 0.000 CO-OP
0 78.83 0.000 2.000 NOO
06/01/98 Refi
231340 33,000 64.80 16.750 3.000 SFD
0 164.59 0.000 3.000 OO
MI Co: Uninsured 07/17/98 Refi
231723 60,000 0.00 29.000 0.000 2-4
0 126.23 13.000 7.000 OO
MI Co: Uninsured 11/15/98 Pur
232851 40,000 67.06 25.000 0.000 SFD
0 134.85 11.000 0.000 OO
MI Co: Uninsured 06/15/98 Dbt Con
232886 59,900 72.84 25.000 1.000 SFD
0 174.23 12.000 3.750 OO
MI Co: Uninsured 06/15/98 Pur
233160 60,900 81.63 25.000 0.000 SFD
0 71.17 13.000 4.750 OO
10/11/98 HmImp
233178 47,000 0.00 25.000 0.000 SFD
0 115.13 0.000 3.500 OO
MI Co: Uninsured 12/15/98 Pur
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 8
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
233367 JACKSON STANLEY 90,404.58 12.500 184 08/05/91 1,451.28 5
5 PROPERTIES 201 DAVIS STREE 82,000.00 10.000 102 11/01/06 Type: Conv ARM Mth
DALTON, GA 30719 102 04/01/98 1 Mo 1 Mo Prime
233428 MORENO SAMUEL M 27,657.77 13.500 239 04/15/92 369.49 1
527 INDIANA ST. 26,134.00 12.250 165 02/15/12 Type: Conv ARM Mth
VA.LLEJO, CA 94590 165 05/15/98 1 Mo 1 Mo Prime
233579 GRAVES JAMES D 33,200.10 13.750 270 06/10/89 451.76 1
122 GRAVES RD 25,000.00 18.000 162 11/15/11 Type: Conv ARM Mth
VERDA LA 71481 162 05/15/98 6 Mo 6 Mo 6MO LIBOR
234194 HALE HAROLD W. JR. 53,547.36 8.500 360 08/01/84 511.10 2
181-183 BEAVER ST 65,500.00 12.000 193 07/01/14 Type: Conv ARM Mth
ANSONIA, CT 06401 193 02/01/98 1 Yr 1 Yr FED COFI
234454 ARTUKOVICH JEAN M. 185,148.80 8.556 360 08/01/90 1,523.07 1
1916 VAQUERO UNIT 23 201,600.00 9.500 265 07/01/20 Type: Conv ARM Mth
WEST COVINA, CA 91791 284 05/01/98 1 Mo 1 Yr 1 MO LIBOR
235383 JONES CAESAR F. 19,547.20 6.250 300 04/01/83 223.54 1
3914 WINDGAP AVEN 3643 HARLOW PLA 29,800.00 13.500 117 03/01/08 Type: Conv ARM Mth
PITTSBURGH, PA 15204 117 04/01/98 1 Yr 1 Yr FHLBB
235401 MASCARENHAS AUTA M. 50,346.59 10.000 240 10/30/87 150.00 1
2 LA GRANGE ST #1 60,000.00 9.750 112 09/30/07 Type: HELOC ARM Mth
WEST ROXBURY, MA 02132 112 04/20/98 1 Mo 1 Mo Prime
235417 HURLEY WILLIAM N. 37,963.47 10.500 180 06/02/89 332.18 1
97 NORTH BILLERIC 50,000.00 13.500 72 05/02/04 Type: HELOC ARM Mth
TEWKSBURY, MA 01876 72 04/25/98 1 Mo 1 Mo Prime
235462 FOUGERE PAUL F. 17,020.94 10.500 301 10/07/88 50.00 1
30 HOPE DRIVE 20,000.00 12.000 185 10/01/13 Type: HELOC ARM Mth
AMESBURY, MA 01913 185 05/25/98 1 Mo 1 Mo Prime
235465 REISS CHRISTIAN F. 23,780.40 10.500 299 11/18/88 304.78 1
51 ABBOTT ROAD 35,000.00 12.000 184 10/01/13 Type: HELOC ARM Mth
NORTH READING, MA 01864 184 05/25/98 1 Mo 1 Mo Prime
235469 DEMELLO RICHARD M. 29,604.43 10.500 299 07/25/89 50.00 1
108 RIVER ST 30,000.00 13.500 192 06/14/14 Type: HELOC ARM Mth
ACTON, MA 01720 192 03/25/98 1 Mo 1 Mo Prime
235485 SLAVIN ROBERT G. 70,658.50 11.500 467 08/29/88 702.07 1
ONE BENNET PLACE 153,000.00 11.000 349 07/08/27 Type: Conv ARM Mth
EAST BOSTON, MA 02101 350 05/08/98 1 Mo 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
233367 129,600 0.00 25.000 0.000 MixedUse
0 69.76 12.250 4.000 NA
06/01/98 NA
233428 79,000 55.68 25.000 0.000 SFD
0 82.98 0.000 5.000 OO
MI Co: Uninsured 06/15/98 HmImp
233579 48,000 73.88 16.531 0.500 SFD
0 117.13 10.531 8.000 OO
MI Co: Uninsured 11/15/98 HmImp
234194 70,000 94.93 0.000 2.000 2-4
0 76.50 0.000 2.500 OO
07/01/98 Pur
234454 110,000 0.00 15.000 0.000 Condo
0 168.32 7.500 2.900 OO
MI Co: Uninsured 06/01/98 Pur
235383 40,000 38.21 0.000 1.000 SFD
0 48.87 0.000 1.450 OO
09/01/98 Pur
235401 55,000 0.00 0.000 0.000 Condo
0 91.54 0.000 1.500 OO
MI Co: Uninsured 06/15/98 Unk
235417 245,000 0.00 18.000 0.000 SFD
0 15.50 0.000 2.000 OO
06/25/98 HmImp
235462 65,000 76.67 18.000 0.000 TWNHS
0 136.96 0.000 2.000 OO
MI Co: Uninsured 06/25/98 HmImp
235465 159,000 0.00 18.000 0.000 SFD
0 111.25 0.000 2.000 OO
MI Co: Uninsured 06/25/98 HmImp
235469 210,000 0.00 18.000 0.000 SFD
0 65.10 0.000 2.000 OO
06/01/98 HmImp
235485 45,000 0.00 18.000 0.000 SFD
0 157.02 0.000 3.000 Unk
MI Co: Uninsured 06/08/98 Unk
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 9
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
235486 SCAVOTTO JOHN 42,334.84 10.000 240 04/10/90 352.79 2
41-43 BELMONT AVE 50,000.00 11.500 142 03/06/10 Type: HELOC ARM Mth
ENFIELD, CT 06082 142 05/10/98 1 Mo 1 Mo Prime
235493 GARRISON CHRISTOPHER L. 7,369.79 10.000 240 09/12/87 150.00 2
14-16 SOUTHVIEW S 10,200.00 9.750 111 08/12/07 Type: HELOC ARM Mth
DORCHESTER, MA 02125 64 05/20/98 1 Mo 1 Yr Prime
235494 COOK PAUL J. 88,605.86 10.000 239 10/20/87 1,962.45 1
11 LAFAYETTE STRE 100,000.00 9.750 111 08/26/07 Type: HELOC ARM Mth
RANDOLPH, MA 02368 57 04/20/98 1 Mo 1 Mo Prime
235514 MITZA JOSEPH J. 18,922.49 9.520 180 08/27/87 459.95 1
6 HEARTHSTONE CIR 45,000.00 10.500 50 07/27/02 Type: Conv ARM Mth
BILLERICA, MA 01866 50 04/27/98 2 Yr 2 Yr CNTRCT RT
235526 RHYNE MARTIN L. SR. 58,595.44 9.500 180 09/17/88 654.83 0
PO BOX 188 STANLE 65,000.00 10.500 63 08/17/03 Type: HELOC ARM Mth
STANLEY, NC 28164 157 05/05/98 1 Mo 1 Yr Prime
235543 CASH OTIS B. JR. 25,259.66 7.870 240 12/10/87 319.10 2
244 HUMBOLDT AVEN 36,000.00 12.500 114 11/10/07 Type: Conv ARM Mth
ROXBURY, MA 02121 113 04/10/98 3 Yr 3 Yr CNTRCT RT
235597 ANDERSON HERNDON W. 42,364.48 7.340 360 11/01/80 435.92 1
3382 RUDON LANE 58,650.00 9.500 148 10/01/10 Type: Conv ARM Mth
COLUMBUS, OH 43204 148 05/01/98 1 Yr 1 Yr 60 DY FNMA
235666 KITCHELL ALI B. 88,376.59 10.500 120 07/15/88 981.95 1
20-22 LOCKWOOD ST 104,000.00 10.500 1 06/15/98 Type: Conv ARM MthBal
INDIAN ORCHARD, MA 01151 178 06/15/98 3 Yr 3 Yr Prime
235710 RIDGE THEATERS INC. 158,064.96 10.500 207 09/09/90 1,447.78 1
93-95 CHAPLIN ROA 220,000.00 10.000 114 12/01/07 Type: Conv ARM MthBal
NEW MILFORD, CT 06776 357 04/01/98 1 Yr 1 Yr Prime
235898 MIDDLETON ANDREA 20,646.64 7.625 360 04/01/92 157.01 1
3107 GOOD HOPE Av #312 BLDG N 22,400.00 7.000 285 03/01/22 Type: Conv ARM Mth
HILLCREST HEIGH, MD 20748 286 04/01/98 1 Yr 1 Yr 4th DIST
236702 PEOTTER DONALD R. 68,934.21 8.000 360 12/01/88 572.57 1
2788 CONSTANCE LN 80,000.00 8.000 245 11/01/18 Type: Conv ARM Mth
MARENGO, IL 60152 245 05/01/98 6 Mo 6 Mo 11th DIST
236709 VOSBURGH PETER B 78,579.70 10.000 240 07/13/89 654.83 2
1 GOLD ST #12C (H38 PORGES RD (E 100,000.00 12.000 133 06/13/09 Type: HELOC ARM Mth
HARTFORD, CT 06423 133 05/13/98 1 Mo 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
235486 84,900 0.00 18.000 2.000 2-4
0 119.45 7.000 1.500 NOO
MI Co: Uninsured 06/01/98 HmImp
235493 120,000 0.00 0.000 0.000 2-4
0 140.31 0.000 1.500 OO
MI Co: Uninsured 06/20/98 HmImp
235494 85,900 67.65 0.000 0.000 SFD
0 120.61 0.000 1.500 OO
MI Co: Uninsured 06/01/98 HmImp
235514 199,000 0.00 0.000 0.000 SFD
0 23.78 0.000 1.890 OO
07/27/99 HmImp
235526 21,000 0.00 18.000 0.000 Land
0 387.84 0.000 1.000 NA
MI Co: Uninsured 06/17/98 NA
235543 105,000 50.77 18.000 0.000 2-4
0 84.06 0.000 0.000 OO
MI Co: Uninsured 11/10/99 Refi
235597 99,000 94.60 14.500 0.500 SFD
0 42.79 4.500 0.000 OO
12/01/98 Pur
235666 65,000 0.00 0.000 0.000 SFD
0 135.96 0.000 2.000 OO
MI Co: Uninsured 06/15/00 Pur
235710 187,000 0.00 0.000 0.000 SFD
0 125.70 0.000 2.000 OO
MI Co: Uninsured 12/01/00 Unk
235898 20,000 0.00 12.000 1.000 Condo
0 103.23 0.000 2.750 OO
MI Co: Uninsured 03/01/99 Pur
236702 181,000 44.20 14.000 1.000 SFD
0 38.09 8.000 2.750 OO
07/01/98 Pur
236709 69,900 0.00 18.000 2.000 Condo
0 414.28 0.000 1.500 OO
MI Co: Yes/Unk Insurer 06/01/98 HmImp
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 10
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
236904 FADER ALLEN 8,936.69 10.500 238 07/19/87 128.32 1
11890 W. BISCAYNE CANAL RD 20,000.00 9.750 107 05/08/07 Type: HELOC ARM Mth
N MIAMI, FL 33161 108 05/08/98 Daily 1 Mo Prime
238429 FORD JOHN 48,487.08 7.500 360 01/01/86 415.27 1
31-850 SAN LUIS R72 59,566.30 10.750 210 12/01/15 Type: Conv ARM Mth
PALM SPRINGS, CA 92264 211 05/01/98 6 Mo 6 Mo 11th DIST
239154 GOLDSTEIN NORMA 68,754.37 10.250 180 02/01/89 572.98 1
9 LIVINGSTON AVEN 70,000.00 10.250 67 01/01/04 Type: HELOC ARM Mth
JERICHO, NY 11753 67 05/01/98 1 Mo 1 Mo Prime
239155 HEIMANN STEVEN 70,652.10 7.750 360 09/01/88 577.04 1
32 WEST 184TH STR 80,100.00 7.250 242 08/01/18 Type: Conv ARM Mth
BRONX, NY 10033 243 05/01/98 1 Yr 1 Yr FHLBB
241349 BRS PARTNERSHIP 2,553,190.98 6.887 180 12/01/88 19,436.14 0
BONITA MESA RV RE9400 N. FRONTAG 2,815,200.00 8.000 65 11/01/03 Type: Comm ARM MthBal
YUMA, AZ 85365 246 06/01/98 1 Yr 1 Yr 11th DIST
241351 ROBERTS SEAN C. 322,818.54 8.000 180 03/01/88 6,933.92 1
1030 FLIGHT LINE HANGER 72 770,000.00 10.500 56 02/01/03 Type: Comm ARM Mth
MOJAVE, CA 93501 56 06/01/98 1 Mo 1 Mo 11th DIST
241352 FRED AND FLORA SILTON 199 835,557.17 7.217 360 01/01/91 6,290.75 8
1001-1009 MALCOM APARTMENT 8 UNI 900,000.00 9.000 270 12/01/20 Type: MultiFARM Mth
LOS ANGELES, CA 90024 268 05/01/98 1 Mo 1 Yr 11th DIST
241354 SEAL BEACH PARTNERS LTD. 1,425,453.00 7.750 360 08/15/88 11,661.45 12
SEAL BEACH MOBILE 313 WELCOME LAN 1,600,000.00 8.750 242 07/15/18 Type: Comm ARM Mth
SEAL BEACH, CA 90740 243 05/15/98 1 Mo 1 Yr 11th DIST
241355 CALDALE HOLDINGS 3,502,736.83 7.417 383 02/15/89 26,785.22 4
1121 LA CIENDA BL 4,600,000.00 11.750 271 01/01/21 Type: MultiFARM Mth
WEST HOLLYWOOD, CA 90069 269 05/01/98 1 Mo 1 Yr 11th DIST
241356 WEST SIDE FREEWAYS 1,823,148.28 10.000 180 07/01/85 18,320.92 9
WESTSIDE MINI-STO 2023 SOUTH UNIO 2,100,000.00 12.500 24 06/01/00 Type: Comm ARM MthBal
LOS ANGELES, CA 90007 213 05/01/98 6 Mo 6 Mo 11th DIST
241357 SYCAMORE IMMOBILIARI LP 2,640,137.09 7.667 120 12/01/93 19,419.43 8
APARTMENTS 1765 N. SYCAMOR 2,720,000.00 6.500 65 11/01/03 Type: MultiFARM MthBal
N. HOLLYWOOD, CA 90213 319 05/01/98 1 Mo 1 Yr 11th DIST
241610 COOK BURT G 39,726.49 11.500 107 05/30/94 393.54 2
107 WHITE HORSE P 40,000.00 10.250 58 04/01/03 Type: Comm ARM Mth
LINDENWOLD, NJ 08021 359 05/01/98 1 Yr 1 Yr Prime
241627 LANGFORD ERVIN F. 432,552.10 10.500 170 02/23/89 3,959.89 2
26 ARROW RD 478,834.24 12.500 58 04/01/03 Type: Conv ARM MthBal
HILTON HEAD, SC 29928 358 05/01/98 Daily 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
236904 67,500 63.50 0.000 0.000 SFD
0 47.11 0.000 2.000 OO
06/01/98 Refi
238429 31,000 84.49 15.750 0.750 Condo
0 156.41 5.750 2.500 NOO
MI Co: Uninsured 11/01/98 Pur
239154 325,000 0.00 18.250 0.000 SFD
0 56.54 1.750 1.750 OO
06/01/98 HmImp
239155 135,000 93.14 14.750 2.000 SFD
0 52.33 0.000 0.000 OO
08/01/98 Pur
241349 4,200,000 0.00 13.000 1.000 MHPark
0 60.79 2.000 2.000 NA
11/01/98 NA
241351 1,100,000 0.00 15.500 0.000 Farm
0 29.35 0.000 3.000 NA
06/01/98 NA
241352 875,000 75.00 14.000 0.000 Multi
0 95.49 6.000 2.300 NA
MI Co: Uninsured 06/01/98 NA
241354 3,200,000 0.00 13.750 0.000 MHPark
0 44.55 7.750 2.250 NA
06/15/98 NA
241355 3,800,000 76.35 13.750 0.000 Multi
0 92.18 0.000 2.500 NA
MI Co: Uninsured 06/01/98 NA
241356 3,000,000 0.00 16.000 0.000 MinWhs
0 74.94 10.000 2.750 NA
09/01/98 NA
241357 3,200,000 85.00 12.000 0.000 Multi
0 82.50 6.500 2.750 NA
MI Co: Uninsured 06/01/98 NA
241610 229,000 0.00 24.000 0.000 Retail
0 17.35 10.000 3.000 NA
05/31/99 NA
241627 1,050,000 0.00 0.000 0.000 MixedUse
0 61.20 0.000 2.000 NA
06/01/98 NA
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 11
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241745 WHITAKER ROBERT H 159,451.01 9.625 360 03/25/88 1,505.63 1
2130 OUTPOST DR 175,500.00 9.625 237 02/25/18 Type: Conv ARM Mth
LOS ANGELES, CA 90068 237 03/25/98 1 Yr 1 Yr 11th DIST
241746 SEAMAN DONALD E 219,279.09 10.950 360 01/01/91 2,189.89 1
4441 LARO LANE 230,750.00 10.950 270 12/01/20 Type: Conv ARM Mth
YORBA LINDA, CA 92686 270 05/01/98 6 Mo 6 Mo 6MO LIBOR
241747 DAKIL BRYAN K 96,480.78 7.009 360 07/01/87 765.16 1
4100 AMHERST ST 112,500.00 7.500 228 06/08/17 Type: Conv ARM Mth
UNIVERSITY PARK, TX 75225 229 05/08/98 1 Yr 1 Yr 11th DIST
241749 DEVOGELAERE ROBERT A 337,845.55 7.167 360 08/20/88 2,622.70 1
360 BELLINO DR 370,000.00 7.500 242 07/20/18 Type: Conv ARM Mth
PACIFIC PALISAD, CA 90272 247 03/20/98 1 Mo 1 Yr 11th DIST
241750 ADAMS JEREMIAH 83,566.26 7.767 360 05/20/89 676.00 1
13517 PENN ST 96,000.00 9.150 251 04/20/19 Type: Conv ARM Mth
WHITTIER, CA 90602 250 06/20/98 1 Mo 1 Yr 11th DIST
241752 LOEWE KENNETH W. 65,714.96 7.267 360 08/10/91 494.10 1
4524 N. WHIPPLE S 75,000.00 9.500 278 07/10/21 Type: Conv ARM Mth
CHICAGO, IL 60625 272 05/10/98 1 Mo 1 Yr 11th DIST
241756 CALNAN KEVIN M 72,720.42 7.375 360 01/01/88 586.84 1
6216 MESQUITE DR 83,600.00 7.375 234 12/01/17 Type: Conv ARM Mth
ALBUQUERQUE, NM 87120 235 05/01/98 6 Mo 6 Mo 11th DIST
241758 ENGLISH PAUL A 248,208.71 8.750 360 03/01/94 2,026.04 1
415 13TH STREET 260,000.00 5.000 308 02/01/24 Type: Conv ARM Mth
BELLINGHAM, WA 98225 309 04/01/98 6 Mo 6 Mo 6 MO CD 2n
241759 ADAMS FRANKLIN R 280,465.94 8.500 360 07/01/94 2,233.65 2
4426 W. SPRING CR 292,000.00 5.875 312 06/01/24 Type: Conv ARM Mth
DEER PARK, WA 99006 312 05/01/98 6 Mo 6 Mo 6 MO CD 2n
241770 KAPLAN HARVEY M. 53,355.21 7.625 360 11/01/88 431.58 1
10343 S. CIRCLE L# 201 60,000.00 7.250 244 10/01/18 Type: Conv ARM Mth
BOYNTON BEACH, FL 33437 244 05/01/98 1 Yr 1 Yr 4th DIST
241776 JOHNSON WAYNE DOUGLAS 167,551.16 8.914 360 11/01/93 1,391.29 1
1981 DAIN DRIVE 175,750.00 5.750 304 10/01/23 Type: Conv ARM Mth
LEMON GROVE, CA 91945 304 06/01/98 6 Mo 6 Mo 6MO LIB FN
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
241745 475,000 88.64 14.625 2.000 SFD
0 33.57 9.625 3.700 OO
08/25/98 Pur
241746 285,000 62.36 16.950 1.000 SFD
0 76.94 10.950 5.000 OO
06/01/98 DbtCon
241747 175,000 66.18 12.875 1.500 SFD
0 55.13 2.125 2.250 OO
06/08/98 Pur
241749 875,000 42.05 12.750 0.000 SFD
0 38.61 5.500 2.250 OO
06/20/98 C/O
241750 95,000 0.00 13.750 0.000 SFD
0 87.96 5.500 2.850 NOO
MI Co: Uninsured 06/20/98 Pur
241752 135,000 60.00 14.000 0.000 SFD
0 48.68 7.000 2.350 OO
06/10/98 C/O
241756 130,000 80.00 12.900 0.750 SFD
0 55.94 7.375 2.000 OO
06/01/98 Pur
241758 300,000 67.53 11.000 1.000 SFD
0 82.74 0.000 2.875 OO
MI Co: Uninsured 08/01/98 Dbt Con
241759 325,000 0.00 11.875 1.000 2-4
0 86.30 0.000 2.750 OO
MI Co: Uninsured 06/01/98 Refi
241770 91,000 65.93 13.250 2.000 Condo
0 58.63 0.000 2.750 2nd
10/01/98 Pur
241776 155,000 95.00 11.750 1.000 SFD
0 108.10 3.750 2.875 OO
MI Co: Yes/Unk Insurer 10/01/98 Dbt Con
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 12
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241778 MIYAMOTO SHUJI 347,473.66 11.125 360 04/01/96 3,377.70 1
1824 FALCON RIDG 351,200.00 10.750 333 03/01/26 Type: Conv ARM Mth
PETALUMA, CA 94954 334 04/01/98 6 Mo 6 Mo 6MO LIBOR
241780 KING JERALD D 65,506.32 12.850 360 08/01/96 722.36 1
12342 SOUTH 2700 66,000.00 12.850 337 07/01/26 Type: Conv ARM Mth
RIVERTON, UT 84065 333 05/01/98 6 Mo 6 Mo 6MO LIBOR
241783 PRA RICHARD 57,402.49 8.500 360 12/30/87 503.05 1
202 ELKCAM BLVD. 65,000.00 8.500 234 11/30/17 Type: Conv ARM Mth
PORT CHARLOTTE, FL 33952 235 04/30/98 1 Yr 1 Yr 11th DIST
241784 FOWLER DEBORAH O 55,683.50 9.000 360 03/09/88 535.67 1
8059 BANKS MILL 52,500.00 9.000 237 02/09/18 Type: Conv ARM Mth
DOUGLASVILLE, GA 30135 203 05/09/98 1 Yr 1 Yr 11th DIST
241786 HAULI KARI 31,888.20 8.000 360 08/01/86 276.78 1
DORIS LEE DR 40,000.00 8.750 217 07/01/16 Type: Conv ARM Mth
PEEKSKILL, NY 10566 220 04/01/98 1 Mo 1 Yr COFI MED
241793 CICCHINO MARTIN A 176,908.94 7.875 360 02/01/88 1,478.92 2
121 WAYNE ST 206,000.00 7.500 235 01/01/18 Type: Conv ARM Mth
JERSEY CITY, NJ 07302 236 05/01/98 1 Yr 1 Yr COFI MED
241796 ADAMS HILVANIA 108,624.86 8.250 360 04/01/87 941.74 1
150 W. 51ST. ST. UNIT #18-2 120,800.00 7.500 225 03/01/17 Type: Conv ARM Mth
NEW YORK, NY 10019 230 05/01/98 1 Mo 1 Yr COFI MED
241797 PARKS GERALD H. 163,528.79 8.125 376 09/01/88 1,343.22 1
52 RANDALL AVE. UNIT #8 179,900.00 7.500 258 12/01/19 Type: Conv ARM Mth
STAMFORD, CT 06905 258 03/01/98 1 Yr 1 Yr COFI MED
241809 BALAES JOHN W 111,918.75 10.750 360 06/01/97 1,050.17 1
8845 E. SHILOH PL 112,500.00 10.750 347 05/01/27 Type: Conv ARM Mth
TUCSON, AZ 85710 347 04/01/98 6 Mo 6 Mo 6MO LIBOR
241810 LOCKEY GARY D 41,153.57 13.990 360 07/01/97 488.44 1
2501 NORTH 17TH S 41,250.00 13.990 348 06/01/27 Type: Conv ARM Mth
PHOENIX, AZ 85006 348 05/01/98 6 Mo 6 Mo 6MO LIBOR
241821 WALKER LORRAINE 61,283.51 10.750 360 10/01/97 574.10 1
3301 ALTO ROAD 61,500.00 10.750 351 09/01/27 Type: Conv ARM Mth
BALTIMORE, MD 21216 351 04/01/98 6 Mo 6 Mo 6MO LIBOR
241822 SANTOS CHARLIE S. 205,660.98 7.500 360 03/01/91 1,574.55 1
11553 COLORNO DRI 225,350.00 8.950 272 02/01/21 Type: Conv ARM Mth
RANCHO CUCAMONG, CA 91701 273 02/01/98 6 Mo 6 Mo 11th DIST
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
241778 400,000 80.00 17.750 1.000 PUD
0 86.87 10.750 5.500 NOO
MI Co: Uninsured 09/01/98 Pur
241780 136,000 40.99 19.350 1.000 SFD
0 48.17 12.850 7.260 OO
07/01/98 C/O
241783 87,000 74.71 13.500 2.000 SFD
0 65.98 8.500 2.750 OO
05/30/99 DbtCon
241784 78,000 77.21 14.000 2.000 SFD
0 71.39 9.000 3.250 OO
08/09/98 Cnstr P
241786 79,000 47.06 14.900 0.000 SFD
0 40.36 0.000 3.000 OO
06/01/98 Pur
241793 195,000 64.38 13.875 2.000 2-4
0 90.72 0.000 3.000 OO
MI Co: Uninsured 01/01/99 Pur
241796 155,000 0.00 14.900 0.000 Condo
0 70.08 0.000 3.250 OO
06/01/98 Pur
241797 170,000 86.49 13.900 2.000 Condo
0 96.19 0.000 3.250 OO
MI Co: Uninsured 08/01/98 Pur
241809 102,500 90.00 17.250 1.000 SFD
0 109.19 0.000 7.000 OO
MI Co: Uninsured 05/01/99 Refi
241810 26,200 75.00 20.490 3.000 SFD
0 157.07 0.000 7.125 OO
MI Co: Uninsured 06/01/99 C/O
241821 32,500 75.00 17.250 3.000 SFD
0 188.56 10.750 6.000 OO
MI Co: Uninsured 09/01/99 Pur
241822 198,000 79.91 14.000 1.000 SFD
0 103.87 0.000 2.500 OO
MI Co: Uninsured 08/01/98 Pur
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 13
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
241826 GARDUNO HENRY 68,688.25 7.750 360 07/01/91 533.86 1
29783 CORAL TREE 74,000.00 7.750 276 06/01/21 Type: Conv ARM Mth
MENIFEE, CA 92355 277 04/01/98 1 Mo 1 Yr 11th DIST
241882 DEEB DAVID 68,340.57 10.500 126 03/01/89 1,258.45 1
ROUTE 98 SARATOGA ROAD 150,000.00 12.500 14 08/01/99 Type: Comm ARM MthBal
GANSEVOORT, NY 12831 75 05/01/98 3 Mo 3 Mo Prime
241883 DEEB DAVID A. 43,530.58 10.250 240 05/30/90 321.84 1
169 AVIATION ROAD 63,000.00 11.750 143 04/30/10 Type: HELOC ARM Mth
QUEENSBURG, NY 12804 143 05/01/98 1 Mo 1 Yr Prime
241898 RULISON FRED A. 94,976.40 9.250 240 02/13/94 971.74 8
108-110 BLEEKER 10-10.5 SANDERS 121,446.61 8.750 188 01/13/14 Type: Comm ARM Mth
GLOVERSVILLE, NY 12078 183 04/13/98 3 Yr 3 Yr Prime
241899 OTTO GRECO PROPERTIES IN 20,951.65 9.000 220 02/01/85 433.04 5
251 GUY PARK AVEN 40,000.00 13.250 59 05/14/03 Type: MultiFARM Mth
AMSTERDAM, NY 12010 61 05/14/98 5 Yr 5 Yr Prime
241905 MOORE JOHN D. 62,939.06 10.500 180 02/01/90 316.67 1
STORE/GAS STATION 148 S. MAIN 95,000.00 8.000 79 01/01/05 Type: Comm ARM MthBal
ALLENTOWN, NJ 08501 79 05/01/98 Daily 1 Yr Prime
241915 EADY RHODA A. 37,066.01 11.500 179 12/30/87 905.53 2
1540-1542 STRATFO 75,000.00 13.500 53 10/30/02 Type: DemandARM Mth
BRIDGEPORT, CT 06607 53 06/30/98 1 Mo 1 Mo Prime
241917 OGAN KENNETH 87,321.20 9.860 144 10/01/90 946.88 1
UNIT 110 BETHEL VELIZABETH STREE 120,000.00 10.500 51 09/01/02 Type: Comm ARM MthBal
BETHEL, CT 06801 174 06/01/98 3 Yr 3 Yr FHLB 3 YR
241918 SAMENFINK THOMAS 78,071.85 8.550 129 09/01/87 1,200.00 1
261 PULASKI STREE416-20 KOSSUTH 125,000.00 9.750 88 05/01/98 Type: Comm ARM Mth
BRIDGEPORT, CT 06608 88 03/28/98 1 Yr 1 Yr Prime
242333 CANFIELD PARTNERS 1,380,112.31 7.375 360 03/01/91 10,457.30 16
3751 CANFIELD AVE 1,525,000.00 8.950 272 02/01/21 Type: MultiFARM Mth
