|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MBIA INC, S-4 POS, 1998-01-27 |
Next: ABIOMED INC, 10-Q, 1998-01-27 |
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: January 23, 1998
(Date of earliest event reported)
Commission File No. 333-40467
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of February 1, 1998, relating to the Empire
Funding Home Loan Owner Trust 1998-1, Home Loan Asset Backed Notes, Series
1998-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
- --------------------------------------------------------------------------------
Delaware 06-1204982
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(212) 713-2000
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
------------
Attached as an exhibit are the Computational Materials (as defined in the
no-action letter dated May 20, 1994 issued by the Securities and Exchange
Commission to Kidder, Peabody Acceptance Corporation-I, Kidder, Peabody & Co.
Incorporated and Kidder Structured Asset Corporation (the "Kidder Letter"))
prepared by PaineWebber Incorporated, which are hereby filed pursuant to such
letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------------- ----------------------------------
(99) Computational Materials
prepared by PaineWebber
Incorporated in connection with
Empire Funding Home Loan Owner
Trust 1998-1, Home Loan
Asset Backed Notes, Series 1998-1
<PAGE>
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 hereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
January 26, 1998
By: /s/ Joseph Piscina
------------------
Joseph Piscina
Director
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials E
prepared by PaineWebber Incorporated
in connection with Empire Funding
Home Loan Owner Trust 1998-1, Home
Loan Asset Backed Notes, Series 1998-1
-------------------------------------------
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-1
-------------------------------------------
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-1
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the Empire Funding Home Loan
Owner Trust 1998-1, and not by or as agent for Empire Funding Corp. or any of
its affiliates (collectively, the "Transferor"). The Transferor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Transferor. PW makes no representations as to the
accuracy of such information provided by the Transferor. The information herein
is preliminary, and will be superseded by the applicable prospectus supplement
and prospectus and by any other information subsequently filed with the
Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
DESCRIPTION OF INITIAL LOANS AS OF THE STATISTIC CALCULATION DATE
Approximate characteristics of the pool of Initial Loans identified as of
12/31/97. Loans equal to approximately $[174.4] Million will be delivered on
[February 5, 1998] (the "Closing Date"). With Pre-Funding, the total deal size
will be approx. $230.0 Million.
POOL LEVEL DETAIL:
- -----------------
Number of Loans: 4,552
Current Balance: $174,353,042
Average Balance: $38,303
Minimum Balance: $8,669
Maximum Balance: $74,929
WA Coupon: 13.8020%
WA Original Term: 194
WA Seasoning: 6
WA Remaining Term: 188
Original Comb. Loan-To-Value: 119.19%
WA FICO: 677
WA Debt-to-Income: 37.85%
Note: All of the above summary information ignores ZERO values, the weighted
averages may not reflect all loans in the pool.
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
DESCRIPTION OF INITIAL LOANS AS OF THE STATISTIC CALCULATION DATE
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
<S> <C> <C> <C> <C>
State Alabama 3 78,239 0.04
Alaska 57 2,598,807 1.49
Arizona 107 4,246,045 2.44
Arkansas 60 2,095,442 1.20
California 957 39,316,215 22.55
Colorado 103 3,901,942 2.24
Connecticut 90 3,961,594 2.27
Delaware 14 565,933 0.32
District of Columbia 3 138,908 0.08
Florida 380 14,035,319 8.05
Georgia 189 6,919,168 3.97
Hawaii 24 956,496 0.55
Idaho 75 2,747,565 1.58
Illinois 34 1,297,276 0.74
Indiana 214 7,830,106 4.49
Iowa 103 3,765,518 2.16
Kansas 151 5,182,837 2.97
Kentucky 57 2,167,945 1.24
Louisiana 33 1,282,693 0.74
Maine 1 23,731 0.01
Maryland 25 1,105,571 0.63
Michigan 59 2,324,664 1.33
Minnesota 177 6,326,888 3.63
Mississippi 16 531,043 0.30
Missouri 173 6,479,115 3.72
Montana 37 1,379,061 0.79
Nebraska 114 4,229,380 2.43
Nevada 70 2,883,174 1.65
New Mexico 36 1,283,098 0.74
New York 7 267,793 0.15
North Carolina 111 4,139,225 2.37
North Dakota 17 546,167 0.31
Ohio 285 10,466,532 6.00
Oklahoma 156 5,512,267 3.16
