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: May 27, 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 May 1, 1998, relating to the Master Financial
Asset Securitization Trust 1998-2, Home Loan Asset Backed Notes, Series 1998-2)
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") 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 Deutsche
Morgan Grenfell, Inc., 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 Deutsche Morgan Grenfell, Inc.
in connection with Master
Financial Asset Securitization
Trust 1998-2, Home Loan Asset
Backed Notes, Series 1998-2
<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
May 27, 1998
By: /s/ Joseph Piscina
---------------------
Joseph Piscina
Director
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials prepared by E
Deutsche Morgan Grenfell, Inc. in
connection with Master Financial
Asset Securitization Trust 1998-2,
Home Loan Asset Backed Notes, Series
1998-2
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement and Final Prospectus. Although the information contained in the
material is based on sources the Underwriter(s) believe(s) to be reliable, the
Underwriter(s) make(s) no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predictions, or opinions with respect to value. Prior to making any
investment decision, a prospective investor shall receive and fully review the
Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may hold long
or short positions in or buy and sell Securities or related securities or
perform for or solicit investment banking services from, any company mentioned
herein.
- --------------------------------------------------------------------------------
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:05 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 12.6 PPC 13.0 PPC 13.4
99.651010 7.371 7.153 6.427
99.682260 7.365 7.148 6.421
99.713510 7.360 7.142 6.416
99.744760 7.354 7.137 6.411
99.776010 7.348 7.132 6.406
99.807260 7.343 7.126 6.400
99.838510 7.337 7.121 6.395
99.869760 7.331 7.116 6.390
99.901010 7.326 7.110 6.384
99.932260 7.320 7.105 6.379
99.963510 7.315 7.099 6.374
99.994760 7.309 7.094 6.369
100.026010 7.303 7.089 6.363
100.057260 7.298 7.083 6.358
100.088510 7.292 7.078 6.353
100.119760 7.287 7.073 6.348
100.151010 7.281 7.067 6.342
100.182260 7.275 7.062 6.337
100.213510 7.270 7.057 6.332
100.244760 7.264 7.051 6.327
100.276010 7.259 7.046 6.321
Ave Life 7.525 8.041 8.167
Ave Cashflow 6.348 6.817 6.831
Mod Dur 5.561 5.832 5.930
Window 6/03-1/15 8/03-6/23 10/03-6/23
Sprd/Avl 122.1/av 103.5/av 31.7/av
Sprd/AvCf 115.4/av 96.5/av 24.1/av
Sprd/Tsy 122.0/7.5 103.3/8.0 30.7/8.0
Bond Loss 0.00 852844.12 2775336.15
Coll Loss 79223488.72 80836924.02 82414021.23
PPC 12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC 13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC 13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A6
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:51 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 17.6 PPC 18.0 PPC 18.4
99.631180 7.246 7.037 6.369
99.662430 7.241 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.230 7.022 6.354
99.756180 7.225 7.017 6.349
99.787430 7.220 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.209 6.002 6.334
99.881180 7.204 6.997 6.329
99.912430 7.199 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.188 6.981 6.313
100.006180 7.183 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.172 6.966 6.298
100.099930 7.167 6.961 6.293
100.131180 7.162 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.151 6.946 6.278
100.224930 7.146 6.941 6.273
100.256180 7.141 6.936 6.268
Ave Life 8.083 8.331 8.207
Ave Cashflow 6.725 7.074 7.069
Mod Dur 5.935 6.151 6.217
Window 5/04-7/12 6/04-9/15 8/04-8/12
Sprd/Avl 113.2/av 93.9/av 26.4/av
Sprd/AvCf 105.4/av 86.7/av 19.9/av
Sprd/Tsy 112.7/8.0 94.9/8.5 25.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC 17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC 18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC 18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:55:29 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 21.2 PPC 21.6 PPC 22.0