LOS ANGELES, CA 90034 272 05/01/98 1 Mo 1 Yr 11th DIST
242337 LOBRUTTO LOUIS 125,602.37 11.375 360 07/01/95 1,249.37 2
98-100 CHESTNUT S 127,500.00 10.740 324 06/01/25 Type: Conv ARM Mth
EVERETT, MA 02149 325 02/01/98 6 Mo 6 Mo 6MO LIBOR
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
241826 98,000 63.79 14.000 0.000 PUD
0 70.09 7.750 2.500 OO
06/01/98 Pur
241882 140,000 0.00 14.750 2.000 Retail
0 48.81 0.000 2.000 NA
07/01/98 NA
241883 93,000 67.74 14.700 2.000 SFD
0 46.81 0.000 1.750 OO
06/01/98 HmImp
241898 97,000 0.00 0.000 0.000 Office
0 97.91 0.000 1.000 NA
MI Co: Uninsured 01/13/00 NA
241899 150,000 0.00 0.000 0.000 Multi
0 13.97 0.000 1.000 NA
06/14/98 NA
241905 110,000 86.36 0.000 0.000 Retail
0 57.22 0.000 2.000 NA
06/01/98 NA
241915 75,000 75.00 0.000 0.000 Office
0 49.42 0.000 3.000 NA
06/01/98 NA
241917 150,000 80.00 0.000 0.000 Office Condo
0 58.21 0.000 3.000 NA
09/01/99 NA
241918 119,900 4.46 0.000 0.000 Wrhse
0 65.11 0.000 2.500 NA
08/01/98 NA
242333 1,200,000 101.67 13.950 0.000 Multi
0 115.01 3.950 2.375 NA
MI Co: Uninsured 06/01/98 NA
242337 149,000 75.00 17.740 1.500 2-4
0 84.30 10.740 5.500 OO
MI Co: Uninsured 06/01/98 C/O
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 14
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
242338 MORRONE MILDRED 58,259.80 10.000 240 07/15/87 855.19 1
20 WOLF HILL RD 100,000.00 0.000 109 06/15/07 Type: HELOC ARM Mth
WOLCOTT, CT 06716 102 03/15/98 Daily 1 Yr Prime
242339 ANDERSON JAMES J. 125,262.30 8.125 360 08/01/88 1,055.06 1
135 LONDONDERRY R 144,000.00 6.900 241 07/01/18 Type: Conv ARM Mth
GOOSE CREEK, SC 29445 242 04/01/98 1 Mo 1 Yr COFI MED
242354 PAZ ROSANNA 110,140.15 8.125 360 11/01/86 964.24 1
435 W BROADWAY 128,000.00 8.875 220 10/01/16 Type: Conv ARM Mth
CEDARHURST, NY 11516 220 04/01/98 1 Yr 1 Yr COFI MED
242396 RICHARDSON DAN T 3,031,624.02 7.167 342 03/01/89 24,362.26 4
3614 FARIS DRIVE 3,500,000.00 0.000 230 08/01/17 Type: MultiFARM Mth
LOS ANGELES, CA 90034 229 05/01/98 1 Mo 1 Yr 11th DIST
370343 IRWIN JOHN A. JR. 27,555.91 10.000 180 04/16/90 100.00 2
133 COMMANDER SHE116 ENGLEWOOD A 32,000.00 11.500 82 03/16/05 Type: HELOC ARM Mth
QUINCY/BRIGHTON, MA 02171 82 05/17/98 1 Mo 1 Mo Prime
370448 FERRELLI VINCENT II 131,002.19 11.500 240 08/01/87 1,777.84 2
97 MAIN STREET 165,000.00 11.500 109 07/01/07 Type: Comm ARM Mth
HOPKINTON, MA 01748 129 05/01/98 3 Yr 3 Yr Prime
370589 CONGER MARGARET A 7,111.88 10.500 202 08/18/88 100.00 1
117 ARMSTRONG PL 15,000.00 10.500 84 05/16/05 Type: HELOC ARM Mth
SYRACUSE, NY 13207 112 06/04/98 1 Mo 1 Mo Prime
370782 RALAT JESSE 19,178.78 10.500 444 06/04/87 100.00 1
2400 JOHNSON AVE APT 10B 34,000.00 10.500 312 05/04/24 Type: HELOC ARM Mth
RIVERDALE, NY 10463 312 06/01/98 1 Mo 1 Mo Prime
370785 BENISON GERALD IRA 36,520.89 10.500 443 07/01/89 100.00 1
65 CENTRAL PARK W # 15G 50,000.00 13.500 335 05/18/26 Type: HELOC ARM Mth
NEW YORK, NY 10023 335 05/01/98 1 Mo 1 Mo Prime
370786 PANETH MENACHEM 6,041.61 10.500 112 10/01/89 100.00 0
901 AVE H #4E 15,000.00 10.500 7 01/03/99 Type: Conv ARM Mth
BROOKLYN, NY 11230 87 05/01/98 1 Mo 1 Mo Prime
370787 ZELENY JAMES 5,816.98 10.500 377 11/03/84 100.00 0
55-25 31ST AVE AP 11,000.00 10.500 8 01/03/99 Type: Conv ARM Mth
WOODSIDE, NY 11377 82 05/01/98 1 Mo 1 Mo Prime
370788 CARDENAS ANN M 33,581.21 10.500 444 09/04/89 100.00 1
3840 GREYSTONE AV 50,000.00 13.500 339 08/04/26 Type: HELOC ARM Mth
RIVERDALE, NY 10463 339 06/01/98 1 Mo 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
242338 90,000 0.00 0.000 0.000 Condo
0 64.73 0.000 0.000 NOO
06/03/98 Pur
242339 129,900 88.89 13.900 0.000 PUD
0 96.43 0.000 3.250 OO
MI Co: Yes/Unk Insurer 06/01/98 Pur
242354 170,000 0.00 14.900 2.000 SFD
0 64.79 0.000 3.250 NOO
10/01/98 Pur
242396 4,800,000 72.92 15.272 0.000 Multi
0 63.16 5.272 2.250 NA
06/01/98 NA
370343 60,000 0.00 18.000 0.000 Condo
0 210.76 0.000 1.500 OO
MI Co: Uninsured 12/17/97 HmImp
370448 229,900 0.00 0.000 0.000 Retail
0 56.98 0.000 4.000 NA
07/01/99 NA
370589 57,000 0.00 15.900 0.000 SFD
0 55.96 0.000 2.000 OO
06/15/98 Dbt Con
370782 85,000 67.41 0.000 0.000 CO-OP
0 49.98 0.000 2.000 OO
06/01/98 HmImp
370785 250,000 49.82 15.900 0.000 CO-OP
0 67.34 0.000 2.000 OO
06/01/98 HmImp
370786 42,000 67.50 0.000 0.000 CO-OP
0 115.28 0.000 2.000 OO
MI Co: Uninsured 06/01/98 HmImp
370787 34,000 59.99 0.000 0.000 CO-OP
0 159.44 0.000 2.000 NOO
MI Co: Uninsured 06/01/98 HmImp
370788 40,000 42.37 16.400 0.000 CO-OP
0 83.95 0.000 2.000 OO
MI Co: Uninsured 06/01/98 HmImp
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 15
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
370789 SAMUELSON ARTHUR 23,589.82 10.500 444 09/23/89 100.00 1
195 ADAMS STREET APT 11A 32,000.00 10.500 339 08/23/26 Type: HELOC ARM Mth
BROOKLYN, NY 11201 339 05/01/98 1 Mo 1 Mo Prime
370790 BESSETTE WILLIAM J. 21,980.00 10.500 120 10/08/89 192.35 1
20 N BROADWAY APT 80,000.00 13.000 16 09/08/99 Type: HELOC ARM Mth
WHITE PLAINS, NY 10601 16 05/01/98 1 Mo 1 Mo Prime
370791 DURHAM EMILY L 13,866.46 10.500 348 10/21/89 100.00 1
116 PINEHURST APT F54 20,000.00 13.000 244 09/21/18 Type: HELOC ARM Mth
NEW YORK, NY 10033 244 06/01/98 1 Mo 1 Mo Prime
370795 REPANTI BETTY B 13,848.53 10.500 444 11/23/89 100.00 1
69 CARPENTER AVE APT 1A 25,000.00 12.500 341 10/23/26 Type: HELOC ARM Mth
MT KISCO, NY 10549 341 05/01/98 1 Mo 1 Mo Prime
370798 MORSON DEBORAH J 46,842.55 10.300 120 02/12/90 421.58 1
5 ANCHORAGE LN AP 49,000.00 10.300 20 01/12/00 Type: HELOC ARM Mth
OYSTER BAY, NY 11771 20 05/12/98 1 Mo 1 Mo Prime
370799 KARLEBACH KAREN 17,369.43 10.300 440 02/12/90 100.00 1
90 SCHENCK AVE AP 55,000.00 12.300 340 09/12/26 Type: HELOC ARM Mth
GREAT NECK, NY 11021 340 05/01/98 1 Mo 1 Mo Prime
370800 KELLAWAY WILLIAM 11,855.29 10.500 440 01/01/90 100.00 1
87-1O MARENGO ST 41,500.00 12.500 338 08/01/26 Type: HELOC ARM Mth
HOLLISWOOD, NY 11423 338 06/01/98 1 Mo 1 Mo Prime
370802 DEGARMO K SCOTT 24,711.13 10.500 441 04/21/90 100.00 1
2727 PALISADE AVE APT 16H 36,400.00 12.000 343 12/21/26 Type: HELOC ARM Mth
RIVERDALE, NY 10463 343 05/01/98 1 Mo 1 Mo Prime
370810 SOMMER WALTER B 29,872.48 10.500 440 09/27/90 100.00 1
99 BANK STREET APT. 3-Q 40,000.00 12.000 347 04/27/27 Type: HELOC ARM Mth
NEW YORK, NY 10014 347 06/01/98 1 Mo 1 Mo Prime
370815 CARBERRY THOMAS M 12,779.38 10.300 440 03/01/91 100.00 1
7901 4TH AVE APT 18,000.00 11.800 352 10/01/27 Type: HELOC ARM Mth
BROOKLYN, NY 11209 352 05/01/98 1 Mo 1 Mo Prime
370816 POLLACK IRA R 5,550.25 10.500 149 01/10/91 100.00 0
21 BARSTOW RD APT 1D 7,500.00 12.000 61 06/05/03 Type: Conv ARM Mth
GREAT NECK, NY 11021 77 05/01/98 1 Mo 1 Mo Prime
370819 SZABO ANDREW P 9,169.98 10.300 360 11/01/81 100.00 0
380 N BROADWAY AP 12,000.00 11.300 160 10/01/11 Type: Conv ARM Mth
YONKERS, NY 10701 181 05/01/98 1 Mo 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
370789 73,000 22.38 0.000 0.000 CO-OP
0 32.31 0.000 2.000 OO
06/01/98 HmImp
370790 43,000 70.98 0.000 0.000 CO-OP
0 92.85 0.000 2.000 OO
MI Co: Uninsured 06/01/98 HmImp
370791 130,000 58.70 15.900 0.000 CO-OP
0 81.07 0.000 2.000 OO
MI Co: Uninsured 06/21/98 HmImp
370795 90,000 20.49 16.400 0.000 CO-OP
0 15.39 0.000 2.000 OO
06/01/98 Dbt Con
370798 65,000 56.41 16.000 0.000 CO-OP
0 109.50 0.000 1.800 OO
MI Co: Uninsured 06/12/98 HmImp
370799 50,000 38.46 16.000 0.000 CO-OP
0 34.74 0.000 1.800 OO
06/01/98 Dbt Con
370800 50,000 62.56 16.400 0.000 CO-OP
0 47.07 0.000 2.000 OO
06/01/98 HmImp
370802 250,000 65.32 16.900 0.000 CO-OP
0 73.71 0.000 2.000 OO
06/01/98 HmImp
370810 95,000 41.58 16.900 0.000 CO-OP
0 50.62 0.000 2.000 OO
06/01/98 HmImp
370815 93,000 66.36 16.000 0.000 CO-OP
0 88.58 0.000 1.800 OO
MI Co: Uninsured 06/01/98 HmImp
370816 70,000 69.13 16.900 0.000 CO-OP
0 100.91 0.000 2.000 OO
MI Co: Uninsured 06/01/98 HmImp
370819 45,000 20.00 16.000 0.000 CO-OP
0 20.38 0.000 1.800 OO
06/01/98 HmImp
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 16
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
370821 HUGHES JOAN C 11,329.31 10.300 440 07/01/91 100.00 1
301 E 22ND ST APT 20,000.00 10.800 356 02/01/28 Type: HELOC ARM Mth
NEW YORK, NY 10010 421 05/01/98 1 Mo 1 Yr Prime
370829 CARROLL MARGARET LYNN 10,238.48 9.050 275 02/01/86 100.00 1
215 W 91ST ST #57 14,300.00 9.050 126 12/08/08 Type: HELOC ARM Mth
NEW YORK, NY 10024 197 05/01/98 3 Mo 1 Yr 6 MO CD 2n
370830 JORDAN FRANK J. 17,116.73 9.060 432 04/01/85 100.00 1
205 THIRD AVENUE APARTMENT #4N 100,000.00 9.060 273 03/01/21 Type: HELOC ARM Mth
NEW YORK, NY 10003 273 06/01/98 3 Mo 1 Yr 6 MO CD 2n
370831 INGRAM LLOYD H 15,992.91 9.110 398 12/26/86 100.00 1
955 PARK AVE 1SE 55,000.00 9.110 260 02/01/20 Type: HELOC ARM Mth
NEW YORK, NY 10028 260 06/01/98 3 Mo 1 Yr 6 MO CD 2n
370857 MEDWID PETER 68,606.36 11.750 458 10/01/87 700.15 1
6807 ROCKCREEK CT 69,400.00 10.500 329 11/01/25 Type: Conv ARM Mth
ALEXANDRIA, VA 22306 329 05/01/98 1 Mo 1 Mo Prime
371216 GRUSENDORF KENT 22,306.32 9.500 88 06/10/92 1,486.68 0
1241 W NATHAN LOWLOT 20 WM STEP 95,000.00 9.000 16 09/10/99 Type: Comm LARM Mth
ARLINGTON, TX 76017 17 05/10/98 Daily 1 Yr Prime
392562 CZOPOWIK JANUSZ 73,068.74 12.000 360 02/01/97 755.58 1
169 AUKLAND DRIVE 73,600.00 9.500 343 01/01/27 Type: Conv ARM Mth
NEWARK, DE 19702 343 05/01/98 6 Mo 6 Mo 6MO LIBOR
392785 HUMPHREYS BARBARA 373,500.00 12.500 57 01/25/97 3,890.63 2
440 HELIOTROPE 373,500.00 12.250 40 09/25/01 Type: DemandARM Qua
NEWPORT BEACH, CA 92825 40 04/25/98 1 Yr 1 Mo Prime
750910 SLAUGHTER RICKY L 60,165.49 10.875 138 07/01/89 574.51 1
62 MAYS AVE 52,590.00 10.500 30 12/01/00 Type: Conv ARM MthBal
COLUMBUS, GA 31907 331 02/01/98 6 Mo 6 Mo 6MO LIBOR
755046 BLK APARTMENTS 2,144,208.47 7.125 120 12/01/88 16,288.70 7
1241 FIFTH AVENUE 2,400,000.00 8.500 5 11/01/98 Type: MultiFARM MthBal
CHULA VISTA, CA 92010 257 05/01/98 6 Mo 6 Mo 11th DIST
770011 TACK SCOTT R 71,013.67 10.437 422 11/01/86 676.41 1
RT 5 BOX 29 52,900.00 9.750 282 12/15/21 Type: Conv ARM Mth
CHICKASHA, OK 73018 283 05/15/98 6 Mo 6 Mo 6MO LIBOR
770151 BURCH JOAN 63,354.15 12.750 465 10/11/87 692.81 1
1748 CRESTRIDGE 42,000.00 13.000 337 07/01/26 Type: Conv ARM Mth
GARLAND, TX 75042 337 02/01/98 1 Mo 1 Mo Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
370821 110,000 59.21 16.000 0.000 CO-OP
0 41.64 0.000 1.800 OO
06/01/98 HmImp
370829 175,000 15.13 0.000 0.000 CO-OP
0 17.56 0.000 3.500 OO
07/01/98 HmImp
370830 260,000 0.00 0.000 0.000 CO-OP
0 16.20 0.000 3.500 OO
06/01/98 HmImp
370831 450,000 21.15 0.000 0.000 CO-OP
0 3.55 0.000 3.500 OO
08/01/98 Pur
370857 175,000 0.00 17.750 0.000 SFD
0 58.30 11.750 3.000 OO
06/01/98 HmImp
371216 280,000 13.63 0.000 0.000 Land
0 7.97 0.000 1.000 NA
06/01/98 NA
392562 74,000 80.00 15.500 1.500 TWNHS
0 98.74 9.500 7.000 OO
MI Co: Uninsured 07/01/98 Pur
392785 410,500 0.00 0.000 0.000 MixedUse
0 90.99 0.000 4.000 NA
MI Co: Uninsured 10/25/98 NA
750910 63,900 0.00 26.875 1.000 SFD
0 94.16 10.875 5.000 OO
MI Co: Uninsured 06/01/98 Cnstr P
755046 2,350,000 77.42 13.500 2.000 Multi
0 91.24 0.000 2.250 NA
MI Co: Uninsured 11/01/98 NA
770011 61,500 89.97 13.031 0.500 SFD
0 115.47 7.031 4.500 OO
MI Co: Uninsured 06/15/98 Dbt Con
770151 35,000 87.50 0.000 0.000 SFD
0 181.01 12.750 4.000 NOO
MI Co: Uninsured 06/01/98 HmImp
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 17
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
770156 STURM KENNETH 38,798.17 9.125 361 06/01/84 390.95 1
310 N ANGEL FIRE CHRISTI VILLA C 47,000.00 13.500 192 06/01/14 Type: Conv ARM Mth
ANGEL FIRE, NM 87710 186 05/01/98 1 Yr 1 Yr CNTRCT RT
770164 BRAUER FREDERICK 63,423.41 10.601 295 03/18/88 716.84 1
9 HUNTER RD 50,000.00 9.500 172 10/10/12 Type: Conv ARM Mth
AVON, CT 06001 173 05/10/98 6 Mo 6 Mo 6MO LIBOR
770165 BULLARD CAROL T 46,217.01 13.500 254 09/01/89 642.66 1
150 CLIFTON A 47,000.00 12.500 148 10/01/10 Type: Conv ARM Mth
WEST HARTFORD, CT 06107 149 05/01/98 1 Mo 1 Mo 6MO LIBOR
770168 DAVISON PETER C 59,841.54 9.500 240 12/18/88 473.75 1
4 CHERYL CT 60,000.00 11.000 126 11/18/08 Type: HELOC ARM Mth
CROMWELL, CT 06416 126 03/18/98 1 Mo 1 Mo Prime
770178 FROHLOFF LOTHAR E 139,436.02 14.500 430 12/02/89 1,718.28 1
207E HARTLAND 100,000.00 12.000 328 09/15/25 Type: Conv ARM Mth
BARKHAMSTEAD, CT 06059 329 05/15/98 6 Mo 6 Mo 6MO LIBOR
770179 GORTON WILLARD L 87,051.34 10.000 240 04/07/90 725.43 1
6 WOODS LN 90,000.00 11.500 142 03/07/10 Type: HELOC ARM Mth
SIMSBURY, CT 06070 142 05/07/98 1 Mo 1 Mo Prime
770187 MCGARTY DAVID B 31,690.38 11.043 263 05/17/89 385.58 1
195 SANER RD 25,000.00 12.500 154 03/30/11 Type: Conv ARM Mth
MARLBOROUGH, CT 06447 155 03/31/98 6 Mo 6 Mo 6MO LIBOR
770195 RUDIN LAURENCE J. 53,611.66 9.500 241 09/26/88 424.43 1
11 PEMBROKE RD 55,000.00 11.000 124 09/26/08 Type: HELOC ARM Mth
ASHFORD, CT 06278 124 05/01/98 1 Mo 1 Mo Prime
770196 RYAN JAMES H 82,474.11 13.000 253 12/15/89 1,111.99 1
96 MONTCLAIR DR 87,000.00 12.000 151 12/20/10 Type: Conv ARM Mth
WEST HARTFORD, CT 06107 151 04/20/98 6 Mo 6 Mo 6MO LIBOR
770275 DOUGLAS CHARLIE JR. 30,172.64 13.750 265 10/16/88 428.41 1
RT 1 BOX 244F 29,875.20 11.981 149 10/25/10 Type: Conv ARM MthBal
OHAHA, TX 75571 145 05/25/98 1 Yr 1 Yr Prime
770302 BOURQUE DONIVEE 40,405.26 13.500 428 03/15/90 465.71 1
22 RAILROAD 75,000.00 11.500 329 10/10/25 Type: Conv ARM Mth
WILMINGTON, MA 01887 334 05/10/98 6 Mo 6 Mo Prime
770303 HAROULES MARK G 47,835.85 10.906 262 03/15/90 563.77 1
184 NEW ESTAT 50,000.00 11.500 163 12/17/11 Type: Conv ARM MthBal
LITTLETON, MA 01460 163 02/17/98 6 Mo 6 Mo 6MO LIBOR
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
770156 38,500 80.07 0.000 2.000 SFD
0 100.77 0.000 1.810 NOO
MI Co: Uninsured 03/01/99 Pur
770164 128,000 0.00 18.000 2.000 SFD
0 54.93 0.000 5.000 OO
10/10/98 HmImp
770165 125,000 0.00 18.760 2.000 SFD
0 65.77 13.500 7.500 OO
06/01/98 HmImp
770168 67,000 0.00 17.240 2.000 Condo
0 89.32 0.000 1.000 OO
MI Co: Uninsured 06/18/98 HmImp
770178 165,000 0.00 20.000 0.000 SFD
0 101.69 14.500 8.680 OO
MI Co: Uninsured 09/15/98 HmImp
770179 115,000 0.00 17.750 0.000 SFD
0 91.46 0.000 1.500 OO
MI Co: Uninsured 06/07/98 HmImp
770187 124,900 0.00 29.953 0.000 SFD
0 58.31 10.953 5.231 OO
10/30/98 HmImp
770195 105,000 0.00 17.240 2.000 SFD
0 73.14 0.000 1.000 OO
06/26/98 HmImp
770196 167,000 0.00 20.000 0.000 SFD
0 73.94 13.000 7.000 OO
06/20/98 HmImp
770275 25,000 0.00 24.000 0.000 SFD
0 120.69 0.000 5.250 OO
MI Co: Uninsured 10/25/98 Pur
770302 139,000 0.00 22.500 0.000 SFD
0 29.07 0.000 5.000 OO
10/10/98 HmImp
770303 189,900 0.00 14.562 0.500 SFD
0 68.78 6.563 5.000 OO
06/17/98 HmImp
</TABLE>
<PAGE>
CS FIRST BOSTON
ARM Loan Schedule
Wilshire 98-2 Balances as of: 06/01/98 Page 18
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Coupon: Original/ First Pay/
Servicer Loan/ Borrower Current/ Current/ Stated/ Maturity/
Trade Account Property Address Original Original Amortized Paid Thru P & I Units:
- -------------- ---------------- --------- -------- --------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
770304 BROWN DENNIS R 99,200.00 10.000 180 06/15/90 826.67 1
44 EMERSON RD 100,000.00 11.500 84 05/17/05 Type: HELOC ARM Mth
WELLESLEY, MA 02181 84 05/17/98 1 Mo 1 Mo Prime
770305 BERTUZZI GAYLE N 31,297.16 10.875 125 06/15/90 299.00 1
125 LAURELWOOD DRUNIT A-125 30,000.00 11.500 29 11/01/00 Type: Conv ARM MthBal
HOPEDALE, MA 01747 329 05/01/98 6 Mo 6 Mo 6MO LIBOR
770427 KALELL CHARLES S 33,507.99 12.250 231 08/29/87 530.21 1
11 COMMONWEALTH A 28,000.00 9.750 101 10/25/06 Type: Conv ARM Mth
QUINCY, MA 02169 103 06/25/98 1 Yr 1 Yr Prime
770435 HUGHES SANDINO J 63,377.89 10.820 437 06/17/89 602.92 1
151 TREMONT ST #1 50,000.00 13.000 329 10/30/25 Type: Conv ARM Mth
BOSTON, MA 02111 329 04/30/98 6 Mo 6 Mo 6MO LIBOR
770437 PHILLIPS ROBERT P 67,291.06 10.500 204 11/30/89 1,000.03 1
190 LAKE SHORE RD 85,000.00 12.000 101 11/15/06 Type: Conv ARM Mth
BRIGHTON, MA 02135 103 05/15/98 6 Mo 6 Mo Prime
770447 HAMBERG GEORGE T 124,238.66 11.000 172 01/01/88 1,189.46 1
21 CEDARWOOD LN 100,000.00 11.000 46 04/01/02 Type: Conv ARM MthBal
OLD SAYBROOK, CT 06475 346 05/01/98 Daily 1 Mo Prime
770470 CORNETTA EUGENE T 73,328.64 11.250 468 11/01/87 717.10 1
60 COLBURN ST 50,000.00 11.625 340 10/20/26 Type: Conv ARM Mth
LEOMINSTER, MA 01453 342 06/20/98 1 Yr 1 Yr Prime
770564 MCDOUGALL FRANCIS G JR 214,486.39 10.695 443 12/01/88 2,020.75 1
LOT 490 HARD RD 200,000.00 10.125 328 10/04/25 Type: Conv ARM Mth
QUECHEE, VT 05059 329 03/04/98 6 Mo 6 Mo 6MO LIBOR
770633 PRIMO ANTHONY C 166,415.45 11.750 434 09/11/89 1,699.00 1
30 TRAINCROF 200,000.00 12.000 329 11/01/25 Type: Conv ARM Mth
MEDFORD, MA 02151 329 05/11/98 1 Mo 1 Mo Prime
770718 GLYNN TIMOTHY L 98,308.27 10.695 152 02/15/88 947.88 1
31 NEWBURY S 90,000.00 12.500 28 10/01/00 Type: Conv ARM MthBal
MALDEN, MA 02148 291 04/01/98 6 Mo 6 Mo 6MO LIBOR
770729 HACKETT LAWRENCE F 71,974.29 10.000 240 03/25/87 687.71 1
16 DOUGLAS A 18,000.00 9.000 105 02/25/07 Type: HELOC ARM Mth
NORWELL, MA 02061 248 04/25/98 1 Mo 1 Yr Prime
770763 SWENDSBOE ERIC D 9,975.57 10.000 240 01/30/88 143.77 1
21 INTERVALE RD 25,000.00 10.250 115 12/30/07 Type: HELOC ARM Mth
DEDHAM, MA 02026 105 05/31/98 1 Mo 1 Yr Prime
<CAPTION>
Loan Number/ Appraisal: LTV: Per Cap/ Prop Type/
Servicer Loan/ Original/ Orig/ Max Rate/ Margin/ Owner/
Trade Account Current Amort Min Rate NxtReset Purpose
- -------------- ---------- ----- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
770304 469,000 0.00 18.000 0.000 SFD
0 60.17 0.000 1.500 OO
06/17/98 HmImp
770305 125,900 0.00 20.000 0.000 Condo
0 43.68 10.875 5.000 OO
11/01/98 HmImp
770427 124,900 0.00 25.000 0.000 SFD
0 56.45 12.250 4.000 OO
10/25/98 HmImp
770435 125,000 0.00 18.820 0.000 Condo
0 93.50 10.820 5.000 NOO
MI Co: Uninsured 11/30/98 HmImp
770437 135,000 0.00 25.000 0.000 Condo
0 78.05 0.000 2.000 NOO
11/15/98 HmImp
770447 135,000 0.00 25.000 0.000 SFD
0 115.75 0.000 2.500 OO
MI Co: Uninsured 06/01/98 HmImp
770470 89,900 66.17 25.000 0.000 SFD
0 121.64 0.000 2.750 OO
MI Co: Uninsured 10/20/98 HmImp
770564 135,000 0.00 24.000 0.000 SFD
0 158.88 0.000 5.000 OO
MI Co: Uninsured 10/04/98 Pur
770633 229,000 0.00 24.000 0.000 SFD
0 104.11 11.750 3.000 OO
MI Co: Uninsured 06/01/98 HmImp
770718 120,000 77.94 18.000 0.000 SFD
0 115.26 0.000 5.000 OO
MI Co: Uninsured 10/01/98 Dbt Con
770729 135,000 0.00 0.000 0.000 SFD
0 67.15 10.000 1.500 OO
06/01/98 HmImp
770763 168,000 0.00 18.000 0.000 SFD
0 14.87 0.000 1.500 OO
06/28/98 HmImp
</TABLE>
<PAGE>
SCHEDULE III
Pool II Loans
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 1
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Current Loan Average Orig Stated Amort
Coupon Balance Count Balance Term Term Term Min Balance Max Balance
- ----- ------------- ----- --------- ------ ------ ------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9.718 40,232,784.96 540 74,505.16 283.30 203.36 254.23 5,117.71 2,602,401.31
</TABLE>
Orig Amort
Ltv Ltv
----- -----
46.30 85.71
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
140484 HALPER HERBERT 51,972.99 6.500 360 07/21/88
84 BRANCH TURNPIC 53,000.00 241 06/21/18
CONCORD, NH 03301 241 04/21/98
140916 STEINMETZ DOV 47,563.62 12.500 174 05/20/88
61 FIELDSTONE TER 100,000.00 53 10/20/02
STAMFORD, CT 06902 53 05/20/98
141925 SERRANO-GUTIERREZ LUIS M 70,236.25 10.250 180 03/01/90
W7-2 JOSE ZORRILLADERAS DE P 111,750.00 80 02/01/05
RIO PIEDRAS, PR 00926 80 05/01/98
142130 DIMARIA JOSEPH 41,557.52 8.500 128 05/01/90
4 SCHOONER LANE SOUTH EM SCHOON 80,000.00 30 12/01/00
HAMPTON BAYS, NY 11946 31 05/01/98
