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: March 10, 1999
(Date of earliest event reported)
Commission File No. 333-61785
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Master Servicing Agreement, dated as of March 1, 1999, relating to the Fremont
Home Loan Owner Trust 1999-1, Home Loan Asset Backed Notes, Series 1999-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
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 certain Structural Term Sheets,
Collateral Term Sheets and 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")
issued by the staff of the Commission on March 9, 1995 to the PSA) 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) Structural Term Sheets, Collateral Term
Sheets and Computational Materials prepared
by PaineWebber Incorporated in connection
with Fremont Home Loan Owner Trust 1999-1,
Home Loan Asset Backed Notes, Series 1999-1
<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
March 11, 1999
By: /s/ Barbara Dawson
-------------------------------
Name: Barbara Dawson
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Structural Term Sheets, Collateral E
Term Sheets and Computational Materials
prepared by PaineWebber Incorporated in
connection with Fremont Home Loan Owner
Trust 1999-1, Home Loan Asset Backed Notes,
Series 1999-1
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FREMONT HOME LOAN OWNER TRUST 1999-1
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PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
FREMONT HOME LOAN OWNER TRUST 1999-1
DISCLAIMER
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The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as one of the underwriters for the Fremont Home
Loan Owner Trust 1999-1, Home Loan Asset-Backed Notes, Series 1999-1, and not by
or as agent for Fremont Investment & Loan or any of its affiliates
(collectively, the "Transferor" and "Master Servicer") or for PaineWebber
Mortgage Acceptance Corporation IV (the "Depositor"). Neither the Depositor nor
the Transferor has prepared, reviewed or participated in the preparation hereof,
nor are they responsible for the accuracy hereof and they have 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 in its
entirety 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.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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$418,342,161 (approximate) Offering Amount
FSA Bond Insured
BOND SUMMARY*
<TABLE>
<CAPTION>
- ------------------ --------------- ------------ -------------- ------------- ------------ ------------ -----------------
Last Principal Expected
Approximate WAL Principal Window Maturity Ratings
Notes Size Coupon (Years) Payment (Years) Date (Moody's/S&P)
- ------------------ --------------- ------------ -------------- ------------- ------------ ------------ -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Series 1999-1 $418,342,161 Floating 2.39 08/05 6.42 3/01/30 Aaa/AAA
================== =============== ============ ============== ============= ============ ============ =================
*At a pricing scenario of 30% CPR and 10% Optional Redemption.
</TABLE>
POOL SUMMARY** (complete collateral tables on pages 10-16)
- ------------------------------------------------------------ -------------------
Number of Loans: 3,679
Current Balance: $418,342,161
Average Balance: $113,711
Minimum Balance: $9,953
Maximum Balance: $478,937
Wtd Average Coupon (fixed and ARMS): 9.86%
Original Term (months): 359
Seasoning (months): 2
Original Loan-To-Value: 77.00%
Amortization Type:
ARM - 3,199 loans $379,833,782
Fixed - 480 loans $38,508,379
ARM Summary Information:
Wtd Avg Initial Periodic Rate Cap: 2.85%
Wtd Avg Subsequent Periodic Rate Cap: 1.48%
Wtd Avg Margin: 6.26%
Wtd Avg Life Cap: 16.78%
Wtd Avg Months to Roll: 23
- ------------------------------------------------------------ -------------------
**Contains no bulk purchases.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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BOND SENSITIVITY TO PREPAYMENTS
To Optional Redemption:
<TABLE>
<CAPTION>
CPR
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Series 1999-1 0% 15% 25% 30% 35% 45%
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE 20.79 4.99 2.93 2.39 1.99 1.45
DURATION 12.12 4.12 2.62 2.19 1.86 1.39
FIRST PAY 04/99 04/99 04/99 04/99 04/99 04/99
LAST PAY 01/28 07/12 01/07 08/05 07/04 01/03
WINDOW (YEARS) 28.83 13.33 7.83 6.42 5.33 3.83
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</TABLE>
To Maturity:
<TABLE>
<CAPTION>
CPR
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Series 1999-1 0% 15% 25% 30% 35% 45%
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE 20.84 5.39 3.19 2.60 2.17 1.59
DURATION 12.13 4.29 2.78 2.33 1.99 1.49
FIRST PAY 04/99 04/99 04/99 04/99 04/99 04/99
LAST PAY 02/29 05/25 10/16 08/13 04/11 01/08
WINDOW (YEARS) 29.92 26.17 17.58 14.42 12.08 8.83
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</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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PRICING INFORMATION
Pricing Speed: 30% CPR
Payment Date: The 25th day of each month (or the next Business
Day thereafter) commencing in April of 1999.
