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: July 28, 1998
(Date of earliest event reported)
Commission File No. 333-15685
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Pooling
and Servicing Agreement, dated as of July 1, 1998, relating to the PaineWebber
Mortgage Acceptance Corporation IV, Mortgage Pass-Through Certificates, Series
1998-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
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(Exact name of registrant as specified in its charter)
Delaware 06-1204982
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(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
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(Address of principal executive offices) (Zip Code)
(212) 713-2000
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(Registrant's Telephone Number, including area code)
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(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 and Collateral
Term Sheets (each 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") as modified by a
no-action letter (the "First PSA No-Action Letter") issued by the staff of
the Commission on May 27, 1994 to the Public Securities Association (the
"PSA") and as further modified by a no-action letter (the "Second PSA
No-Action Letter,") prepared by PaineWebber Incorporated, which are hereby
filed pursuant to such letters.
<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 the Depositor's
Mortgage Pass-Through Certificates,
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 behalf of the Registrant
by the undersigned thereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
By: /s/ Ramesh Singh
----------------------------
Name: Ramesh Singh
Title: Managing Director
Date: July 30, 1998
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials prepared by E
PaineWebber Incorporated in connection
with the Depositor's Mortgage Pass-Through
Certificates, Series 1998-1
PMAC981-MKT2 30 year 7.3's
User ID: peterma Deals Directory: /home/peterma/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/10/1998 09:44:17 PaineWebber
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Bond: A1 Balance: 168,064,000 Coupon: 6.75000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "3YR SEQ
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 99-27)
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MONTHS CPR CPR CPR CPR CPR CPR
3.00 5.00 6.00 10.00 20.00 40.00
- --------- ------ ----- ----- ----- ----- -----
99-11 6.874 6.881 6.885 6.903 6.952 7.068
99-12 6.869 6.875 6.878 6.893 6.935 7.031
99-13 6.865 6.869 6.872 6.884 6.917 6.994
99-14 6.860 6.863 6.865 6.874 6.899 6.957
99-15 6.855 6.857 6.859 6.865 6.881 6.920
99-16 6.850 6.851 6.852 6.855 6.863 6.882
99-17 6.846 6.846 6.846 6.846 6.846 6.845
99-18 6.841 6.840 6.839 6.836 6.828 6.808
99-19 6.836 6.834 6.832 6.827 6.810 6.771
99-20 6.831 6.828 6.826 6.817 6.792 6.734
99-21 6.827 6.822 6.819 6.808 6.774 6.697
99-22 6.822 6.816 6.813 6.798 6.757 6.660
99-23 6.817 6.810 6.806 6.789 6.739 6.623
99-24 6.813 6.804 6.800 6.779 6.721 6.586
99-25 6.808 6.798 6.793 6.770 6.704 6.549
99-26 6.803 6.793 6.787 6.760 6.686 6.512
99-27 6.798 6.787 6.780 6.751 6.668 6.476
99-28 6.794 6.781 6.774 6.741 6.650 6.439
99-29 6.789 6.775 6.767 6.732 6.633 6.402
99-30 6.784 6.769 6.761 6.722 6.615 6.365
99-31 6.780 6.763 6.754 6.713 6.597 6.328
100- 0 6.775 6.757 6.748 6.703 6.580 6.291
100- 1 6.770 6.752 6.741 6.694 6.562 6.255
