UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 17, 2000
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PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Pooling
and Servicing Agreement, relating to the Home Equity Asset Backed Trust 2000-1,
Home Equity Asset Backed Certificates, Series 2000-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
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(Exact name of registrant as specified in its charter)
Delaware 333-15685 06-1204982
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1285 Avenue of the Americas, New York, New York 10019
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 713-2000
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(Former name or former address, if changed since last report)
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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
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99.1 Structural Term
Sheets, Collateral Term
Sheets and Computational
Materials prepared by
PaineWebber Incorporated in
connection with Home Equity
Asset Backed Trust 2000-1,
Home Equity Asset Backed
Certificates, Series 2000-1
<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
May 18, 2000
By: /s/ Barbara J. Dawson
-------------------------
Barbara J. Dawson
Senior Vice President
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INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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99.1 Structural Term Sheets, E
Collateral Term Sheets and
Computational Materials
prepared by PaineWebber
Incorporated in connection
with Home Equity Asset
Backed Trust 2000-1, Home
Equity Asset Backed
Certificates, Series 2000-1
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COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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COMPUTATIONAL MATERIALS
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PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTIFICATES
SERIES 2000-1
$202,000,000 (APPROXIMATELY)
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
Depositor
LITTON LOAN SERVICING LP
Servicer
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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.
1
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COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DISCLAIMER
The Information contained in the attached materials (the "Information") is
produced and provided exclusively by PaineWebber Incorporated ("PW") and not by
any other person or entity acting in any other capacity such as, for example, a
servicer, trustee or other party to the transaction or otherwise. Neither the
issuer nor any other person or entity, other than PW, has prepared, reviewed or
participated in the preparation of the Information, authorized its
dissemination, or makes any representation as to its accuracy or completeness.
The Information is accurate and complete to the best of PW's knowledge. Certain
of the Information, however, may be based on data supplied to PW by the issuer,
servicer or other person ("Third Party Data"). Although PW believes that any
Third Party Data was obtained from reliable sources, PW makes no representation
as to its accuracy or completeness or as to the accuracy of any calculations
derived from such data. THE INFORMATION CONTAINED HEREIN IS PRELIMINARY AND WILL
BE SUPERSEDED IN ITS ENTIRETY BY THE PROSPECTUS, PROSPECTUS SUPPLEMENT, OR OTHER
INFORMATION, IF ANY, SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION (COLLECTIVELY, THE "OFFERING DOCUMENTS"). ANY INFORMATION HEREIN
REGARDING THE COLLATERAL OR THE SECURITIES SUPERSEDES ANY PRIOR INFORMATION
REGARDING THE COLLATERAL OR THE SECURITIES AND WILL BE SUPERSEDED BY SUBSEQUENT
INFORMATION REGARDING THE COLLATERAL AND/OR THE SECURITIES CONTAINED IN
SUBSEQUENT VERSIONS OF THE INFORMATION, IF ANY, OR IN THE OFFERING DOCUMENTS.
The Information is generally comprised of loan or asset pool information, which
is almost always entirely Third Party Data; security characteristics, such as,
for example, payment priorities, subordination levels, or the number or
principal amount of the various classes of securities described; and performance
analysis. Security characteristics may be described in such a manner as to focus
on a particular attribute without making a complete assessment of all the
security's characteristics. As such, the Information may not reflect the impact
of all structural characteristics of the security, such as call events, for
example, in a description of payment priorities. Security characteristics and
pool information are subject to change. Any investment decision should be based
only on the Offering Documents.
Performance analyses are typically produced using mathematical models that are
applied to data using different assumptions. The data, including Third Party
Data, may be either historical or hypothetical. The Information will generally
(but not always) identify the assumptions used in the analysis. Assumptions
about prepayments, future interest rates, volatility and collateral performance
are some of the assumptions typically used in modeling the types of performance
analyses that may be included in the Information. There may be others. Contact
your PW registered representative if you require further explanation of the
assumptions used or PW's modeling techniques. Also, there may be differences
between assumptions used in the Information and the assumptions, or range of
assumptions, that you would use to analyze performance. You should consider
whether performance analyses should be tested under different assumptions. In
addition, you are cautioned that there is no universally accepted method for
analyzing or modeling financial instruments. Models used by PW to produce
analyses contained in the Information may be proprietary making the results
difficult for any third party to recreate. PW makes no representation or
warranty as to the models used to produce the Information. PW does not guarantee
any results and there is no guarantee as to the liquidity of the securities
described in the Information.
PW (or any of its affiliates) or their officers, directors, analysts or
employees may have positions in securities, commodities or derivative
instruments thereon referred 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. This Information shall not be
construed to be, or constitute, an offer to sell or buy or a solicitation of an
offer to sell or buy any securities, which may be made only by prospectus when
required by law, in which event you may obtain such prospectus from PW. PW shall
not be, or be deemed to be, a fiduciary or advisor unless we have agreed in
writing to receive compensation specifically to act in such capacities. Absent
such agreement PW is acting as principal and PW strongly urges you to seek
advice from your counsel, accountant and tax advisor since you, and not PW, must
determine the appropriateness for you of any of the securities or potential
securities described in the Information.
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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.
2
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COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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<TABLE>
<CAPTION>
BOND SUMMARY(1):
FIRST LAST PRINCIPAL EXPECTED
APPROXIMATE WAL PRINCIPAL PRINCIPAL WINDOW RATINGS
CLASS SIZE TRANCHE TYPE(2) (YEARS) PAYMENT PAYMENT (YEARS) (MOODY'S/S&P) DAY COUNT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $86,356,000 Floating 0.95 06/00 04/02 1.92 Aaa/AAA Actual/360
Sequential(3)
A-2 $44,453,000 Fixed 2.70 04/02 06/04 2.25 Aaa/AAA 30/360
Sequential
A-3 $15,592,759 Fixed 5.00 06/04 10/06 2.42 Aaa/AAA 30/360
Sequential(3)
A-4 $10,000,000 Fixed 7.58 10/06 02/08 1.42 Aaa/AAA 30/360
Sequential(3)
A-5 $21,021,742 Fixed NAS(3) 6.36 09/03 02/08 4.50 Aaa/AAA 30/360
M-1 $10,510,871 Fixed 5.19 08/03 02/08 4.58 Aa2/AA 30/360
Mezzanine(3)
M-2 $7,357,610 Fixed 5.17 07/03 02/08 4.67 A2/A 30/360
Mezzanine(3)
B $6,306,523 Fixed 5.16 06/03 02/08 4.75 Baa2/BBB 30/360
Subordinate(3)
</TABLE>
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Notes:
(1) Priced to Call.