Interest Accrual Period: Interest will accrue from and
including the last Payment Date (or from the
Closing Date in the case of the first Payment
Date) to the day before the related Payment Date
based on an Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about March 23, 1999
Cut-off Date: March 1, 1999 (close of business)
Maturity Date: March 1, 2030, although it is anticipated that the
actual maturity date for the Notes will occur
significantly earlier than the Maturity Date.
Optional Redemption Date: The optional redemption date is
the first Payment Date on which the aggregate Loan
Balance of the Home Equity Loans has declined to
less than 10% of the aggregate Loan Balance of the
Home Equity Loans as of the Cut-Off Date.
Optional Redemption: The holders of Residual Interests exceeding in the
aggregate a 50% interest may, at their option
effect an early redemption of the Notes and
terminate the Trust on any Payment Date on or
after the Redemption Date by purchasing all of the
Home Equity Loans at a price equal to or greater
than the Redemption Price. In addition, the Note
Insurer will have rights under limited
circumstances, to purchase the Home Equity Loans
and thereby effect a redemption of the Notes.
Redemption Price: The Redemption Price will be an amount that will
at least pay in full accrued interest and
principal on the Notes and certain other expenses.
Initial Turbo: 100% of the excess cash flow will be used to
accelerate the bonds until the
overcollateralization targets are reached. To the
extent necessary, after the overcollateralization
targets are initially reached, 100% of the excess
cash flow will be available to accelerate the
bonds to the overcollateralization targets.
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and trustee
fees.
Advancing: The Master Servicer is required to advance any
delinquent payment of interest (not principal) to
the extent such interest is deemed to be
recoverable (the "Delinquency Advances"). The
Servicer is required to advance reasonable and
customary expense advances with respect to the
loans (for items such as taxes and insurance) to
the extent such advances are deemed to be
recoverable ("Servicer Advances").
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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DESCRIPTION OF SECURITIES
Title of Securities: Fremont Home Loan Owner Trust 1999-1, Home Loan
Asset-Backed Notes, Series 1999-1.
Offering Amount: Approximately $418,342,161
Certificates: Residual Interest (not offered hereby)
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Chase Securities Inc. Credit Suisse First Boston
Transferor/Master Servicer: Fremont Investment & Loan (a Fremont General
Company) Headquartered in Anaheim, CA
Depositor: PaineWebber Mortgage Acceptance Corporation IV
Servicer: Fairbanks Capital Corp.
Owner Trustee: Wilmington Trust Company
Indenture Trustee: First Union National Bank
Home Equity Loans: - First lien, fixed and adjustable rate mortgage
loans.
- 1-4 Family residential properties, planned unit
developments, condominiums, and manufactured
housing loans.
- Substantial percentage of the loans do not
conform to FNMA or FHLMC underwriting standards
or to those standards typically applied by
banks or other lending institutions,
particularly with regard to a borrower's credit
history.
- Approximately 84.99% of the Home Equity Loans
bear prepayment premiums, which will be
retained by Fremont Investment & Loan.
Form of Offering: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
Denominations: Minimum denominations of $25,000 and multiples of
$1,000 thereafter.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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DESCRIPTION OF SECURITIES (Continued)
Note Rate: On each Payment Date, the "Note Rate" will be
equal to the lesser of (x) the Formula Note Rate
and (y) the Available Funds Cap.
The "Formula Note Rate" for any Payment Date will
equal the lesser of (x) (i) with respect to any
Payment Date which occurs on or prior to the
Redemption Date, One Month LIBOR plus _% per annum
or (ii) with respect to any Payment Date
thereafter, One Month LIBOR plus _% per annum and
(y) [13.00%] per annum.