100- 2 6.766 6.746 6.735 6.684 6.545 6.218
100- 3 6.761 6.740 6.728 6.675 6.527 6.181
100- 4 6.756 6.734 6.722 6.666 6.509 6.145
100- 5 6.752 6.728 6.715 6.656 6.492 6.108
100- 6 6.747 6.722 6.709 6.647 6.474 6.071
100- 7 6.742 6.717 6.702 6.637 6.457 6.035
100- 8 6.738 6.711 6.696 6.628 6.439 5.998
100- 9 6.733 6.705 6.689 6.619 6.422 5.962
100-10 6.728 6.699 6.683 6.609 6.404 5.925
- --------- ------ ----- ----- ----- ----- -----
AVG LIFE 10.601 7.731 6.689 4.119 1.993 0.907
DURATION 6.624 5.303 4.773 3.287 1.760 0.844
FIRST PAY 8/98 8/98 8/98 8/98 8/98 8/98
LAST PAY 7/21 9/17 10/15 8/09 5/03 9/00
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT2 30 year 7.3's
User ID: peterma Deals Directory: /home/peterma/DEALS
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Price Yield Table Report
Date: 06/10/1998 10:47:19 PaineWebber
- --------------------------------------------------------------------------------
Bond: A1 Balance: 168,064,000 Coupon: 6.75000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "3YR SEQ
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 99-27)
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MONTHS PSA PSA
30 2500 2500
36 275 275
12 275 600
360 275 275
- --------- ----- -----
99-11 7.074 7.074
99-12 7.036 7.036
99-13 6.998 6.998
99-14 6.959 6.959
99-15 6.921 6.921
99-16 6.883 6.883
99-17 6.845 6.845
99-18 6.807 6.807
99-19 6.769 6.769
99-20 6.731 6.731
99-21 6.694 6.694
99-22 6.656 6.656
99-23 6.618 6.618
99-24 6.580 6.580
99-25 6.542 6.542
99-26 6.504 6.504
99-27 6.466 6.466
99-28 6.429 6.429
99-29 6.391 6.391
99-30 6.353 6.353
99-31 6.315 6.315
100- 0 6.278 6.278
100- 1 6.240 6.240
100- 2 6.202 6.202
100- 3 6.165 6.165
100- 4 6.127 6.127
100- 5 6.090 6.090
100- 6 6.052 6.052
100- 7 6.014 6.014
100- 8 5.977 5.977
100- 9 5.939 5.939
100-10 5.902 5.902
- --------- ----- -----
AVG LIFE 0.877 0.877
DURATION 0.824 0.824
FIRST PAY 8/98 8/98
LAST PAY 12/99 12/99
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
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Price Yield Table Report
Date: 07/10/1998 14:08:57 PaineWebber
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Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "done
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 100-16)
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MONTHS PSA PSA PSA PSA PSA
750 800 900 1000 1200
- --------- ----- ----- ----- ----- -----
102-16 6.155 6.111 6.023 5.942 5.793
- --------- ----- ----- ----- ----- -----
AVG LIFE 3.617 3.432 3.121 2.878 2.519
DURATION 3.099 2.959 2.720 2.529 2.241
FIRST PAY 11/01 9/01 6/01 3/01 12/00
LAST PAY 6/02 4/02 12/01 8/01 3/01
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/25/1998 16:41:48 PaineWebber
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Bond: A3 Balance: 5,311,000 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "done
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 98-20)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA PSA
100 200 275 300 400 500 750 1000
- --------- ------ ------ ----- ----- ----- ----- ----- -----
98- 4 7.240 7.289 7.341 7.359 7.425 7.482 7.605 7.709
98- 5 7.237 7.285 7.336 7.353 7.417 7.473 7.594 7.695
98- 6 7.234 7.281 7.330 7.347 7.410 7.465 7.582 7.681
98- 7 7.231 7.276 7.325 7.341 7.403 7.456 7.571 7.668
98- 8 7.228 7.272 7.320 7.335 7.395 7.448 7.560 7.654
98- 9 7.225 7.268 7.314 7.330 7.388 7.439 7.548 7.640
98-10 7.222 7.264 7.309 7.324 7.381 7.430 7.537 7.626
98-11 7.218 7.260 7.303 7.318 7.373 7.422 7.525 7.613