99.678862 4.434 3.765 3.055
99.710112 4.427 3.758 3.048
99.741362 4.420 3.751 3.042
99.772612 4.412 3.744 3.035
99.803862 4.405 3.737 3.028
99.835112 4.398 3.730 3.021
99.866362 4.391 3.724 3.014
99.897612 4.384 3.717 3.008
99.928862 4.377 3.710 3.001
99.960112 4.370 3.703 2.994
99.991362 4.363 3.696 2.987
100.022612 4.356 3.689 2.981
100.053862 4.349 3.682 2.974
100.085112 4.342 3.675 2.967
100.116362 4.335 3.668 2.960
100.147612 4.328 3.661 2.954
100.178862 4.321 3.654 2.947
100.210112 4.314 3.648 2.940
100.241362 4.307 3.641 2.933
100.272612 4.300 3.634 2.927
100.303862 4.293 3.627 2.920
Ave Life 5.010 5.025 5.042
Ave Cashflow 4.737 4.793 4.845
Mod Dur 4.438 4.524 4.615
Window 3/02-5/08 3/02-2/08 4/02-11/07
Sprd/Avl -187.4/av -254.1/av -324.8/av
Sprd/AvCf -190.8/av -256.8/av -327.0/av
Sprd/Tsy -187.5/5.0 -254.2/5.0 -325.1/5.0
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC 21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC 21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC 22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:05 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 12.6 PPC 13.0 PPC 13.4
99.651010 7.371 7.153 6.427
99.682260 7.365 7.148 6.421
99.713510 7.360 7.142 6.416
99.744760 7.354 7.137 6.411
99.776010 7.348 7.132 6.406
99.807260 7.343 7.126 6.400
99.838510 7.337 7.121 6.395
99.869760 7.331 7.116 6.390
99.901010 7.326 7.110 6.384
99.932260 7.320 7.105 6.379
99.963510 7.315 7.099 6.374
99.994760 7.309 7.094 6.369
100.026010 7.303 7.089 6.363
100.057260 7.298 7.083 6.358
100.088510 7.292 7.078 6.353
100.119760 7.287 7.073 6.348
100.151010 7.281 7.067 6.342
100.182260 7.275 7.062 6.337
100.213510 7.270 7.057 6.332
100.244760 7.264 7.051 6.327
100.276010 7.259 7.046 6.321
Ave Life 7.525 8.041 8.167
Ave Cashflow 6.348 6.817 6.831
Mod Dur 5.561 5.832 5.930
Window 6/03-1/15 8/03-6/23 10/03-6/23
Sprd/Avl 122.1/av 103.5/av 31.7/av
Sprd/AvCf 115.4/av 96.5/av 24.1/av
Sprd/Tsy 122.0/7.5 103.3/8.0 30.7/8.0
Bond Loss 0.00 852844.12 2775336.15
Coll Loss 79223488.72 80836924.02 82414021.23
PPC 12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC 13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC 13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A6
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:51 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 17.6 PPC 18.0 PPC 18.4
99.631180 7.246 7.037 6.369
99.662430 7.241 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.230 7.022 6.354
99.756180 7.225 7.017 6.349
99.787430 7.220 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.209 7.002 6.334
99.881180 7.204 6.997 6.329
99.912430 7.199 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.188 6.981 6.313
100.006180 7.183 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.172 6.966 6.298
100.099930 7.167 6.961 6.293
100.131180 7.162 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.151 6.946 6.278
100.224930 7.146 6.941 6.273
100.256180 7.141 6.936 6.268
Ave Life 8.083 8.331 8.207
Ave Cashflow 6.725 7.074 7.069
Mod Dur 5.935 6.151 6.217
Window 5/04-7/12 6/04-9/15 8/04-8/12
Sprd/Avl 113.2/av 93.9/av 26.4/av
Sprd/AvCf 105.4/av 86.7/av 19.9/av
Sprd/Tsy 112.7/8.0 94.9/8.5 25.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC 17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC 18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC 18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:55:29 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 21.2 PPC 21.6 PPC 22.0
99.678862 4.434 3.765 3.055
99.710112 4.427 3.758 3.048
99.741362 4.420 3.751 3.042
99.772612 4.412 3.744 3.035
99.803862 4.405 3.737 3.028
99.835112 4.398 3.730 3.021
99.866362 4.391 3.724 3.014
99.897612 4.384 3.717 3.008
99.928862 4.377 3.710 3.001
99.960112 4.370 3.703 2.994
99.991362 4.363 3.696 2.987
100.022612 4.356 3.689 2.981
100.053862 4.349 3.682 2.974
100.085112 4.342 3.675 2.967
100.116362 4.335 3.668 2.960
100.147612 4.328 3.661 2.954
100.178862 4.321 3.654 2.947
100.210112 4.314 3.648 2.940
100.241362 4.307 3.641 2.933