142520 PERRIGO JACK L 8,633.15 12.000 115 07/07/92
STH1/2OF NW1/4TWP 315 RANGE 20,320.00 44 01/07/02
GRENOLA, KS 67346 31 01/07/98
142660 HANDLEMAN ROBIN J 47,076.52 12.750 376 09/22/88
254-4 RICHARD ST 47,000.00 259 01/01/20
NEWINGTON, CT 06111 260 06/01/98
142696 MONAHAN JOHN F 47,334.46 11.500 454 09/05/89
192 CHURCH STREET 43,200.00 349 06/01/27
HARWICH, MA 02645 350 05/01/98
228085 HARBIN GERALD R. 67,660.64 8.935 360 04/01/88
LOTS J3 & J5 FAWNHOLIDAY POCONO 75,900.00 237 03/01/18
ALBRIGHTSVILLE, PA 18210 238 05/01/98
228293 HAIMES ALLEN N. 31,362.31 9.000 360 04/01/82
1114 TUSKAWILLA DUNIT 2 BUILDIN 36,992.17 165 03/01/12
CLEARWATER, FL 33516 166 06/01/98
228968 SILBERT JEFFREY S. 16,580.00 10.750 217 07/01/89
7502 & 7504 TURNE 28,400.00 109 07/07/07
ANNAPOLIS, MD 21403 105 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
140484 281.52 50,900 0.00 1 Condo
0 102.11 OO
Type: DemandFix Qua MI Co: Uninsured Pur
140916 1,180.42 430,000 0.00 1 SFD
0 102.69 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
141925 1,218.02 175,000 75.00 1 SFD
0 40.13 OO
Type: Conv Fix Mth HmImp
142130 1,542.52 125,000 64.00 0 Land
0 33.25 NA
Type: Resi LFix MthBal NA
142520 1,772.00 48,000 0.00 1 SFD
0 17.99 OO
Type: Conv Fix Sem Refi
142660 534.79 42,000 0.00 1 Condo
0 169.23 OO
Type: Conv Fix Mth MI Co: Uninsured HmImp
142696 470.35 89,900 0.00 1 SFD
0 74.90 OO
Type: Conv Fix Mth C/O
228085 608.71 49,000 94.88 1 SFD
0 138.08 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
228293 331.85 12,000 75.65 1 Condo
0 261.35 2nd
Type: Conv Fix Mth MI Co: Uninsured Pur
228968 245.59 39,000 80.00 0 Land
0 42.51 NA
Type: Resi Lfix Mth NA
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 2
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
229244 DEMARKO VENTURES 109,003.91 15.000 178 07/10/86
PT JEFFERSON HWY E/ O TERRY ROAD 175,000.00 34 04/15/01
SMITHTOWN, NY 11787 38 04/15/98
229746 FARQUHARSON JAMES S JR 8,086.07 9.500 300 10/15/77
1223 COLUMBUS ST KERN COUNTY 24,750.00 52 09/15/02
BAKERSFIELD, CA 93305 45 05/15/98
229797 TARPLEY MARVIN F 79.783.17 10.000 251 01/08/87
2 LAWRENCE ST. 75,000.00 114 12/01/07
BOSTON, MA 10011 354 05/01/98
229837 HOLMBERG BERT R 125,433.38 11.500 469 07/27/86
104 E HAVERHILL 104,000.00 326 08/09/25
LAWRENCE, MA 01841 328 05/09/98
229838 DUGGAN MICHAEL D 96,406.51 10.500 157 05/30/87
217 BENNINGTON ST 105,000.00 24 05/29/00
EAST BOSTON, MA 02128 323 04/29/98
230082 SABALA RICHARD A 36,000.00 8.000 84 03/08/94
526 SIERRA PL #14 36,000.00 33 02/08/01
EL SEGUNDO, CA 90245 33 05/08/98
230092 SARAFIAN FARDIN 203,910.83 8.770 120 11/01/93
952-954 S. ATLANT 212,250.00 64 10/01/03
LOS ANGELES, CA 90022 305 05/01/98
230136 QUAY SAMUEL DOUGLAS 55,395.99 10.500 360 10/10/89
407 LORNE 59,400.00 256 09/10/19
CANYON LAKE, TX 78133 256 02/10/98
230214 CORNELIUS DAVID T 80,889.57 7.375 84 03/01/94
NE COR US ALT 19 HWY PINELLAS C 81,000.00 32 02/01/01
TARPON SPRINGS, FL 34689 32 03/01/98
230220 ARUCAN NESTOR S. 76,186.62 10.000 460 01/01/90
913 CECIL AVENUE 65,000.00 358 04/01/28
DELANO, CA 93215 358 05/01/98
230305 COOPER STANLEY 14,714.79 15.000 174 03/29/92
1707 CARRIAGE DR. 12,702.42 99 09/01/06
PHENIX CITY, AL 36867 98 02/01/98
230406 PERRY FRED 11,027.27 15.900 180 10/01/89
1744 PIPER CIRCLE 15,000.00 75 09/01/04
ATLANTA, GA 30316 84 05/01/98
230423 JONES MARY ANN 10,657.65 16.000 84 06/30/91
717 ALBANY RD 704 DENNARD RD 14,338.66 53 05/30/98
BAINBRIDGE, GA 31717 53 02/05/98
230450 FLORES ANIBAL 51,260.47 11.000 174 08/29/88
321-331 STRATFORD 125,000.00 56 02/01/03
BRIDGEPORT, CT 06604 129 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
229244 3,683.03 300,000 37.80 0 Land
0 36.83 NA
Type: Comm LFix Mth NA
229746 217.00 45,000 75.00 0 Land
0 17.97 NA
Type: Resi LFix Mth NA
229797 702.06 425,000 0.00 1 Condo
0 18.77 OO
Type: Conv Fix MthBal HmImp
229837 1,257.67 68,750 60.12 4 MixedUse
0 182.45 NA
Type: Conv Fix Mth MI Co: Uninsured NA
229838 897.45 50,000 78.36 3 2-4
0 192.81 NOO
Type: Conv Fix MthBal MI Co: Uninsured Pur
230082 240.00 242,000 96.09 1 Condo
0 65.17 OO
Type: Conv Fix Mth Pur
230092 1,672.80 250,000 0.00 3 Office
0 81.56 NA
Type: Comm Fix MthBal MI Co: Uninsured NA
230136 543.51 85,000 86.09 1 SFD
0 65.17 OO
Type: Conv Fix Mth Pur
230214 497.13 125,000 0.00 0 Land
0 64.71 NA
Type: Comm LFix QuaBal NA
230220 669.19 110,000 65.00 0 Land
0 69.26 NA
Type: Comm LFix Mth NA
230305 261.33 85,000 0.00 1 SFD
0 91.43 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
230406 219.26 42,000 0.00 1 SFD
0 109.59 OO
Type: Conv Fix Mth MI Co: Unisured Hmlmp
230423 284.79 9500 0.00 1 SFD
0 112.19 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
230450 681.96 70,000 62.50 1 Retail
0 73.23 NA
Type: Comm Fix MthBal NA
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 3
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
230452 PENTECOSTAL APOSTOLIC FAI 32,440.08 8.750 355 05/15/78
226-228 NEWFIELD 51,000.00 114 11/21/07
BRIDGEPORT, CT 06607 123 05/15/98
230458 AT PROPERTIES 359,573.00 0.000 109 07/01/95
65 & 80 HERITAGE 14 46 71 & 74 COB 400,000.00 73 07/01/04
TORRINGTON, CT 06790 73 06/01/98
230815 HARTY JOHN P JR 86,217.40 10.375 366 11/01/80
39 SEASCAPE LANE 331.64 S/o BRI 100,000.00 154 04/07/11
SAGAPONACK, NY 11962 345 05/01/98
230866 NELSON CLIFTON E. 67,661.34 14.500 526 08/01/82
959 STONEWALL ST APN 040-035-019 34,750.00 335 05/01/26
MEMPHIS, TN 38107 334 04/01/98
230955 KRAUSE WILLIAM J 65,000.74 8.250 360 04/24/88
14 FEAKE AVE 75,000.00 238 03/24/18
SANDWICH, MA 02563 240 06/24/98
230959 WEEKS JOSEPHAUS R 67,794.63 8.500 263 09/01/90
65-67 RAYMOND ST 100,000.00 169 07/01/12
PROVIDENCE, RI 02908 169 03/01/98
231278 BUONOPANE GLORIA 51,154.66 10.500 364 07/01/89
29 MCCOBA STREET UNIT 14 53,000.00 256 10/01/19
REVERE, MA 02151 248 05/01/98
231300 GEFFRARD SOLANGE 78,359.64 10.000 436 08/01/90
1128 KOSSUTH STRE 130,400.00 341 11/01/26
BRIDGEPORT, CT 06608 326 02/01/98
231582 WILSON ROLAND 139,214.69 8.500 448 05/17/90
156 MORRIS AVENUE 110,500.00 351 09/01/27
ENGLEWOOD, NJ 07631 351 05/01/98
231611 ESTATE OF GEORGE S. BROWN 22,245.41 13.000 180 03/22/90
1123 FAIRMONT STR 36,600.00 81 02/22/05
WASHINGTON, DC 20009 71 02/22/98
231615 CHEEVES MARIAN E 18,012.31 14.250 180 07/28/89
1983 ADDISON ROAD 23,125.00 73 06/28/04
DISTRICT HEIGHT, MD 20747 99 02/28/98
231629 HILTON RALPH M 22,672.51 17.250 183 01/08/90
31 BIRCHLAND AVE. 30,000.00 82 03/08/05
WEST ROXBURY, MA 02132 84 04/08/98
231665 LAWRENCE DAOUDA M 52,623.92 14.250 434 06/14/90
2249 MT VIEW PLAC1805 N CAPITAL 48,600.00 338 07/15/26
WASHINGTON, DC 20020 388 05/15/98
231676 HOUSE FRANKLIN 20,497.56 9.375 360 06/01/92
404 1ST AVE 21,800.00 287 05/01/22
GREENWOOD, MS 38930 276 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
230452 401.23 47,000 0.00 1 MixedUse
0 69.02 NA
Type: Conv Fix Mth NA
230458 30,000.00 534,000 0.00 1 Land
0 67.34 NA
Type: Resi LFix 2 Y NA
230815 786.00 500,000 0.00 1 SFD
0 17.24 OO
Type: Conv Fix Mth Unk
230866 832.77 37,950 0.00 1 SFD
0 178.29 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
230955 554.76 105,000 64.82 1 SFD
0 61.91 NOO
Type: Conv Fix Mth Refi
230959 689.32 40,000 96.15 1 Condo
0 169.49 NOO
Type: Conv Fix Mth MI Co: Uninsured Pur
231278 506.47 38,000 54.08 1 Condo
0 134.62 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
231300 700.00 42,900 78.55 2 2-4
0 182.66 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
231582 1,076.48 140,000 65.00 1 SFD
0 99.44 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
231611 454.82 119,200 0.00 1 TWNHS
0 18.66 OO
Type: Conv Fix Mth Unk
231615 311.86 59,900 59.62 1 Condo
0 48.70 OO
Type: Conv Fix Mth Refi
231629 467.03 160,000 20.95 1 SFD
0 20.30 OO
Type: Conv Fix Mth Hmlmp
231665 631.39 50,000 0.00 2 2-4
0 201.25 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
231676 181.33 38,500 0.00 1 SFD
0 53.24 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 4
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
231726 ADAMS WILLIAM CLARENCE 82,550.14 9.00 329 05/01/85
RR 1 BOX 68 100,000.00 171 08/27/12
MORRILL, NE 69358 133 07/27/97
231825 DEDREUX BRIAN 277,308.74 11.000 99 08/06/90
3216-30 BRIDGE AVLOT 3.01 BLOCK 250,000.00 5 11/01/98
PT. PLEASANT, NJ 08742 33 06/01/98
231846 SHERMAN WILLIAM MD 100,437.12 9.750 359 07/01/88
264 S. MASSEY STR 160,000.00 239 05/13/18
WATERTOWN, NY 13601 82 06/01/98
231881 CUPERNALL LAWRENCE L. 29,286.79 13.250 245 03/01/88
NYS ROUTE 12 CUPPY PIT ST 37,500.00 121 07/01/08
CLAYTON, NY 13624 120 05/01/98
231905 HAWTHORNE RALPH 16,663.14 10.000 168 02/01/90
588 RUTHERFORD AV 42,700.00 67 01/25/04
TRENTON, NJ 08618 68 03/25/98
232681 BOLDER SAMUEL 14,807.88 11.850 180 07/19/95
1062 ROBBIE LANE 15,750.00 145 06/19/10
ROCK HILL, SC 29730 155 05/19/98
232689 BROWN TERESA 42,446.83 12.500 175 11/09/92
2944 HOLLAND CT 45,556.34 108 06/01/07
EAST POINT, GA 30344 104 05/01/98
232701 CHILDS JOHN W 30,885.66 15.990 180 08/15/94
8 REDD STREET 31,452.04 134 07/15/09
BOWLING GREEN, VA 22427 168 03/15/98
232721 ELIJAH LULA MAE 32,592.65 13.250 365 06/01/87
14 LINCOLN ST 24,850.00 232 10/05/17
ROCHESTER, NY 14605-1412 234 04/05/98
232751 HAYNES JOANN C. 11,187.08 12.380 180 10/27/87
ROUTE 1 BOX 401 14,200.00 52 09/27/02
SANDERSVILLE, GA 31082 107 04/05/98
232767 JOHNSTON HOMER L JR 12,316.09 9.500 120 05/12/93
4706 TOPSAIL CT 15,150.00 59 04/12/03
CHARLOTTE, NC 28212 88 05/12/98
232803 MCSHAN ANDRE 33,498.07 16.500 180 04/01/92
1233 GRAYMONT AVE 33,500.00 105 03/01/07
BRIMINGHAM, AL 35208 180 02/01/98
232815 PANERIO MARILYN 85,729.54 10.000 446 05/01/90
17252 APEL LANE 72,600.00 348 06/01/27
HUNTINGTON BEACH, CA 92649 332 05/01/98
232820 PESNELL VERNON 106,033.43 9.250 448 04/22/90
319 N DOUBLEGATE 85,800.00 350 08/01/27
ALBANY, GA 31707 350 03/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
231726 11,537.14 115,000 0.00 1 SFD
0 71.78 OO
Type: Conv Fix Ann Pur
231825 10,000.00 2,000,000 0.00 7 Retail
0 19.37 NA
Type: Comm Fix Mth NA
231846 1,694.99 125,900 0.00 6 Multi
0 79.78 NA
Type: DemandFix Mth NA
231881 442.01 25,000 0.00 1 Retail
0 117.15 NA
Type: Comm Fix Mth MI Co: Uninsured NA
231905 323.90 55,900 71.17 2 2-4
0 29.81 NOO
Type: Conv Fix Mth Refi
232681 187.50 54,900 83.10 1 SFD
0 111.81 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
232689 672.54 52,000 85.96 1 SFD
0 81.63 OO
Type: Conv Fit Mth MI Co: Uninsured Dbt Con
232701 461.71 43,000 66.00 1 SFD
0 95.38 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
232721 390.07 17,000 77.66 1 SFD
0 191.72 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
232751 173.86 46,000 68.68 1 SFD
0 45.70 OO
Type: Conv Fix Mth Hmlmp
232767 196.03 84,900 77.92 1 SFD
0 73.30 OO
Type: Conv Fix Mth Hmlmp
232803 503.74 35,000 50.76 3 2-4
0 95.71 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
232815 763.35 225,000 66.79 1 SFD
0 117.15 OO
Type: Conv Fix Mth MI Co: Unisured Pur
232820 877.05 142,000 0.00 1 SFD
0 74.67 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 5
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
232849 SIDWELL REGINALD C 81,584.63 9.000 437 05/15/91
2353 HIGHVIEW RD 69,913.95 352 09/25/27
ATLANTA, GA 30311-2542 352 02/25/98
232850 SIMS CHARLES 44,451.24 7.500 275 04/02/90
1104 WARREN ST 44,821.00 177 02/01/13
JACKSON, MS 39213 176 05/01/98
232857 STOWERS ALAN 14,480.85 19.500 207 07/03/87
5351 ARLINGTON 16,519.00 76 09/15/04
ST. LOUIS, MO 63120 65 05/15/98
232858 STROZIER BETTY 20,901.30 18.500 180 06/28/92
2043 A&B BREWER B875-877 COMMODO 23,000.00 108 05/28/07
ATLANTA, GA 30310 125 04/28/98
232861 SZOSZOREK ROBERT C 10,137.69 12.490 120 02/21/93
115 COPPERFIELD A 15,300.00 56 01/21/03
PITTSBURGH, PA 15210 62 02/21/98
232875 WALKER GLORIA JEAN 40,375.28 11.500 180 12/30/92
3702 HAWAII WAY 45,227.65 114 11/30/07
COLUMBUS, GA 31906 137 02/28/98
232885 WHITE SUSAN C 25,083.93 11.990 304 11/10/92
515 W. OAKLAND AV 32,917.00 237 02/20/18
SUMTER, SC 29150 237 05/20/98
232898 ZELIN WILLIAM G 63,415.22 9.000 84 03/01/93
220 110TH LANE NW 53,264.58 20 02/01/00
COON RAPIDS, MN 55433 349 03/01/98
232925 BYESS LINDA 28,752.82 11.000 180 11/01/93
4605 LONG BRANCH 45,438.18 124 10/01/08
ANTIOCH, TN 37013 78 02/01/98
232931 CASE FRANCIS 23,488.81 15.000 120 08/01/93
3832 STACY DR 29,999.75 61 07/01/03
MACON, GA 31204 76 05/15/98
233002 HANSEN RONALD L 78,745.16 13.000 405 09/30/93
2512 STONE HEDGE 68,326.55 348 06/10/27
ALEXANDRIA, VA 22306 604 03/10/98
233009 HAYES GALLOWAY 56,417.76 14.000 411 08/07/92
2101 VIRGINIA AVE 54,500.00 341 10/05/26
EUSTIS, FL 32726 341 05/05/98
233095 MINOR ROBERT 10,947.46 9.000 180 04/19/93
1846 SOUTH CONEST 13,295.83 118 03/19/08
PHILADELPHIA, PA 19143 126 04/19/98
233122 OWENS ZIPPORAH 36,055.58 12.500 440 04/01/90
RR 1 BOX 131B 35,000.00 341 11/05/26
MT. OLIVE, MS 39119 342 02/05/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
232849 659.60 32,500 0.00 1 SFD
0 251.03 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
232850 417.16 25,000 0.00 1 SFD
0 177.80 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
232857 362.67 19,500 48.59 1 SFD
0 74.26 OO
Type: Conv Fix Mth Hmlmp
232858 378.70 74,000 55.14 4 2-4
0 80.63 NA
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
232861 223.86 52,900 37.61 1 SFD
0 21.52 OO
Type: Conv Fix Mth Refi
232875 531.26 85,000 0.00 1 SFD
0 75.74 OO
Type: Conv Fix Mth Unk
232885 276.88 45,000 79.23 1 SFD
0 93.52 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
232898 513.46 80,000 81.48 1 SFD
0 96.71 OO
Type: Conv Fix MthBal MI Co: Uninsured Pur
232925 518319 52,000 94.66 1 SFD
0 55.29 OO
Type: Conv Fix Mth Pur
232931 483.99 37,000 66.67 1 SFD
0 63.48 OO
Type: Conv Fix Mth Hmlmp
233002 854.35 149,000 48.80 1 SFD
0 52.85 OO
Type: Conv Fix Mth Refi
233009 671.06 32,500 0.00 1 SFD
0 173.59 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
233095 134.85 25,000 0.00 1 TWNHS
0 43.79 OO
Type: Conv Fix Mth Hmlmp
233122 386.76 20,000 0.00 1 SFD
0 180.28 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 6
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
233132 PETERSON STEVEN D 121,232.65 12.000 201 07/30/95
15497 SOUTH AFTON 118,800.00 166 04/01/12
AFTON, MN 55001 165 03/01/98
233163 SHELBY JAMES 13,986.12 15.000 313 09/23/85
735 SW 12TH AVENUE 12,000.00 160 10/10/11
HOMESTEAD, FL 33030 161 03/10/98
233166 SHOWERS CHARLES F 31,029.27 12.990 180 03/24/94
1109 NE 24TH TERRAN 10823-0840 33,400.01 129 02/24/09
GAINSVILLE, FL 32641 148 03/24/98
233211 WELDON CHRISTOPHER S. 40,839.40 10.000 360 11/01/91
ROUTE 2 BOX 41 39,164.88 280 10/01/21
WOODBURY, GA 30293 558 06/01/98
233243 BAYES CHARLES F. JR 79,358.70 7.250 385 07/12/95
500 GOODMAN RD 69,050.00 350 08/01/27
PELHAM, NC 27311 351 05/01/98
233244 BEAIRD BERNARDE JR. 9,831.65 18.500 120 03/27/91
1350 COUNTY ROAD SEC 15 T 24N 20,650.26 33 02/27/01
ROANOKE, AL 36274 34 02/27/98
233250 BRADEN CARL JR 30,383.80 14.000 225 04/19/90
122 LITTON DR 27,650.00 127 12/20/08
SEYMOUR, TN 37865 127 02/20/98
233256 BROOKS GEORGE W 8,984.61 14.990 120 12/25/92
ROUTE 619 BOX 47 14,000.00 54 11/25/02
NASAWADOX, VA 23413 56 06/25/98
233272 CARR LAWRENCE 14,832.65 15.000 133 03/01/92
RT 2 BOX 179-A 12,064.00 57 03/25/03
HEMINGWAY, SC 29554 60 06/25/98
233280 CLAYTON DENNIS E 11,117.08 14.000 161 06/07/93
11458 MANDARIN WO 12,875.23 101 10/25/06
JACKSONVILLE, FL 32223 101 04/25/98
233291 DAHLEN SUSAN N 37,948.49 12.000 175 11/21/92
2107 VINSON ROAD 40,600.00 108 05/21/07
BIRMINGHAM, AL 35235 109 06/21/98
233304 EIERMANN ROGER 12,131.10 12.990 180 08/15/92
2552 MEADOW GLENN 15,000.00 110 07/15/07
SNELLVILLE, GA 30278 110 04/15/98
233360 HOLCOMBE VERNON W 24,696.86 11.000 421 04/30/92
RT. 1 BOX 252 18,627.86 347 05/15/27
QUINCY, FL 32351 345 03/15/98
233391 KNELLER MARGARET 27,211.64 12.990 180 09/12/92
482 MCWILLIAMS AV 28,400.00 111 08/12/07
ATLANTA, GA 30316 160 04/12/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
233132 1,504.44 110,000 90.00 1 SFD
0 110.21 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
233163 202.19 22,500 41.38 1 SFD
0 62.16 OO
Type: Conv Fix Mth Hmlmp
233166 422.37 37,500 74.22 1 SFD
0 82.74 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
233211 343.70 55,000 86.08 1 SFD
0 74.25 OO
Type: Conv Fix Mth Refi
233243 545.74 35,000 89.68 1 SFD
0 226.74 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
233244 378.76 52,000 35.41 1 SFD
0 32.31 OO
Type: Conv Fix Mth Dbt Con
233250 459.90 149,000 56.27 1 SFD
0 53.95 OO
Type: Conv Fix Mth Hmlmp
233256 225.78 30,000 0.00 1 SFD
0 29.95 OO
Type: Conv Fix Mth Pur
233272 356.85 24,000 64.91 1 SFD
0 133.24 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
233280 188.53 60,000 71.22 1 SFD
0 66.51 OO
Type: Conv Fix Mth Dbt Con
233291 573.52 74,900 0.00 1 SFD
0 75.02 OO
Type: Conv Fix Mth Hmlmp
233304 189.69 150,000 62.32 1 SFD
0 55.42 OO
Type: Conv Fix Mth Hmlmp
233360 236.61 39,000 0.00 1 SFD
0 117.17 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
233391 359.14 47,500 117.50 1 SFD
0 116.24 OO
Type: Conv Fix Mth MI Co: Uninsured C/O
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 7
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
233408 MANN BILLY 34,354.40 12.000 335 04/01/94
3295 DEVILLA TRAC 29,400.19 284 02/01/22
ATLANTA, GA 30349 287 04/01/98
233445 PELUSO GARY G 65,420.10 15.990 397 08/18/94
RR3 WOODLAND TER 54,150.00 351 09/01/27
CARMEL, NY 10512 356 05/01/98
233453 PRINCE RANDALL 31,868.61 11.000 470 05/29/88
11 OHARA PLACE 70,000.00 349 07/01/27
HALESITE, NY 11743 350 04/01/98
233478 HORTON ALMA J. 23,874,34 11.500 180 04/07/90
3145 MAPLE HILL D 26,160.00 82 03/07/05
MEMPHIS, TN 38118 95 02/09/98
233502 TAYLOR THOMAS E 17,181.46 13.000 120 08/06/92
515 NORTH COURT SAPN 13-05-22-3- 28,800.00 50 07/06/02
TALLADEGA, AL 35160 53 04/06/98
233515 VATER RON L 6,801.26 17.500 191 08/23/86
121 KEMP DR 0.00 49 07/01/02
KNIGHTDALE, NC 27545 42 06/01/98
233518 WALZ FRANCIS A 15,993.31 15.000 175 03/17/90
425 SIMMONS TAWZEROAD 11,311.62 76 09/20/04
CHICKAMAUGA, GA 30707 627 02/20/98
233526 WILSON KENNY 23,606.64 15.990 186 06/29/92
692 GRESHAM AVE 22,424.23 114 11/29/07
ATLANTA, GA 30316 115 06/29/98
233530 YANCEY BEN F. JR 62,552.94 9.500 426 03/25/92
5591 SAPPHIRE SPR 63,000.00 351 08/25/27
STONE MOUNTAIN, GA 30084 208 06/25/98
233587 HENDERSON PRESTON C 23,291.21 19.000 447 08/26/89
2650 IRVINGTON RD 19,000.00 341 11/05/26
KILMARNOCK, VA 23482 251 05/05/98
233600 CAMERON FANNIE B. 21,096.63 10.000 453 11/18/89
1670 19TH AVENUE 22,800.00 350 08/01/27
ST. PETERSBURG, FL 33712 350 04/01/98
233601 JOHNSON ISAAC JR. 49,856.50 10.000 452 08/09/90
RT 1 BOX 108F 38,500.00 358 03/01/28
WINNSBORO, SC 29180 357 04/01/98
233604 JONES BESSIE 5,333.52 17.500 120 11/01/90
610 WESTWOOD STRETAC KEY# 867495 0.00 28 10/01/00
MOBILE, AL 36606 35 06/01/98
233605 KENNEDY RALPH 13,359.25 14.500 207 08/15/90
6204 EASTER ST 36,000.00 113 11/01/07
COLUMBIA, SC 29203 107 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
233408 364.72 85,000 60.20 1 SFD
0 78.06 OO
Type: Conv Fix Mth Refi
233445 879.64 175,000 0.00 1 SFD
0 109.32 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
233453 304.74 210,000 74.93 1 SFD
0 101.37 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
233478 385.36 50,000 64.67 1 SFD
0 74.97 OO
Type: Conv Fix Mth Dbt Con
233502 430.01 25,900 80.00 1 SFD
0 66.34 OO
Type: Conv Fix Mth Refi
233515 220.31 38,000 0.00 1 SFD
0 17.90 OO
Type: Conv Fix Mth Pur
233518 200.00 45,000 7.02 1 SFD
0 68.87 OO
Type: Conv Fix Mth Dbt Con
233526 402.40 57,500 52.07 1 SFD