98-12 7.215 7.255 7.298 7.312 7.366 7.413 7.514 7.599
98-13 7.212 7.251 7.293 7.306 7.359 7.405 7.503 7.585
98-14 7.209 7.247 7.287 7.301 7.352 7.396 7.491 7.572
98-15 7.206 7.243 7.282 7.295 7.344 7.388 7.480 7.558
98-16 7.203 7.239 7.276 7.289 7.337 7.379 7.469 7.544
98-17 7.200 7.234 7.271 7.283 7.330 7.370 7.457 7.531
98-18 7.197 7.230 7.266 7.278 7.323 7.362 7.446 7.517
98-19 7.194 7.226 7.260 7.272 7.315 7.353 7.435 7.503
98-20 7.190 7.222 7.255 7.266 7.308 7.345 7.423 7.489
98-21 7.187 7.217 7.250 7.260 7.301 7.336 7.412 7.476
98-22 7.184 7.213 7.244 7.255 7.294 7.328 7.401 7.462
98-23 7.181 7.209 7.239 7.249 7.286 7.319 7.389 7.448
98-24 7.178 7.205 7.233 7.243 7.279 7.311 7.378 7.435
98-25 7.175 7.201 7.228 7.237 7.272 7.302 7.367 7.421
98-26 7.172 7.197 7.223 7.231 7.265 7.294 7.355 7.408
98-27 7.169 7.192 7.217 7.226 7.257 7.285 7.344 7.394
98-28 7.166 7.188 7.212 7.220 7.250 7.276 7.333 7.380
98-29 7.163 7.184 7.207 7.214 7.243 7.268 7.321 7.367
98-30 7.160 7.180 7.201 7.208 7.236 7.259 7.310 7.353
98-31 7.156 7.176 7.196 7.203 7.228 7.251 7.299 7.339
99- 0 7.153 7.171 7.191 7.197 7.221 7.242 7.288 7.326
99- 1 7.150 7.167 7.185 7.191 7.214 7.234 7.276 7.312
99- 2 7.147 7.163 7.180 7.185 7.207 7.225 7.265 7.299
99- 3 7.144 7.159 7.174 7.180 7.200 7.217 7.254 7.285
- --------- ------ ------ ----- ----- ----- ----- ----- -----
AVG LIFE 19.081 11.201 7.900 7.195 5.397 4.435 3.215 2.611
DURATION 10.157 7.494 5.860 5.459 4.341 3.683 2.780 2.304
FIRST PAY 7/16 12/08 12/05 4/05 9/03 10/02 8/01 2/01
LAST PAY 9/18 8/10 1/07 3/06 4/04 3/03 11/01 3/01
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/29/1998 17:08:57 PaineWebber
- --------------------------------------------------------------------------------
Bond: A3 Balance: 5,311,000 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 99-16)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA PSA PSA
100 200 250 300 400 500 750 1000 1250
- --------- ------ ------ ----- ----- ----- ----- ----- ----- -----
98- 0 7.253 7.306 7.343 7.382 7.454 7.516 7.651 7.764 7.855
98- 3 7.243 7.293 7.328 7.364 7.432 7.491 7.616 7.723 7.808
98- 6 7.234 7.281 7.313 7.347 7.410 7.465 7.582 7.681 7.761
98- 9 7.225 7.268 7.298 7.330 7.388 7.439 7.548 7.640 7.714
98-12 7.215 7.255 7.283 7.312 7.366 7.413 7.514 7.599 7.667
98-15 7.206 7.243 7.268 7.295 7.344 7.388 7.480 7.558 7.620
98-18 7.197 7.230 7.253 7.278 7.323 7.362 7.446 7.517 7.574
98-21 7.187 7.217 7.239 7.260 7.301 7.336 7.412 7.476 7.527
98-24 7.178 7.205 7.224 7.243 7.279 7.311 7.378 7.435 7.480
98-27 7.169 7.192 7.209 7.226 7.257 7.285 7.344 7.394 7.434
98-30 7.160 7.180 7.194 7.208 7.236 7.259 7.310 7.353 7.387
99- 1 7.150 7.167 7.179 7.191 7.214 7.234 7.276 7.312 7.341
99- 4 7.141 7.155 7.164 7.174 7.192 7.208 7.243 7.271 7.295
99- 7 7.132 7.142 7.149 7.157 7.171 7.183 7.209 7.231 7.248
99-10 7.123 7.130 7.135 7.140 7.149 7.157 7.175 7.190 7.202
99-13 7.113 7.117 7.120 7.123 7.128 7.132 7.141 7.149 7.156
99-16 7.104 7.105 7.105 7.105 7.106 7.107 7.108 7.109 7.110
99-19 7.095 7.092 7.090 7.088 7.084 7.081 7.074 7.068 7.064
99-22 7.086 7.080 7.076 7.071 7.063 7.056 7.041 7.028 7.017
99-25 7.077 7.067 7.061 7.054 7.042 7.031 7.007 6.987 6.971
99-28 7.068 7.055 7.046 7.037 7.020 7.005 6.974 6.947 6.926
99-31 7.058 7.043 7.031 7.020 6.999 6.980 6.940 6.907 6.880
100- 2 7.049 7.030 7.017 7.003 6.977 6.955 6.907 6.866 6.834
100- 5 7.040 7.018 7.002 6.986 6.956 6.930 6.873 6.826 6.788
100- 8 7.031 7.005 6.988 6.969 6.935 6.904 6.840 6.786 6.742