(2) Commencing on the first day after the Optional Termination Date occurs, the
Pass-Through Rate on the Class A-2, A-3, A-4, A-5, M-1, M-2 and Class B
Certificates will increase by 0.50% per annum and the margin on the Class
A-1 Certificates will double.
(3) The Class A-1 Certificates are subject to the Class A-1 Interest Rate Cap
(as defined herein). The interest rates on the Class A-3, Class A-4, Class
A-5, Class M-1, Class M-2 and Class B Certificates will be equal to the
lesser of (i) it's respective Pass-Through Rate and (ii) the Net WAC Cap
(as defined herein). If the Pass-Through Rates on the Offered Certificates
(other than the Class A-1 Certificates) is capped at the Net WAC Cap, no
Carryover Amounts will be paid with respect to interest in excess of the
capped interest.
RELEVANT PARTIES
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TITLE OF SECURITIES: PaineWebber Mortgage Acceptance Corp. IV, Home Equity
Asset Backed Certificates, Series 2000-1
DEPOSITOR: PaineWebber Mortgage Acceptance Corp. IV
SERVICER: Litton Loan Servicing LP
SOLE UNDERWRITER: Paine Webber Incorporated
TRUSTEE: The Chase Manhattan Bank
CUSTODIAN: U.S. Bank National Association
LOAN ORIGINATORS: NC Capital Corporation and BNC Mortgage, Inc.
RELEVANT DATES
- --------------
CLOSING DATE: On or about May 25th, 2000.
DISTRIBUTION DATE: The 25th day of each month, or if such a day is not a
business day, the next succeeding business day,
commencing in June 2000.
CUT-OFF DATE: May 1, 2000.
DETERMINATION DATE: The 10th calendar day of each month, or if that day is
not a business day, then the immediately preceding
business day.
COLLECTION PERIOD: The period beginning on the 2nd day of the calendar
month preceding the month in which the relevant
Distribution Date occurs, through the 1st day of the
month in which the relevant Distribution Date occurs.
INTEREST ACCRUAL PERIOD: For the Offered Certificates, other than the Class A-1
Certificates, the calendar month immediately prior to
the month in which the relevant Distribution Date
occurs. For the Class A-1 Certificates, the period
beginning on the prior Distribution Date, or on the
closing date in the case of the first
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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.
3
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COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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Distribution Date, and ending on the day prior to the
relevant Distribution Date.
SUMMARY OF TERMS
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DENOMINATION: $25,000 and integral multiples of $1 in excess of that
amount.
SMMEA ELIGIBILITY: The Offered Certificates will NOT be SMMEA eligible.
TAX STATUS: The Offered Certificates will be designated as regular
interests in a REMIC and, as such, will be treated as
debt instruments of a REMIC for federal tax income
purposes.
SOURCE OF CALCULATION Telerate Page 3750.
OF ONE-MONTH LIBOR:
PRICING PREPAYMENT 100% of the prepayment assumption ("PPC") will be
SPEED: applied for pricing purposes. 100% PPC describes
prepayments starting at 4.0% CPR in month 1, increasing
by approximately 1.91% CPR per month to 25% CPR in
month 12, and remaining at 25% CPR thereafter.
OFFERED CERTIFICATES
- --------------------
OFFERED CERTIFICATES: The Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class M-1, Class M-2 and Class B Certificates.
The Class BB, Class X and Class R Certificates are not
being offered hereby. It is anticipated that an
affiliate of the Servicer will purchase the Class BB,
Class X, and Class R Certificates at closing.
SENIOR CERTIFICATES: The Class A-1, A-2, A-3, A-4, and A-5 Certificates.
SUBORDINATE The Class M-1, Class M-2, and Class B Certificates.
CERTIFICATES:
ASSETS OF THE TRUST
- -------------------
MORTGAGE LOAN POOL: - Consists of 2,606 fixed-rate Mortgage Loans with an
aggregate principal balance of $210,257,198 as of
the Cut-Off Date.
- First and second priority liens secured
by mortgages or deeds of trust on properties.
- 1-4 Family residential properties, condominium
units, PUDs, and manufactured housing.
- Approximately 77.27% (by Cut-off Date principal
balance) of the Home Equity Loans bear prepayment
premiums.
SERVICING OF THE LOANS
- ----------------------
ADVANCING: The Servicer is obligated to make cash advances with
respect to delinquent payments of principal and
interest on any Mortgage Loan (to the extent deemed
recoverable by the Servicer).
COMPENSATING INTEREST: The Servicer will pay compensating interest on any full
prepayments of a Mortgage Loan
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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.
4
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COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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(provided that the compensating interest paid by the
Servicer in such month shall not exceed 50% of the
aggregate servicing fees received by the Servicer in
the related Collection Period.)
INTEREST DISTRIBUTIONS
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INTEREST DISTRIBUTIONS On each Distribution Date, interest accrued during the
AMOUNT: preceding Interest Accrual Period will be due on the
Offered Certificates. The Offered Certificates will
accrue interest for each Interest Accrual Period on
their unpaid principal balance.
COUPON STEP UP: Commencing on the first day of the Interest Accrual
Period in which the Optional Termination Date occurs,
the interest rate on the Offered Certificates will
increase by 0.50% per annum.
OPTIONAL TERMINATION The Servicer may, at its option, repurchase all but not
DATE: less than all of the loans in the trust as of any
Distribution Date on or after the first date on which
the current aggregate principal balance of the loans is
less than 10% of the aggregate principal balance of the
loans as of the cut-off date.
NET WAC CAP: The Net WAC Cap shall equal the average of the Net
Mortgage Interest Rates of the Loans as of the first
day of the related Collection Period, or in the case of
the first Distribution Date, the Cut-off Date, weighted
on the basis of the related principal balances of the
Loans as of that date.