Available Funds Cap: The "Available Funds Cap" for any Payment Date is
the weighted average of the Coupon Rates on the
Home Equity Loans, less approximately (i) prior to
the Payment Date in April of 2000, [0.72%] per
annum or (ii) on and after the Payment Date in
April of 2000, [1.22%] per annum.
Available Funds Cap
Carry Forward Amount: If, on any Payment Date, the Available Funds Cap
limits the Note Rate (i.e., the rate set by the
Available Funds Cap is less than the Formula Note
Rate), the amount of any such shortfall will be
carried forward and be due and payable on future
Payment Dates and shall accrue interest at the
applicable Formula Note Rate, until paid (such
shortfall, together with such accrued interest,
the "Available Funds Cap Carry Forward Amount").
The Insurance Policy for the Notes does not cover
the Available Funds Cap Carry Forward Amount; the
payment of such amount may be funded only from
excess cash flow remaining after (i) the payment
of interest and principal due on the Notes for
such Payment Date, if any (ii) reimbursement of
the Note Insurer and (iii) payment of accelerated
principal on the Notes to achieve the required O/C
Target for such Payment Date.
Federal Tax Aspects: The trust will be an Owner Trust. No
election will be made to treat the Trust Estate or
any portion thereof as a REMIC for federal income
tax purposes. The Notes will be treated as
non-recourse debt obligations of the trust.
ERISA Considerations: Subject to the discussion in the
Prospectus Supplement and Prospectus, the Notes
may be purchased by employee benefit plans that
are subject to ERISA.
SMMEA Eligibility: The Notes will constitute "mortgage-related
securities" for purposes of SMMEA.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the Notes will
be provided by (a) the subordination of the
Residual Interest Certificates, (b) the
overcollateralization mechanics which utilize the
excess interest created by the internal cashflows
of the pool, and (c) the Financial Security
Assurance, Inc. ("FSA") Policy.
Subordination of the Residual Interest
Certificates: The rights of the holders of the
Residual Interest Certificates to received
distributions of excess interest are subordinated
to the right of the holders of the Notes.
Overcollateralization: Excess cash flow will be
applied, to the extent available to make
accelerated payments of principal to the Notes;
such application will cause the aggregate
principal balance of the Notes to amortize more
rapidly than the loans, resulting in
overcollateralization. Prior to the
Overcollateralization Stepdown Date, the
Overcollateralization Amount is expected to build
to [4.00]% of the Cut-off Date loan pool principal
balance. On or after the Overcollateralization
Stepdown Date, the Overcollateralization Amount
will be permitted to decrease to [8.00%] of the
then outstanding aggregate unpaid principal
balance of the Loans (the "Pool Principal
Balance"), subject to a floor of [0.50%] of the
original Pool Principal Balance (each such
percentage then in effect, the "O/C Target"). The
Overcollateralization Stepdown Date will be no
earlier than the 25th month following the Closing
Date, subject to certain delinquency and loan loss
tests.
FSA Insurance Policy: FSA (the "Note Insurer")
will unconditionally and irrevocably guarantee the
timely payment of interest and ultimate payment of
principal on the Notes (i.e. after any losses
reduce the overcollateralization to zero, FSA will
cover the excess, if any, of the Note principal
balance over the aggregate collateral balance).
The Insured Payments do not cover Realized Losses
except to the extent that the principal balance of
the Notes exceeds the Pool Principal Balance.
Insured Payments do not cover the Master
Servicer's failure to make Delinquency Advances
except to the extent that a shortfall of interest
due on the Notes would otherwise result therefrom.