0 50.05 OO
Type: Conv Fit Mth Refi
233530 615.28 82,000 0.00 1 SFD
0 76.28 OO
Type: Conv Fix MthBal Pur
233587 376.08 35,000 46.34 1 SFD
0 66.55 OO
Type: Conv Fix Mth Refi
233600 186.05 14,000 67.06 1 SFD
0 150.69 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
233601 438.22 47,500 69.37 1 SFD
0 104.96 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
233604 199.60 49,600 0.00 1 SFD
0 22.47 NOO
Type: Conv Fix Mth Hmlmp
233605 224.01 59,000 0.00 1 SFD
0 105.27 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 8
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
233635 ROBINSON CHARLIE 18,008.34 14.000 203 05/25/90
251 MASON ST 18,000.00 106 03/25/07
MONTICELLO, GA 31064 107 06/25/98
233705 JACQUINET LORI A 7,301.85 12.500 120 11/19/90
57 MANCHONIS ROAD 15,000.00 29 10/19/00
WILBRAHAM, MA 01095 42 04/19/98
233721 MITCHELL OPHELIA 38,135.77 18.000 144 02/08/91
2722 B HWY 441 SO 37,800.00 56 01/08/03
MILLEDGEVILLE, GA 31061 149 02/08/98
233808 MARION WILLIE 11,240.71 8.500 194 07/07/91
1121 EATON ST 13,400.00 111 09/01/07
HAMMOND, IN 46320 110 06/01/98
233815 NELSON JAMES L. 34,306.18 12.500 216 09/09/91
4860 LAUREL SPRIN 32,750.00 135 09/01/09
ROSWELL, GA 30075 130 05/01/98
233828 SAMAR JACQUELINE 12,663.34 20.000 180 11/17/83
10 LARAMOOR DR. 15,000.00 5 10/17/98
BURLINGTON, NJ 08016 98 04/17/98
233832 SIMPSON LEROY JR. 17,892.07 18.500 180 07/05/91
814 LEE RD #134 21,014.58 97 06/05/06
SALEM, AL 36874 105 06/05/98
233836 STROMAN JESSE 21,024.08 12.00 254 06/01/91
4309 MOUNTAIN DRIVE 19,250.00 169 07/01/12
COLUMBIA, SC 29203 168 05/01/98
233837 SWANN RICHARD JR 19,026.07 14.990 180 08/17/91
2211 LUCERNE PARK 21,000.11 98 07/17/06
WINTER HAVEN, FL 33881 134 04/03/98
233849 WISNER RONALD E 21,408.23 14.000 320 08/22/85
7308 LEVIN DASHIE 20,999.99 166 04/01/12
HEBRON, MD 21830 165 05/01/98
233876 MCVICKER CHARLES E 15,448.30 17.500 180 01/12/92
264 SECOND STREET 15,500.00 103 12/12/06
VESTABURG, PA 15388 163 05/12/98
233891 SAUNDERS MYRNA L. 17,739.51 18.000 180 12/12/91
205 NORTON AVENUE 18,500.21 102 11/12/06
EUSTIS, FL 32726 151 05/12/98
233908 WINTERS ROOSEVELT 15,959.81 12.000 188 02/28/92
1827 LERANDE CIR 16,679.80 112 10/01/07
SELMA, AL 36703 109 05/01/98
233926 PAREDES SALVADOR A. 202,569.63 9.000 455 09/01/89
130-132 WESTEND A 190,000.00 349 07/01/98
ENGLEWOOD, NJ 07631 349 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
233635 295.64 13,000 60.00 1 SFD
0 138.53 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
233705 219.56 102,000 0.00 1 SFD
0 7.16 OO
Type: Conv Fix Mth C/O
233721 642.26 39,000 60.00 1 SFD
0 97.78 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
233808 148.13 53,000 69.02 1 SFD
0 62.34 OO
Type: Conv Fix Mth Hmlmp
233815 483.16 145,000 73.58 1 SFD
0 67.04 OO
Type: Conv Fix Mth Hmlmp
233828 263.44 100,000 34.09 1 SFD
0 12.66 OO
Type: Conv Fix Mth Refi
233832 346.01 30,000 70.05 1 SFD
0 59.64 OO
Type: Conv Fix Mth Dbt Con
233836 259.39 38,000 70.00 1 SFD
0 55.33 OO
Type: Conv Fix Mth Dbt Con
233837 293.77 33,000 60.00 1 SFD
0 57.65 OO
Type: Conv Fix Mth Hmlmp
233849 293.21 89.900 77.24 1 SFD
0 69.20 OO
Type: Conv Fix Mth Dbt Con
233876 248.93 16,900 68.89 1 SFD
0 91.41 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
233891 297.93 26,500 43.02 1 SFD
0 66.94 OO
Type: Conv Fix Mth Hmlmp
233908 242.05 30,000 52.71 1 SFD
0 76.14 OO
Type: Conv Fix Mth Dbt Con
233926 1,640.21 150,000 76.00 2 2-4
0 135.05 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 9
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
234027 CRONIN DENNIS C 5,117.71 9.000 300 09/01/77
4 HUNTINGDON PLAC 0.00 50 08/01/02
WATERBURY, CT 06708 53 06/01/98
234172 MOORE JERRY C 85,992.42 7.750 472 07/01/88
217 MOUNTAIN VIEW 80,000.00 352 10/01/27
BRISTOL, CT 06010 352 05/01/98
234490 LEAPHART HENRY O. 35,713.85 11.500 180 12/17/93
118 S. HAMPTON RO 39,000.00 126 11/17/08
LEXINGTON, SC 29072 146 03/17/98
234517 ROBERTSON HAROLD L. 54,678.97 13.750 180 03/14/90
1390 GATTEGNO 39,000.00 81 02/14/05
YPSILANTI, MI 48198 529 02/14/98
234528 LEWIS MARGARET 34,845.46 10.000 215 06/30/94
3206- 3208 FITZGER 34,300.00 167 05/01/12
JACKSONVILLE, FL 32218 167 06/01/98
234534 HOFFMAN DOUGLAS J 63,179.59 9.990 180 12/29/93
7893 W. BREEZY PO 71,600.37 126 11/29/08
MELROSE, FL 32666 139 04/29/98
234542 WILLS SHERMAN D. 44,315.44 14.250 144 02/27/95
801 E. 46TH ST. 40,593.35 104 02/10/07
INDIANAPOLIS, IN 46205 106 03/10/98
234584 MILLER THOMAS F 106,237.86 9.990 180 06/21/93
2612 EDITH CT SW 108,400.00 120 05/21/08
OLYMPIA, WA 98502 322 06/24/98
234615 STALBA CATHERINE 54,147.71 11.000 282 10/28/93
1175 20TH AVENUE 54,000,00 226 04/15/17
VERDO BEACH, FL 32960 227 03/15/98
234633 CHAMBERS RICHARD 42,269.77 10.000 101 11/05/92
715 NEW HOPE ROAD 52,710.18 34 03/05/01
LAWRENCEVILLE, GA 30245 173 04/05/98
234634 KINCAID FRED W. 50,931.37 12.000 310 01/20/91
329 E. EDISON ST. 32,500.00 221 11/01/16
ALCOA, TN 37701 221 06/01/98
234640 JOHNSON YVONNE 43,979.82 10.030 224 03/01/89
3203 KINGSTON ROA 45,000.00 112 10/01/07
CHATTANOOGA, TN 37406 147 02/15/98
234679 PATRICK CATHY 30,443.47 15.625 180 04/29/91
3103 LIGHTFOOT MI 24,070.04 94 03/29/06
CHATTANOOGA, TN 37406 424 02/06/98
234682 BAPTISTE LINDA 21,200.65 9.000 120 03/24/93
4603 NEW ORLEANS 29,991.69 57 02/24/03
NEW ORLEANS, LA 70122 73 02/24/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
234027 119.17 70,000 0.00 1 SFD
0 7.31 OO
Type: Conv Fix Mth Pur
234172 619.68 87,500 0.00 1 SFD
0 98.28 OO
Type: Conv Fix Mth MI Co: Uninsured Unk
234490 455.59 59,900 79.75 1 SFD
0 59.62 OO
Type: Conv Fix Mth C/O
234517 628.06 73,000 0.00 1 SFD
0 74.90 OO
Type: Conv Fix Mth Refi
234528 388.20 24,000 0.00 2 2-4
0 145.19 NOO
Type: Conv Fix Mth MI Co: Uninsured Refi
234534 768.98 59,000 76.99 1 SFD
0 107.08 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
234542 739.69 56,200 90.21 1 SFD
78.85 OO
Type: Conv Fix Mth Pur
234584 950.49 149,000 80.00 1 SFD
71.30 OO
Type: Conv Fix MthBal Dbt Con
234615 568.00 50,000 77.14 1 SFD
0 108.30 OO
Type: Conv Fix Mth MI Co: Uninsured C/O
234633 462.20 84,900 0.00 1 SFD
49.79 OO
Type: Conv Fix MthBal Refi
234634 572.86 56,900 72.22 1 SFD
0 89.51 OO
Type: Conv. Fix Mth MI Co: Uninsured Hmlmp
234640 522.22 50,000 70.31 1 SFD
0 87.96 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
234679 398.06 25,500 68.77 1 SFD
0 119.39 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
234682 379.92 54,000 0.00 1 SFD
0 39.26 OO
Type: Conv Fix Mth Refi
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 10
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
234687 HENRY LISA C. 57,447.83 10.250 287 02/28/94
10133 STEWARTS FE 51,200.00 235 01/01/18
LEBANON, TN 37090 231 05/01/98
234694 MCARTHUR WILLIAM E 78,233.65 11.950 300 05/24/92
1630 ACWORTH DUE 75,000.00 227 04/24/17
KENNESAW, GA 30144 219 04/24/98
234709 BENTON LAWRENCE H 29,589.68 13.000 400 05/25/94
205 BUNKER HILL D 22,442.67 351 08/25/27
BOLINGBROOK, IL 60440 351 06/25/98
234712 TAYLOR MILTON JR. 65,262.52 12.000 120 12/23/92
756 ASHBY STREET 65,053.48 54 11/23/02
ATLANTA, GA 30310 372 04/23/98
234715 HENDRIX PATRICIA A. 38,817.18 9.000 259 10/30/91
403 OLD HIGHWAY 4 23,500.00 179 05/01/13
BROOKLYN, MS 39425 182 06/01/98
234729 JOHNSON TERESA 24,568.43 18.000 180 05/01/89
2121 OVERBROOK DR 35,350.00 70 04/01/04
JACKSON, MS 39213 71 04/01/98
234735 FOSS HUBERT L. 27,168.19 17.000 180 09/13/90
RT 1 BOX 721- A BUMPAS COVE RD 28,700.00 87 08/13/05
ERWIN, TN 37650 144 05/13/98
234748 JULIANO SR. FRANCIS A. 149,445.59 10.950 180 10/27/95
9055 MORTON TAYLO 150,000.00 148 09/27/10
BELLEVILLE, MI 48111 351 04/27/98
234757 KONKEL JANE D 45,975.51 15.990 180 04/18/94
16855 WARWICK STR 47,392.02 130 03/18/09
DETROIT, MI 48219 247 06/18/98
234838 CONCEPCION MAXIMO 150,023.13 8.000 360 06/01/89
6105 NEWKIRK AVEN 168,000.00 251 05/01/19
NORTH BERGEN, NJ 07047 248 05/01/98
235174 ANDERSON RICHARD 1,020,933.22 9.500 133 08/21/89
610 AVENIDA VICTO 850,000.00 27 08/23/00
SAN CLEMENTE, CA 92672 326 04/23/98
235180 SWAIN-WILLIAMS EAGLE 36,170.78 10.500 338 01/01/74
16808 CORONADO ST 33,300.00 44 02/16/02
EAGLE RIVER, AK 99577 212 05/16/98
235192 BWY RALPH 407,527.95 10.000 425 01/27/92
2553 CALLE DEL OR 800,000.00 348 06/97/27
LA JOLLA, CA 92037 267 05/01/98
235204 SHELDON GAYLE R. 214,556.04 7.000 62 04/15/93
33015 MORENO RD. * 310,000.00 36 05/15/98
CATHEDRAL CITY, CA 83835 36 04/15/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
234687 571.02 78,900 80.00 1 SFD
0 72.81 OO
Type: Conv Fix Mth Dbt Con
234694 879.63 100,000 100.00 1 SFD
0 78.23 OO
Type: Conv Fix Mth Pur
234709 328.03 95,000 68.86 1 SFD
0 73.49 OO
Type: Conv Fix Mth Refi
234712 669.15 63,500 0.00 1 SFD
0 102.78 OO
Type: Conv Fix MthBal MI Co: Uninsured Refi
234715 392.20 45,000 50.00 1 SFD
0 86.26 OO
Type: Conv Fix Mth MI Co: Uninsured C/O
234729 569.28 45,000 95.21 1 SFD
0 58.56 OO
Type: Conv Fix Mth Dbt Con
234735 443.43 35,000 92.58 SFD
0 77.62 OO
Type: Conv Fix Mth HmImp
234748 1,422.82 158,900 75.00 1 SFD
0 94.05 OO
Type: Conv Fix MthBal MI Co: Uninsured Dbt Con
234757 636.93 146,000 0.00 1 SFD
0 31.49 OO
Type: Conv Fix MthBal Dbt Con
234838 1,239.72 110,000 89.36 3 2-4
0 136.38 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
235174 8,751.81 1,400,000 0.00 9 Hotel
0 72.92 NA
Type: Comm Fix MthBal NA
235180 376.27 50,000 85.38 1 SFD
0 72.34 OO
Type: Conv Fix MthBal Pur
235192 3,813.17 1,422,888 0.00 1 SFD
0 28.64 NOO
Type: Conv Fix Mth Pur
235204 1,251.76 224,000 73.81 2 2-4
0 95.78 NOO
Type: Conv Fix MthBal MI Co: Uninsured Refi
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 11
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
235206 LA VENIA BOB A. 163,501.77 8.000 161 12/08/93
28401 AVENIDA LA 200,000.00 107 04/30/07
CATHEDRAL CITY, CA 92234 348 05/01/98
235234 SHAILOR STEPHEN 171,173.04 7.450 137 02/01/87
142 & 144 BERLIN 192,000.00 243 06/01/98
MIDDLETOWN, CT 06457 243 05/01/98
235239 KALONTUROS JAMES N. 172,946.20 10.500 183 10/01/92
7729 FINNS LANE 210,000.00 114 12/01/07
LANHAM, MD 20706 348 04/01/98
235248 BIGELOW JOHN 14,058.69 9.750 300 11/01/78
11125 ROCKVILLE P 30,500.00 64 10/01/03
ROCKVILLE, MD 20852 68 04/01/98
235249 BIGELOW JOHN 10,910.88 9.500 300 03/01/78
NORTH BETHESDA MEUNTI 202 28,500.00 56 02/01/03
ROCKVILLE, MD 20852 54 04/01/98
235264 ALEVROFAS CHARLES J. 13,267.04 14.000 71 06/12/93
13437 BUCHANAN DR 57,976.40 11 05/01/99
FORT WASHINGTON, MD 20744 13 06/01/98
235267 HONG THAN MY 19,873.90 10.500 91 06/29/92
10327 BRIDGETOWN 25,000.00 19 01/01/00
BURKE, VA 22015 236 03/01/98
235299 HARMAN DAVID B. 33,860.79 13.500 360 02/01/84
602 TIENERT 40,000.00 187 01/01/14
COPPERAS COVE, TX 76522 160 05/01/98
235305 BROMLEY AMY 20,412.80 10.125 360 06/01/95
251-30A 71ST ROAD 20,800.00 323 05/01/25
FLORAL PARK, NY 11358 323 05/01/98
235306 SHERBACOW KEN S. 129,595.79 8.000 360 12/01/95
28-30 KINGSTON ST 132,750.00 329 11/01/25
WEST HARTFORD, CT 06119 329 05/01/98
235307 SHERBACOW KEN S. 129,572.28 8.000 360 12/01/95
24-26 KINGSTON ST 132,750.00 329 11/01/25
WEST HARTFORD, CT 06119 328 05/01/98
235309 BENES ANGELINA 18,518.96 10.125 180 08/01/95
251-04B 71 ST AVENUUNIT 97B 20,500.00 145 07/01/10
BELLEROSE, NY 11426 146 06/01/98
235311 VENTURA FRANK 26,564.23 10.125 174 08/01/95
460 OLD TOWN ROAD 29,750.00 139 01/07/10
PORT JEFFERSON, NY 11776 142 05/01/98
235313 WITTIG JAMES K 28,654.92 10.125 181 10/01/95
150-20 71ST AVENU 31,500.00 148 10/01/10
KEW GARDEN HILL, NY 18374 148 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
235206 1,210.71 125,000 0.00 1 SFD
0 130.80 OO
Type: Conv Fix MthBal MI Co: Uninsured Pur
235234 1,368.51 85,000 76.80 4 2-4
0 201.38 NOO
Type: Conv Fix Mth MI Co: Uninsured Pur
235239 1,590.25 320,000 0.00 1 Med Bldg
0 54.05 NA
Type: Comm Fix MthBal NA
235248 271.96 125,000 0.00 1 Office Condo
0 11.25 NA
Type: Comm Fix Mth NA
235249 249.14 110,000 0.00 1 Condo
0 9.92 NOO
Type: Conv Fix Mth Pur
235264 1,147.26 140,000 0.00 1 SFD
0 83.76 OO
Type: Conv Fix Mth MI Co: Uninsured C/O
235267 199.67 124,000 0.00 1 Condo
0 80.47 OO
Type: Conv Fix Bal MI Co: Uninsured NA
235299 458.17 100,000 75.47 1 SFD
0 33.86 NA
Type: Conv Fix Mth NA
235305 184.46 27,000 0.00 1 CO-OP
0 75.60 OO
Type: Conv Fix Mth Pur
235306 974.08 105,000 0.00 3 2-4
0 123.42 NOO
Type: Conv Fix Mth MI Co: Uninsured Pur
235307 974.08 105,000 0.00 3 2-4
0 123.40 NOO
Type: Conv Fix Mth MI Co: Uninsured Pur
235309 221.86 35,000 0.00 1 CO-OP
0 52.91 OO
Type: Conv Fix Mth Pur
235311 321.97 212,000 0.00 1 CO-OP
0 12.53 OO
Type: Conv Fix Mth Pur
235313 340.91 55,000 0.00 1 CO-OP
0 52.10 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 12
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
235315 DANG RICHIE D.C. 13,190.24 10.125 180 10/01/95
265 LAKE POINT CI 14,500.00 147 09/01/10
MIDDLE ISLAND, NY 11953 147 05/01/98
235316 GIARRIZZO CINDY 27,443.97 10.125 360 11/01/95
56 JANE STREET #3A 27,900.00 328 10/01/25
NEW YORK CITY, NY 10014 327 05/01/98
235317 RODRIGUEZ FELIX 26,974.35 9.000 360 12/01/95
23 CARMEN STREET 27,500.00 329 11/01/25
WATERBURY, CT 06704 329 06/01/98
235319 FRIZELL JOAN KOWALENKO 21,473.18 10.125 360 12/01/95
251-04 71ST AVENU 22,000.00 329 11/01/25
FLORAL PARK, NY 11426 315 05/01/98
235320 ALVARADO ARLEEN 18,191.13 10.125 180 02/01/96
2802 PARSONS BLVD LINDEN HILL #2B 20,000.00 151 01/01/11
FLUSHING, NY 11354 147 06/01/98
235321 BOAKYE-YIADOM KWAME 29,577.36 10.125 360 02/01/96
6 FORDHAM HILL OVUNIT 5 G 30,000.00 331 01/01/26
BRONX, NY 10468 331 04/01/98
235322 DAWE JAMES J. JR 22,182.90 10.125 360 02/01/96
87 NEWBROOK LANE UNIT 137 22,500.00 331 01/01/26
BAYSHORE, NY 11706 331 05/01/98
235330 TEDDER ERNEST RAY 5,516.69 11.000 221 09/01/86
402 NORTH GOLDSBO 11,000.00 79 01/17/05
WILSON, NC 27893 66 02/01/98
235334 WHEELER JOE D. JR. 140,396.21 12.000 461 11/01/81
1617-1619 JULIE PL-1 B-1 CULLE 114,079.15 261 03/01/20
OKLAHOMA CITY, OK 73127 261 05/01/98
235343 HUBER JOSEF A. 72,960.45 9.500 290 07/22/88
129 FLORENCE RD UNIT 1-B 84,400.00 171 09/01/12
BRANFORD, CT 06405 171 06/01/98
235346 FARING WAYNE S. 357,911.14 7.500 440 07/30/87
24 E UNION STREET 28 E UNION STRE 330,000.00 309 03/08/24
ROCKLAND, MA 02370 310 05/08/98
235347 PISCITELLI CARL 24,369.30 10.500 180 07/01/87
150 LOUIS PLACE 67,000.00 48 06/01/02
UNION, NJ 07083 39 05/01/98
235425 DOVAL ISABEL C 7,823.63 11.000 180 04/01/86
LOT 16 VILLA LAS 25,250.00 33 03/01/01
MAYAGUEZ, PR 00708 32 04/01/98
235432 ROQUE NOLASCO 13,984.67 14.990 180 09/15/91
20230 ACRE STREET 17,500.00 99 08/15/06
LOS ANGELES, CA 91306 101 05/15/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
235315 156.93 17,500 0.00 1 CO-OP
0 75.37 OO
Type: Conv Fix Mth Pur
235316 247.42 105,000 0.00 1 CO-OP
0 26.14 OO
Type: Conv Fix Mth Pur
235317 221.27 20,000 0.00 1 SFD
0 134.87 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
235319 195.10 35,000 0.00 1 CO-OP
0 61.35 OO
Type: Conv Fix Mth Pur
235320 216.45 36,000 55.56 1 CO-OP
0 50.53 OO
Type: Conv Fix Mth Pur
235321 266.05 43,000 0.00 1 CO-OP
0 68.78 OO
Type: Conv Fix Mth Pur
235322 199.54 22,000 0.00 1 CO-OP
0 100.83 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
235330 112.39 30,000 0.00 1 SFD
0 18.39 NOO
Type: Conv Fix Mth Refi
235334 1,516.97 99,500 0.00 2 2-4
0 141.10 NOO
Type: Conv Fix Mth MI Co: Uninsured Refi
235343 780.18 59,000 0.00 1 Condo
0 123.66 Unk
Type: Conv Fix Mth MI Co: Uninsured NA
235346 2,616.84 215,000 79.52 12 Multi
0 166.47 NA
Type: MultiFFix Mth MI Co: Uninsured NA
235347 740.62 240,000 0.00 1 Garage
0 10.15 NA
Type: Comm Fix Mth NA
235425 286.99 300,000 0.00 1 SFD
0 17.84 OO
Type: Conv Fix Mth Dbt Con
235432 244.81 150,000 0.00 1 SFD
0 135.32 OO
Type: Conv Fix Mth MI Co: Uninsured HmImp
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 13
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
235444 DAVIS, TEDDY R. JR. 152,635.94 9.000 288 06/01/90
15009 JEFF DAVIS 180,000.00 191 05/01/14
WOODBRIDGE, VA 22191 191 05/01/98
235458 HARRILL JOHN C. 11,073.61 10.500 184 05/15/88
8405 ARTIS LANE 20,000.00 63 09/01/03
KNOXVILLE, TN 37923 64 05/01/98
235490 FARRAR EDWARD F. 16,200.23 10.000 182 04/02/90
29 SKINNER ST. 70,000.00 84 05/15/05
BROCKTON, MA 02402 12 03/15/98
235549 LEVEY VAL KENNETH 224,393.68 8.125 360 03/01/94
23621 DUNSMORE LA 235,600.00 308 02/01/24
VALENCIA, CA 91354 301 03/01/98
235581 WILSON JOHN 171,176.03 9.750 474 09/01/88
432 MINEOLA BLVD. 125,000.00 356 02/01/28
WILLISTON PARK, NY 11596 356 05/01/98
235592 GRISHAM CLARENCE 106,253.50 9.000 467 02/01/87
2099 NW 26TH AVEN 75,000.00 330 12/01/25
FT LAUDERDALE, FL 33311 387 04/01/98
235596 MIDDLEBROOKS LARRY G. 8,068.15 10.750 348 05/01/79
1044 HARDING DRIV 12,600.00 118 04/01/08
TOLEDO, OH 43609 105 06/01/98
235604 COSCO JOSEPH L. JR. 10,581.57 9.000 300 03/27/76
ROUTE 7 BOX 54 LOT #24 VINCENT 18,500.00 33 02/27/01
FAIRMONT, WV 26554 96 04/01/98
235605 HEWLETT JAMES L. 24,793.68 10.125 180 01/01/96
100 OCEAN PARK WA6F 27,000.00 150 12/01/10
BROOKLYN, NY 11218 150 05/01/98
235606 WAGNER FREDERICK J. 67,690.75 10.000 548 12/01/81
6217 NEBRASKA AVE 43,500.00 349 07/01/27
TOLEDO, OH 43615 349 04/01/98
235608 BASTRON ROBERT 22,283.68 12.000 360 06/01/83
1201 CASTLE 26,050.00 179 05/01/13
OTTUMWA, IA 52501 180 04/01/98
235610 HAREN ARNOLD J. 58,211.17 9.500 360 01/01/90
10899 THRUSH STRE 63,050.00 258 12/01/19
COON RAPIDS, MN 55433 258 03/01/98
235636 STIMPSON KENNETH J. 9,391.45 10.000 190 08/25/86
3524 18TH AVENUE 9,683.00 48 06/01/02
ROCK ISLAND, IL 61201 45 05/01/98
235665 KITCHELL ALI B. 88,337.07 10.500 120 07/15/88
14- 16 LOCKWOOD AV 104,000.00 1 06/15/98
INDIAN ORCHARD, MA 01151 178 04/15/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
235444 1,506.71 1,500,000 0.00 1 Garage
0 18.51 NA
Type: Conv Fix Mth NA
235458 229.39 79,900 58.66 1 SFD
0 40.14 OO
Type: Conv Fix Mth HmImp
235490 1,533.23 65,000 0.00 2 2-4
0 24.92 OO
Type: HELOC Fix Mth Hmlmp
235549 1,749.32 205,000 95.00 1 PUD
0 109.46 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
235581 1,473.45 300,000 0.00 1 SFD
0 67.06 OO
Type: Conv Fix Mth C/O
235592 843.82 97,000 75.00 4 2-4
0 109.54 NOO
Type: Conv Fix Mth MI Co: Uninsured Refi
235596 119.00 13,500 0.00 1 SFD
0 59.76 OO
Type: Conv Fix Mth Pur
235604 155.26 35,500 86.05 1 SFD
0 29.81 OO
Type: Conv Fix Mth Pur
235605 292.21 22,000 90.00 1 CO-OP
0 112.70 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
235606 597.10 70,000 0.00 1 SFD
0 96.70 OO
Type: FHA Fix Mth MI Co: FHA Pur
235608 267.95 40,000 0.00 1 SFD
0 55.71 OO
Type: FHA Fix Mth C/O
235610 530.16 62,500 101.86 1 SFD
0 93.14 OO
Type: FHA Fix Mth MI Co: FHA Pur
235636 255.81 37,500 0.00 1 SFD
0 103.61 NOO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
235665 981.95 65,000 0.00 2 2-4
0 135.90 Unk
Type: Conv Fix Mth MI Co: Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 14
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
235684 DITCHKUS VINCENT 138,622.68 9.000 98 11/01/90
221 KINS ST 150,000.00 6 12/01/98
STRATFORD, CT 06460 329 06/01/98
235843 REYNOLDS LEROY 35,292.38 10.500 179 02/15/88
5708 GOLLSBY CT/L8807 STEPHENSON 72,000.00 55 01/01/03
APEX, NC 27502 57 02/01/98
235844 REYNOLDS LEROY & GWENDOL 24,672.99 10.500 191 01/22/87
8809 STEPHEHSON R424 ALSTON ST 50,000.00 54 12/01/02
RALEIGH, NC 27502 57 06/22/98
235847 SEAY PHILLIP R. 19,143.45 7.500 180 11/25/97
411 MEADOW LARD RD. 23,600.00 173 10/25/12
GRIFFIN, GA 30223 171 04/25/98
235926 WESLEY BEVERLY 27,716.69 9.500 360 12/01/78
3410 KNOTTY OAKS 33,600.00 125 11/01/08
HOUSTON, TX 77045 191 05/01/98