100-11 7.022 6.993 6.973 6.952 6.913 6.879 6.807 6.746 6.697
100-14 7.013 6.981 6.958 6.935 6.892 6.854 6.774 6.706 6.651
100-17 7.004 6.969 6.944 6.918 6.871 6.829 6.740 6.665 6.606
100-20 6.995 6.956 6.929 6.901 6.849 6.804 6.707 6.625 6.560
100-23 6.986 6.944 6.915 6.884 6.828 6.779 6.674 6.585 6.515
100-26 6.977 6.932 6.900 6.868 6.807 6.754 6.641 6.546 6.469
100-29 6.968 6.919 6.886 6.851 6.786 6.729 6.608 6.506 6.424
- --------- ------ ------ ----- ----- ----- ----- ----- ----- -----
AVG LIFE 19.081 11.201 8.782 7.195 5.397 4.435 3.215 2.611 2.270
DURATION 10.199 7.515 6.350 5.471 4.350 3.690 2.786 2.309 2.031
FIRST PAY 7/16 12/08 9/06 4/05 9/03 10/02 8/01 2/01 10/00
LAST PAY 9/18 8/10 1/08 3/06 4/04 3/03 11/01 3/01 11/00
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/29/1998 17:08:57 PaineWebber
- --------------------------------------------------------------------------------
Bond: A3 Balance: 5,311,000 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 99-16)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA PSA PSA
100 200 250 300 400 500 750 1000 1250
- --------- ------ ------ ----- ----- ----- ----- ----- ----- -----
101-0 6.959 6.907 6.871 6.834 6.765 6.704 6.575 6.466 6.379
- --------- ------ ------ ----- ----- ----- ----- ----- ----- -----
AVG LIFE 19.081 11.201 8.782 7.195 5.397 4.435 3.215 2.611 2.270
DURATION 10.199 7.515 6.350 5.471 4.350 3.690 2.786 2.309 2.031
FIRST PAY 7/16 12/08 9/06 4/05 9/03 10/02 8/01 2/01 10/00
LAST PAY 9/18 8/10 1/08 3/06 4/04 3/03 11/01 3/01 11/00
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 07/09/1998 11:21:37 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "done
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 100-0)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA PSA
100 150 200 275 300 400 500 600
- --------- ------ ------ ------ ------ ----- ----- ----- -----
98- 0 7.242 7.256 7.275 7.316 7.333 7.404 7.468 7.522
98- 4 7.230 7.243 7.261 7.298 7.314 7.379 7.437 7.487
98- 8 7.219 7.230 7.247 7.281 7.294 7.354 7.407 7.453
96-12 7.207 7.217 7.232 7.263 7.275 7.329 7.377 7.418
98-16 7.195 7.205 7.218 7.245 7.256 7.304 7.346 7.383
98-20 7.184 7.192 7.204 7.227 7.237 7.279 7.316 7.348
98-24 7.172 7.180 7.189 7.210 7.218 7.254 7.286 7.314
98-28 7.161 7.167 7.175 7.192 7.199 7.229 7.256 7.279
99- 0 7.150 7.154 7.161 7.175 7.180 7.204 7.226 7.244
99- 4 7.138 7.142 7.147 7.157 7.161 7.180 7.196 7.210
99- 8 7.127 7.129 7.133 7.140 7.143 7.155 7.166 7.175
99-12 7.115 7.117 7.119 7.122 7.124 7.130 7.136 7.141
99-16 7.104 7.104 7.104 7.105 7.105 7.106 7.106 7.107
99-20 7.093 7.092 7.090 7.087 7.086 7.081 7.076 7.072
99-24 7.081 7.079 7.076 7.070 7.067 7.056 7.047 7.038
99-28 7.070 7.067 7.062 7.053 7.049 7.032 7.017 7.004
100- 0 7.059 7.055 7.048 7.035 7.030 7.007 6.987 6.970
100- 4 7.048 7.042 7.034 7.018 7.011 6.983 6.957 6.936
100- 8 7.037 7.030 7.020 7.001 6.993 6.959 6.928 6.902
100-12 7.025 7.017 7.006 6.983 6.974 6.934 6.898 6.868
100-16 7.014 7.005 6.992 6.966 6.955 6.910 6.869 6.834
100-20 7.003 6.993 6.978 6.949 6.937 6.886 6.839 6.800
100-24 6.992 6.981 6.965 6.932 6.918 6.861 6.810 6.766
100-28 6.981 6.968 6.951 6.915 6.900 6.837 6.781 6.732
101- 0 6.970 6.956 6.937 6.898 6.881 6.813 6.751 6.698
101- 4 6.959 6.944 6.923 6.881 6.863 6.789 6.722 6.665
101- 8 6.948 6.932 6.909 6.864 6.845 6.765 6.693 6.631
101-12 6.937 6.920 6.896 6.847 6.826 6.741 6.663 6.598
101-16 6.926 6.907 6.882 6.830 6.808 6.717 6.634 6.564