The FSA Insurance Policy is not cancelable for any
reason.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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DESCRIPTION OF THE SERVICER
o Fairbanks Capital Corp. ("Fairbanks"), a Utah corporation, was formed on
February 24, 1989 by its current CEO Thomas Basmajian.
o Financial Security Assurance, Inc. and Nomura Asset Capital Corporation
each purchased a 25% share of Fairbanks Capital Holding Corporation on May
28, 1998. Cargill Financial Services Corporation maintains a 25% ownership
and management owns the remaining 25%.
o Fairbanks commenced mortgage servicing operations in 1989 for its own
account and since 1994 has managed and serviced third-party mortgage loan
portfolios. Prior to 1998, Fairbanks primarily serviced portfolios of
non-performing or delinquent residential mortgage loans.
o Fairbanks is a FNMA approved seller/servicer and a FHLMC approved servicer
that is engaged in the servicing of first and second lien mortgage loans.
o Fairbanks is approved by both Standard & Poor's and Fitch IBCA, Inc.
o Fairbanks is currently servicing over 20,000 loans.
o Fairbanks is currently servicing securities for First Union Home Equity
Bank, Block Financial, Cityscape (for FGIC/FSA/Harris Trust), Freddie Mac,
Fannie Mae, and United PanAm Mortgage.
o Fairbanks currently maintains excess servicing capacity of $3.0 billion in
unpaid principal balance.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF HOME EQUITY LOANS AS OF THE CUT-OFF DATE (3/1/99)
POOL SUMMARY
- ------------------------------------------------------------ -------------------
Number of Loans: 3,679
Current Balance: $418,342,161
Average Balance: $113,711
Minimum Balance: $9,953
Maximum Balance: $478,937
Wtd Average Coupon: 9.86%
Original Term (months): 359
Seasoning (months): 2
Original Loan-To-Value: 77.00%
Amortization Type:
ARM - 3,199 loans* $379,833,782
Fixed - 480 loans $38,508,379
ARM Summary Information:
Wtd Avg Initial Periodic Rate Cap: 2.85%
Wtd Avg Subsequent Periodic Rate Cap: 1.48%
Wtd Avg Margin: 6.26%
Wtd Avg Life Cap: 16.78%
Wtd Avg Months to Roll: 23
- ------------------------------------------------------------ -------------------
*All ARM loans are six-month LIBOR based loans.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF HOME EQUITY LOANS
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Aggregate Field Description Count Balance$ Pool%
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State California 1,276 189,189,007 45.22
Illinois 371 36,186,427 8.65
Washington 242 28,104,985 6.72
Utah 193 23,352,078 5.58
Michigan 290 18,271,869 4.37
Florida 201 17,019,001 4.07
Oregon 139 14,164,249 3.39
New York 106 13,575,899 3.25
Arizona 142 12,751,573 3.05
Nevada 98 10,787,109 2.58
New Jersey 86 10,569,283 2.53
Colorado 99 9,875,790 2.36
Wisconsin 76 6,140,237 1.47
Indiana 72 4,026,023 0.96
Idaho 45 3,789,421 0.91
Ohio 66 3,645,192 0.87
Massachusetts 29 3,144,073 0.75
Connecticut 21 2,298,289 0.55
Montana 26 2,071,662 0.50
Pennsylvania 23 1,587,556 0.38
Georgia 15 1,519,236 0.36
Oklahoma 18 1,322,852 0.32
New Hampshire 10 1,209,196 0.29
North Carolina 12 1,159,681 0.28
Missouri 9 1,011,492 0.24
Tennessee 8 766,617 0.18
Kansas 3 476,400 0.11
Maine 2 187,150 0.04
South Carolina 1 139,814 0.03
--------- --------------- ----------
3,679 $418,342,161 100.00%
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF HOME EQUITY LOANS (continued)
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Original LTV 5.001 - 10.000% 1 39,949 0.01
10.001 - 15.000% 1 36,485 0.01
15.001 - 20.000% 4 329,732 0.08
20.001 - 25.000% 11 443,395 0.11
25.001 - 30.000% 13 547,629 0.13
30.001 - 35.000% 18 827,197 0.20
35.001 - 40.000% 17 841,457 0.20
40.001 - 45.000% 33 2,222,601 0.53