100.272612 4.300 3.634 2.927
100.303862 4.293 3.627 2.920
Ave Life 5.010 5.025 5.042
Ave Cashflow 4.737 4.793 4.845
Mod Dur 4.438 4.524 4.615
Window 3/02-5/08 3/02-2/08 4/02-11/07
Sprd/Avl -187.4/av -254.1/av -324.8/av
Sprd/AvCf -190.8/av -256.8/av -327.0/av
Sprd/Tsy -187.5/5.0 -254.2/5.0 -325.1/5.0
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC 21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC 21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC 22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:05 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY03Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 12.6 PPC 13.0 PPC 13.4
99.651010 7.371 7.153 6.427
99.682260 7.365 7.148 6.421
99.713510 7.360 7.142 6.416
99.744760 7.354 7.137 6.411
99.776010 7.348 7.132 6.406
99.807260 7.343 7.126 6.400
99.838510 7.337 7.121 6.395
99.869760 7.331 7.116 6.390
99.901010 7.326 7.110 6.384
99.932260 7.320 7.105 6.379
99.963510 7.315 7.099 6.374
99.994760 7.309 7.094 6.369
100.026010 7.303 7.089 6.363
100.057260 7.298 7.083 6.358
100.088510 7.292 7.078 6.353
100.119760 7.287 7.073 6.348
100.151010 7.281 7.067 6.342
100.182260 7.275 7.062 6.337
100.213510 7.270 7.057 6.332
100.244760 7.264 7.051 6.327
100.276010 7.259 7.046 6.321
Ave Life 7.525 8.041 8.167
Ave Cashflow 6.348 6.817 6.831
Mod Dur 5.561 5.832 5.930
Window 6/03-1/15 8/03-6/23 10/03-6/23
Sprd/Avl 122.1/av 103.5/av 31.7/av
Sprd/AvCf 115.4/av 96.5/av 24.1/av
Sprd/Tsy 122.0/7.5 103.3/8.0 30.7/8.0
Bond Loss 0.00 852844.12 2775336.15
Coll Loss 79223488.72 80836924.02 82414021.23
PPC 12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC 13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC 13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A6
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:51 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY03Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 17.6 PPC 18.0 PPC 18.4
99.631180 7.246 7.037 6.369
99.662430 7.241 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.230 7.022 6.354
99.756180 7.225 7.017 6.349
99.787430 7.220 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.209 7.002 6.334
99.881180 7.204 7.997 6.329
99.912430 7.199 7.992 6.324
99.943680 7.193 7.986 6.319
99.974930 7.188 7.981 6.313
100.006180 7.183 7.976 6.308
100.037430 7.177 7.971 6.303
100.068680 7.172 7.966 6.298
100.099930 7.167 7.961 6.293
100.131180 7.162 7.956 6.288
100.162430 7.156 7.951 6.283
100.193680 7.151 7.946 6.278
100.224930 7.146 7.941 6.273
100.256180 7.141 7.936 6.268
Ave Life 8.083 8.331 8.207
Ave Cashflow 6.725 7.074 7.069
Mod Dur 5.935 6.151 6.217
Window 5/04-7/12 6/04-9/15 8/04-8/12
Sprd/Avl 113.2/av 93.9/av 26.4/av
Sprd/AvCf 105.4/av 86.7/av 19.9/av
Sprd/Tsy 112.7/8.0 94.9/8.5 25.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC 17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC 18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC 18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:55:29 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY03Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 21.2 PPC 21.6 PPC 22.0
99.678862 4.434 3.765 3.055
99.710112 4.427 3.758 3.048
99.741362 4.420 3.751 3.042
99.772612 4.412 3.744 3.035
99.803862 4.405 3.737 3.028
99.835112 4.398 3.730 3.021
99.866362 4.391 3.724 3.014
99.897612 4.384 3.717 3.008
99.928862 4.377 3.710 3.001
99.960112 4.370 3.703 2.994
99.991362 4.363 3.696 2.987
100.022612 4.356 3.689 2.981
100.053862 4.349 3.682 2.974
100.085112 4.342 3.675 2.967
100.116362 4.335 3.668 2.960
100.147612 4.328 3.661 2.954
100.178862 4.321 3.654 2.947
100.210112 4.314 3.648 2.940
100.241362 4.307 3.641 2.933
100.272612 4.300 3.634 2.927
100.303862 4.293 3.627 2.920
Ave Life 5.010 5.025 5.042
Ave Cashflow 4.737 4.793 4.845
Mod Dur 4.438 4.524 4.615
Window 3/02-5/08 3/02-2/08 4/02-11/07
Sprd/Avl -187.4/av -254.1/av -324.8/av
Sprd/AvCf -190.8/av -256.8/av -327.0/av
Sprd/Tsy -187.5/5.0 -254.2/5.0 -325.1/5.0
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC 21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC 21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC 22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