101-20 6.915 6.895 6.868 6.813 6.790 6.693 6.605 6.531
101-24 6.904 6.883 6.854 6.796 6.771 6.669 6.576 6.497
101-28 6.893 6.871 6.841 6.779 6.753 6.645 6.547 6.464
- --------- ------ ------ ------ ------ ----- ----- ----- -----
AVG LIFE 22.802 18.455 14.689 10.489 9.398 6.540 5.151 4.364
DURATION 11.051 10.031 8.872 7.177 6.653 5.080 4.188 3.643
FIRST PAY 9/18 2/14 8/10 1/07 3/06 4/04 3/03 7/02
LAST PAY 3/24 7/20 8/16 11/11 7/10 3/06 5/04 5/03
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 07/09/1998 11:21:37 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 100-0)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA PSA
100 150 200 275 300 400 500 600
- --------- ------ ------ ------ ------ ----- ----- ----- -----
102-0 6.882 6.859 6.827 6.762 6.735 6.621 6.518 6.431
- --------- ------ ------ ------ ------ ----- ----- ----- -----
AVG LIFE 22.802 18.455 14.689 10.489 9.398 6.540 5.151 4.364
DURATION 11.051 10.031 8.872 7.177 6.653 5.080 4.188 3.643
FIRST PAY 9/18 2/14 8/10 1/07 3/06 4/04 3/03 7/02
LAST PAY 3/24 7/20 8/16 11/11 7/10 3/06 5/04 5/03
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 07/10/1998 14:08:57 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 100-8)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA
750 800 900 1000 1200
- --------- ----- ----- ----- ----- -----
98-16 7.432 7.448 7.479 7.507 7.559
98-20 7.392 7.405 7.432 7.457 7.502
98-24 7.351 7.363 7.385 7.407 7.446
98-28 7.310 7.320 7.339 7.357 7.390
99- 0 7.269 7.277 7.293 7.307 7.333
99- 4 7.229 7.235 7.246 7.257 7.277
99- 8 7.188 7.192 7.200 7.207 7.221
99-12 7.148 7.150 7.154 7.158 7.165
99-16 7.107 7.108 7.108 7.108 7.109
99-20 7.067 7.065 7.062 7.059 7.053
99-24 7.027 7.023 7.016 7.009 6.997
99-28 6.986 6.981 6.970 6.960 6.942
100- 0 6.946 6.939 6.924 6.911 6.886
100- 4 6.906 6.897 6.879 6.862 6.831
100- 8 6.866 6.855 6.833 6.813 6.775
100-12 6.826 6.813 6.787 6.764 6.720
100-16 6.786 6.771 6.742 6.715 6.665
100-20 6.746 6.729 6.696 6.666 6.610
100-24 6.706 6.688 6.651 6.617 6.555
100-28 6.667 6.646 6.606 6.568 6.500
101- 0 6.627 6.604 6.561 6.520 6.445
101- 4 6.587 6.563 6.515 6.471 6.390
101- 8 6.548 6.522 6.470 6.423 6.335
101-12 6.508 6.480 6.425 6.374 6.281
101-16 6.469 6.439 6.380 6.326 6.226
101-20 6.429 6.398 6.336 6.278 6.172
101-24 6.390 6.356 6.291 6.229 6.117
101-28 6.351 6.315 6.246 6.181 6.063
102- 0 6.312 6.274 6.201 6.133 6.009
102- 4 6.273 6.233 6.157 6.085 5.955
102- 8 6.233 6.192 6.112 6.037 5.901
102-12 6.194 6.151 6.068 5.990 5.847
- --------- ----- ----- ----- ----- -----
AVG LIFE 3.617 3.432 3.121 2.878 2.519
DURATION 3.099 2.959 2.720 2.529 2.241
FIRST PAY 11/01 9/01 6/01 3/01 12/00
LAST PAY 6/02 4/02 12/01 8/01 3/01
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 07/10/1998 15:23:09 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "done
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 100-24)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA
100 150 200 275 500 600 800
- --------- ------ ------ ------ ------ ----- ----- -----
99- 0 7.150 7.154 7.161 7.175 7.226 7.244 7.277
99- 8 7.127 7.129 7.133 7.140 7.166 7.175 7.192
99-16 7.104 7.104 7.104 7.105 7.106 7.107 7.108
99-24 7.081 7.079 7.076 7.070 7.047 7.038 7.023
100- 0 7.059 7.055 7.048 7.035 6.987 6.970 6.939
100- 8 7.037 7.030 7.020 7.001 6.928 6.902 6.855
100-16 7.014 7.005 6.992 6.966 6.869 6.834 6.771
100-24 6.992 6.981 6.965 6.932 6.810 6.766 6.688
101- 0 6.970 6.956 6.937 6.898 6.751 6.698 6.604
101- 8 6.948 6.932 6.909 6.864 6.693 6.631 6.522