45.001 - 50.000% 36 3,540,729 0.85
50.001 - 55.000% 55 5,041,969 1.21
55.001 - 60.000% 139 12,122,791 2.90
60.001 - 65.000% 312 26,354,306 6.30
65.001 - 70.000% 497 49,112,989 11.74
70.001 - 75.000% 610 68,543,007 16.38
75.001 - 80.000% 1,145 139,615,214 33.37
80.001 - 85.000% 362 47,205,412 11.28
85.001 - 90.000% 425 61,517,300 14.71
-------- ---------------- ----------
3,679 $418,342,161 100.00%
- -------------------------------------------------- ---------------- ----------
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF HOME EQUITY LOANS (continued)
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Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Current Coupon 6.001 - 7.000% 4 491,836 0.12
7.001 - 8.000% 101 14,841,835 3.55
8.001 - 9.000% 722 104,658,861 25.02
9.001 - 10.000% 1,209 150,085,008 35.88
10.001 - 11.000% 938 95,462,996 22.82
11.001 - 12.000% 420 35,485,344 8.48
12.001 - 13.000% 207 12,849,266 3.07
13.001 - 14.000% 69 4,120,421 0.98
14.001 - 15.000% 7 306,207 0.07
15.001 - 16.000% 2 40,386 0.01
-------- ---------------- ---------
3,679 $418,342,161 100.00%
- ------------------------------------------------------------------------------
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Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Current Balance 5,000.01 - 10,000.00 1 9,953 0.00
10,000.01 - 15,000.00 4 54,362 0.01
15,000.01 - 20,000.00 25 457,909 0.11
20,000.01 - 30,000.00 106 2,787,422 0.67
30,000.01 - 40,000.00 216 7,724,976 1.85
40,000.01 - 50,000.00 271 12,328,335 2.95
50,000.01 - 100,000.00 1,310 97,636,585 23.34
100,000.01 - 250,000.00 1,535 232,716,762 55.63
250,000.01 - 500,000.00 211 64,625,859 15.45
------ ---------------- ----------
3,679 $418,342,161 100.00%
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Lien Type First Lien 3,679 418,342,161 100.00
-------- ---------------- ----------
3,679 $418,342,161 100.00%
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
<PAGE>
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FREMONT HOME LOAN OWNER TRUST 1999-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS (continued)
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Property Type Single Family 3,012 339,445,969 81.14
Two Family 180 17,514,236 4.19
Three Family 43 5,287,368 1.26
Four Family 49 6,789,688 1.62
Planned Unit Development 208 31,902,092 7.63
Condominium 138 13,824,503 3.30
Manufactured Housing 49 3,578,305 0.86
-------- ---------------- ---------
3,679 $418,342,161 100.00%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Months Since Origination 0 709 79,877,880 19.09
1 907 99,769,788 23.85
2 1,038 120,337,498 28.77
3 401 48,344,518 11.56
4 191 21,580,330 5.16
5 232 26,153,235 6.25
6 83 9,883,550 2.36
7 48 5,230,879 1.25
8 or more 70 7,164,484 1.71
-------- ---------------- ----------
3,679 $418,342,161 100.00%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Remaining Term Up to 352 107 9,963,535 2.38
353 49 5,380,320 1.29
354 82 9,692,101 2.32
355 231 26,120,605 6.24
356 190 21,539,561 5.15
357 401 48,418,449 11.57
358 1,029 119,771,550 28.63
359 885 97,859,744 23.39
360 705 79,596,297 19.03
-------- ---------------- -------------
3,679 $418,342,161 100.00%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PAINEWEBBER
<PAGE>
- --------------------------------------------------------------------------------
FREMONT HOME LOAN OWNER TRUST 1999-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS (continued)
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Occupancy Owner Occupied 3,221 381,782,498 91.26
Non-Owner Occupied 449 35,241,873 8.42
Second Home 9 1,317,790 0.32
-------- ---------------- ----------
3,679 $418,342,161 100.00%
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- ------------------------------------------------------------------------------