Oregon 55 2,399,304 1.38
Pennsylvania 1 30,090 0.02
Rhode Island 4 134,382 0.08
South Carolina 108 4,331,196 2.48
South Dakota 27 955,286 0.55
Tennessee 58 1,997,276 1.15
Texas 3 113,937 0.07
Utah 30 1,347,458 0.77
Virginia 49 1,639,928 0.94
Washington 157 6,330,421 3.63
Wisconsin 76 2,728,224 1.56
Wyoming 46 1,759,780 1.01
----- ------------ -------
4,552 $174,353,042 100.00%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
DESCRIPTION OF INITIAL LOANS AS OF THE STATISTIC CALCULATION DATE
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
<S> <C> <C> <C> <C>
Current Balance $10,000 or less 6 57,891 0.03
$10,000.01 - $20,000 342 5,768,135 3.31
$20,000.01 - $30,000 1050 27,269,298 15.64
$30,000.01 - $40,000 1352 47,886,851 27.47
$40,000.01 - $50,000 1011 46,644,242 26.75
$50,000.01 - $60,000 501 27,289,500 15.65
$60,000.01 - $70,000 207 13,288,928 7.62
$70,000.01 - $80,000 83 6,148,197 3.53
----- ------------ -------
4,552 $174,353,042 100.00%
Aggregate Field Description Count Balance Pool%
Current Rate 10.501% - 11.000% 17 762,535 0.44
11.001% - 11.500% 18 787,210 0.45
11.501% - 12.000% 280 11,953,904 6.86
12.001% - 12.500% 286 11,842,860 6.79
12.501% - 13.000% 703 29,390,842 16.86
13.001% - 13.500% 348 14,260,079 8.18
13.501% - 14.000% 1399 52,964,622 30.38
14.001% - 14.500% 393 15,481,846 8.88
14.501% - 15.000% 559 19,263,655 11.05
15.001% - 15.500% 255 8,416,478 4.83
15.501% - 16.000% 161 5,090,539 2.92
16.001% - 16.500% 58 1,908,290 1.09
16.501% - 17.000% 44 1,326,957 0.76
17.001% - 17.500% 17 485,381 0.28
17.501% - 18.000% 14 417,844 0.24
----- ------------ -------
4,552 $174,353,042 100.00%
Aggregate Field Description Count Balance Pool%
Lien Type First Lien 12 509,056 0.29
Second Lien 4540 173,843,986 99.71
------ ------------ -------
4,552 $174,353,042 100.00%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
DESCRIPTION OF INITIAL LOANS AS OF THE STATISTIC CALCULATION DATE
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
<S> <C> <C> <C> <C>
Orig. Combined LTV 30.01% to 35.00% 1 31,823 0.02
40.01% to 45.00% 1 39,843 0.02
50.01% to 55.00% 1 19,814 0.01
60.01% to 65.00% 1 21,857 0.01
65.01% to 70.00% 2 81,863 0.05
75.01% to 80.00% 1 49,724 0.03
80.01% to 85.00% 6 219,330 0.13
85.01% to 90.00% 11 315,895 0.18
90.01% to 95.00% 10 267,980 0.15
95.01% to 100.00% 22 627,946 0.36
100.01% to 105.00% 274 8,990,672 5.16
105.01% to 110.00% 350 11,762,572 6.75
110.01% to 115.00% 549 19,410,355 11.13
115.01% to 120.00% 720 29,019,569 16.64
120.01% to 125.00% 2603 103,493,797 59.36
----- ------------ -------
4,552 $174,353,042 100.00%
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
<S> <C> <C> <C> <C>
Seasoning Less than one 1 51,700 0.03
1 - 3 370 14,335,849 8.22
4 - 6 2360 94,270,380 54.07
7 - 9 1661 60,031,871 34.43
10 or greater 160 5,663,242 3.25
----- ------------ -------
4,552 174,353,042
Aggregate Field Description Count Balance Pool%
Remaining Term 31 - 60 10 267,410 0.15
61 - 90 9 272,526 0.16
91 - 120 68 2,137,398 1.23
121 - 150 6 143,871 0.08
151 - 180 3399 126,601,902 72.61
181 - 210 1 34,813 0.02
211 - 240 1059 44,895,122 25.75
---- ------------ -------
4,552 $174,353,042 100.00%
Aggregate Field Description Count Balance Pool%
Original Term 31 - 60 10 267,410 0.15
61 - 90 7 204,055 0.12
91 - 120 70 2,205,869 1.27
121 - 150 6 143,871 0.08
151 - 180 3399 126,601,902 72.61
181 - 210 1 34,813 0.02
211 - 240 1059 44,895,122 25.75
----- ------------ -------
4,552 $174,353,042 100.00%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
DESCRIPTION OF INITIAL LOANS AS OF THE STATISTIC CALCULATION DATE
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
<S> <C> <C> <C> <C>
Credit Risk - By 20 620 to 639 680 21,405,352 12.28
640 to 659 1023 36,079,092 20.69
660 to 679 966 38,321,955 21.98
680 to 699 805 33,411,255 19.16
700 to 719 620 26,765,884 15.35
720 to 739 275 11,282,791 6.47
740 to 759 116 4,536,263 2.60
760 to 779 57 2,019,513 1.16
780 to 799 9 493,068 0.28
800 to 819 1 37,868 0.02
----- ------------ -------
4,552 $174,353,042 100.00%
Aggregate Field Description Count Balance Pool%
Debt to Income
Ratio 20.00 or less 79 2,749,813 1.58
20.01 to 25.00 237 7,995,440 4.59
25.01 to 30.00 517 18,487,561 10.60
30.01 to 35.00 864 31,982,456 18.34
35.01 to 40.00 1225 45,619,397 26.17
40.01 to 45.00 1042 42,027,607 24.10
45.01 to 50.00 581 25,246,891 14.48
Greater than 50.00 7 243,875 0.14
----- ------------ -------
4,552 $174,353,042 100.00%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
|
|