101-16 6.926 6.907 6.882 6.830 6.634 6.564 6.439
101-24 6.904 6.883 6.854 6.796 6.576 6.497 6.356
102- 0 6.882 6.859 6.827 6.762 6.518 6.431 6.274
102- 8 6.860 6.835 6.800 6.728 6.460 6.364 6.192
102-16 6.838 6.811 6.773 6.695 6.403 6.298 6.111
- --------- ------ ------ ------ ------ ----- ----- -----
AVG LIFE 22.802 18.455 14.689 10.489 5.151 4.364 3.432
DURATION 11.095 10.065 8.898 7.194 4.196 3.649 2.961
FIRST PAY 9/18 2/14 8/10 1/07 3/03 7/02 9/01
LAST PAY 3/24 7/20 8/16 11/11 5/04 5/03 4/02
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 07/10/1998 13:41:52 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 100-18)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA
750 900 1000 1200 750
- --------- ----- ----- ----- ----- -----
98-16 7.432 7.479 7.507 7.559 7.432
98-20 7.392 7.432 7.457 7.502 7.392
98-24 7.351 7.385 7.407 7.446 7.351
98-28 7.310 7.339 7.357 7.390 7.310
99- 0 7.269 7.293 7.307 7.333 7.269
99- 4 7.229 7.246 7.257 7.277 7.229
99- 8 7.188 7.200 7.207 7.221 7.188
99-12 7.148 7.154 7.158 7.165 7.148
99-16 7.107 7.108 7.108 7.109 7.107
99-20 7.067 7.062 7.059 7.053 7.067
99-24 7.027 7.016 7.009 6.997 7.027
99-28 6.986 6.970 6.960 6.942 6.986
100- 0 6.946 6.924 6.911 6.886 6.946
100- 4 6.906 6.879 6.862 6.831 6.906
100- 8 6.866 6.833 6.813 6.775 6.866
100-12 6.826 6.787 6.764 6.720 6.826
100-16 6.786 6.742 6.715 6.665 6.786
100-20 6.746 6.696 6.666 6.610 6.746
100-24 6.706 6.651 6.617 6.555 6.706
100-28 6.667 6.606 6.568 6.500 6.667
101- 0 6.627 6.561 6.520 6.445 6.627
101- 4 6.587 6.515 6.471 6.390 6.587
101- 8 6.548 6.470 6.423 6.335 6.548
101-12 6.508 6.425 6.374 6.281 6.508
101-16 6.469 6.380 6.326 6.226 6.469
101-20 6.429 6.336 6.278 6.172 6.429
101-24 6.390 6.291 6.229 6.117 6.390
101-28 6.351 6.246 6.181 6.063 6.351
102- 0 6.312 6.201 6.133 6.009 6.312
- --------- ----- ----- ----- ----- -----
AVG LIFE 3.617 3.121 2.878 2.519 3.617
STATION 3.097 2.718 2.527 2.239 3.097
FIRST PAY 11/01 6/01 3/01 12/00 11/01
LAST PAY 6/02 12/01 8/01 3/01 6/02
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-A5 6.456% 1 MONTHLIB + 0.800% WL 7.26 30YR
- --------------------------------------------------------------------------------
Deal Tranche Aggregate Collateral
- ---------------------------- ------------------------- --------------------
Name: PMAC981 Type: NA/FLT
Underwriter: Coupon: 6.456
Frequency: 12 Factor: 1.000000
Last Payment: 07/25/98 Orig. Balance: 9,702,375 MULTIPLE
Collateral Source: GENERIC Curr Balance: 9,702,375 COLLATERAL
Delay: 0
CUSIP:
Cap@Idx: 9%@8.2%
Floor@Idx: 0%@0%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Discount Margin
- ------------------------------------------------------------------------------------------------------------------------------------
Price PSA 100 150 200 275 300 400 500 700 900
- --------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101:14 69 68 68 66 66 61 53 43 35
101:16 68 68 67 66 65 60 52 41 33
101:18 68 68 67 65 64 59 51 40 31
101:20 68 67 66 64 64 58 50 38 29
101:22 67 67 66 64 63 58 48 37 27
101:24 67 66 65 63 62 57 47 35 25
101:26 66 66 65 63 62 56 46 34 23
101:28 66 65 64 62 61 55 45 32 21
101:30 65 65 64 62 61 54 44 30 20
-------- -------- -------- -------- -------- -------- -------- -------- --------
Avg Life 27.70 25.38 22.29 17.51 16.03 10.49 6.50 4.45 3.56
Mod Dur* 12.65 12.21 11.50 10.14 9.63 7.30 5.17 3.77 3.10
First Pay 03/25/24 07/25/20 08/25/16 11/25/11 07/25/10 03/25/06 05/25/04 09/25/02 12/25/01
Last Pay 05/25/28 05/25/28 05/25/28 05/25/28 05/25/28 05/25/28 01/25/06 04/25/03 04/25/02