235967 JACKSON CLIFTON 35,398.28 9.500 360 10/01/86
4301 VANDERVORT D 37,316.00 219 09/01/16
DALLAS, TX 75216 284 03/01/98
235976 CHAPIN WILLIAM D 29,734.08 10.000 360 01/01/90
103 W 10TH ST NOR 30,250.00 258 12/01/19
CLARMORE, OK 74017 327 06/01/98
235987 COOPER RAY 13,760.53 10.000 360 07/01/79
610 W CREEK CIR 19,100.00 132 06/01/09
MONROE, GA 30655 139 05/01/98
236006 MONTALVO JESUS E. 55,958.00 8.000 489 12/01/86
6758 PARADISE OAK 38,198.00 350 08/15/27
SAN ANTONIO, TX 78227 345 02/15/98
236007 FERGUSON GERALDINE 56,903.15 7.000 455 08/01/89
1425 E 176TH ST 36,952.00 348 06/15/27
CLEVELAND, OH 44110 338 02/15/98
236030 PHILLIPS JOHN L. 61,102.14 9.000 561 11/01/80
1302 N AVENUE "Q" 41,400.00 349 07/15/27
FREEPORT, TX 77541 341 03/15/98
236033 GOLSTON DWAIN D 12,021.59 9.000 360 01/01/76
224 S PARK RD SW 16,050.00 90 12/01/05
BIRMINGHAM, AL 35211 161 05/01/98
236052 HIRSCH GEORGE B 51,093.58 8.500 360 06/01/87
2311 SOUTH WAYNE 31,970.00 227 05/01/17
FORT WAYNE, IN 46803 227 06/01/98
236055 IMUS DEBRA S. 31,390.78 11.000 360 02/01/90
12200 6 MILE ROAD 32,150.00 259 01/01/20
BATTLE CREEK, MI 49017 309 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
235684 1,137.58 198,000 0.00 4 Recreational
0 70.01 NA
Type: Comm Fix Mth NA
235843 795.89 202,820 0.00 1 SFD
0 17.40 OO
Type: Conv Fix Mth Refi
235844 552.70 128,500 0.00 1 SFD
0 19.20 NOO
Type: Conv Fix Mth Refi
235847 183.11 26,000 80.00 1 SFD
0 73.63 OO
Type: Conv Fix Mth Pur
235926 282.58 22,900 0.00 1 SFD
0 121.03 OO
Type: FHA Fix Mth MI Co: FHA Pur
235967 313.78 26,500 0.00 1 SFD
0 133.58 OO
Type: FHA Fix Mth MI Co: FHA Pur
235976 265.47 40,000 0.00 1 SFD
0 74.34 OO
Type: FHA Fix Mth Pur
235987 167.70 30,000 0.00 1 SFD
0 45.87 OO
Type: Conv Fix Mth Pur
236006 415.07 34,000 0.00 1 SFD
0 164.58 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236007 386.03 41,000 0.00 1 SFD
0 138.79 OO
Type: Conv Fix Mth MI Co: Uninsured Unk
236030 497.37 39,300 0.00 1 SFD
0 155.48 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236033 129.20 20,000 0.00 1 SFD
0 60.11 OO
Type: Conv Fix Mth Pur
236052 453.21 23,000 0.00 1 SFD
0 222.15 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236055 306.17 45,000 0.00 1 SFD
0 69.76 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 15
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
236058 HUTCHINSON TONYA 50,365.49 9.000 451 01/01/90
1813 MARK TRAIL 36,330.00 349 07/01/27
MIDWEST CITY, OK 73130 349 03/01/98
236062 JASSO JOSE P 72,443.51 9.500 154 04/01/88
467 EAST "C" STRE 54,350.00 31 01/01/01
COLTON, CA 92324 350 03/01/98
236088 LOCKWOOD ALICIA 54,580.97 7.500 490 11/01/86
262 DARTMOUTH AVE 38,094.00 350 08/01/27
BUFFALO, NY 14215 351 05/01/98
236090 LONDON WILLIE 18,241.01 10.000 360 09/01/79
1779 SHADOWLAWN 19,200.00 134 08/01/09
MEMPHIS, TN 38106 280 04/01/98
236097 MACIAS ESTELA 58,549.58 7.500 472 05/01/88
801 CHAPALA COURT 48,400.00 350 08/01/27
EL PASO, TX 79907 350 05/01/98
236104 MAY KAYL R. 46,700.41 7.250 440 03/01/91
2503 MORNINGSIDE 43,492.00 352 10/01/27
MOBILE, AL 36605 353 04/01/98
236127 ODEN KATHY J 44,559.43 11.000 360 02/01/88
3209 TORBETT AVEN 46,950.00 235 01/01/18
NASHVILLE, TN 37209 269 05/01/98
236167 ROLAND CHARLES 24,600.51 13.000 453 04/01/80
9132 LAKEPOINTE 20,000.00 234 12/01/17
DETROIT, MI 48224 234 05/01/98
236175 SAINES DANNE A 27,420.20 13.000 360 02/01/85
8115 ALBIN AVE 31,000.00 199 01/01/15
ST LOUIS, MO 63114 187 05/01/98
236182 BRIGGS YVONNE 29,947.99 10.500 556 09/01/81
695 E SUMMIT 18,000.00 354 12/01/27
MUSKEGON HEIGHT, MI 494443138 354 05/01/98
236185 SIMMONS ARNELL 45,842.11 8.000 444 01/01/91
1343 ALASKA AVE 35,200.00 354 12/01/27
DALLAS, TX 75216 354 05/01/98
236196 SHIREY C WAYNE 59,927.04 8.500 584 09/01/79
239 MOUNTAIN HEIG 47,500.00 358 04/01/28
SCOTTSBORO, AL 35768 358 05/01/98
236203 SWINT MONICA C 63,171.14 8.600 469 03/01/89
962 WORTHINGTON W 46,460.00 357 03/01/28
WORTHINGTON, OH 43085 357 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
236058 407.82 42,000 0.00 1 SFD
0 119.92 OO
Type: FHA Fix Mth MI Co: FHA Pur
236062 612.29 57,000 0.00 1 SFD
0 127.09 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
236088 384.57 55,000 0.00 1 SFD
0 99.24 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236090 168.58 20,000 0.00 1 SFD
0 91.21 OO
Type: FHA Fix Mth MI Co: FHA Pur
236097 412.54 52,900 0.00 1 SFD
0 110.68 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236104 320.62 45,900 0.00 1 SFD
0 101.74 OO
Type: Conv Fix Mth MI Co: Yes/Unk Unk
Insurer
236127 447.12 45,000 0.00 1 SFD
0 99.02 OO
Type: FHA Fix Mth MI Co: FHA Pur
236167 289.81 29,000 0.00 1 SFD
0 84.83 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236175 343.17 15,000 0.00 1 SFD
0 182.80 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236182 274.62 49,900 0.00 1 SFD
0 60.02 OO
Type: Conv Fix Mth Pur
236185 337.76 45,000 0.00 1 SFD
0 101.87 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236196 461.35 59,900 0.00 1 SFD
0 100.05 OO
Type: FHA Fix Mth MI Co: Uninsured Pur
236203 491.11 50,000 0.00 1 Condo
0 126.34 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 16
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
236288 ISLEY LOIS M 80,443.28 8.000 470 03/01/89
129 W HORTTER ST 56,800.00 358 04/01/28
PHILADELPHIA, PA 19119 359 04/01/98
236328 BANAK STEVEN H. 130,663.45 8.500 445 08/15/90
28 DERBY ST 138,700.00 351 09/01/27
NEW BRITAIN, CT 06053 349 05/01/98
236347 FORD VIRGINA C. 26,579.34 12.000 444 05/16/91
9001 SCOTT WILSON 24,250.00 359 04/15/28
TAMPA, FL 33056 359 05/15/98
236381 JOHN ALYCE 29,945.07 8.500 460 12/01/89
43 VAN STALLEN ST 32,500.00 357 03/01/28
ROCHESTER, NY 14621 357 04/01/98
236426 PETERSON PATTY J 44,726.85 13.940 360 02/22/96
503 KINGS RD 45,000.00 332 01/22/26
WHITEVILLE, NC 28472 332 03/22/98
236463 TROUTMAN WILBUR D 81,136.62 7.000 506 08/15/85
666 BROADVIEW TER 79,900.00 352 10/01/27
HARTFORD, CT 06106 349 06/01/98
236477 WILLINGHAM MARVIN 18,489.79 13.000 180 09/01/88
2568 LISA AVE 28,600.00 62 08/01/03
MEMPHIS, TN 38127 75 05/01/98
236487 BURDITT FRANK W III. 19,444.97 15.500 180 10/01/89
44 DEERFIELD DR 25,645.00 75 09/01/04
STERLING, CT 06377 90 05/26/98
236530 CAIN MELVIN L. 54,885.14 14.750 180 11/15/85
2137 48TH PLACE 110,000.00 29 10/15/00
ENSLEY, AL 35208 48 03/15/98
236533 CONNELL JEFFREY F 16,275.72 17.500 180 06/10/88
6 BROOKLINE COURT 20,005.43 60 05/10/03
LAUREL SPRINGS, NJ 08021 97 04/10/98
236541 EMERSON SHEILA D 15,222.11 14.500 180 12/06/87
715 BLAKE AVENUE 17,750.00 54 11/06/02
ATLANTA, GA 30316 119 06/20/98
236584 THOMAS VIRGINIA 34,402.19 11.000 436 06/10/91
4058 BROOKCREST C 32,224.28 352 09/10/27
DECATUR, GA 30032 330 05/10/98
236588 TERRELL GLORIA 15,655.53 20.000 144 05/05/88
102 TULIP DRIVE 13,851.72 23 04/05/00
LOUISVILLE, MS 39339 494 04/05/98
236657 BISE EDDY LEE 40,407.53 11.000 360 06/01/89
11413 SPRING VALL 43,128.00 251 05/01/19
KANSAS CITY, MO 64134 254 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
236288 591.06 90,000 0.00 1 SFD
0 89.38 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236328 1,012.03 51,000 0.00 1 SFD
0 256.20 NOO
Type: Conv Fix Mth MI Co: Uninsured Pur
236347 273.48 18,000 95.10 1 SFD
0 147.66 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236381 230.68 25,000 63.73 1 SFD
0 119.78 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
236426 531.06 45,000 75.00 1 SFD
0 99.39 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
236463 545.04 56,000 76.10 2 2-4
0 144.89 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236477 361.86 49,000 75.26 1 SFD
0 37.73 OO
Type: Conv Fix Mth Refi
236487 367.74 75,000 0.00 1 SFD
0 41.54 OO
Type: Conv Fix Mth Unk
236530 1,520.75 244,500 0.00 1 SFD
0 32.16 OO
Type: Conv Fix Mth Dbt Con
236533 315.00 160,000 74.64 1 SFD
0 61.11 OO
Type: Conv Fix Mth Refi
236541 242.38 54,500 65.90 1 SFD
0 55.82 OO
Type: Conv Fix Mth Hmlmp
236584 331.81 41,500 0.00 1 SFD
0 142.17 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
236588 261.00 35,000 0.00 1 SFD
0 103.30 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
236657 411.01 27,000 102.69 1 SFD
0 149.66 OO
Type: FHA Fix Mth MI Co: FHA Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 17
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
236670 JACKSON WILLIE 9,111.95 16.250 120 07/08/88
2223 WYNGATE RD 32,500.00 1 06/08/98
SUITLAND, MD 20746 19 04/08/98
236680 WARD CORPORATION C. 148,184.06 10.500 180 08/01/88
26 OCEAN DR NORTH SHORES B 300,000.00 61 07/01/03
REHOBOTH BEACH, DE 19971 57 02/01/98
236718 MACKIE ALBERT J 52,902.21 10.000 120 01/20/93
2182 OFFSHORE DR 79,855.36 55 12/20/02
FERNANDINA BEAC, FL 32034 65 02/21/98
236727 CLARKE ARTHUR L 8,416.59 8.500 360 08/01/76
4576 DEERTRAIL CO 16,900.00 97 07/01/06
MEMPHIS, TN 38109 87 05/01/98
236762 LEROY MAE D 34,175,93 7.250 360 11/01/93
1203 E 13TH ST 36,005.00 304 10/01/23
JACKSONVILLE, FL 32206 305 03/01/98
236764 RUFFIN JO ETHEL 11,663.75 11.500 359 01/01/80
9311 SCHAEFER 15,700.00 137 11/01/09
DETROIT, MI 48226 133 05/01/98
236785 BROWN JERI L. 52,807.00 12.500 180 11/02/96
5509 E. COLLINS D 55,000.00 161 10/02/11
COLUMBIA CITY, IN 46725 161 04/02/98
236798 HIGGINS RICHARD S 51,553.60 10.000 180 09/28/93
4112 KINGS AVE. 3510 DANNY BRYA 53,000.00 123 08/28/08
BRANDON, FL 33511 311 04/28/98
236801 HUSO JANI 30,158.63 13.500 180 09/15/87
12523 VIA DE PA 60,000.00 51 08/15/02
CHANDLER, AZ 85224 52 03/15/98
236809 MILLER MICHAEL W 19,115.26 11.250 181 05/26/87
738 WINCHESTER AV 73,500.00 48 06/15/02
NEW HAVEN, CT 06511 31 04/15/98
236811 NELSON GEORGIA 9,394.09 11.450 180 12/01/87
3612 E. SHADOWLAW 18,900.00 53 11/01/02
TAMPA, FL 33610 56 05/01/98
236813 REED JOHN MARVIN 10,393.16 11.000 168 12/01/85
14706 NORTH BOULE 63,650.00 17 11/01/99
TAMPA, FL 33618 13 04/01/98
236816 PINKNEY HAROLD N 33,045.10 11.950 180 06/01/91
1524 8TH CT WEST 43,350.00 95 05/01/06
BIRMINGHAM, AL 35208 102 03/01/98
236824 SMALL CARL E 24,689.69 15.650 180 11/01/89
4720 87TH ST 22,800.00 76 10/01/04
TAMPA, FL 33619 296 02/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
236670 549.49 79,000 0.00 1 SFD
0 11.53 OO
Type: Conv Fix Mth Unk
236680 3,316.20 450,000 0.00 1 Condo
0 32.93 OO
Type: Conv Fix Mth Refi
236718 1,058.03 116,400 0.00 1 PUD
0 45.45 OO
Type: Conv Fix Mth Refi
236727 129.96 30,000 0.00 1 SFD
0 28.06 OO
Type: Conv Fix Mth Pur
236762 245.62 30,0000 91.15 1 SFD
0 113.92 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
236764 155.59 8000 0.00 1 SFD
0 145.80 OO
Type: VA Fix Mth MI Co: VA Pur
236785 677.89 57,500 84.62 1 SFD
91.84 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
236798 465.11 81,000 0.00 2 2-4
0 63.65 NOO
Type: Conv Fix MthBal Pur
236801 778.99 150,000 47.62 1 SFD
0 20.11 OO
Type: Conv Fix Mth Refi
236809 713.88 98,000 75.00 2 2-4
0 19.51 OO
Type: Conv Fix Mth Dbt Con
236811 220.18 36,000 59.06 1 SFD
0 26.09 OO
Type: Conv Fix Mth Hmlmp
236813 876.80 94,000 0.00 1 SFD
0 11.06 OO
Type: Conv Fix Mth Pur
236816 518.88 51,000 85.00 1 SFD
0 64.79 OO
Type: Conv Fix Mth Dbt Con
236824 329.31 34,000 60.00 1 SFD
0 72.64 OO
Type: Conv Fix Mth Refi
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 18
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
236826 SMITH JOSEPH RAYMOND 17,016.75 15,950 180 05/05/89
1552 17TH ST SW 25,000.00 71 04/05/04
BIRMINGHAM, AL 35211 73 04/05/98
236828 STRICKLAND NANCY JO 19,225.17 12.000 408 01/01/89
7918 N SOCRUM LOO 18,400.00 294 12/01/22
LAKELAND, FL 33809 294 05/01/98
236829 THOMAS RICHARD 31,015.49 13.990 180 10/29/93
RT. 2 BOX 319 30,100.00 124 09/29/08
SPRINGVILLE, TN 38256 198 06/29/98
236830 TREADWAY KENNETH E 28,670.14 15.000 180 04/01/91
3498 BREMAN ST 41,250.00 93 03/01/06
COLUMBUS, OH 43224 79 05/01/98
236833 WALTHALL LEO JR 30,336.77 13.650 180 12/01/89
4517 WILDFLOWER C 42,400.00 77 11/01/04
MEMPHIS, TN 38109 87 04/01/98
236836 WHEELER ABRAHAM JR 29,615.89 17.000 180 05/01/91
219 CLINTON ST 35,000.00 94 04/01/06
COLUMBIA, SC 29223 108 02/01/98
236851 VOISINE ALLEN 28,193.73 12.500 180 10/01/88
25 NORTHVIEW DR 42,000.00 63 09/01/03
S WINDSOR, CT 06074 80 03/01/98
236868 REILLY MICHAEL 10,544.59 15.500 240 08/19/89
408 COMMERCIAL ST 13,900.00 134 07/19/09
BRAINTREE, MA 02184 90 04/19/98
236876 CLUES PRISCILLA A. 33,387.76 10.875 360 12/01/87
3623 PALM GROVE 37,600.00 233 11/01/17
MISSOURI CITY, TX 77459 213 05/01/98
236923 ADRIASOLA PEDRO 62,662.90 12.700 447 06/01/90
2366 SPRING OAK W 59,700.00 350 08/01/27
SAN DIEGO, CA 92139 351 03/01/98
236924 ANDERSON NEDRA 24,372.15 11.500 324 01/01/91
12634 S BISHOP 24,800.00 234 12/01/17
CALUMET PARK, IL 60643 235 05/01/98
236929 CHARLES ERNEST B. 11,138.05 22.000 144 06/07/91
17780 YALE 29,000.00 60 05/07/03
COUNTRY CLUB HI, IL 60478 25 02/07/98
236931 CORTEZ RICHARD V 82,443.93 14,000 180 07/01/91
5534 SPOKANE ST 107,000.00 96 06/01/06
LOS ANGELES, CA 90016 97 02/01/98
236934 FLORES OSCAR RAMIREZ 22,180.09 12.550 180 09/10/91
10201 ENDFIELD WA 29,200.00 99 08/10/06
SAN JOSE, CA 95127 99 04/10/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
236826 366.30 21,000 69.44 1 SFD
0 81.03 OO
Type: Conv Fix Mth Ml Co:Uninsured C/O
236828 203.15 45,000 0.00 0 Land
0 42.72 NA
Type: Resi LFix MthBal NA
236829 402.40 32,000 70.00 1 SFD
0 96.92 OO
Type: Conv Fix Mth Ml Co:Uninsured Pur
236830 577.33 55,000 75.00 1 SFD
0 52.13 OO
Type: Conv Fix Mth Pur
236833 554.72 47,000 80.00 1 SFD
0 64.55 OO
Type: Conv Fix Mth Refi
236836 538.65 50,000 57.95 1 SFD
0 59.23 OO
Type: Conv Fix Mth Pur
236851 25,00 128,000 0.00 1 SFD
0 71.71 OO
Type: Conv Fix Mth Pur
236868 199.32 145,000 53.92 1 SFD
0 56.44 OO
Type: Conv Fix Mth Pur
236876 354.53 58,500 0.00 1 SFD
0 57.07 OO
Type: Conv Fix Mth Pur
236923 680.26 167,500 82.83 1 SFD
0 112.04 OO
Type: Conv Fix Mth Ml Co:Uninsured Refi
236924 261.65 65,000 75.93 1 SFD
0 68.26 OO
Type: Conv Fix Mth Hmlmp
236929 573.59 85,000 0.00 2 2-4
0 46.04 OO
Type: Conv Fix Mth Hmlmp
236931 1,424.96 90,000 65.50 1 SFD
0 92.80 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
236934 360.85 165,000 81.22 1 SFD
0 84.34 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 19
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
236937 GREENE JACOB 6,016.91 14.750 121 10/08/88
3300 IANTHA ST 12,000.00 5 10/08/98
SAVANNAH, GA 31404 40 05/01/98
236940 LAWLEY JAMES 6,644.31 13.990 145 04/29/91
11829 WOODLAND DR 10,384.00 59 04/29/03
MCCALLA, AL 35115 64 03/28/98
236942 MARTENS RANDAL D 29,488.84 13.050 180 12/20/95
1153 5TH ST 31,500.00 150 11/20/10
PORT HUENEME, CA 93041 150 05/20/98
236945 MITCHELL MARJORIE 22,546.84 9.000 179 04/25/92
3249 LYNNFIELD DR 30,000.00 105 03/20/07
ATLANTA, GA 30311 106 06/21/98
236949 NELSON EDUARDO 12,425.63 13.950 180 01/01/90
1814 CALLE LASPAL 18,000.00 78 12/01/04
OCEANSIDE, CA 92056 81 03/01/98
236950 OLIVER DEANDRA N 5,916.96 16,950 97 07/21/94
6915 CAINWOOD DRI 7,950.00 50 07/21/02
COLLEGE PARK, GA 30349 50 04/21/98
236951 POLK ROSIE MAE 11,591.71 16.150 180 11/10/90
8541 S PHILLIPS A 15,000.00 89 10/10/05
CHICAGO, IL 60617 91 04/10/98
236953 PRICE FRANCHESTA P 22,434.71 12.000 180 12/15/88
907 MAYDELL DR 23,100.00 66 11/15/03
TAMPA, FL 33619 291 05/15/98
236966 YOH TATSUWA 31,785.71 12.000 318 07/01/91
7122 FORUM ST 31,000.00 234 12/15/17
SAN DIEGO, CA 92111 226 05/15/98
236976 WIGGINS DALE E. 27,593.35 7.000 180 01/01/92
65766 ROBINS LAKE 40,000.00 102 12/01/06
JONES, MI 49061 103 05/01/98
237201 MARTIN VINTON JR. 46,839.45 10.000 253 10/01/91
87 PASSAIC STREET 47,789.18 172 10/01/12
PASSAIC, NJ 07055 173 04/01/98
238374 ROMERO AGUSTIN 5,182.02 12.750 180 09/01/85
1696 N FISKE AVE 24,249.61 26 08/01/00
PASADENA, CA 91104 19 05/01/98
238399 GERAKIOS JORGE N. 33,725.30 9.250 360 01/01/78
2415 E ORANGE GRO 55,000.00 114 12/01/07
PASADENA, CA 91104 112 05/01/98
238436 WARD WAYNE G. 115,470.12 10.375 345 08/01/86
1419 W 179TH ST 9 132,899.24 202 04/01/15
GARDENA, CA 90248 202 03/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
236937 191.77 55,000 0.00 1 SFD
0 49.61 OO
Type: Conv Fix Mth Pur
236940 149.17 60,000 0.00 1 SFD
0 29.19 OO
Type: Conv Fix Mth Refi
236942 399.59 145,000 88.33 1 SFD
0 126.54 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
236945 310.19 49,000 66.67 1 SFD
0 82.75 OO
Type: Conv Fix Mth MI Co: Uninsured C/O
236949 239.10 168,000 65.30 1 SFD
0 81.80 OO
Type: Conv Fix Mth MI Co: Uninsured Dbt Con
236950 166.34 73,900 0.00 1 SFD
0 82.43 OO
Type: Conv Fix Mth Ml Co: Yes/Unk Hmlmp
Insurer
236951 221.87 83,000 43.48 1 SFD
0 56.13 OO
Type: Conv Fix Mth Dbt Con
236953 237.61 49,900 0.00 1 SFD
0 79.30 OO
Type: Conv Fix MthBal Pur
236966 355.51 163,500 73.81 1 SFD
0 95.28 OO
Type: Conv Fix MthBal MI Co: Uninsured Refi
236976 358.90 94,900 0.00 1 SFD
0 47.97 OO
Type: Conv Fix Mth Refi
237201 513.54 85,000 60.65 4 2-4
0 55.11 NOO
Type: Conv Fix Mth Pur
238374 302.84 189,000 20.64 1 SFD
0 2.74 OO
Type: Conv Fix Mth Unk
238399 452.78 389,000 53.92 1 SFD
0 8.67 OO
Type: Conv Fix Mth Refi
238436 1,211.17 90,000 101.45 1 Condo
0 128.30 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 20
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
238496 QUIROZ JAIME 94,623.32 8.500 360 04/01/89
33819 E. 128TH ST 102,606.00 249 03/01/19
PEARBLOSSOM, CA 93543 249 05/01/98
238518 HERRON PATRICK J. 50,907.14 8.500 360 02/01/87
1421 TUFFIT LANE 59,155.00 223 01/01/17
AUSTIN, TX 78753 223 04/01/98
238527 CARTER JAMES 50,283.28 10.000 360 08/01/88
43 MELWOOD CT. 55,221.00 241 07/01/18
SICKLERVILLE, NJ 08081 242 05/01/98
238577 NATION JOHN DAVIDSON 84,367.73 13.000 360 06/01/85
5817 SHILOH ROAD 93,420.00 203 05/01/15
GARLAND, TX 75042 201 04/01/98
238628 SIMONS RAYMOND D. 202,239.35 9.500 468 02/01/89
87 BUNNING DRIVE 185,700.00 355 01/15/28
VOORHEES, NJ 08043 357 04/15/98
238631 GOODWIN JAMES G 61,062.77 8.000 360 02/01/95
2649 TAFT STREET 63,050.00 319 01/01/25
SACRAMENTO, CA 95815 319 05/01/98
238644 PHILLIPS CHARLIE 7,829.71 7.000 354 08/01/72
21979 ACARUS AVEN 31,250.00 43 01/01/02
CARSON, CA 90745 43 05/01/98
238690 CORVO RENE 91,646.53 9.375 360 11/01/94
508 EAST 49 STREE 94,500.00 316 10/01/24
HIALEAH, FL 33013 311 03/01/98
238703 HUNT STEVE C 104,375.12 8.625 360 04/01/92
3115 VIANA DRIVE 110,850.00 285 03/01/22
PALMDALE, CA 93550 285 05/01/98
238762 PIDGEON CHARLOTTE P 120,173.19 7.750 360 10/01/95
9441 DEER LODGE L 123,364.00 327 09/01/25
LAS VEGAS, NV 89129 328 04/01/98
238777 INMAN GORDON R 397,012.92 9.250 134 09/01/96
9 WILLIAMSBURG LA 389,700.00 112 10/01/07
ROLLING HILLS, CA 90274 353 05/01/98
238814 HALL AMOS J. 32,938.02 10.500 360 04/01/86
7114 ORIZABA AVENUNIT 16 37,347.00 213 03/01/16
EL PASO, TX 79912 213 04/01/98
238826 JUAREZ RICHARD 59,334.43 13.000 360 12/01/80
1512 BURTON ST. 75,000.00 149 11/01/10
SAN DIEGO, CA 92111 139 04/01/98
238831 BOYER K EMERSON 35,854.76 12.500 360 12/01/82
677 ELLEN RD 42,000.00 173 11/01/12
NEWPORT NEWS, VA 23605 173 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
238496 809.97 70,000 95.01 1 SFD
0 135.18 OO
Type: FHA Fix Mth Ml Co: FHA Pur
238518 454.86 72,000 79.94 1 SFD
0 70.70 OO
Type: FHA Fix Mth Pur
238527 484.60 55,000 0.00 1 TWNHS
0 91.42 OO
Type: FHA Fix Mth Ml Co: FHA Pur
238577 1,033.41 107,766 0.00 1 SFD
0 78.29 OO
Type: FHA Fix Mth Pur
238628 1,703.93 225,000 0.00 1 SFD
0 89.88 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
238631 462.64 37,000 97.00 1 SFD
0 165.03 OO
Type: Conv Fix Mth Ml Co: Yes/Unk Pur
Insurer
238644 209.06 155,000 0.00 1 SFD
0 5.05 OO
Type: VA Fix Mth Unk
238690 786.01 142,000 70.00 1 SFD
0 64.54 NOO
Type: Conv Fix Mth Pur
238703 862.18 75,000 94.74 1 SFD