CLASS A-1 INTEREST RATE The Class A-1 Pass Through Rate will be equal to the
CAP: lesser of (i) One-Month LIBOR + [xx]%, (ii) the Net WAC
Cap, and (iii) 11.00%.
NET MORTGAGE INTEREST For each loan is the applicable Mortgage Interest Rate
RATE: less the sum of:
1. the servicing fee rate; and
2. the trustee fee rate.
INTEREST CARRY FORWARD Means for any class of Certificates and any
AMOUNT: Distribution Date, the sum of:
1. the excess, if any, of the current interest at the
applicable Pass-Through Rate distributable to that
class, over the amount in respect of interest
actually distributed for that class on the prior
Distribution Date; and
2. interest on that excess in clause (1) above, at the
applicable Pass-Through Rate (x) with respect to the
Offered Certificates, other than the Class A-1
Certificates, on the basis of a 360-day year
consisting of twelve 30-day months and (y) with
respect to the Class A-1 Certificates, on the basis
of the actual number of days elapsed since the prior
Distribution Date; and
3. any unpaid amounts in respect of clauses (1) and (2)
above for that Class for any prior Distribution
Dates.
LIBOR CARRYOVER AMOUNT: If the Class A-1 Pass-Through Rate is capped at the Net
WAC Cap, any interest which would have accrued at the
Class A-1 Pass-Through Rate but is unpaid due to the
application of the Net WAC Cap will be payable together
with accrued interest thereon at the then current Class
A-1 Pass-Through Rate (without imposing the Net WAC
Cap), to the extent of certain available funds.
DAY COUNT: Interest on the Class A-1 Certificates will be
calculated on the basis of the actual number of days
elapsed in the Interest Accrual Period and a 360-day
year. Interest on the Class A-2, Class A-3, Class A-4,
Class A-5, Class M-1, Class M-2 and Class B
Certificates will be calculated on the basis of a
360-day year consisting of twelve 30-day months.
PAYMENT DELAY: With the exception of the Class A-1 Certificates: 24
days, and with respect to the Class A-1 Certificates, 0
days.
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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.
5
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COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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PRIORITY OF INTEREST DISTRIBUTIONS:
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On each Distribution Date, the trustee will distribute
the Interest Remittance Amount in the following order:
1. To the trustee, the trustee fee;
2. Concurrently, to the Class A-1, Class A-2, Class
A-3, Class A-4 and Class A-5 Certificates, pro rata,
current interest at the applicable Pass-Through Rate
for each such class for that Distribution Date;
3. Concurrently, to the Class A-1, Class A-2, Class
A-3, Class A-4 and Class A-5 Certificates, pro rata,
the current interest at the applicable Interest
Carry Forward Amount for the Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5 Certificates,
respectively;
4. To the Class M-1 Certificates, the current interest
at the applicable Pass-Through Rate for the Class
M-1 Certificates for that Distribution Date;
5. To the Class M-2 Certificates, the current interest
at the applicable Pass-Through Rate for the Class
M-2 Certificates for that Distribution Date;
6. To the Class B Certificates, the current interest at
the applicable Pass-Through Rate for the Class B
Certificates for that Distribution Date; and
7. The amount, if any, of the Interest Remittance
Amount remaining after application with respect to
the priorities set forth above will (a) if a Trigger
Event is in effect, be distributed as principal to
the Offered Certificates in accordance with the
priority of principal distributions when a Trigger
Event is in effect, as described below, and (b) as
long as a Trigger Event is not in effect, be
included as part of the Monthly Excess Cashflow
Amount and will be applied as described below.
INTEREST REMITTANCE As of any Distribution Date, is equal to the sum,
AMOUNT: without duplication, of:
1. all interest collected or advanced with respect to
the related Collection Period on the loans, less the
servicing fee, certain amounts available for
reimbursement of Advances and Servicing Advances and
other expenses;
2. all Compensating Interest paid by the Servicer for
that Distribution Date with respect to the loans;
and
3. the portion of any payment in connection with any
loan substitution, loan purchase, optional
termination, net liquidation proceeds, or insurance
proceeds, in each case, relating to interest with
respect to the loans received during the prior
calendar month.
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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.
6
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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PRINCIPAL DISTRIBUTIONS
- -----------------------
PRINCIPAL PAYMENTS: Payments of principal to the Offered Certificates are
derived primarily from collections of principal on the
Mortgage Loans.
PRINCIPAL DISTRIBUTION Equal to the sum of (i) all principal amounts collected
AMOUNT: on the Mortgage Loans during the related Collection
Period or prepayment period, as applicable, less the
amount, if any, by which the overcollateralization
amount for the Offered Certificates exceeds the
Targeted Overcollateralization Amount for such
Distribution Date and (ii) the "Extra Principal
Distribution Amount", which is equal to the lesser of
(a) the Excess Interest, and (b) the
Overcollateralization Deficiency Amount for such
Distribution Date.
OVERCOLLATERALIZATION As of any Distribution Date, is equal to the excess,
DEFICIENCY AMOUNT: if any, of:
1. the Targeted Overcollateralization Amount for that
Distribution Date over
2. the overcollateralization amount for such
Distribution Date calculated for this purpose after
taking into account the reduction on the
Distribution Date of the Certificate Principal
Balances of all classes of Certificates resulting
from the distribution of the Principal Distribution
Amount, but not the Extra Principal Distribution
Amount, on that Distribution Date, but prior to
taking into account any application of Realized
Losses on that Distribution Date.
PRIORITY OF PRINCIPAL DISTRIBUTIONS (TRIGGER EVENT IN EFFECT):
- --------------------------------------------------------------
With respect to each Distribution Date on which a
Trigger Event is in effect, holders of the Offered
Certificates will be entitled to 100% of the principal
collections on the loans during the related Collection
Period or prepayment period, as applicable, for that
Distribution Date and any Interest Remittance Amount
payable as principal pursuant to Priority 7 in the
section Interest Distribution Priorities above, in the
following order of priority:
First, to the Class A-5 Certificates in an amount up to
the Class A-5 Lockout Distribution Amount for that
Distribution Date, until the Certificate Principal
Balance of the Class A-5 Certificates has been reduced
to zero, and then sequentially to the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5 Certificates, in
that order, until the respective Certificate Principal
Balances are reduced to zero.