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
Trade: 07/10/98, Sett: 07/30/98,* - Based on Px 101:22
Default Pricing: Idx 5.656, idx 1MONTHLIB
Calc Model: KPCMO Cashflow pwpp0ECONOMICPREPAY
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
</FN>
</TABLE>
<PAGE>
PMAC981-HDG3 30 year 7.3's
User ID: peterma Deals Directory: /home/peterma/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/24/1998 16:15:44 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/30/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 99-8)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA
100 150 200 275 300 400 500
- --------- ------ ------ ------ ------ ----- ----- -----
98- 0 7.243 7.258 7.278 7.319 7.336 7.408 7.472
98- 4 7.232 7.245 7.263 7.301 7.317 7.383 7.442
98- 8 7.220 7.232 7.249 7.283 7.297 7.358 7.412
98-12 7.209 7.219 7.235 7.266 7.278 7.333 7.381
98-16 7.197 7.207 7.220 7.248 7.259 7.308 7.351
98-20 7.186 7.194 7.206 7.230 7.240 7.283 7.321
98-24 7.174 7.181 7.192 7.213 7.221 7.258 7.291
98-28 7.163 7.169 7.177 7.195 7.202 7.233 7.261
99- 0 7.151 7.156 7.163 7.177 7.183 7.208 7.231
99- 4 7.140 7.144 7.149 7.160 7.164 7.183 7.201
99- 8 7.129 7.131 7.135 7.142 7.146 7.159 7.171
99-12 7.117 7.119 7.121 7.125 7.127 7.134 7.141
99-16 7.106 7.106 7.107 7.107 7.108 7.109 7.111
99-20 7.095 7.094 7.093 7.090 7.089 7.085 7.081
99-24 7.083 7.081 7.078 7.073 7.070 7.060 7.051
99-28 7.072 7.069 7.064 7.055 7.052 7.036 7.021
100- 0 7.061 7.056 7.050 7.038 7.033 7.011 6.992
100- 4 7.049 7.044 7.036 7.021 7.014 6.987 6.962
100- 8 7.038 7.032 7.022 7.003 6.996 6.962 6.932
100-12 7.027 7.019 7.008 6.986 6.977 6.938 6.903
100-16 7.016 7.007 6.995 6.969 6.958 6.914 6.873
- --------- ------ ------ ------ ------ ----- ----- -----
AVG LIFE 22.802 18.455 14.689 10.489 9.398 6.540 5.151
DURATION 11.006 9.996 8.846 7.160 6.638 5.071 4.181
FIRST PAY 9/18 2/14 8/10 1/07 3/06 4/04 3/03
LAST PAY 3/24 7/20 8/16 11/11 7/10 3/06 5/04
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-HDG3 30 year 7.3's
User ID: peterma Deals Directory: /home/peterma/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/24/1998 16:14:28 PaineWebber
- --------------------------------------------------------------------------------
Bond: A3 Balance: 5,311,000 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998
Settlement Date: 7/30/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 99-24)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA
100 150 200 275 300 400 500
- --------- ------ ------ ------ ----- ----- ----- -----
98-16 7.205 7.221 7.241 7.280 7.293 7.342 7.384
98-20 7.192 7.206 7.224 7.258 7.270 7.313 7.350
98-24 7.180 7.192 7.208 7.237 7.247 7.284 7.316
98-28 7.168 7.178 7.191 7.215 7.224 7.255 7.282
99- 0 7.155 7.163 7.174 7.194 7.201 7.226 7.248
99- 4 7.143 7.149 7.157 7.172 7.178 7.197 7.214
99- 8 7.131 7.135 7.141 7.151 7.155 7.168 7.180
99-12 7.118 7.121 7.124 7.130 7.132 7.139 7.146
99-16 7.106 7.107 7.107 7.109 7.109 7.110 7.112
99-20 7.094 7.092 7.091 7.087 7.086 7.082 7.078
99-24 7.082 7.078 7.074 7.066 7.063 7.053 7.044
99-28 7.069 7.064 7.058 7.045 7.041 7.025 7.011
100- 0 7.057 7.050 7.041 7.024 7.018 6.996 6.977
100- 4 7.045 7.036 7.025 7.003 6.995 6.967 6.943
100- 8 7.033 7.022 7.008 6.981 6.973 6.939 6.910
100-12 7.021 7.008 6.992 6.960 6.950 6.911 6.876
100-16 7.009 6.994 6.975 6.939 6.927 6.882 6.843
100-20 6.997 6.980 6.959 6.918 6.905 6.854 6.809
100-24 6.985 6.966 6.942 6.897 6.882 6.826 6.776