0 139.17 OO
Type: Conv Fix Mth Ml Co: Yes/Unk Pur
Insurer
238762 883.79 151,000 0.00 1 SFD
0 79.58 OO
Type: FHA Fix Mth Pur
238777 3.280.10 900,000 69.48 1 SFD
0 155.22 OO
Type: Conv Fix MthBal MI Co: Uninsured C/O
238814 341.63 69,500 0.00 1 SFD
0 47.39 OO
Type: VA Fix Mth Pur
238826 830.25 160,000 100.00 1 SFD
0 37.08 OO
Type: VA Fix Mth Refi
238831 448.27 55,000 100.00 1 SFD
0 65.19 OO
Type: VA Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 21
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
238852 SEARCHLITE INVESTMENT LIM 37,034.86 11.500 358 10/01/80
2820 WEST MISSOUR 48,000.00 145 07/01/10
PHOENIX, AZ 85017 144 05/01/98
2238879 RICKMAN ALVIN 66,885.64 9.000 360 08/01/95
4131 NW 47TH TERR 69,000.00 313 07/01/24
LAUDERDALE LAKE, FL 33319 313 04/01/98
238922 JACOBSEN MICHAEL LEE 81,688.40 9.500 360 02/01/90
1893 PASADENA BLV 88,375.00 259 01/01/20
LAS VEGAS, NV 89115 259 03/01/98
239157 MOORE JOHN HENRY 22,085.67 8.500 359 08/01/78
47 OSBORNE AVENUE 35,000.00 120 06/01/08
MT. SINAI, NY 11766 124 05/01/98
239158 POLINSKY SIDNEY 153,136.17 9.000 142 12/01/87
34 HIGH STREET 161,250.00 15 09/01/99
KATONAH, NY 10536 323 05/01/98
239159 RICHTER JOAN 70,471.01 10.125 216 09/01/82
1115 DUSTON ROAD 87,000.00 26 08/01/00
NORTH WOODMERE, NY 11581 174 05/01/98
239160 SMITH CLIFFORD JR. 117,354.63 7.500 379 09/01/87
16 MERLIN AVENUE 108,500.00 249 03/15/19
SETAUCKET, NY 11733 250 05/01/98
239161 JEFFERY THOMAS V. 44,649.88 12.500 360 08/01/83
4415 S.W. 112TH P 52,650.00 181 07/01/13
MIAMI, FL 33165 170 04/01/98
239162 ADILETTA RIP 72,276.65 10.750 360 12/01/90
155 EAST LAKE BLV 76,400.00 269 11/01/20
MAHOPAC, NY 10541 268 05/01/98
239165 BRYAN BONDEE 101,346.96 9.500 360 06/01/90
662 CARY AVENUE 108,000.00 263 05/01/20
STATEN ISLAND, NY 10310 266 05/01/98
239166 CASTLE JAY (THE ESTATE O 234,546.09 10.875 360 01/01/90
478 TARPON WALK 253,500.00 258 12/01/19
FIRE ISLAND PIN, NY 11782 244 05/01/98
239167 CELESTIN HERCIUS 122,445.27 11.375 360 05/01/89
241-34 148TH DRIV 130,800.00 250 04/01/19
ROSEDALE, NY 11422 250 04/01/98
239168 DESMOND GUY 94,655.11 10.750 360 04/01/89
96 HAWTHORNE AVEN 103,000.00 249 03/01/19
WEST BABYLON, NY 11703 241 05/01/98
239169 DUGUE AGNES 96,758.17 11.000 360 06/01/90
144-27 222ND STRE 102,400.00 263 05/01/20
SPRINGFIELD GAR, NY 11413 264 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
238852 475.68 58,000 100.00 1 SFD
0 63.85 OO
Type: VA Fix Mth Pur
2238879 555.19 92,400 90.79 1 SFD
0 92.30 OO
Type: Conv Fix Mth Ml Co: VA Pur
238922 743.11 88,500 99.86 1 SFD
0 92.30 OO
Type: VA Fix Mth Ml Co: VA Pur
239157 269.12 165,500 0.00 1 SFD
0 13.34 OO
Type: Conv Fix Mth Pur
239158 1,262.19 223,000 0.00 1 SFD
0 68.67 OO
Type: Conv Fix MthBal Pur
239159 774.59 240,000 42.23 1 SFD
0 29.36 OO
Type: Conv Fix MthBal Pur
239160 930.72 185,000 50.00 1 SFD
0 63.43 OO
Type: Conv Fix Mth Dbt Con
239161 561.91 132,000 88.49 1 SFD
0 33.83 OO
Type: Conv Fix Mth Pur
239162 713.18 115,000 66.43 1 Condo
0 62.85 OO
Type: Conv Fix Mth Pur
239165 915.24 148,000 72.97 1 SFD
0 68.48 OO
Type: Conv Fix Mth Pur
239166 2,390.23 390,000 65.00 1 SFD
0 60.14 OO
Type: Conv Fix Mth Pur
239167 1,282.85 163,500 80.00 1 SFD
0 74.89 OO
Type: Conv Fix Mth Pur
239168 960.71 115,000 89.57 1 SFD
0 82.31 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
239169 975.18 158,000 80.00 1 SFD
0 61.24 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 22
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
239170 ELLIS DELRITA 145,906.61 11.000 360 01/01/90
4373 DEREIMER AVE 153,000.00 258 12/01/19
BRONX, NY 10466 274 05/01/98
239171 GULLO DOROTHY 119,035.61 8.625 361 04/01/89
101 DUFFY AVENUE 128,700.00 250 04/01/19
HICKSVILLE, NY 11801 263 05/01/98
239172 JNOROSE ROSEMARY 192,485.37 10.375 360 02/01/90
662 MAGENTA STREE 200,000.00 259 01/01/20
BRONX, NY 10467 292 03/01/98
239173 LAWRENCE ERIK 85,805.22 10.250 360 02/01/90
23 SOUTH GREENBUS 92,000.00 259 01/01/20
WEST NYACK, NY 10994 259 04/01/98
239174 MEEHAN DANIEL J. II 65,673.11 11.125 360 08/01/89
8 WALNUT ST. 70,000.00 253 07/01/19
LAKE RONKONKOMA, NY 11779 255 03/01/98
239175 MEZZETTI M. VINCENT 140,693.56 11.125 360 06/01/89
PELTON ROAD AKA 20 A COUNTY 150,000.00 251 05/01/19
WARWICK, NY 10990 255 05/01/98
239177 OCONNOR LAURA 139,207.30 8.250 391 09/01/89
23 MONTFORT RD. 148,500.00 285 03/01/22
WAPPINGERS FALL, NY 12590 308 05/01/98
239178 RAVNER HARVEY 324,712.16 9.250 178 04/01/90
5 HARBOUR ROAD 500,000.00 79 01/02/05
KINGS POINT, NY 11024 82 03/01/98
239180 SISANTE ROSARIO 98,890.35 11.125 360 08/01/90
80 PARK AVENUE AP 104,000.00 265 07/01/20
NEW YORK, NY 10016 270 05/01/98
239182 ESTATE OF GEORGE YOUNG 125,183.43 10.375 180 05/01/90
176 STORER AVENUE 193,500.00 82 04/01/05
NEW ROCHELLE, NY 10801 83 05/01/98
239216 BEHRINGER ROXANNE 106,258.29 8.000 360 11/01/95
ROUTE 3 BOX 597 ADUNCAN ROAD 108,896.00 328 10/01/25
HARPERS FERRY, WV 25425 328 05/01/98
239218 VEGA BENIGNO JR. 40,129.21 9.250 360 10/01/94
2823 EMMETT STREE 41,700.00 315 09/01/24
DALLAS, TX 75211 303 04/01/98
239221 WEISS MURRAY L. 94,964.16 9.625 360 11/01/96
2742 BENTWOOD DRI 96,000.00 340 10/01/26
MARIETTA, GA 30062 340 05/01/98
239227 BAUER NORMA 94,868.99 8.125 180 02/01/97
826 WEST SANTA CR 100,000.00 163 01/01/12
SAN PEDRO, CA 90731 163 06/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
239170 1,457.06 170,000 90.00 1 SFD
0 85.83 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
239171 1,010.15 162,000 79.44 1 SFD
0 73.48 NOO
Type: Conv Fix Mth Pur
239172 1,810.82 180,000 80.00 2 2-4
0 106.94 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
239173 824.42 128,000 71.88 1 SFD
0 67.04 OO
Type: Conv Fix Mth Pur
239174 673.25 100,000 70.00 1 SFD
0 65.67 OO
Type: Conv Fix Mth Pur
239175 1,442.68 260,000 0.00 1 SFD
0 54.11 OO
Type: Conv Fix Mth Pur
239177 1,089.34 160.000 0.00 1 SFD
0 87.00 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
239178 5,403.20 1,400,000 30.12 1 SFD
0 23.19 OO
Type: Conv Fix Mth Hmlmp
239180 1,000.26 96,000 80.00 1 Condo
0 103.01 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
239182 2,123.98 255,000 75.88 1 SFD
0 49.09 OO
Type: Conv Fix Mth Pur
239216 799.05 110,000 99.00 1 PUD
0 96.60 OO
Type: FHA Fix Mth Ml Co: FHA Pur
239218 343.06 49,900 94.77 1 SFD
0 80.42 OO
Type: Conv Fix Mth Ml Co: Yes/Unk Pur
Insurer
239221 815.99 120,000 80.00 1 SFD
0 79.14 OO
Type: Conv Fix Mth Refi
239227 962.89 193,000 51.81 1 SFD
0 49.15 OO
Type: Conv Fix Mth C/O
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 23
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
239230 MCFARLAND ROBERT B. III 114,202.22 7.625 360 02/01/97
4764 SAN SABASTIA 115,900.00 343 01/01/27
LAS VEGAS, NV 89121 341 05/01/98
239232 ECHAVARRIA ANTHONY 95,287.76 8.000 360 02/01/97
1105 CEDAR CREEK #14 96,544.00 343 01/01/27
MODESTO, CA 95355 342 05/01/98
239233 SANTIAGO CESAR L. 38,817.56 12.250 180 03/01/97
1063 CAYUGA AVENU 39,000.00 164 02/01/12
SAN FRANCISCO, CA 94112 344 05/01/98
239234 LEVRAULT YVAN 65,971.05 9.000 360 12/01/96
1082 EAST RACQUET 66,717.00 341 11/01/26
PALM SPRINGS, CA 92262 341 05/01/98
239237 SOTO VINCENT C. 108,215.99 7.250 360 07/01/96
39528 JUNE ROAD 110,812.00 336 06/01/26
TEMECULA, CA 92591 333 05/01/98
239238 LANDES JEROLD L. 194,117.24 8.000 360 03/01/97
991 CORTE AZAL 197,700.00 344 02/01/27
CAMARILLO, CA 93010 336 05.01/98
239241 PILZNER JAMES M. 206,861.14 7.875 360 05/01/97
6000 MEADOW EDGE 210,000.00 346 04/01.27
RENO, NV 89502 340 05/01/98
239244 MITCHELL CHRISTINE G. 115,921.29 7.250 360 10/01/93
2710 WEST 78TH ST 122,400.00 303 09/01/23
INGLEWOOD, CA 90303 303 05/01/98
239246 GUADAMUZ JOSE R. 77,769.77 10.500 358 08/01/83
615 PELICAN WAY 94,200.00 179 05/01/13
SAVRAMENTO, CA 95833 179 03/01/98
239247 GRANATELLI ANTHONY M. 55,951.25 10.750 360 07/01/88
304 BEGONIA COURT 80,500.00 240 06/01/18
JACKON, NJ 08527 124 05/01/98
239248 TURNER ALAN N. 39,387.28 13.000 360 10/01/82
4360 GANNET CIRCL =#24 46,100.00 171 09/01/12
LAS VEGAS, NV 89103 168 05/10/98
239249 MCRAE PATRICIA 72,346.49 10.875 360 03/01/88
108 BLUE JAY DRIV 80,000.00 236 02/01/18
SWEDESBORO, NJ 08085 236 05/01/98
239250 SPATZ CHARLES 153,129.74 8.875 360 02/01/88
27 CHERRY HILL LA 169,500.00 235 01/01/18
MANALAPAN, NJ 07726 260 03/01/98
239251 SOBOCINSKI J.D. 189,551.10 8.625 360 02/01/88
191 WIERIMUS LANE 225,000.00 235 01/01/18
HILLSDALE, NJ 07642 210 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
239230 820.34 122,000 95.00 1 SFD
0 93.61 OO
Type: Conv Fix Mth Ml Co: Yes/Unk Refi
Insurer
239232 708.41 83,000 0.00 1 PUD
0 114.80 OO
Type: VA Fix Mth Ml Co: VA Refi
239233 408.68 270,000 89.26 1 SFD
0 89.19 OO
Type: Conv Fix MthBal MI Co: Uninsured Refi
239234 536.82 52,000 0.00 1 SFD
0 126.87 NOO
Type: Conv Fix Mth MI Co: Uninsured Refi
239237 755.94 110,650 100.15 1 PUD
0 97.80 OO
Type: VA Fix Mth Ml Co: VA Pur
239238 1,450.66 326,000 60.64 1 SFD
0 59.55 OO
Type: Conv Fix Mth Pur
239241 1,522.65 307,000 68.40 1 PUD
0 67.38 OO
Type: Conv Fix Mth Pur
239244 834.99 145,000 84.41 1 SFD
0 79.95 OO
Type: Conv Fix Mth Refi
239246 862.38 129,500 99.68 1 SFD
0 60.05 OO
Type: VA Fix Mth Unk
239247 751.45 60,000 0.00 1 Condo
0 93.25 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
239248 510.33 47,400 97.26 1 Condo
0 83.10 2nd
Type: FHA Fix Mth Ml Co: FHA Pur
239249 744.72 120,000 0.00 1 SFD
0 60.29 OO
Type: Conv Fix Mth Pur
239250 1,320.32 220,000 73.06 1 SFD
0 69.15 OO
Type: Conv Fix Mth Pur
239251 1,754.79 450,000 50.00 1 SFD
0 42.12 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 24
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
239256 SOKOLOSKI JOSEPH M 59,150.66 12.250 180 01/01/97
93 PRINCETON AVEN 60,000.00 162 12/01/11
PROVIDENCE, RI 02907 318 03/01/98
239259 HENTON JUNE S 55,910.51 12.375 180 06/01/96
87 LEBANON AVENUE 59,150.00 155 05/01/11
COLCHESTER, CT 06415 155 04/01/98
239264 CARTRIGHT JERRY D 60,985.78 11.000 360 06/01/96
8705 LAKE PLACE L#8B 61,600.00 335 05/01/26
TAMPA, FL 33634 335 05/01.98
239276 CRUMIEL PHILLIP V 94,754.85 12.000 360 08/01/96
16245 SW 107 AVE. 96,000.00 337 07/01/26
MIAMI, FL 33157 323 05/01/98
239278 LITWIN RICHARD 12,647.76 11.750 180 07/01/96
RD1 STATE RT 15 13,350.00 156 06/01/11
DILLONVALE, OH 43917 157 02/01/98
239287 PEREZ MIGUEL 94,376.54 11.000 180 09/01/96
19465 SW 336 ST. 95,200.00 158 08/01/11
HOMESTEAD, FL 33034 338 03/01/98
239295 BROWNE MICHAEL 46,447.34 12.125 180 10/01/96
145 DEERFIELD DR. 46,750.00 159 09/01/11
JUPITER, FL 33458 339 05/01/98
239297 HIGHBAUGH DAVID 58,738.77 12.250 180 10/01/96
6113 LORETTA ST. 59,200.00 159 09/01/11
LOUISVILLE, KY 40123 335 05/01/98
293302 CLAUDIO HECTOR D 72,002.01 13.250 180 10/01/96
219 LYMAN PLACE 78,400.00 159 09/01/11
WEST PALM B, FL 33409 339 05/01/98
239304 SHELLEY NANCY PARLATO 109,072.33 10.875 360 10/01/96
82 VAN ETTEN BLVD 110,000.00 339 09/01/26
NEW ROCHELLE, NY 10804 339 05/01/98
239305 LUJAN ANGELA S 25,740.44 13.000 180 10/01/96
736 INCA STREET 26,000.00 159 09/01/11
DENVER, CO 80204 324 04/01/98
239313 MULTON LARRY E 48,904.69 11.750 240 12/01/96
8621 W. 167TH ST. 50,000.00 221 11/01/16
ORLAND PARK, IL 60462 221 04/01/98
239329 BAKER MARK L 246,678.45 10.250 360 03/01/96
15500 SW 67 COURT 250,000.00 332 02/01/26
MIAMI, FL 33159 332 04/01/98
239332 SEAVER MICHAEL J 31,537.44 9.599 360 04/01/96
8665 SE LYONS STR 32,000.00 333 03/01/26
HOBE SOUND, FL 33455 333 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
239256 628.74 32,000 75.00 1 SFD
0 184.85 OO
Type: Conv Fix MthBal MI Co: Uninsured Dbt Con
239259 724.24 53,000 46.94 3 MixedUse
0 105.49 NA
Type: Conv Fix Mth MI Co: Uninsured NA
239264 586.64 75,500 80.00 1 Condo
0 80.78 OO
Type: Conv Fix Mth MI Co: Uninsured C/O
239276 987.47 90,000 80.00 1 SFD
0 105.28 OO
Type: Conv Fix Mth MI Co: Uninsured Hmlmp
239278 158.09 20,000 74.17 1 SFD
0 63.24 OO
Type: Conv Fix Mth Pur
239287 906.62 106,000 84.25 1 SFD
0 89.03 OO
Type: Conv Fix MthBal MI Co:Uninsured Pur
239295 485.38 56,000 79.91 1 PUD
0 82.94 OO
Type: Conv Fix MthBal MI Co:Uninsured Pur
239297 620.36 69,950 80.00 1 SFD
0 83.97 OO
Type: Conv Fix MthBal MI Co:Uninsured Dbt Con
293302 882.61 92,000 63.74 1 SFD
0 84.78 OO
Type: Conv Fix MthBal MI Co:Uninsured DBT Con
239304 1,037.18 289,000 32.35 1 SFD
0 37.74 OO
Type: Conv Fix Mth C/O
239305 287.62 75,000 65.00 1 SFD
0 34.32 NOO
Type: Conv Fix MthBal Refi
239313 541.86 105,000 45.45 1 SFD
0 46.58 OO
Type: Conv Fix Mth Dbt Con
239329 2,240.25 244,000 71.43 1 SFD
0 101.10 OO
Type: Conv Fix Mth MI Co:Uninsured C/O
239332 271.39 50,000 53.331 SFD
0 63.07 OO
Type: Conv Fix Mth C/O
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 25
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
239333 HARDISON DAWN E 80,979.58 10.125 180 05/01/96
290 NORLAND AVENU 82,000.00 154 04/01/11
BRIDGEPORT, CT 06606 335 03/01/98
239335 MARTIN CLAUDE RAY 39,717.86 12.625 360 06/01/96
4274 OAK LAWN DRI 40,000.00 335 05/01/26
JACKSON, MS 39206 336 05/01/98
241346 COUNSEL CORP. 275,000.00 10.000 60 11/02/97
20271 BIRCH ST. 275,000.00 53 10/02/02
NEWPORT BEACH, CA 92660 359 05/02/98
241359 PARSONS FRANCIS A 132,374.69 11.000 241 08/05/79
2441 NW 11 MILE A 296,200.00 15 07/31/99
GRESHAM, OR 97030 60 05/05/98
241360 TAPPE RODNEY W 180,839.04 9.000 180 11/01/95
34073 RIVERSIDE D 200,000.00 148 10/01/10
ALBANY, OR 97321 148 06/01/98
241365 SMITHS DELTA PK PARTNER 2,602,401.31 11.125 120 06/01/92
1100 N HAYDEN MEA 2,950,000.00 47 05/01/02
PORTLAND, OR 97217 168 05/01/98
241461 MORSE URBAN DEVELOPMENT 975,732.90 11.500 180 09/21/96
1526-1530 W. MORS 979,000.00 159 08/21/11
CHICAGO, IL 60626 351 02/21/98
241474 BONNY DENNIS E 83,495.16 12.740 180 08/12/96
114 & 116 BLUFF T 84,000.00 158 07/12/11
MELBOURNE, FL 32901 338 03/12/98
241556 HARTMAN ROBERT N 72,153.46 11.990 240 01/27/96
127 IRIS AVE 74,500.00 211 12/27/15
WEST SENECA, NY 14224 213 03/29/98
241611 CONTRACT SERVICE & SUPPLY 221,256.50 10.000 90 04/01/95
107-109 WEST RETA 315,000.00 51 09/01/02
SOUTH PADRE ISL, TX 78597 56 05/01/98
241622 ESPOSITO SALVATORE J 154,205.56 8.530 207 06/01/84
135 NEW DORP LANE 300,000.00 38 08/01/01
STATEN ISLAND, NY 10306 42 05/01/98
241623 FRITZ DEBORAH M 37,537.23 5.000 129 05/28/89
ROUTE 1 P.O. BOX 40,870.00 20 02/01/00
HOCKLEY, TX 77447 314 05/01/98
241635 SEEDS OF LIGHT C/O M. DI 21,587.17 12.000 220 12/20/84
276 PINE ST 33,000.00 58 04/01/03
GARDNER, MA 01440 358 05/01/98
241637 SWEET HAVEN HOLY CHURCH O 190,085.92 9.000 146 02/01/91
ROUTE 342 P.O. BLERAY STREET/S 260,000.00 57 03/01/03
BLACK RIVER, NY 13612 344 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
239333 727.20 65,000 100.00 1 SFD
0 124.58 OO
Type: Conv Fix MthBal MI Co:Uninsured Unk
239335 430.79 55,000 80.001 SFD
0 72.21 OO
Type: Conv Fix Mth Dbt Con
241346 2,414.61 338,000 0.00 1 Office Condo
0 81.36 NA
Type: Comm Fix MthBal MI Co:Uninsured NA
241359 2,903.09 500,000 0.00 1 Wrhse
0 26.47 NA
Type: Comm Fix MthBal NA
241360 2,028.53 670,000 0.00 9 Wrhse
0 26.99 NA
Type: Comm Fix Mth NA
241365 30,700.91 5,100,000 57.84 1 Retail
0 51.03 NA
Type: Comm Fix MthBal NA
241461 9,694.95 1,600,000 67.99 6 MixedUse
0 60.98 NA
Type: Conv Fix MthBal NA
241474 912.71 85,000 67.20 1 SFD
0 98.23 NOO
Type: Conv Fix MthBal MI Co:Uninsured Dbt Con
241556 819.79 93,000 0.00 2 2-4
0 77.58 NOO
Type: Conv Fix Mth Dbt Con
241611 5,000.00 280,000 0.00 1 Land
0 79.02 NA
Type: Comm LFix MthBal NA
241622 4,347.60 450,000 0.00 2 Retail
0 34.27 NA
Type: Comm Fix MthBal NA
241623 214.68 75,000 0.00 0 Land
0 150.05 NA
Type: Resi LFix MthBal MI Co:Uninsured NA
241635 222.18 49,900 0.00 1 Church
0 43.26 NA
Type: Comm Fix Mth NA
241637 1,544.70 240,000 0.00 1 Church
0 79.20 NA
Type: Comm Fix MthBal NA
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 26
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
241652 HAMMON RICHARD D. JR. 60,611.69 10.875 360 03/01/89
14600 197TH ST 65,250.00 248 02/01/19
MARINE ON ST CR, MN 55047 248 05/01/98
241653 LOGAN HARRIET R 77,997.53 9.250 360 08/01/87
137 SIXTH ST 90,000.00 229 07/01/17
PELHAM, NY 10803 218 04/01/98
241654 LAULETTE ANTHONY G 69,702.81 10.875 360 03/01/89
7 AVON ST 75,000.00 248 02/01/19
BYRAM, NJ 07874 248 05/01/98
241657 KENDALL BRUCE H. JR. 378,436.69 9.000 360 08/01/94
223 SEAVIEW STRE 390,400.00 313 07/01/24
MANHATTAN BEACH, CA 90266 313 05/01/98
241658 LUNA TONY A 93,240.93 11.500 360 06/01/84
3821 LUCENA CT. 96,500.00 191 05/01/14
GRAND PRAIRIE, TX 75052 181 05/01/98
241661 TINNON WAYNE 55,697.66 8.500 360 05/01/87
13 ROOK PL 63,200.00 226 04/01/17
MAUMELLE, AR 72118 237 05/01/98
241662 DODSON EDWARD GINO 82,527.43 8.325 436 07/01/86
336 WILLOW SPRING 80,000.00 292 10/01/22
COPPELL, TX 75019 308 04/01/98
241663 COOKE ARTHUR J 30,860.98 12.500 213 12/22/87
12 OLD FORGE RD 45,000.00 87 08/22/05
SANDWICH, MA 02563 87 05/22/98
241664 DUNSTON VINCENT BERNARD 109,532.86 8.500 360 05/01/87
9201 LOCKSLEY RD 125,450.00 226 04/01/17
FORT WASHINGTON, MD 20744 232 06/01/98
241666 DRAUGHN GLENDORA 106,285.17 10.250 447 02/11/89
942 MAGNOLIA AVE 107,000.00 335 05/10/26
ELIZABETH, NJ 07201 345 04/01/98
241669 HAWKINS ELIZABETH M 39,246.48 9.500 120 03/15/94
1000 CRAIG STREET 40,000.00 69 02/15/04
NORFOLK, VA 23523 327 02/15/98
241671 INGRAM DERLINE 56,947.72 8.375 360 11/12/90
226 S 8TH STREET 44,000.00 269 10/12/20
NEWARK, NJ 07102 630 05/12/98
241674 ANTON PATRICIA 18,464.92 9.000 260 06/01/94
W. LAKE DR. & SOUCOTTAGE 4 20,000.00 211 01/01/16
MONTAUK, NY 11954 210 03/01/98
241678 RAYFIELD HAROLD 83,043.08 9.000 360 05/01/92
2512 BAUER DRIVE 87,762.00 286 04/01/22
DENTON, TX 76201 287 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
241652 615.24 134,000 48.69 1 SFD
0 45.23 OO
Type: Conv Fix Mth Pur
241653 740.41 185,000 48.65 1 SFD
0 42.16 OO
Type: Conv Fix Mth Refi
241654 707.17 115,000 56.39 1 SFD
0 60.61 OO
Type: Conv Fix Mth C/O
241657 3,141.25 650,000 65.07 4 2-4
0 58.22 OO
Type: Conv Fix Mth Pur
241658 1,087.04 95,000 0.00 1 SFD
0 98.15 OO
Type: VA Fix Mthl MI Co: VA Pur
241661 485.95 72,500 0.00 1 SFD
0 76.82 OO
Type: VA Fix Mth Pur
241662 650.00 93,000 0.00 1 SFD
0 153.26 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
241663 544.57 129,900 0.00 1 SFD
0 62.92 OO
Type: Conv Fix Mth Hmlmp
241664 964.60 144,850 0.00 1 SFD
0 75.62 OO
Type: VA Fix Mth Pur
241666 958.83 60,000 64.46 2 2-4
0 177.14 OO
Type: Conv Fix Mth MI Co:Uninsured
Refi
241669 336.34 48,000 70.18 1 SFD
0 81.76 OO
Type: Conv Fix MthBal MI Co:Uninsured Refi
241671 402.49 60,000 0.00 2 2-4
0 94.91 OO
Type: Conv Fix Mth Pur
241674 175.00 36,000 0.00 1 CO-OP
0 51.29 2nd
Type: Conv Fix Mth Pur
241678 706.15 135,000 100.30 1 SFD
0 61.51 OO
Type: FHA Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 27
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
241681 VONGPHAKDY JIMMY 30,609.30 9.000 180 09/01/91
210 S. PLEASANT W 43,596.00 98 08/01/06
DALLAS, TX 75217 98 04/01/98
241686 VOREL RICHARD M 32,448.04 9.000 360 05/01/92
406 JEFFERSON STR 34,617.00 286 04/01/22
WATERLOO, NE 68069 277 04/01/98
241691 DUFFORD MICHAEL K 157,096.94 9.250 360 07/01/95
1095 SUFFOLK DR 160,550.00 324 06/01/25
SANTA ROSA, CA 95401 324 05/01/98
241692 DAVIS CLAUDALE 60,351.34 9.000 360 09/01/I95
1731 NW 152 STREET 61,650.00 326 08/01/25
OPA LOCKA, FL 33054 326 03/01/98
241694 DILLREE CHAD BLAIR 51,931.58 8.000 360 09/01/93
278 NORTH 800 EA 54,540.00 302 08/01/23
LAYTON, UT 84041 302 05/01/98
241697 AGUILAR RAMON H 72,529.67 8.000 360 10/01/93
2817 MERRITT AVE 76,220.00 303 09/01/23
LAS VEGAS, NV 89109 301 05/01/98