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Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:05 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 12.6 PPC 13.0 PPC 13.4
99.651010 7.371 7.153 6.427
99.682260 7.365 7.148 6.421
99.713510 7.360 7.142 6.416
99.744760 7.354 7.137 6.411
99.776010 7.348 7.132 6.406
99.807260 7.343 7.126 6.400
99.838510 7.337 7.121 6.395
99.869760 7.331 7.116 6.390
99.901010 7.326 7.110 6.384
99.932260 7.320 7.105 6.379
99.963510 7.315 7.099 6.374
99.994760 7.309 7.094 6.369
100.026010 7.303 7.089 6.363
100.057260 7.298 7.083 6.358
100.088510 7.292 7.078 6.353
100.119760 7.287 7.073 6.348
100.151010 7.281 7.067 6.342
100.182260 7.275 7.062 6.337
100.213510 7.270 7.057 6.332
100.244760 7.264 7.051 6.327
100.276010 7.259 7.046 6.321
Ave Life 7.525 8.041 8.167
Ave Cashflow 6.348 6.817 6.831
Mod Dur 5.561 5.832 5.930
Window 6/03-1/15 8/03-6/23 10/03-6/23
Sprd/Avl 122.1/av 103.5/av 31.7/av
Sprd/AvCf 115.4/av 96.5/av 24.1/av
Sprd/Tsy 122.0/7.5 103.3/8.0 30.7/8.0
Bond Loss 0.00 852844.12 2775336.15
Coll Loss 79223488.72 80836924.02 82414021.23
PPC 12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC 13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC 13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A6
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:54:51 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 17.6 PPC 18.0 PPC 18.4
99.631180 7.246 7.037 6.369
99.662430 7.241 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.230 7.022 6.354
99.756180 7.225 7.017 6.349
99.787430 7.220 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.209 7.002 6.334
99.881180 7.204 6.997 6.329
99.912430 7.199 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.188 6.981 6.313
100.006180 7.183 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.172 6.966 6.298
100.099930 7.167 6.961 6.293
100.131180 7.162 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.151 6.946 6.278
100.224930 7.146 6.941 6.273
100.256180 7.141 6.936 6.268
Ave Life 8.083 8.331 8.207
Ave Cashflow 6.725 7.074 7.069
Mod Dur 5.935 6.151 6.217
Window 5/04-7/12 6/04-9/15 8/04-8/12
Sprd/Avl 113.2/av 93.9/av 26.4/av
Sprd/AvCf 105.4/av 86.7/av 19.9/av
Sprd/Tsy 112.7/8.0 94.9/8.5 25.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC 17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC 18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC 18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price/Yield Report
Bond Id : MASTER FINANCIAL 1998-1 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000%
Deal Description : MASTER FINANCIAL 02/12/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
0.0000 0.0000 6.9990 6.7380 6.4910
Report Generated : Fri May 22 15:55:29 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000%
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels : TSY05Y TSY10Y TSY30Y LIB01M SPEC
6.2380 5.9520 0.0000 5.6562 5.0000
PPC 21.2 PPC 21.6 PPC 22.0
99.678862 4.434 3.765 3.055
99.710112 4.427 3.758 3.048
99.741362 4.420 3.751 3.042
99.772612 4.412 3.744 3.035
99.803862 4.405 3.737 3.028
99.835112 4.398 3.730 3.021
99.866362 4.391 3.724 3.014
99.897612 4.384 3.717 3.008
99.928862 4.377 3.710 3.001
99.960112 4.370 3.703 2.994
99.991362 4.363 3.696 2.987
100.022612 4.356 3.689 2.981
100.053862 4.349 3.682 2.974
100.085112 4.342 3.675 2.967
100.116362 4.335 3.668 2.960
100.147612 4.328 3.661 2.954
100.178862 4.321 3.654 2.947
100.210112 4.314 3.648 2.940
100.241362 4.307 3.641 2.933
100.272612 4.300 3.634 2.927
100.303862 4.293 3.627 2.920
Ave Life 5.010 5.025 5.042
Ave Cashflow 4.737 4.793 4.845
Mod Dur 4.438 4.524 4.615
Window 3/02-5/08 3/02-2/08 4/02-11/07
Sprd/Avl -187.4/av -254.1/av -324.8/av
Sprd/AvCf -190.8/av -256.8/av -327.0/av
Sprd/Tsy -187.5/5.0 -254.2/5.0 -325.1/5.0
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC 21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC 21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC 22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