Second, to the holders of the Class M-1 Certificates
until the Certificate Principal Balance of the Class
M-1 Certificates has been reduced to zero.
Third, to the holders of the Class M-2 Certificates
until the Certificate Principal Balance of the Class
M-2 Certificates has been reduced to zero.
Fourth, to the holders of the Class B Certificates
until the Certificate Principal Balance of the Class B
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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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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
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Certificates has been reduced to zero.
PRIORITY OF PRINCIPAL DISTRIBUTIONS (TRIGGER EVENT NOT IN EFFECT):
- ------------------------------------------------------------------
With respect to each Distribution Date as long as a
Trigger Event is not in effect, the holders of all
classes of Certificates will be entitled to receive
payments of principal, in the order of priority and in
the amounts set forth below:
First, the lesser of (x) the Principal Distribution
Amount and (y) the Class A Principal Distribution
Amount, will be distributed sequentially, to the Class
A-5 Certificates up to the Class A-5 Lockout
Distribution Amount, and to the Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5 Certificates, in
that order, until the Certificate Principal Balance of
each class has been reduced to zero;
Second, the lesser of (x) the excess of (i) the
Principal Distribution Amount over (ii) the amount
distributed to the Class A Certificates in priority
first above and (y) the Class M-1 Principal
Distribution Amount, will be distributed to the Class
M-1 Certificates, until the Certificate Principal
Balance of the Class M-1 Certificates has been reduced
to zero;
Third, the lesser of (x) the excess of (i) the
Principal Distribution Amount over (ii) the sum of the
amount distributed to the Class A Certificates in
priority first above and the amount distributed to the
Class M-1 Certificates in priority second above and (y)
the Class M-2 Principal Distribution Amount, will be
distributed to the Class M-2 Certificates, until the
Certificate Principal Balance of the Class M-2
Certificates has been reduced to zero;
Fourth, the lesser of (x) the excess of (i) the
Principal Distribution Amount over (ii) the sum of the
amount distributed to the Class A Certificates pursuant
to priority first above, the amount distributed to the
Class M-1 Certificates pursuant to priority second
above and the amount distributed to the Class M-2
Certificates pursuant to priority third above and (y)
the Class B Principal Distribution Amount, will be
distributed to the Class B Certificates, until the
Certificate Principal Balance of the Class B
Certificates has been reduced to zero; and
Fifth, any amount of the Principal Distribution Amount
remaining after making all of the distributions in
priority first, second, third, and fourth above will be
included as part of the Monthly Excess Cashflow Amount
and will be applied as described below.
CLASS A PRINCIPAL Means as of any Distribution Date as long as a Trigger
DISTRIBUTION AMOUNT: Event is not in effect, the excess of:
1. the sum of the Certificate Principal Balances of the
Class A Certificates immediately prior to such
Distribution Date over
2. the product of (i) approximately [68.80]% and (ii)
the Pool Balance as of the last day of the related
Collection Period.
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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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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
CLASS M-1 PRINCIPAL Means as of any Distribution Date as long as a Trigger
DISTRIBUTION AMOUNT: Event is not in effect, the excess of:
1. the sum of:
(A) the sum of the Certificate Principal Balances of
the Class A Certificates, after taking into account
the payment of the Class A Principal Distribution
Amount on that Distribution Date, and
(B) the Certificate Principal Balance of the Class
M-1 Certificates immediately prior to such
Distribution Date, over
2. the product of (i) approximately [78.80]% and (ii)
the Pool Balance as of the last day of the related
Collection Period.
CLASS M-2 PRINCIPAL Means as of any Distribution Date as long as a Trigger
DISTRIBUTION AMOUNT: Event is not in effect, the excess of:
1. the sum of:
(A) the sum of the Certificate Principal Balances
of the Class A Certificates, after taking into
account the payment of the Class A Principal
Distribution Amount on that Distribution Date,
(B) the Certificate Principal Balance of the
Class M-1 Certificates, after taking into account
the payment of the Class M-1 Principal
Distribution Amount on that Distribution Date,
and
(C) the Certificate Principal Balance of the
Class M-2 Certificates immediately prior to that
Distribution Date, over
2. the product of (i) approximately [85.80]% and (ii)
the Pool Balance as of the last day of the related
Collection Period.
CLASS B PRINCIPAL Means as of any Distribution Date as long as a Trigger
DISTRIBUTION AMOUNT: Event is not in effect, the excess of:
1. the sum of:
(A) the sum of the Certificate Principal Balances
of the Class A Certificates, after taking into
account the payment of the Class A Principal
Distribution Amount on that Distribution Date,
(B) the Certificate Principal Balance of the
Class M-1 Certificates, after taking into account
the payment of the Class M-1 Principal
Distribution Amount on that Distribution Date,
(C) the Certificate Principal Balance of the
Class M-2 Certificates, after taking into account
the payment of the Class M-2 Principal
Distribution Amount on that Distribution Date,
and
(D) the Certificate Principal Balance of the
Class B Certificates immediately prior to that
Distribution Date, over
2. the lesser of:
(A) the product of (i) approximately [8.00]% and
(ii) the Pool Balance as of the last day of the
related Collection Period and
(B) the Pool Balance as of the last day of the
related Collection Period minus the product of
(i) 0.50% and (ii) the Pool Balance on the Cut-
off Date.