241698 ROACH ERIC G 130,394.06 9.000 360 04/01/95
2228 LONG VIEW D 133,700.00 321 03/01/25
WOODBRIDGE, VA 22191 321 04/01/98
241703 LOFTHUS KATHERYN L 49,990.43 8.000 360 05/01/94
911 S. 12TH STREE 52,055.00 310 04/01/24
GRAND FORKS, ND 58201 311 04/01/98
241706 TREADAWAY RICKY MITCHELL 41,745.77 8.000 360 05/01/93
32111 BETHLEHEM C 44,043.00 298 04/01/23
NORWOOD, NC 28128 298 03/01/98
241707 SONNIER MARLON KEITH 40,741.53 8.000 180 11/01/92
3916 BRENTWOOD A 54,650.00 112 10/01/07
LAKE CHARLES, LA 70605 111 04/01/98
241708 LUTES WESLEY B 91,406.55 8.000 360 09/01/93
4060 BULL MOOSE 96,150.00 302 08/01/23
WASILLA, AK 99654 300 05/01/98
241709 PATTERSON KERCHAVEL M 15,772.69 8.000 360 02/01/77
627 DESOTO 29,000.00 103 01/01/07
YPSILANTI, MI 48198 103 03/01/98
241710 ELTON ROGER D 247,877.47 9.000 360 03/01/89
8 SULKY CIR 273,750.00 248 02/01/19
EAST HAMPTON, NY 11937 247 05/01/98
241711 BONOMO MICHAEL A 357,636.39 10.250 360 08/01/93
10 COLE DRIVE 532,500.00 301 07/01/23
ARMONK, NY 10504 301 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
241681 442.18 62,000 94.77 1 SFD
0 49.37 OO
Type: FHA Fix Mth Pur
241686 278.54 50,000 94.84 1 SFD
0 64.90 OO
Type: FHA Fix Mth Pur
241691 1,320.81 160,000 94.44 1 PUD
0 98.19 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
241692 496.05 69,000 94.85 1 SFD
0 87.47 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
241694 400.20 98,000 0.00 1 SFD
0 52.99 OO
Type: FHA Fix Mth Refi
241697 559.28 99,000 97.10 1 SFD
0 73.26 OO
Type: FHA Fix Mth Pur
241698 1,075.78 123,800 99.0 1 SFD
0 105.33 OO
Type: FHA Fix Mth MI Co: FHA Pur
241703 381.96 79,000 0.00 1 SFD
0 62.57 OO
Type: FHA Fix Mth Refi
241706 323.18 47,500 0.00 1 SFD
0 87.89 OO
Type: VA Fix Mth MI Co: VA Pur
241707 522.27 40,000 98.47 1 SFD
0 101.85 OO
Type: VA Fix Mth MI Co: VA Pur
241708 705.52 125,00 96.15 1 SFD
0 73.13 OO
Type: VA Fix Mth Pur
241709 212.86 59,000 0.00 1 SFD
0 26.73 OO
Type: VA Fix Mth Pur
241710 2,209.04 340,000 0.00 1 SFD
0 72.91 2nd
Type: Conv Fix Mth Pur
241711 3,310.72 725,000 75.00 1 SFD
0 49.33 OO
Type: Conv Fix Mth Cnstrp
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 28
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
241712 EVANS CURT M. 42,952.55 7.500 180 07/01/93
432 W. AVONDALE-N 55,000.00 120 06/01/08
WEST GROVE, PA 19390 120 05/01/98
241714 STEWART WINSTON E 116,313.08 10.250 360 07/01/90
58 BLOHM ST 124,000.00 264 06/01/20
WEST HAVEN, CT 06516 264 05/01/98
241715 LEAHY MARY-ELLEN 65,447.67 9.375 480 02/01/95
404 NORTH MAIL ST 66,750.00 439 01/01/35
ANSONIA, CT 06401 413 03/01/98
241719 BERNARDI ELISA 25,078.12 8.500 360 02/01/79
58 DREYER AVE UNIT NO. 57 40.700.00 127 01/01/90
STATEN ISLAND, NY 10314 119 04/01/98
241720 TURNER LAWRENCE 6,457.86 10.000 229 06/01/80
1003 ROANOKE RAP 65,000.00 12 06/01/99
WELDON, NC 27890 5 12/01/97
241721 ALTOBAISHI ABDULLAH A 92,583.97 13.875 360 03/01/83
UNIT 2407 2555 COLLINS AV 105,000.00 176 02/01/13
MIAMI BEACH, FL 33140 176 02/01/98
241722 WOODSON ANNIE 43,830.19 8.500 180 05/01/94
18815-17 SW 113 c 52,500.00 130 04/01/09
MIAMI, FL 33157 131 05/01/98
241724 KAKASCIK MICHAEL G 110,855.49 7.500 360 09/01/93
4391 NW 51 ST 117,000.00 302 08/01/23
COCONUT CREEK, FL 33073 302 04/01/98
241726 KANNER ROSE 7,157.64 9.000 300 06/01/76
15 LENTZ PLACE 26,850.00 35 05/01/01
IRVINGTON, NJ 07111 37 05/01/98
241727 BAEZ NELSON 17,419.25 8.500 360 01/01/78
733 CLINTON AVE 30,000.00 114 12/01/07
SOUTH PLAINFIEL, NJ 07080 109 02/01/98
241730 THOMPSON CATHERINE P 304,188.29 6.875 360 10/01/93
1230 YAUPON VALLE 323,100.00 303 09/01/23
AUSTIN, TX 78746 302 05/01/98
241732 OWENS TONY L 61,622.26 9.000 360 09/01/94
4113 MARIE DR 63,520.00 314 08/01/24
SPRINGFIELD, IL 62707 314 02/01/98
241734 BELK EARL H 483,722.97 7.750 360 07/01/93
16622 CHANNEL LN 510,000.00 300 06/01/23
HUNTINGTON BEAC, CA 92649 300 05/01/98
241735 WATTERS HARRY C 591,692.58 6.875 180 04/01/94
621 E. ENCINAS AV 730,000.00 129 03/01/09
GILBERT, AZ 85234 129 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
241712 509.86 180,000 30.56 1 SFD
0 23.86 OO
Type: Conv Fix Mth C/O
241714 1,111.17 160,000 77.50 2 2-4
0 72.70 OO
Type: Conv Fix Mth Pur
241715 532.78 85,000 83.44 2 2-4
0 77.00 OO
Type: Conv Fix Mth Pur
241719 312.95 120,000 0.00 1 Condo
0 20.90 OO
Type: Conv Fix Mth Pur
241720 3,750.00 91,500 0.00 1 SFD
0 706 OO
Type: Conv Fix Sem Dbt Con
241721 1,233.75 159,000 0.00 1 Condo
0 58.23 NOO
Type: Conv Fix Mth Pur
241722 516.99 70,000 0.00 2 2-4
0 62.61 OO
Type: Conv Fix Mth Unk
241724 818.09 155,000 0.00 1 PUD
0 71.52 OO
Type: Conv Fix Mth Pur
241726 225.54 73,000 0.00 1 2-4
0 9.80 OO
Type: FHA Fix Mth Pur
241727 230.70 128,900 0.00 1 SFD
0 13.51 OO
Type: VA Fix Mth Pur
241730 2,122.54 425,000 89.75 1 SFD
0 71.57 OO
Type: Conv Fix Mth Pur
241732 511.10 72,000 93.41 1 SFD
0 85.59 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
241734 3,653.71 730,000 69.86 1 SFD
0 66.26 OO
Type: Conv Fix Mth Pur
241735 6,510.54 702,000 74.11 1 SFD
0 84.29 OO
Type: Conv Fix Mth MI Co:Uninsured Refi
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 29
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
241738 WITHAM LINDA L 47,480.91 10.000 360 09/01/97
100 WINDING WAY # 47,700.00 350 08/01/27
DOWNING TOWN, PA 19335 351 05/01/98
241739 BLOOM ROBERT CARL 45,390.57 10.000 360 09/01/97
529 4TH STREET 45,600.00 350 08/01/27
SPIRIT LAKE, ID 83869 351 05/01/98
241740 BUTTROSS DAVID 21,774.49 10.000 360 09/01/97
109 # 2 W. MOCKING 21,875.00 350 08/01/27
AUSTIN, TX 78745 350 06/01/98
241741 BUTTROSS DAVID 17,419.55 10.000 360 09/01/97
109 # 5 W. MOCKING 17,500.00 350 08/01/27
AUSTIN, TX 78745 350 06/01/98
241742 BUTTROSS DAVID 21,774.49 10.000 360 09/01/97
201 # 1 W. MOCKING 21,875.00 350 08/01/27
AUSTIN, TX 78745 350 06/01/98
241743 BUTTROSS DAVID 21,774.49 10.000 360 09/01/97
201 # 1 W. MOCKING 21,875.00 350 08/01/27
AUSTIN, TX 78745 350 06/01/98
241744 BUTTROSS DAVID 21,774.49 10.000 360 09/01/97
109 # 1 W. MOCKING 21,875.00 350 08/01/27
AUSTIN, TX 78745 350 06/01/98
241829 HAGER GLORIA 119,129.69 9.500 360 05/01/97
18640 EAST PETUNI 120,000.00 346 04/01/27
AZUSA, CA 91702 346 02/01/98
241835 HARRISON KEITH M 51,466.85 9.125 360 08/01/97
1050 LAFAYETTE ST 52,100.00 349 07/01/27
DENVER, CO 80218 339 05/01/98
241871 HOBBS JOHN G. 8,443.98 10.000 154 01/07/87
100 ACRES/BARE LA3229 HARRIS LAN 35,000.00 17 11/02/99
FT. WORTH, TX 76117 18 06/02/98
241873 HUNTER ELROY 27,685.31 10.000 302 01/07/88
37/100 OF ACRE OF 30,715.64 177 02/15/13
WALKER COUNTY, TX 177 04/15/98
241876 WILLIAMS DON C. 25,282.55 10.000 93 08/05/90
9930 LAKE FOREST UNIT #6 57,375.00 24 05/01/98
NEW ORLEANS, LA 70129 24 03/10/98
241880 KOURTOULIDIS CHRIS 32,246.77 11.000 120 07/01.95
4000 WASHINGTON S 40,000.00 84 06/01/05
ROSLINDALE, MA 00000 85 04/01/98
241881 FARRELL WARREN 36,959.82 9.500 300 05/01/76
1717 53RD STREET 200,000.00 34 04/01/01
NORTH BERGEN, NJ 07047 40 05/28/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
241738 418.60 47,615 0.00 1 Condo
0 99.72 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
241739 400.17 82,500 86.04 1 SFD
0 55.02 OO
Type: Conv Fix Mth Pur
241740 191.97 59,900 0.00 1 Condo
0 36.35 NOO
Type: Conv Fix Mth Pur
241741 153.58 49,900 0.00 1 Condo
0 34.91 NOO
Type: Conv Fix Mth Pur
241742 191.97 59,900 0.00 1 Condo
0 36.35 NOO
Type: Conv Fix Mth Pur
241743 191.97 59,900 0.00 1 Condo
0 36.35 NOO
Type: Conv Fix Mth Pur
241744 191.97 59,900 0.00 1 Condo
0 36.35 NOO
Type: Conv Fix Mth Pur
241829 1,009.03 138,000 80.0 1 SFD
0 86.33 OO
Type: Conv Fix Mth MI Co;Uninsured Refi
241835 423.91 59,000 89.83 1 Condo
0 87.23 2nd
Type: Conv Fix Mth MI Co:Uninsured Pur
241871 528.00 40,000 0.00 0 Land
0 133.61 NA
Type: Resi LFix Mth MI Co:Uninsured NA
241873 300.00 28,116 0.00 0 Multi
0 98.47 NA
Type: MultiFFix Mth MI Co:Uninsured NA
241876 1,200.00 66,000 0.00 1 Office Condo
0 38.31 NA
Type: Comm Fix Mth NA
241880 551.01 140,000 0.00 1 MixedUse
0 23.03 NA
Type: Conv Fix Mth NA
241881 1,096.49 120,000 0.00 9 Multi
0 30.80 NA
Type: MultiFFix Mth NA
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 30
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
241889 DMT INC. 24,037.70 8.390 135 04/01/89
1823-1829 SW MILI 100,000.00 24 06/01/00
SAN ANTONIO, TX 78221 24 02/01/98
241890 REYES ALBERT R. 15,971.58 9.420 124 12/21/88
115 HALSEY 35,000.00 10 04/01/99
SAN ANTONIO, TX 78221 86 06/01/98
241901 SESSIONS INC. 38,478.92 8.750 120 01/23/92
288 NORTH MAIN ST. 45,000.00 43 12/23/01
GLOVERSVILLE, NY 12078 162 06/23/98
241903 BOONE WILLIAM 42,070.46 11.000 103 11/01/89
393 CENTRAL AVENUE 61,000.00 111 05/01/98
EAST ORANGE, NJ 07018 111 04/10/98
241904 ALLENTOWN WILLIMA PENN IN 20,407.64 8.500 58 08/01/93
148 S. MAIN ST. 24,779.43 159 05/01/98
ALLENTOWN, NJ 08501 159 04/01/98
241907 WEEKS STEPHEN E. 54,259.58 8.000 60 06/10/94
118 SHORE DRIVE 63 CHURCH ST/12 60,000.00 12 05/10/99
LACONIA, NH 03246 192 05/10/98
241919 MARDEN JOHN J. 103,769.45 6.500 360 03/01/87
294 TWIN LAKES DR 107,550.00 224 02/01/17
HALIFAX, MA 02338 236 04/01/98
241920 CRACIUN TRAIAN R 407,000.67 8.000 180 07/01/94
2311 GATES AVENUE 423,000.00 132 06/01/09
REDONDO BEACH, CA 90278 312 03/01/98
241921 ESCHRICH RICHARD E. 192,543.42 8.000 180 09/01/94
43038 SACHS DRIVE 199,900.00 134 08/01/09
LANCASTER, CA 93536 314 04/01/98
241923 KANGAS DAVID E. 242,276.30 8.000 180 11/01/94
139 SHEPARD STREE 250,850.00 136 10/01/09
HERCULES, CA 94547 316 03/01/98
241925 BROWN ELLEN L 71,230.67 5.000 360 10/01/88
133 COMMANDER SHEUNIT 717 79,500.00 243 09/01/18
NORTH QUINCY, MA 02171 317 03/01/98
241926 FOX ROBERT E 58,546.65 7.250 360 10/01/88
UNIT 135-11A WINT 63,350.00 243 09/01/18
FRAMINGHAM, MA 01701 330 05/01/98
241927 VAYDA JOSEPH S 104,349.61 7.000 360 12/01/88
59 GRANT AVENUE 110,400.00 245 11/01/18
BROCKTON, MA 02401 245 05/01/98
241928 GALANTE GLORIA G 99,230.34 7.000 360 02/01/89
27 DILLMONT DRIVE 110,000.00 247 01/01/19
SMITHTOWN, NY 11787 253 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
241889 1,121.69 395,000 0.00 3 Shop Ctr
0 6.09 NA
Type: Conv Fix Mth NA
241890 256.91 30,000 0.00 2 MixedUse
0 53.24 NA
Type: Conv Fix MthBal NA
241901 409.55 45,000 0.00 2 Retail
0 86.11 NA
Type: Conv. Fix MthBal MI Co:Uninsured NA
241903 607.55 55,000 71.76 1 Retail
0 76.49 NA
Type: Comm Fix Mth NA
241904 215.04 98,000 0.00 1 MixedUse
0 85.86 NA
Type: Conv Fix Mth MI Co:Uninsured NA
241907 501.87 127,000 0.00 2 MixedUse
0 42.72 NA
Type: Conv Fix MthBal NA
241919 780.30 92,500 88.16 1 Condo
0 112.18 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
241920 3,103.83 479,000 0.00 1 SFD
0 84.97 OO
Type: Conv Fix MthBal MI Co:Uninsured Pur
241921 1,466.80 165,000 0.00 1 SFD
0 116.69 OO
Type: Conv Fix MthBal MI Co:Uninsured Pur
241923 1,840.65 265,000 0.00 1 SFD
0 91.43 OO
Type: Conv Fix MthBal MI Co:Uninsured Pur
241925 405.33 60,000 73.61 1 Condo
0 118.72 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
241926 410.26 40,000 74.9 1 Condo
0 146.37 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
241927 801.88 85,000 78,86 1 SFD
0 122.76 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
241928 752.63 140,000 68.75 1 SFD
0 70.88 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 31
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
241929 TRAMONTIN MONICA L 69,941.14 7.125 360 02/01/89
474 MAPLE HILL DRUNIT 13 79,900.00 247 01/01/19
HACKENSACK, NJ 07601 247 05/01/98
241930 NUR ABDIRISAK A 110,805.06 6.000 360 09/01/89
1A CLARK STREET UNEWTON COURT CO 120,000.00 254 08/01/19
SOMERVILLE, MA 02143 254 05/01/98
241931 DEALBUQUERQUE PHILIP L 70,132.53 9.950 360 12/01/89
138 HAZAEL STREET 75,600.00 257 11/01/19
PROVIDENCE, RI 02908 257 05/01/98
242123 SOLOMON DAVID 252,388.48 4.000 360 05/01/97
69 ST JAMES PLACE 258,600.00 346 04/01/27
BROOKLYN, NY 11238 344 05/01/98
242131 AKINOLA-OSHODI MULIKATO 105,377.34 6.000 360 02/01/90
47 ABBOTT STREET 105,000.00 259 01/01/20
LAWRENCE, MA 01840 311 05/01/98
242132 SEBEDA IRENA 108,845.03 8.00 360 04/01/90
10 WESTON AVENUE 119,800.00 261 03/01/20
QUINCY, MA 02170 261 05/01/98
242133 DAWNLABANI REBECCA A 134,135.71 5.000 360 07/01/90
46 ST. STEPHEN STUNIT 3 150,000.00 264 06/01/20
BOSTON, MA 02115 264 05/01/98
242134 WOODS JAMES L 61,633.96 6.750 360 08/01/90
732 OCEAN AVENUE 60,000.00 265 07/01/20
JERSEY CITY, NJ 07305 265 04/01/98
242136 MASLOWSKI SCOTT J 45,817.90 7.250 360 04/01/94
121 CROSS COUNTYUNIT 121 CLUSTE 48,450.00 309 03/01/24
JACKSON TOWNSHI, PA 18372 302 06/01/98
242137 PARRISH DAVID J 175,187.83 8.750 360 07/01/95
3 HILL STREET 179,550.00 324 06/01/25
DALLAS, PA 18612 324 05/01/98
242138 BOYLE JAMES JR. 197,278.80 8.125 360 12/01/95
89 WATERGATE DRIV 201,850.00 329 11/01/25
HOLLAND, PA 18966 329 05/01/98
242211 GUIFFRE ROBERTA M. 31,297,33 8.000 360 10/01/97
119 CAMDEN STREET, UNIT A 31,500.00 351 09/01/27
METHUEN, MA 01844 351 05/01/98
242236 MURILLO JOSE 112,417.27 8.000 360 09/01/97
9020 HEGEL STREET 113,200.00 350 08/01/27
BELLFLOWER, CA 90706 351 05/01/98
242252 PIESZAK MICHAEL 88,244.59 6.000 360 11/01/97
34 A HEANEY AVENUE 90,700.00 352 10/01/27
STATEN ISLAND, NY 10303 339 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
241929 540.58 60,000 79.90 1 Condo
0 116.57 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
241930 771.39 152,000 78.95 1 Condo
0 72.90 OO
Type: Conv Fix Mth Pur
241931 660.66 50,000 68.73 1 SFD
0 140.27 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
242123 1,234.60 295,000 0.00 1 TWNHS
0 85.56 OO
Type: Conv Fix Mth MI Co:Uninsured Refi
242131 668.75 70,000 76.09 2 2-4
0 150.54 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
242132 881.89 90,000 79.97 1 Condo
0 120.94 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
242133 838.94 187,500 80.00 1 Condo
0 71.54 OO
Type: Conv Fix Mth Pur
242134 448.15 35,000 61.22 2 2-4
0 176.10 OO
Type: Conv Fix Mth MI Co:Uninsured Refi
242136 330.52 85,000 57.00 1 Condo
0 53.90 OO
Type: Conv Fix Mth Pur
242137 1,412.53 135,000 94.50 1 SFD
0 129.77 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
242138 1,498.74 210,000 94.32 1 SFD
0 93.34 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
242211 231.14 35,000 90.0 1 Condo
0 89.42 OO
Type: Conv. Fix Mth MI Co:Uninsured Refi
242236 830.62 130,000 0.00 1 SFD
86.47 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
242252 541.40 84,000 106.71 1 Condo
0 105.05 OO
Type: Conv Fix Mth MI Co:Uninsured Refi
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 32
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
242261 HARNER ROBERT SR 213,333.97 8.250 360 10/01/97
3210 CASTLE HEIGHSHERMAN OAKS 214,600.00 351 09/01/27
LOS ANGELES, CA 90034 351 05/01/98
242283 LAPORTA PAUL F 145,657.22 6.000 360 12/01/97
137 PARKWAY DRIVE 150,000.00 353 11/01/27
COMMACK, NY 11725 353 05/01/98
242304 CHAN MICHAEL SIU LUN 64,655.93 7.500 360 12/01/97
361 SOUTH VAN BURUNIT B 65,000.00 353 11/01/27
PLACENTIA, CA 92670 353 06/01/98
242336 REAGIN AUDREY 60,841.72 9.750 360 06/01/91
400 CENTRAL PARK UNIT 5-H 65,101.00 275 05/01/21
NEW YORK, NY 10025 267 04/01/98
242341 SWIATEK BRIGITTA F. 109,407.64 7.5000 281 08/12/88
256-58 ELM STREET 156,000.00 163 01/01/12
MERIDEN, CT 06450 163 04/01/98
242342 PATERNITE PAUL V 49,986.41 9.000 360 01/01/87
1023 FISHERMANS R 57,550.00 222 12/01/16
NORFOLK, VA 23503 222 03/01/98
242343 VILLALOBOS RICHARD 111,554.48 9.000 360 06/01/92
13065 KOCH1 DR 117,864.00 287 05/01/22
MORENO VALLEY, CA 92553 287 03/01/98
242345 WATSON KELVIN 111,518.29 9.000 360 08/01/95
10850 SW 167TH ST 114,000.00 325 07/01/25
MIAMI, FL 33157 325 03/01/98
242346 BALDWIN JAMES JR 67,225.30 6.990 360 11/01/95
532 DUNBARTON 71,042.00 328 10/01/25
MONTGOMERY, AL 36117 305 03/01/98
242347 ROSETTA GLENDA L. 48,083.64 8.000 360 11/01/93
3332 CENTER STREET 50,400.00 304 10/01/23
DURHAMVILLE, NY 13054 304 03/01/98
242348 CHALUPNIK MAUREEN C. 72,875.24 8.500 360 06/01/93
18624 N. 47TH AVENUE 76,448.00 299 05/01/23
GLENDALE, AZ 85308 299 03/01/98
242349 WEISER ROBERT E. JR 125,426.88 8.000 360 10/01/93
8 CHARLES STREET 131,523.00 303 09/01/23
HOPATCONG, NJ 07843 303 06/01/98
242351 BUCKO ROBERT J. 15,460.04 8.500 360 10/01/76
290 BELDEN ROAD 28,400.00 99 09/01/06
HAMDEN, CT 06514 99 02/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
242261 1,612.22 300,000 0.00 1 SFD
0 71.11 OO
Type: Conv Fix Mth Pur
242283 879.85 230,000 0.00 1 SFD
0 63.33 OO
Type: Conv Fix Mth Pur
242304 454.49 100,000 68.42 1 Condo
0 64.66 OO
Type: Conv Fix Mth Pur
242336 559.31 105,000 43.40 1 Condo
0 57.94 OO
Type: Conv Fix Mth Pur
242341 1,072.11 44,300 80.0 3 2-4
0 246.97 NOO
Type: Conv Fix Mth MI Co:Uninsured Refi
242342 463.06 54,900 0.00 1 SFD
0 91.05 OO
Type: VA Fix Mth MI Co: VA Pur
242343 948.36 102,000 97.81 1 SFD
0 109.37 OO
Type: FHA Fix Mth MI Co: FHA Pur
242345 917.27 114,000 95.0 1 SFD
0 97.82 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
242346 472.17 78,000 90.50 1 SFD
0 86.19 OO
Type: FHA Fix Mth MI Co: FHA Pur
242347 369.82 50,000 0.00 1 SFD
0 96.17 OO
Type: Conv Fix Mth MI Co. Yes/Unk Pur
Insurer
242348 587.82 102,000 0.00 1 SFD
0 71.45 OO
Type: FHA Fix Mth Refi
242349 965.07 125,000 100.40 1 SFD
0 100.34 OO
Type: VA Fix Mth MI Co: VA Pur
242351 218.37 65,000 80.00 1 SFD
0 23.78 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 33
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
242353 SUTTON THOMAS M. 41,828.71 10.750 360 12/01/79
2248 E. GENEVA DR 57,200.00 137 11/01/09
TEMPE, AZ 85282 136 04/01/98
242355 DWYER RAYMOND J. JR. 18,562.50 9.250 359 11/01/76
277 TEANECK, RD 32,500.00 99 09/01/06
RIDGEFIELD PARK, NJ 07660 100 03/01/98
250190 SINGLETARY JOE 30,831.13 11.750 360 09/01/83
141-143 EAGLE STR 36,000.00 182 08/01/13
BRIDGEPORT, CT 06607 183 04/01/98
250192 CATANZARO ANTHONY 17,315.24 8.500 301 04/01/97
36 MORGAN LN 39,965.00 70 04/01/04
STATEN ISLAND, NY 10314 68 03/01/98
250259 PARZIALE JOSEPH 158,896.46 9.375 360 02/01/90
1034 68TH STREET (AKA OVINGTON) 150,000.00 259 01/01/20
BROOKLYN, NY 11219 331 04/01/98
250297 CARY III GLOVER H 32,599.02 14.800 180 10/01/94
838 VAN BUREN AV 33,500.00 135 09/01/09
HOBART, IN 46342 266 03/01/98
250318 MOULTRIE GERALD 139,001.75 12.250 240 05/23/96
14-22 GIPSON ST 143,000.00 215 04/23/16
FAR ROCKAWAY, NY 11691 215 02/23/98
250321 BELL CAROL A 44,392.51 10.990 180 08/01/96
209 NIAGARA AVE 44,800.00 157 07/01/11
DAYTON, OH 45405 337 03/01/98
250323 MILLS SANDRA 16,422.90 6.000 72 01/15/97
4 ROSEMARY CT 16,765.00 43 12/15/01
W. HARTFORD, CT 06110 341 03/15/98
250344 JOHNSON CHARLIE J JR 29,726,52 13.600 180 04/03/95
2707 EAST MARSHAL 30,000.00 142 03/03/10
RICHMOND, VA 23223 323 02/03/98
370069 HUNT SPERGON 8,810.55 15.750 180 12/09/89
927 & 929 45TH ST 9,999.00 78 11/09/04
OAKLAND, CA 94608 123 03/09/98
370077 SANDOVAL LOUIS F. 19,152.93 15.500 180 01/15/91
940 KIRKWOOD LANE 17,500.00 91 12/15/05
LA HABRA, CA 90631 118 04/15/98
370262 BARISANO JAMES A III 79,786.40 12.000 501 03/01/86
22 DEER RUN ROAD 55,000.00 353 11/01/27
LITTLETON, MA 01460 358 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
242353 534.25 103,000 80.00 1 SFD
0 40.61 00
Type: Conv Fix Mth Refi
242355 267.37 115,000 0.00 1 SFD
Type: Conv Fix Mth 0 16.14 00
Pur
250190 363.39 50,000 0.00 2 2-4
0 61.66 00
Type: Conv Fix Mth Pur
250192 322.10 235,000 0.00 2 2-4
0 7.37 OO
Type: Conv Fix Mth Pur
250259 1,344.15 154,000 0.00 1 SFD
0 103.18 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
250297 418.24 32,815 43.51 1 SFD
0 99.34 OO
Type: Conv Fix Mth MI Co:Uninsured C/O
250318 1,599.55 170,000 65.00 2 2-4
0 81.77 NOO