100-28 6.973 6.952 6.926 6.877 6.860 6.797 6.743
101- 0 6.961 6.939 6.910 6.856 6.837 6.769 6.709
- --------- ------ ------ ------ ----- ----- ----- -----
AVG LIFE 19.081 14.535 11.201 7.900 7.195 5.397 4.435
DURATION 10.210 8.840 7.521 5.877 5.474 4.353 3.692
FIRST PAY 7/16 2/12 12/08 12/05 4/05 9/03 10/02
LAST PAY 9/18 2/14 8/10 1/07 3/06 4/04 3/03
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
<PAGE>
PMAC981-MKT3 30 year 7.3's
User ID: scutri Deals Directory: /home/scutri/DEALS
- --------------------------------------------------------------------------------
Price Yield Table Report
Date: 06/25/1998 16:40:29 PaineWebber
- --------------------------------------------------------------------------------
Bond: A4 Balance: 10,989,500 Coupon: 7.00000
Delay: 24 Class Factor: 1.00 Accruing Since: 7/01/1998 "done
Settlement Date: 7/31/1998 WHOLE 30 year WAC: 7.53
WAM: 358.00 Pricing Speed: 275.00 PSA (duration at: 98-8)
- --------------------------------------------------------------------------------
MONTHS PSA PSA PSA PSA PSA PSA PSA PSA
100 200 275 300 400 500 750 1000
- --------- ------ ------ ------ ----- ----- ----- ----- -----
97-24 7.265 7.304 7.352 7.371 7.454 7.529 7.679 7.809
97-25 7.262 7.301 7.347 7.366 7.448 7.521 7.669 7.797
97-26 7.259 7.297 7.343 7.362 7.441 7.513 7.658 7.784
97-27 7.256 7.293 7.338 7.357 7.435 7.506 7.648 7.771
97-28 7.253 7.290 7.334 7.352 7.429 7.498 7.638 7.759
97-29 7.250 7.286 7.329 7.347 7.423 7.491 7.627 7.746
97-30 7.247 7.283 7.325 7.342 7.416 7.483 7.617 7.733
97-31 7.245 7.279 7.320 7.338 7.410 7.475 7.607 7.721
98- 0 7.242 7.275 7.316 7.333 7.404 7.468 7.597 7.708
98- 1 7.239 7.272 7.312 7.328 7.397 7.460 7.586 7.696
98- 2 7.236 7.268 7.307 7.323 7.391 7.453 7.576 7.683
98- 3 7.233 7.265 7.303 7.318 7.385 7.445 7.566 7.670
98- 4 7.230 7.261 7.298 7.314 7.379 7.437 7.555 7.658
98- 5 7.227 7.257 7.294 7.309 7.372 7.430 7.545 7.645
98- 6 7.224 7.254 7.289 7.304 7.366 7.422 7.535 7.633
98- 7 7.221 7.250 7.285 7.299 7.360 7.415 7.525 7.620
98- 8 7.219 7.247 7.281 7.294 7.354 7.407 7.514 7.607
98- 9 7.216 7.243 7.276 7.290 7.347 7.399 7.504 7.595
98-10 7.213 7.240 7.272 7.285 7.341 7.392 7.494 7.582
98-11 7.210 7.236 7.267 7.280 7.335 7.384 7.484 7.570
98-12 7.207 7.232 7.263 7.275 7.329 7.377 7.473 7.557
98-13 7.204 7.229 7.258 7.271 7.322 7.369 7.463 7.545
98-14 7.201 7.225 7.254 7.266 7.316 7.362 7.453 7.532
98-15 7.198 7.222 7.250 7.261 7.310 7.354 7.443 7.519
98-16 7.195 7.218 7.245 7.256 7.304 7.346 7.432 7.507
98-17 7.193 7.214 7.241 7.252 7.297 7.339 7.422 7.494
98-18 7.190 7.211 7.236 7.247 7.291 7.331 7.412 7.482
98-19 7.187 7.207 7.232 7.242 7.285 7.324 7.402 7.469
98-20 7.184 7.204 7.227 7.237 7.279 7.316 7.392 7.457
98-21 7.181 7.200 7.223 7.233 7.273 7.309 7.381 7.444
98-22 7.178 7.197 7.219 7.228 7.266 7.301 7.371 7.432
98-23 7.175 7.193 7.214 7.223 7.260 7.294 7.361 7.419
- --------- ------ ------ ------ ----- ----- ----- ----- -----
AVG LIFE 22.802 14.689 10.489 9.398 6.540 5.151 3.617 2.878
DURATION 10.948 8.811 7.137 6.618 5.058 4.171 3.083 2.514
FIRST PAY 9/18 8/10 1/07 3/06 4/04 3/03 11/01 3/01
LAST PAY 3/24 8/16 11/11 7/10 3/06 5/04 6/02 8/01
XX The information herein has been provided solely by PaineWebber
Incorporated. Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy or completeness of
the information herein. The information herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other
information subsequently filed with the securities and exchange commission.