- --------------------------------------------------------------------------------
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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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
MONTHLY EXCESS CASHFLOW On any Distribution Date, the sum of the Excess
AMOUNT: Interest and any portion of the principal collections
on the Loans during the related Collection Period or
prepayment period, as applicable, without duplication,
remaining after principal distributions on the Offered
Certificates is referred to as the "Monthly Excess
Cashflow Amount." The Monthly Excess Cashflow Amount,
if any, is required to be applied in the following
order of priority on the related Distribution Date:
1. to fund any remaining applicable unpaid current
interest for that Distribution Date, pro rata,
among the Class A Certificates;
2. to fund the remaining Interest Carry Forward
Amounts for the classes of Class A Certificates, if
any, pro rata, among the Class A Certificates;
3. to fund the Extra Principal Distribution Amount for
that Distribution Date;
4. to fund any remaining unpaid current interest for
that Distribution Date for the Class M-1
Certificates;
5. to fund the Interest Carry Forward Amount for the
Class M-1 Certificates, if any;
6. to fund the unpaid Realized Losses applied to the
Class M-1 Certificates;
7. to fund any remaining unpaid current interest for
that Distribution Date for the Class M-2
Certificates;
8. to fund the Interest Carry Forward Amount for the
Class M-2 Certificates, if any;
9. to fund the unpaid Realized Losses applied to the
Class M-2 Certificates;
10. to fund any remaining unpaid current interest for
that Distribution Date for the Class B
Certificates;
11. to fund the Interest Carry Forward Amount for the
Class B Certificates, if any;
12. to fund the unpaid Realized Losses applied to the
Class B Certificates;
13. to fund the aggregate amount of any LIBOR Carryover
Amount, if any;
14. to pay any special servicing fees for that
Distribution Date or which remain unpaid from any
previous Distribution Date; and
15. to fund distributions to the holders of the Class
X, Class BB and Class R Certificates in the amounts
specified in the Pooling and Servicing Agreement.
CLASS A-5 LOCKOUT For any Distribution Date, the product of:
DISTRIBUTION AMOUNT:
1. the applicable Class A-5 Lockout Percentage; and
2. the Class A-5 Lockout Pro Rata Distribution Amount
CLASS A-5 LOCKOUT: For each Distribution Date is as follows:
PERCENTAGE:
-------------------------------------------------------
DATES (PERIODS) LOCKOUT PERCENTAGE
-------------------------------------------------------
June 2000 - May 2003 (1-36) 0%
June 2003 - May 2005 (37-60) 45%
June 2005 - May 2006 (61-72) 80%
June 2006 - May 2007 (73-84) 100%
June 2007 and thereafter (85- ) 300%
-------------------------------------------------------
CLASS A-5 LOCKOUT PRO For any Distribution Date is an amount equal to the
RATA: product of:
- --------------------------------------------------------------------------------
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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THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DISTRIBUTION AMOUNT: 1. a fraction, the numerator of which is the
Certificate Principal Balance of the Class A-5
Certificates immediately prior to the Distribution
Date and the denominator of which is the aggregate
Certificate Principal balance of all the Class A
Certificates immediately prior to such Distribution
Date; and
2. the Principal Distribution Amount for such
Distribution Date.
CREDIT ENHANCEMENT: Credit enhancement for the Certificates will be
provided by the following: (a) Excess Interest (b)
overcollateralization, and (c) subordination.
(a) Excess Interest:
The interest on the loans is generally expected to be
higher than the sum of the servicing fee, the trustee
fee, and the interest distributable to the Offered
Certificates, thus generating excess interest which
will be available as principal payments on the related
Offered Certificates on each Distribution Date. Such
amount can vary over time based on the prepayment and
default experience of the Loans.
(b) Overcollateralization:
The total principal balance of the Loans is
approximately [4.10%] greater than the total principal
balance of the Certificates. This overcollateralization
will absorb losses on the loans before such losses
affect the Certificates. If the level of
overcollateralization falls below what is required
under the pooling and servicing agreement, the excess
interest will be paid to the Offered Certificates as
principal. This will have the effect of reducing the
principal balance of the Certificates faster than the
principal balance of the loans so that the required
level of overcollateralization is reached.
1. Before the Stepdown Date, the overcollateralization
requirement is [4.10%] of the original Pool
Balance.
2. On and after the Stepdown Date, the
overcollateralization requirement is the lesser of
[8.20%] of the current aggregate Pool Balance and
[4.10%] of the original Pool Balance.
3. The overcollateralization requirement is subject to
a floor of [0.50%] of the original Pool Balance.
(c) Subordination:
On each Distribution Date, the classes of Certificates
that are lower in order of payment priority will not
receive payments until the classes that are higher in
order of payment priority have been paid. If there are
insufficient funds on a Distribution Date to pay all
classes, the most subordinate classes are the first to
forego payment.
CLASS A CREDIT ENHANCEMENT:
1. Excess Interest.
2. Subordination of the Class M-1, M-2, and B
Certificates, totaling [11.50%] of the original Pool
Balance and initial overcollateralization of [4.10%]
of the original Pool Balance.
CLASS M-1, M-2, AND B CREDIT ENHANCEMENT
1. Excess Interest.
2. Class M-1 is enhanced by [6.50%] in subordinate
Certificates and overcollateralization initially
equal to the requirement of [4.10%] of the original
Pool Balance.
3. Class M-2 is enhanced by [3.00%] in subordinate
Certificates and overcollateralization initially
equal to the requirement of [4.10%] of the original
Pool Balance.
4. Class B is enhanced by overcollateralization
initially equal to the requirement of [4.10%] of
the
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
11
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THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
original Pool Balance.
If, on any Distribution Date after the balances of the
Offered Certificates have been reduced by the amount of
distributions on that date, the total principal balance
of the Offered Certificates is greater than the total
principal balance of the loans, the principal balance
of the Offered Certificates that are lower in order of
payment priority will be reduced by the amount of the
excess.
STEPDOWN DATE: The later to occur of:
(i) the Distribution Date in [May 2003] and
(ii) the first Distribution Date on which the Senior
Enhancement Percentage is greater than or equal to
the related Senior Specified Enhancement
Percentage.
TRIGGER EVENT: A Trigger Event will have occurred on a Distribution
Date if:
(i) the six-month rolling average of 60+ day delinquent
loans equals or exceeds [45]% of the Senior
Enhancement Percentage; provided, that if the
Certificate Principal Balance of the Senior
Certificates has been reduced to zero, a Trigger
Event will have occurred if the six-month rolling
average of 60+ day delinquent loans equals or
exceeds [20]%.
SENIOR ENHANCEMENT For any Distribution Date is the percentage obtained by
PERCENTAGE: dividing:
(1) the sum of (x) the aggregate Certificate Principal
Balance of the Subordinated Certificates and (y)
the overcollateralization amount, in each case
before taking into account the distribution of the
Principal Distribution Amount on that Distribution
Date by
(2) the Pool Balance as of the last day of the related
Collection Period.