Type: Conv Fix Mth MI Co:Uninsured C/O
250321 426.31 50,000 80.0 1 SFD
0 88.79 OO
Type: Conv Fix MthBal Ml Co:Uninsured Refi
250323 100.51 99,900 100.00 1 SFD
0 167.14 OO
Type: Conv Fix MthBal MI Co:Uninsured C/O
250344 345.99 41,950 50 1 SFD
0 70.86 OO
Type Conv Fix Mth Pur
370069 145,12 105,000 0.00 2 2-4
0 115.06 OO
Type: Conv Fix Mth MI Co:Uninsured Hmlmp
370077 318.22 249,900 0.00 1 SFD
0 115.28 OO
Type Conv Fix Mth Ml Co:Uninsured Hmlmp
370262 821.22 150,000 61.38 1 SFD
0 68.90 OO
Type: Conv Fix Mth Hmlmp
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 34
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
370267 GILLIS ALEXANDER H 11,050.00 11.500 195 07/05/88
144 CENTER ST 10,000.00 76 09/10/04
CARVER, MA 02330 129 05/01/98
370277 SANTORO JOSEPH M 24,991.11 12.000 195 11/17/88
93 WESTBURY WAY 30,000.00 80 01/17/05
COTUIT, MA 02635 82 04/17/98
370287 JONES KENNETH E 34,707.56 9.500 474 09/01/87
2088 PHILLPS RD 61,520.00 344 02/01/27
NEW BEDFORD, MA 02745 344 05/01/98
370288 JONES KENNETH E 34,707.53 9.500 474 09/01/87
2088 PHILLIPS RD 45,520.00 344 02/01/27
NEW BEDFORD, MA 02745 344 05/01/98
370331 CENTURY ESTATES COND 45,201.57 10.000 171 11/23/85
17 WELD ST. UNIT 57,600.00 20 02/01/00
FRAMINGHAM, MA 01701 196 05/01/98
370345 ADDARIO DONALD R 19,530.92 7.950 360 05/01/92
179-18 LOUDON RD 20,400.00 286 02/01/00
CONCORD, NH 03301 308 05/01/98
370468 BOCZANOWSKI INC. 97,947.58 6.000 153 10/19/85
84-86 & 88 SUMMER PARCELS 17A-2- 450,000.00 1 07/01/98
MEDWAY, MA 02053 780 05/01/98
370595 HAMPSHIRE ANITA 14,595.33 13.500 252 03/23/89
608 WYOMING AVENUE 16,000.00 141 03/04/10
BUFFALO, NY 14215 143 04/04/98
370607 SHIELDS ROBERT W 54,906.81 10.500 410 05/26/88
6 WESTCLIFF DR 50,000.00 289 07/01/22
AMHERST, NY 14226 291 05/01/98
370610 SPECTOR CARL 38,707.05 12.750 383 05/20/88
32 HOPE DR 35,000.00 262 04/01/20
PLAINVIEW, NY 11803 640 04/01/98
370632 HAMILTON OLIVIA 28,771.22 15.500 300 07/01/81
409 SENECA AVE 45,000.00 96 06/01/06
MOUNT VERNON, NY 10553 77 04/01/98
370781 KINGSBURY RUSSEL JR. 9,250.18 3.000 360 03/01/84
54 CARY ST 14,800.00 188 02/01/14
BUFFALO, NY 14201 186 05/01/98
370801 WEINSTOCK ARTHUR 21,599.71 12.875 302 05/02/90
1203 E BROADWAY A 25,000.00 205 06/01/15
HEWLETT, NY 11557 208 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
370267 150.00 78,000 71.4 1 SFD
0 97.50 OO
Type: Conv Fix Mth Ml Co:Uninsured Hmlmp
370277 450.88 109,900 61.35 1 SFD
0 76.95 OO
Type: Conv Fix Mth Hmlmp
370287 294.30 12,000 72.38 1 Condo
0 289.23 NOO
Type: Conv Fix Mth Ml Co:Uninsured Pur
370288 294.30 14,000 63.22 1 Condo
0 247.91 NOO
Type: Conv Fix Mth Ml Co:Uninsured Pur
370331 468.91 25,000 0.00 1 Condo
0 180.81 NOO
Type: Conv Fix MthBal Ml Co:Uninsured Pur
370345 148.98 15,500 0.00 1 Condo
0 126.01 OO
Type:Conv Fix Mth MI Co:Uninsured Pur
370468 500.00 65,000 60.65 0 Land
0 150.69 N/A
Type: Resi Lfix MthBal Ml Co:Uninsured N/A
370595 206.12 45,000 0.00 2 2-4
0 36.14 OO
Type: Conv Fix Mth Hmlmp
370607 521.90 115,000 0.00 1 SFD
0 47.75 OO
Type Conv Fix Mth Refi
370610 411.74 195,000 0.00 1 SFD
0 19.85 OO
Type: Conv Fix MthBal Hmlmp
370632 593.89 164,000 75.00 1 SFD
0 17.54 OO
Type: Conv Fix Mth Pur
370781 62.45 80,000 0.00 1 SFD
0 55.21 OO
Type: Conv Fix Mth Pur
370801 260.15 69,000 64.44 1 CO-OP
0 121.16 OO
Type: Conv Fix MthBal MI Co:Uninsured Hmlmp
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 35
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
370825 NOZAKI YASUKO 8,705.53 12.500 120 06/10/91
61-15 98TH ST. APT 20,000.00 36 05/10/01
REGO PARK, NY 11374 36 05/10/98
371006 NIX JOHNNY T. 7,171.77 13.500 120 07/15/89
LOT 30 BLK 2 PECA 9,239.25 13 06/15/99
WICHITA FALLS, TX 76303 101 02/25/98
371219 GRIMES EDWARD W. 108,875.52 13.250 217 04/19/93
3900 HOLMS ROAD 119,000.00 155 05/01/11
HOUSTON, TX 77051 164 05/01/98
374536 HEATH LYNNETTE 34,829.83 9.500 360 10/01/94
620 PINE STRE 35,800.00 315 09/01/24
CAMDEN, NJ 08104 315 03/01/98
374557 GOLDHAMMER CHARLES 60,426.22 9.625 360 10/01/91
111 HICKS ST. UNI 63,900.00 279 09/01/21
BROOKLYN, NY 11201 279 05/01/998
374558 FELDER CORINNE 76,421.53 9.625 360 11/01/91
235 WEST 70TH STRUNIT 1G 81,600.00 280 10/01/21
NEW YORK, NY 10023 270 05/01/98
374559 LOREN FRAN 49,583.79 9.500 360 04/01/92
515 EAST 88TH STRAPT 4F 52,200.00 285 03/01/22
NEW YORK, NY 10128 285 05/01/98
374560 RUE JOSEPH 37,426.81 9.250 360 01/01/92
216-68 68TH AVE 40,000.00 282 12/01/21
BAYSIDE, NY 11364 273 05/01/98
374562 RICHARDS BARBARA G 26,536.40 9.750 360 11/01/91
35 SUMMIT AVE #4- 28,000.00 280 10/01/21
PORT CHESTER, NY 10573 281 05/01/98
374565 DAMBROSIO NANCY 67,119.16 9.375 360 11/01/91
188 GARTH ROA#6U 71,600.00 280 10/01/21
SCARSDALE, NY 10583 273 05/01/98
374566 ANDRES NANCY E 76,650.49 8.375 180 03/01/92
370 WEST BROADWAY APT 3-U 113,800.00 104 02/01/07
LONG BEACH, NY 11561 95 06/01/98
374567 GINSBURG SUSAN 45,378.14 9.625 360 10/01/91
6040 BOULEVARDUNIT 24D 48,000.00 279 09/01/21
WEST NEW YORK, NJ 07093 279 05/01/98
374568 AXEL FRED J 64,090.48 9.875 360 08/01/91
67-15 218TH STRAPT 67-15 68,000.00 277 07/01/21
BAYSIDE, NY 11364 273 06/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
370825 292.75 70,000 75.82 1 CO-OP
0 83.51 OO
Type: Conv Fix Mth MI Co:Uninsured Hmlmp
371006 119.64 18,500 0.00 0 Land
0 38.77 NA
Type: Resi LFix Mth NA
371219 1,442.87 185,000 0.00 1 Retail
0 58.85 NA
Type: Conv Fix Mth NA
374536 301.03 15,000 100.85 1 SFD
0 232.20 OO
Type: FHA Fix Mth MI Co: FHA 1 Pur
374557 543.15 65,000 75.181 CO-OP
0 92.96 NOO
Type: Conv. Fix Mth MI Co: Uninsured Pur
374558 693.60 95,000 80.00 1 CO-OP
0 80.44 OO
Type: Conv. Fix Mth MI Co: Uninsured Pur
374559 438.93 85,000 61.41 1 CO-OP
0 58.33 OO
Type: Conv. Fix Mth Refi
374560 329.08 40,000 76.92 1 CO-OP
0 93.57 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
374562 240.56 18,000 80.00 1 CO-OP
0 147.42 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
374565 595.53 53,000 78.68 1 CO-OP
0 126.64 OO
Type: Conv Fix Mth MI Co: Uninsured Pur
374566 1,112.32 55,000 74.87 1 CO-OP
0 139.36 OO
Type: Conv Fix Mth MI Co: Uninsured Refi
374567 407.99 22,000 80.00 1 CO-OP
0 206.26 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
374568 590.48 72,000 80.00 1 CO-OP
0 89.01 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 36
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
374569 ANOLIK STEVEN A 44,129.18 8.625 180 08/01/92
29 WOODMERE BLVD. APT 2G 59,000.00 109 07/01/07
WOODMERE, NY 11598 109 06/01/98
374588 VIVES RACHEL 99,640.78 7.500 360 10/01/93
8139 LISBON WA 105,163.00 303 09/01/23
SACRAMENTO, CA 95823 302 05/01/98
374591 EYRAUD RONALD W 106,309.31 7.500 360 11/01/93
13120 BIRKENFEL 111,858.00 304 10/01/23
BAKERSFIELD, CA 93312 304 03/01/98
374596 IBARRA EMILIO 126,118.00 7.500 360 02/01/94
6741 SMITH AVE 132,767.00 307 01/01/24
MIRA LOMA AREA, CA 91752 304 04/01/98
374655 WIMBERLY JR NATHANIEL 107,022.79 7.500 360 05/01/93
295 LEE ROAD 113,400.00 298 04/01/23
SMITHS, AL 36877 298 05/01/98
374666 RICHARDSON ILDA Y 47,315.50 10.750 360 09/01/87
142-21 26TH AVE 52,800.00 230 08/01/17
FLUSHING, NY 11354 221 05/01/98
374669 GOLD MARC 46,102.48 9.000 215 03/01/88
7155 LARGE ST 38,000.00 92 02/01/06
PHILADELPHIA, PA 19149 311 04/01/98
374670 GOLD MARC 41,801.23 9.000 215 08/01/88
1941 PRINCETON 36,000.00 96 06/01/06
PHILADELPHIA, PA 19149 279 03/01/98
374674 MOSKUS JAMES A 136,797.66 11.750 360 03/01/89
31548 SUNSET 145,700.00 248 02/01/19
BIRMINGHAM, MI 48009 249 03/01/98
374680 ESSOKA OLIVE 97,624.59 7.500 422 09/01/90
144-66 VILLAGE R#75B 96,000.00 328 10/01/25
KEW GARDENS HIL, NY 11435 328 04/01/98
374681 ESTERLEY JR. GEORGE R 281,254.81 10.500 443 12/01/90
425 GOLF COURSE W 288,000.00 352 10/01/27
LAKE ARROWHEAD, CA 92352 283 05/01/98
374683 FINKEL JOSHUA 51,916.02 9.875 360 03/01/91
6600 BLVD EAST 59,250.00 272 02/01/21
WEST NEW YORK, NJ 07093 217 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
374569 585.33 65,000 56.19 1 CO-OP
0 67.89 OO
Type: Conv Fix Mth Refi
374588 735.31 75,000 100.16 1 SFD
0 132.85 OO
Type: FHA Fix Mth MI Co: FHA Pur
374591 782.13 100,000 94.79 1 SFD
0 106.31 OO
Type: FHA Fix Mth MI Co: FHA Pur
374596 928.33 112,00 92.84 1 SFD
0 112.61 OO
Type: FHA Fix Mth MI Co: FHA Pur
374655 792.91 130,000 99.91 1 SFD
0 82.33 OO
Type: VA Fix Mth MI Co: VA Pur
374666 492.88 22,000 0.00 1 CO-OP
0 215.07 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
374669 383.60 59,000 65.52 1 TWNHS
0 78.14 NOO
Type: Conv Fix Mth Pur
374670 358.33 52,000 75.00 1 SFD
0 80.39 NOO
Type: Conv Fix Mth MI Co:Uninsured Pur
374674 1,470.71 325,000 89.39 1 SFD
0 42.09 OO
Type: Conv Fix Mth Pur
374680 701.01 40,000 80.00 1 CO-OP
0 244.06 OO
Type: Conv Fix Mth MI Co: Yes/Unk Pur
Insurer
374681 2,691.01 189,000 80.00 1 SFD
0 148.81 OO
Type: Conv Fix Mth MI Co:Uninsured Refi
374683 514.50 34,000 75.00 1 CO-OP
0 152.69 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 37
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
374686 BAXTER GABRIELLE B 48,832.23 10.125 360 08/01/91
13R SCENIC DRUNIT 13R 51,600.00 277 07/01/21
CROTON-ON-HUDSON, NY 10520 275 05/01/98
374689 BENINATI MICHAEL J 37,974.89 10.125 360 09/01/91
821 BRONX RIVER U 40,000.00 278 08/01/21
BRONXVILLE, NY 10708 278 05/01/98
374690 MATHEWS CAROLANN V 85,868.46 9.750 360 09/01/91
112-20 72ND DRIV 90,800.00 278 08/01/21
FOREST HILLS, NY 11375 278 05/01/98
374691 WOLFE ROBERT 28,446.64 10.00 360 09/01/91
3020 EDWIN AVE 30,000.00 278 08/01/21
FORT LEE, NJ 07024 278 06/01/98
392563 CZOPOWIK JANUSZ 8,985.33 17.000 180 02/01/97
169 AUCKLAND DRIV 9,200.00 163 01/01/12
NEWARK, DE 19702 163 04/01/98
394594 SINCLAIR ALLIE P. 10,004.41 13.750 180 01/01/97
411 FORREST AVE 10,346.62 170 08/01/12
NORTH AUGUSTA, SC 29841 160 03/01/98
700529 GODWIN KENNETH B. 5,668.88 7.000 360 06/01/72
4252 CAMELIA CIRC 21,750.00 47 05/01/02
JASKSONVILLE, FL 32207 45 05/01/98
700532 CARTER JUDY L. 33,921.62 9.900 348 12/01/79
115 SEBRING CIRCL 50,000.00 125 11/01/08
LEHIGH ACRES, FL 33936 124 05/01/98
750869 CUMBIE TRACIE 34,927.77 9.900 226 01/01/93
2734 NELSON TOWN 37,000.00 160 10/01/11
JAY, FL 32565 160 05/01/98
750877 FULMORE JOHN E JR. 18,462.28 9.900 240 06/01/92
117 KOURTNEY LN 22,500.00 167 05/01/12
SYLVESTER, GA 31791 150 04/01/98
750884 JAMES BRIAN 35,350.34 19.000 228 07/21/88
1945 ROCKHOUSE RD 40,000.00 109 07/15/07
SENOIA, GA 30276 127 04/15/98
750889 HANKERSON RALPH 25,589.33 13.000 240 12/01/84
ROUTE 4 BOX 233 FRONTS ON HWY 2 37,000.00 77 11/01/04
WAYNEBORO, GA 30830 95 04/01/98
750894 WARE BEVERLY J 24,725.22 11.000 240 10/01/86
407 VIENNA CIR 36,771.00 99 09/01/06
FT VALLEY, GA 31030 100 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
374686 457.61 22,500 78.7 1 CO-OP
0 217.03 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
374689 354.73 25,000 70.18 1 CO-OP
0 217.03 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
374690 780.12 75,000 78.96 1 CO-OP
0 114.49 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
374691 263.28 23,000 60.00 1 CO-OP
0 123.68 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
392563 141.59 92,000 89.80 1 TWNHS
0 89.57 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
394594 136.76 52,000 99.90 1 SFD
0 99.24 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
700529 144.86 52,000 87.00 1 SFD
0 10.90 OO
Type: Conv Fix Mth Pur
700532 438.00 109,900 78.37 1 SFD
0 30.87 OO
Type: Conv Fix Mth Cnstr P
750869 393.97 45,000 0.00 1 SFD
0 77.62 OO
Type: Conv Fix Mth Pur
750877 215.64 31,00 98.04 1 SFD
0 59.56 OO
Type: Conv Fix Mth Pur
750884 649.20 78,500 67.80 1 SFD
0 45.03 OO
Type: Conv Fix Mth Refi
750889 433.48 44,000 0.00 1 SFD
0 58.16 OO
Type: Conv Fix Mth Pur
750894 379.55 37,900 0.00 1 SFD
0 65.24 OO
Type: Conv Fix Mth Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 38
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
750895 WHITE MAXINE 35,335.31 11.000 240 10/01/86
1563 WELCOME SGT RD 44,526.00 99 09/01/06
NEWMAN, GA 30263 134 05/01/98
750897 KING LARRY JR 38,475.92 9.500 240 03/01/87
1631 ROGERS CIR 50,000.00 104 02/01/07
GAINSVILLE, GA 30501 135 04/01/98
750898 MIZE HERSCHEL 32,378.68 9.500 252 03/01/86
1685 RIGERS CIRCL 47,000.00 104 02/01/07
GAINSVILLE, GA 30501 112 04/01/98
750899 MCCALL CHARLIE 26,393.46 11.500 240 04/01/87
502 2ND ST 34,500.00 105 03/01/07
LOUISVILLE, GA 30434 122 04/01/98
750905 JOYNER JAMES E 41,179.78 12.500 240 11/01/88
159 KNIGHT ST 48,000.00 124 10/01/08
IRWINTON, GA 31042 150 02/01/98
750906 WHITE JAMES 43,081.10 10.000 240 04/01/89
220 PERDUE RD 50,000.00 129 03/01/09
BARNSVILLE, GA 30204 165 04/01/98
750908 PRITCHARD JERRY THOMAS 35,569.10 11.500 240 07/01/89
2330 BENNETT CROO 44,640.00 132 06/01/09
BROOKLET, GA 30145 132 06/01/98
750912 RAY CHRISTOPHER B 39,225.43 11.500 240 12/01/89
215 KENNEDY ST 47,710.00 137 11/01/09
THOMASTON, GA 30286 141 05/01/98
750918 MARLIN WENDELL 39,402.49 11.000 240 10/01/990
RT 3 BOX 184 49,000.00 147 09/01/10
SYLVESTER, GA 31791 138 05/01/98
750920 SWINT GLENN M. 43,757.46 11.000 240 12/01/90
LOT 24 JENKINS ST 51,200.00 149 11/01/10
TENNILLE, GA 30189 156 05/01/98
750921 SAMS TONY O. 42,642.59 11.000 240 03/01/91
COUNTY RD 178 23RD LAND DISTR 46,200.00 152 02/01/11
JEFFERSONVILLE, GA 31044 188 03/01/98
750939 HOBSON MARY 22,905.74 15.00 294 02/20/88
RT 10 BOX 313 22,350.00 170 08/01/12
PEARL, MS 39208 151 06/01/98
750957 DONALDSON IRMARIE 32,918.80 12.500 240 10/01/89
RAYMOND-CLINTON R 39,074.00 135 09/01/09
RAYMOND, MS 39154 143 04/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
750895 459.59 50,000 80.96 1 SFD
0 70.67 OO
Type: Conv Fix Mth Pur
750897 466.07 59,000 0.00 1 SFD
0 65.21 OO
Type: Conv Fix Mth Cnstr P
750898 438.10 69,900 0.00 1 SFD
0 46.32 OO
Type: Conv Fix Mth Pur
750899 367.92 39,500 0.00 1 SFD
0 66.82 OO
Type: Conv Fix Mth Pur
750905 545.35 50,000 0.00 1 SFD
0 82.36 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
750906 482.51 45,000 0.00 1 SFD
0 95.74 00
Type: Conv Fix Mth MI Co:Uninsured Cnstr P
750908 476.06 65,000 0.00 1 SFD
0 54.72 OO
Type: Conv Fix Mth Pur
750912 508.79 52,000 86.51 1 SFD
0 75.43 OO
Type: Conv Fix Mth Pur
750918 505.77 50,000 80.33 1 SFD
0 78.80 OO
Type: Conv Fix Mth Pur
750920 528.48 54,000 91.43 1 SFD
0 81.03 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
750921 476.88 45,000 0.00 1 SFD
0 94.76 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
750939 338.77 52,000 0.00 1 SFD
0 44.05 OO
Type: Conv Fix Mth Pur
750957 443.94 25,000 82.26 1 SFD
0 131.68 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 39
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
750959 JONES HARRY 26,402.08 12.500 240 01/01/90
RT 1 HWY 98 29,887.00 138 12/01/09
BEAUMONT, MS 39423 161 04/01/98
750967 PROPST GREG 29,047.91 10.000 240 05/01/84
PO BOX 404 52,575.00 70 04/01/04
CHINA GROVE, NC 28023 79 05/01/98
750977 SMITH WILBERT L 9,348.70 16.500 144 07/01/87
RT 3 BOX 415 16,000.00 12 06/01/99
VANCEBORO, NC 28586 52 04/01/98
750981 PENDER ROSA M 5,575.44 16.000 121 07/05/90
104 W GREEN ST 12,750.00 26 07/05/00
FRANKLINTON, NC 27525 33 05/05/98
751828 BELANTE JOHN P. 93,157.99 7.000 330 06/15/88
328 SAYBROOK ROAD 100,000.00 210 11/15/15
ORANGE, CT 06477 210 05/12/98
770004 COLBETH TERRY E 10,025.68 8.000 300 04/17/77
33 BOWDOIN D 32,300.00 46 03/17/02
MILFORD, MA 01757 47 06/17/98
770029 SHIPP M STANLEY 14,575.90 8.500 360 10/01/75
517 E. RAINES RD 31,900.00 87 09/01/05
MEMPHIS, TN 38109 78 05/01/98
770037 AGUILO DAVID F 9,440.22 8.500 300 07/08/78
126 GALLIVAN 23,400.00 61 06/08/03
DORCHESTER, MA 02124 63 03/08/98
770077 SMITH MARK 11,074.74 9.500 360 11/01/78
8003 NOLA 16,950.00 124 10/01/08
ST LOUIS, MO 63121 122 04/01/98
770085 WATKINS OLLIE 20,263.86 9.750 360 06/01/79
310 HAPPY ST 30,400.00 131 05/01/09
MALVERN, AR 72104 123 05/01/98
770088 SMITH YOLANDA 27,869.96 12.000 360 04/01/80
1925-27 ALMONASTE 38,250.00 141 03/01/10
NEW ORLEANS, LA 70117 124 03/01/98
770118 LABOY NESTOR 28,294.85 10.000 360 05/01/79
14TH ST BP#51 URBANIZACION LA 41,100.00 130 04/01/09
PONCE, PR 00731 128 05/01/98
770182 LANG DEAN R 115,215.01 7.000 462 10/27/89
95 ANITA DR 87,000.00 358 04/01/28
EAST HARTFORD, CT 06118 358 05/01/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
750959 339.56 21,000 81.88 1 SFD
0 125.72 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
750967 507.37 30,000 0.00 1 SFD
0 96.83 OO
Type: Conv Fix Mth MI Co:Uninsured Hmlmp
750977 255.81 33,000 66.67 1 SFD
0 28.33 OO
Type: Conv Fix Mth Hmlmp
750981 213.58 40,000 63.75 1 SFD
0 13.94 OO
Type: Conv Fix Mth Hmlmp
751828 770.65 280,000 0.00 1 SFD
0 62.73 OO
Type: Conv Fix Mth Unk
770004 249.31 110,000 0.00 1 SFD
0 9.11 OO
Type: VA Fix Mth Pur
770029 245.31 10,500 0.00 1 SFD
0 138.81 OO
Type: VA Fix Mth MI Co: VA Pur
770037 188.43 114,000 0.00 1 SFD
0 8.28 OO
Type: VA Fix Mth Pur
770077 142.55 29,900 100.00 1 SFD
0 37.04 OO
Type: VA Fix Mth Pur
770085 261.19 33,000 0.00 1 SFD
0 61.41 OO
Type: Conv Fix Mth Pur
770088 393.44 64,000 0.00 2 2-4
0 43.55 OO
Type: Conv Fix Mth Pur
770118 360.69 82,000 0.00 1 SFD
0 34.51 OO
Type: Conv Fix Mth Pur
770182 767.80 105,000 75.93 1 SFD
0 174.40 OO
Type: Conv Fix Mth MI Co:Uninsured Refi
</TABLE>
<PAGE>
CS FIRST BOSTON Fixed Rate Loan Schedule
Page 40
Wilshire 98-2 Balances as of: 06/01/98 Nov 12 1998 11:47 AM
================================================================================
<TABLE>
<CAPTION>
Terms: Dates:
Loan Number/ Balances: Original/ First Pay/
Servicer Loan/ Borrower Current/ Coupon Stated/ Maturity/
Trade Account Property Address Original Rate Amortized Paid Thru
- ------------- ---------------------------------- ------------ ------ --------- ----------
<S> <C> <C> <C> <C> <C>
770224 ALLEN ROBIN 24,980.92 11.500 360 07/01/87
737 E 36TH 27,500.00 228 06/01/17
BALTIMORE, MD 21218 222 05/01/98
770312 GREGORY MARGARET A (JONE 17,912.02 18.000 290 09/03/86
1 5AC J CRORT 8 BOX 469 20,000.00 149 10/10/10
HUNTSVILLE, TX 77340 146 05/10/98
770398 TENNEY NANCY A 74,869.02 13.000 460 09/04/89
48 CHRISTIAN 70,000.00 355 12/01/27
HARTFORD, VT 05047 353 05/01/98
770445 WRIGHT SYLVESTER 291,799.90 11.000 122 04/01/88
123 ST. PAUL S 400,000.00 302 05/01/98
BROOKLINE, MA 02146 302 04/01/98
770457 HADLEY RICHARD F 21,692.46 8.750 360 07/27/78
45 IDLEWILD RD 34,350.00 121 06/27/08
TEWKSBURY, MA 01876 122 03/27/98
770557 LIBANOFF ARNOLD J 46,584.22 10.000 360 12/01/89
1138 CANTINA DRIV 50,000.00 257 11/01/09
ST LOUIS, MO 63141 261 04/01/98
770634 REES DEBORAH A 62,955.80 10.000 360 11/01/88
10523 GOLDFIELD 60,000.00 244 10/01/18
HOUSTON, TX 77064 244 04/01/98
770719 MILLER RUTH ANNE 33,493.57 13.250 476 03/10/88
27 ROUNDWOOD ROAD 80,000.00 353 10/10/27
NEWTON UPPER FA, MA 02164 242 05/10/98
</TABLE>
<TABLE>
<CAPTION>
Loan Number/ Appraisal: LTV: Prop Type/
Servicer Loan/ Original/ Orig/ Owner/
Trade Account P&I Current Amort Units: Purpose
- ------------- ------------------------------ --------- ------ -----------
<S> <C> <C> <C> <C> <C>
770224 272.34 53,000 78.80 1 SFD
0 47.13 OO
Type: Conv Fix Mth Pur
770312 303.30 24,900 0.00 1 SFD
0 104.06 OO
Type: Conv Fix Mth MI Co:Uninsured Hmlmp
770398 829.65 87,000 59.78 1 SFD
0 92.51 OO
Type: Conv Fix MthBal MI Co:Uninsured Pur
770445 2,856.97 725,000 54.00 1 Condo
0 40.25 OO
Type: Conv Fix Mth Refi
770457 270.25 139,900 0.00 1 SFD
0 15.51 OO
Type: VA Fix Mth Pur
770557 438.79 62,000 73.53 1 Condo
0 75.14 OO
Type: Conv Fix Mth C/O
770634 604.42 60,000 0.00 1 SFD
0 104.93 OO
Type: Conv Fix Mth MI Co:Uninsured Pur
770719 397.86 290,000 0.00 1 SFD
0 78.79 OO
Type: Conv Fix Mth Refi
</TABLE>