Credit Grade A 449 53,636,704 12.82
A- 1,345 174,903,508 41.81
B 838 96,595,587 23.09
C 623 59,326,617 14.18
C- 230 17,447,622 4.17
D 194 16,432,122 3.93
------ ---------------- ------------
3,679 $418,342,161 100.00%
- ------------------------------------------------------------------------------
ARM INFORMATION
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Life Cap 13.001 - 14.000% 5 579,525 0.15
14.001 - 15.000% 109 16,243,965 4.28
15.001 - 16.000% 674 99,233,359 26.13
16.001 - 17.000% 1,084 136,431,056 35.92
17.001 - 18.000% 828 86,468,706 22.76
18.001 - 19.000% 334 29,861,578 7.86
19.001 - 20.000% 140 9,482,491 2.50
20.001 - 21.000% 23 1,365,554 0.36
21.001 - 22.000% 1 59,109 0.02
30.001 - 35.000% 1 108,437 0.03
-------- --------------- ----------
3,199 $379,833,782 100.00%
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PAINEWEBBER
<PAGE>
- --------------------------------------------------------------------------------
FREMONT HOME LOAN OWNER TRUST 1999-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS (continued)
ARM INFORMATION
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Life Floor 6.001 - 7.000% 5 579,525 0.15
7.001 - 8.000% 109 16,243,965 4.28
8.001 - 9.000% 672 99,033,086 26.07
9.001 - 10.000% 1,084 136,342,813 35.90
10.001 - 11.000% 828 86,539,959 22.78
11.001 - 12.000% 337 30,187,280 7.95
12.001 - 13.000% 140 9,482,491 2.50
13.001 - 14.000% 23 1,365,554 0.36
14.001 - 15.000% 1 59,109 0.02
-------- --------------- ----------
3,199 $379,833,782 100.00%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Margin 3.751 - 4.000% 1 70,589 0.02
4.751 - 5.000% 4 389,995 0.10
5.001 - 5.250% 12 1,833,207 0.48
5.251 - 5.500% 295 39,189,864 10.32
5.501 - 5.750% 163 23,134,235 6.09
5.751 - 6.000% 739 97,430,137 25.65
6.001 - 6.250% 923 109,383,353 28.8
6.251 - 6.500% 202 23,567,664 6.20
6.501 - 6.750% 310 33,779,979 8.89
6.751 - 7.000% 110 12,050,231 3.17
7.001 - 7.250% 153 13,716,617 3.61
7.251 - 7.500% 41 4,107,117 1.08
7.501 - 7.750% 93 8,670,515 2.28
7.751 - 8.000% 62 5,185,836 1.37
8.001 - 8.250% 13 1,135,909 0.30
8.251 - 8.500% 46 3,641,144 0.96
8.501 - 8.750% 15 873,118 0.23
9.001 - 9.250% 13 1,173,116 0.31
9.501 - 9.750% 1 61,664 0.02
9.751 - 10.000% 2 327,089 0.09
Over 10.000% 1 112,405 0.03
-------- --------------- ----------
3,199 $379,833,782 100.00%
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PAINEWEBBER
<PAGE>
- --------------------------------------------------------------------------------
FREMONT HOME LOAN OWNER TRUST 1999-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS (continued)
ARM INFORMATION
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- --------------------------------------------------------------------------------
Rate Reset 1999/05 20 1,970,545 0.52
1999/06 33 4,240,513 1.12
1999/07 63 8,739,069 2.30
1999/08 73 8,566,721 2.26
1999/09 47 6,061,144 1.60
1999/10 19 2,434,665 0.64
2000/01 1 115,317 0.03
2000/02 2 247,975 0.07
2000/04 2 226,828 0.06
2000/05 6 483,969 0.13
2000/06 5 725,816 0.19
2000/07 9 867,144 0.23
2000/08 20 2,302,615 0.61
2000/09 39 4,224,916 1.11
2000/10 149 17,467,506 4.60
2000/11 131 16,198,275 4.26
2000/12 236 29,023,878 7.64
2001/01 630 77,253,051 20.34
2001/02 568 65,521,880 17.25
2001/03 444 51,645,014 13.60
2001/04 2 245,010 0.06
2001/05 6 472,891 0.12
2001/06 2 183,817 0.05
2001/07 9 1,335,299 0.35
2001/08 15 1,577,629 0.42
2001/09 18 2,223,984 0.59
2001/10 50 5,655,521 1.49
2001/11 26 2,739,837 0.72
2001/12 96 12,353,105 3.25
2002/01 211 23,851,223 6.28
2002/02 137 15,099,245 3.98
2002/03 130 15,779,381 4.15
-------- --------------- ----------
3,199 $379,833,782 100.00%
- ------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PAINEWEBBER