SENIOR SPECIFIED On any Determination Date means approximately [31.20%].
ENHANCEMENT PERCENTAGE:
PROSPECTUS: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the loans is contained
in the Prospectus. The material presented herein is
qualified in its entirety by the information appearing
in the Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Offered
Certificates may not be consummated unless the
purchaser has received the Prospectus.
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
12
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF THE COLLATERAL AS OF THE CUT-OFF DATE (5/1/00)
-------------------------------------------------------------
PRINCIPAL BALANCE: $210,257,198
NUMBER OF LOANS: 2,606
AVERAGE BALANCE: $80,682 (range: $9,123 - $638,249)
LOAN TYPE: 99.86% fixed rate fully amortizing loans
0.14% fixed rate balloon loans
LIEN TYPE: 94.15% 1st Liens
5.85% 2nd Liens
WA COUPON: 10.10% (range: 8.10% - 17.89%)
WA REMAINING TERM: 321 months (range: 112 - 356 months)
WA SEASONING: 6 months (range: 4 - 9 months)
LIEN POSITION: 94.15% first / 5.85% second
WA LTV RATIO: 71.78% (range: 4.65% - 90.00%)
WA CLTV RATIO: 75.23% (range: 7.53% - 90.00%)
WA FICO CREDIT SCORE: 605
GEOGRAPHIC DISTRIBUTION: CA (30.19%), TX (8.90%), FL (7.41%), with
all remaining states under 5.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
13
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THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF THE COLLATERAL AS OF THE CUT-OFF DATE (5/1/00)
-------------------------------------------------------------
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- ----------- --------------
State California 581 $63,482,526 30.19
Texas 303 18,711,494 8.90
Florida 205 15,581,764 7.41
Illinois 137 10,258,899 4.88
Pennsylvania 124 7,716,811 3.67
Washington 71 7,279,068 3.46
Ohio 91 6,311,057 3.00
Massachusetts 67 6,299,981 3.00
Georgia 90 6,258,802 2.98
Michigan 86 5,182,240 2.46
Minnesota 47 4,646,696 2.21
Colorado 50 4,535,452 2.16
North Carolina 52 4,337,868 2.06
Arizona 61 4,249,991 2.02
Indiana 56 4,058,366 1.93
Nevada 34 3,271,490 1.56
South Carolina 46 2,911,130 1.38
Louisiana 46 2,738,615 1.30
Oklahoma 44 2,719,404 1.29
Tennessee 44 2,716,077 1.29
Virginia 32 2,579,747 1.23
Oregon 27 2,310,027 1.10
Hawaii 17 2,123,830 1.01
Missouri 40 2,095,734 1.00
Connecticut 17 1,851,008 0.88
Arkansas 37 1,835,474 0.87
New Mexico 24 1,558,286 0.74
Wisconsin 24 1,488,195 0.71
Utah 21 1,481,584 0.70
New Jersey 12 1,287,028 0.61
Rhode Island 10 1,163,857 0.55
Maine 11 1,109,867 0.53
Kansas 13 827,849 0.39
Maryland 9 817,368 0.39
Mississippi 18 774,184 0.37
Iowa 10 674,412 0.32
New Hampshire 7 593,929 0.28
Idaho 8 593,575 0.28
West Virginia 9 470,474 0.22
Montana 7 385,701 0.18
Kentucky 5 268,752 0.13
Alabama 5 246,454 0.12
Delaware 3 153,034 0.07
New York 1 103,551 0.05
Alaska 1 61,884 0.03
Wyoming 1 58,275 0.03
North Dakota 1 50,550 0.02
District of 1 24,836 0.01
Columbia
----- ------------ -------
2,606 $210,257,198 100.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF THE COLLATERAL AS OF THE CUT-OFF DATE (5/1/00)
-------------------------------------------------------------
PERCENT OF
LOANS AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- ---------- --------------
Range of 8.001% - 8.500% 137 $17,264,199 8.21
Loan Interest Rates 8.501% - 9.000% 319 34,380,241 16.35
9.001% - 9.500% 304 30,568,465 14.54
9.501% - 10.000% 480 45,522,500 21.65
10.001% - 10.500% 238 18,272,457 8.69
10.501% - 11.000% 329 23,193,472 11.03
11.001% - 11.500% 196 12,318,564 5.86
11.501% - 12.000% 186 9,753,258 4.64
12.001% - 12.500% 107 5,323,732 2.53
12.501% - 13.000% 131 6,307,107 3.00
13.001% - 13.500% 78 3,347,090 1.59
13.501% - 14.000% 61 2,492,793 1.19
14.001% - 14.500% 26 870,585 0.41
14.501% - 15.000% 10 515,100 0.24
15.001% - 15.500% 3 88,312 0.04
17.501% - 18.000% 1 39,325 0.02
----- ------------ -------
2,606 $210,257,198 100.00%
<TABLE>
<CAPTION>
PERCENT OF
CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- ------------ --------------
<S> <C> <C> <C> <C>
Range of $0.01 to $25,000.00 156 $3,559,070 1.69
Current Principal Balances $25,000.01 to $50,000.00 799 29,967,606 14.25
$50,000.01 to $75,000.00 591 36,423,884 17.32
$75,000.01 to $100,000.00 390 33,882,970 16.12
$100,000.01 to $125,000.00 245 27,409,389 13.04
$125,000.01 to $150,000.00 155 21,219,851 10.09
$150,000.01 to $175,000.00 100 16,122,857 7.67
$175,000.01 to $200,000.00 51 9,581,836 4.56
$200,000.01 to $225,000.00 39 8,334,622 3.96
$225,000.01 to $250,000.00 25 5,925,189 2.82
$250,000.01 or Greater 55 17,829,925 8.48
----- ------------ -------
2,606 $210,257,198 100.00%
</TABLE>
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- ---------- --------------
Lien Priority First Lien 2,302 $197,950,293 94.15
Second Lien 304 12,306,905 5.85
------ ------------ -------
2,606 $210,257,198 100.00%
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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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THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF THE COLLATERAL AS OF THE CUT-OFF DATE (5/1/00)
-------------------------------------------------------------
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- --------- --------------
Range of Combined 5.01% to 10.00% 1 $34,889 0.02
Loan to Value Ratio 15.01% to 20.00% 9 339,390 0.16
20.01% to 25.00% 14 654,871 0.31
25.01% to 30.00% 20 766,931 0.36
30.01% to 35.00% 26 1,445,580 0.69
35.01% to 40.00% 41 2,156,342 1.03
40.01% to 45.00% 52 3,302,989 1.57
45.01% to 50.00% 71 4,433,182 2.11
50.01% to 55.00% 73 4,084,887 1.94
55.01% to 60.00% 117 8,353,584 3.97
60.01% to 65.00% 198 14,808,893 7.04
65.01% to 70.00% 278 20,653,441 9.82
70.01% to 75.00% 386 31,826,234 15.14
75.01% to 80.00% 573 46,659,321 22.19
80.01% to 85.00% 380 35,270,441 16.77
85.01% to 90.00% 367 35,466,225 16.87
------ ------------ -------
2,606 $210,257,198 100.00%
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- --------- --------------
Range of Loan Age 4-5 782 $ 63,312,548 30.11
(in months) 6-7 1,707 138,137,392 65.70
8-9 117 8,807,259 4.19
----- ------------ -------
2,606 $210,257,198 100.00%
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- --------- --------------
Range of Remaining 61 - 120 71 $ 3,038,926 1.45
Term
to Maturity (in 121 - 180 605 28,605,055 13.60
months)
181 - 240 127 8,304,401 3.95
241 - 300 25 1,951,406 0.93
301 - 360 1,778 168,357,410 80.07
----- ------------ -------
2,606 $210,257,198 100.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
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THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF THE COLLATERAL AS OF THE CUT-OFF DATE (5/1/00)
-------------------------------------------------------------
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- --------- --------------
Occupancy Type Owner Occupied 2,316 $191,640,089 91.15
Investor Owned 277 17,730,738 8.43
Second Home 13 886,371 0.42
----- ------------ -------
2,606 $210,257,198 100.00%
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- --------- --------------
Property Type Single Family 2,244 $177,496,908 84.42
Two to Four Family 121 12,994,190 6.18
Planned Unit 92 9,395,719 4.47
Development
Condominium 94 7,278,627 3.46
Manufactured 55 3,091,753 1.47
Housing
----- ------------ -------
2,606 $210,257,198 100.00%
PERCENT OF
AGGREGATE CUT-OFF DATE
NUMBER OF PRINCIPAL POOL PRINCIPAL
AGGREGATE FIELD DESCRIPTION LOANS BALANCE BALANCE
- --------------- ----------- --------- --------- --------------
Range of FICO 450 to 499 107 $ 7,955,791 3.78
Credit Score
500 to 519 144 8,877,699 4.22
520 to 539 215 15,349,490 7.30
540 to 559 278 21,179,967 10.07
560 to 579 256 21,464,614 10.21
580 to 599 311 26,277,457 12.50
600 to 619 303 25,040,071 11.91
620 to 639 277 23,296,334 11.08
640 to 659 238 20,222,738 9.62
660 to 679 156 14,346,842 6.82
680 to 699 121 10,226,313 4.86
700 to 719 74 6,351,115 3.02
720 to 739 57 4,451,236 2.12
740 to 759 35 2,643,172 1.26
760 to 779 17 1,474,849 0.70
780 to 799 7 409,272 0.19
800 to 819 4 212,407 0.10
Not Available 6 477,828 0.23
----- ------------ -------
2,606 $210,257,198 100.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
17
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS
- -------------------------------
TO OPTIONAL TERMINATION:
CLASS A-1 (TO CALL)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 12.11 1.81 1.24 0.95 0.77 0.65
First Principal Payment 06/00 06/00 06/00 06/00 06/00 06/00
Last Principal Payment 01/21 03/04 12/02 04/02 11/01 08/01
Principal Window (years) 20.67 3.83 2.58 1.92 1.50 1.25
CLASS A-2 (TO CALL)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 24.28 6.29 3.82 2.70 2.06 1.69
Yield @ 100.00 8.32% 8.25% 8.20% 8.14% 8.07% 8.01%
Modified Duration 10.16 4.64 3.14 2.33 1.82 1.52
First Principal Payment 01/21 03/04 12/02 04/02 11/01 08/01
Last Principal Payment 06/27 04/11 04/06 06/04 01/03 07/02
Principal Window (years) 6.50 7.17 3.42 2.25 1.25 1.00
CLASS A-3 (TO CALL)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 27.84 13.10 8.35 5.00 3.22 2.40
Yield @ 100.00 8.68% 8.66% 8.63% 8.59% 8.52% 8.46%
Modified Duration 10.25 7.58 5.70 3.91 2.71 2.09
First Principal Payment 06/27 04/11 04/06 06/04 01/03 07/02
Last Principal Payment 08/28 11/14 08/10 10/06 09/04 01/03
Principal Window (years) 1.25 3.67 4.42 2.42 1.75 0.58
CLASS A-4 (TO CALL)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 28.25 14.50 10.25 7.58 5.21 2.81
Yield @ 100.00 8.92% 8.90% 8.88% 8.86% 8.83% 8.73%
Modified Duration 10.07 7.90 6.51 5.32 4.01 2.39
First Principal Payment 08/28 11/14 08/10 10/06 09/04 01/03
Last Principal Payment 08/28 11/14 08/10 02/08 06/06 05/03
Principal Window (years) 0.08 0.08 0.08 1.42 1.83 0.42
CLASS A-5 (TO CALL)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 13.16 7.60 6.87 6.36 5.61 4.71
Yield @ 100.00 8.32% 8.29% 8.28% 8.28% 8.27% 8.25%
Modified Duration 7.45 5.33 4.98 4.73 4.32 3.76
First Principal Payment 06/03 06/03 06/03 09/03 02/04 05/03
Last Principal Payment 08/28 11/14 08/10 02/08 06/06 04/05
Principal Window (years) 25.25 11.50 7.25 4.50 2.42 2.00
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
18
<PAGE>
[GRAPHIC OMITTED]
COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
- -------------------------------------------
TO OPTIONAL TERMINATION:
CLASS M-1 (TO CALL)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 25.55 9.80 6.81 5.19 4.43 4.21
Yield @ 100.00 8.82% 8.79% 8.76% 8.73% 8.71% 8.71%
Modified Duration 9.87 6.16 4.81 3.95 3.51 3.39
First Principal Payment 12/20 03/05 09/03 08/03 10/03 01/04
Last Principal Payment 08/28 11/14 08/10 02/08 06/06 04/05
Principal Window (years) 7.75 9.75 7.00 4.58 2.75 1.33
CLASS M-2 (TO CALL)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 25.55 9.80 6.81 5.17 4.33 3.94
Yield @ 100.00 9.32% 9.29% 9.26% 9.23% 9.21% 9.19%
Modified Duration 9.46 6.02 4.73 3.87 3.40 3.16
First Principal Payment 12/20 03/05 09/03 07/03 08/03 10/03
Last Principal Payment 08/28 11/14 08/10 02/08 06/06 04/05
Principal Window (years) 7.75 9.75 7.00 4.67 2.92 1.58
CLASS B (TO CALL)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 25.55 9.80 6.81 5.16 4.27 3.81
Yield @ 100.00 9.62% 9.58% 9.55% 9.53% 9.50% 9.48%
Modified Duration 9.24 5.93 4.68 3.83 3.33 3.05
First Principal Payment 12/20 03/05 09/03 06/03 07/03 08/03
Last Principal Payment 08/28 11/14 08/10 02/08 06/06 04/05
Principal Window (years) 7.75 9.75 7.00 4.75 3.00 1.75
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
19
<PAGE>
[GRAPHIC OMITTED]
COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
- -------------------------------------------
TO MATURITY:
CLASS A-1 (TO MATURITY)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 12.11 1.81 1.24 0.95 0.77 0.65
First Principal Payment 06/00 06/00 06/00 06/00 06/00 06/00
Last Principal Payment 01/21 03/04 12/02 04/02 11/01 08/01
Principal Window (years) 20.67 3.83 2.58 1.92 1.50 1.25
CLASS A-2 (TO MATURITY)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 24.28 6.29 3.82 2.70 2.06 1.69
Yield @ 100.00 8.32% 8.25% 8.20% 8.14% 8.07% 8.01%
Modified Duration 10.16 4.64 3.14 2.33 1.82 1.52
First Principal Payment 01/21 03/04 12/02 04/02 11/01 08/01
Last Principal Payment 06/27 04/11 04/06 06/04 01/03 07/02
Principal Window (years) 6.50 7.17 3.42 2.25 1.25 1.00
CLASS A-3 (TO MATURITY)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 27.88 13.37 8.50 5.00 3.22 2.40
Yield @ 100.00 8.68% 8.67% 8.64% 8.59% 8.52% 8.46%
Modified Duration 10.25 7.65 5.76 3.91 2.71 2.09
First Principal Payment 06/27 04/11 04/06 06/04 01/03 07/02
Last Principal Payment 12/28 12/16 01/12 10/06 09/04 01/03
Principal Window (years) 1.58 5.75 5.83 2.42 1.75 0.58
CLASS A-4 (TO MATURITY)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 29.04 20.85 15.19 11.02 6.20 2.81
Yield @ 100.00 8.92% 8.98% 9.00% 8.99% 8.89% 8.73%
Modified Duration 10.13 9.18 8.00 6.68 4.46 2.39
First Principal Payment 12/28 12/16 01/12 10/06 09/04 01/03
Last Principal Payment 10/29 06/27 03/22 04/17 10/13 05/03
Principal Window (years) 0.92 10.58 10.25 10.58 9.17 0.42
CLASS A-5 (TO MATURITY)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 13.16 7.62 6.94 6.67 6.70 6.00
Yield @ 100.00 8.32% 8.29% 8.29% 8.30% 8.34% 8.35%
Modified Duration 7.45 5.33 5.01 4.88 4.90 4.49
First Principal Payment 06/03 06/03 06/03 09/03 02/04 05/03
Last Principal Payment 08/29 10/26 07/21 12/16 08/13 05/11
Principal Window (years) 26.25 23.42 18.17 13.33 9.58 8.08
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
20
<PAGE>
[GRAPHIC OMITTED]
COMPUTATIONAL MATERIALS FOR
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
HOME EQUITY ASSET BACKED CERTFICATES, SERIES 2000-1
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
THE INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
- -------------------------------------------
TO MATURITY:
CLASS M-1 (TO MATURITY)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 25.67 10.66 7.46 5.69 4.83 4.54
Yield @ 100.00 8.82% 8.80% 8.79% 8.77% 8.75% 8.74%
Modified Duration 9.88 6.35 5.03 4.16 3.71 3.58
First Principal Payment 12/20 03/05 09/03 08/03 10/03 01/04
Last Principal Payment 08/29 01/24 12/17 09/13 01/11 01/09
Principal Window (years) 8.75 18.92 14.33 10.17 7.33 5.08
CLASS M-2 (TO MATURITY)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 25.66 10.58 7.38 5.62 4.68 4.23
Yield @ 100.00 9.32% 9.30% 9.28% 9.26% 9.24% 9.23%
Modified Duration 9.47 6.18 4.92 4.06 3.57 3.33
First Principal Payment 12/20 03/05 09/03 07/03 08/03 10/03
Last Principal Payment 07/29 06/22 06/16 08/12 01/10 03/08
Principal Window (years) 8.67 17.33 12.83 9.17 6.50 4.50
CLASS B (TO MATURITY)
% of Prepayment 0% 50% 75% 100% 125% 150%
Assumption
Average Life (years) 25.65 10.41 7.25 5.50 4.54 4.03
Yield @ 100.00 9.62% 9.60% 9.57% 9.55% 9.53% 9.51%
Modified Duration 9.24 6.07 4.82 3.98 3.47 3.18
First Principal Payment 12/20 03/05 09/03 06/03 07/03 08/03
Last Principal Payment 05/29 08/20 10/14 05/11 01/09 06/07
Principal Window (years) 8.50 15.50 11.17 8.00 5.58 3.92
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
21
