<PAGE>
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: April 12, 1999
(Date of earliest event reported)
Commission File No. 333-64131
Chase Funding, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 13-3840732
- ------------------------ -------------------
(State of Incorporation) (I.R.S. Employer
Identification No.)
300 Tice Boulevard, Woodcliff Lake, New Jersey 07675
- ---------------------------------------------- -------------------
Address of principal executive offices (Zip Code)
201-782-9084
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Index to Exhibits is on Page 5
<PAGE>
ITEM 5. Other Events.
-------------
Attached as Exhibit 99 are tables which reflect certain
statistical data regarding the final Mortgage Pool. The attached tables describe
the Mortgage Loans and the related Mortgaged Properties as of the later of the
Cut-off Date or the origination date of the Mortgage Loan, as applicable.
-2-
<PAGE>
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Attached as Exhibit 99 are tables which
reflect certain statistical data regarding
the final Mortgage Pool. The attached
tables describe the Mortgage Loans and the
related Mortgaged Properties as of the
later of the Cut-off Date or the
origination date of the Mortgage Loan, as
applicable.
-3-
<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.
CHASE FUNDING, INC.
April 12, 1999
By: /s/ Eileen A. Lindblom
------------------------
Name: Eileen A. Lindblom
Title: Vice President
-4-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- ----------- -----------
(99) Statistical information regarding the Mortgage
Loans and the related Mortgaged Properties.
-5-
<PAGE>
FIXED RATE LOAN GROUP
Mortgage Rates for the Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Mortgage Rate Mortgage Loans Balance Outstanding Loan Group
- ------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Up to 6.50%................................ 1 $ 35,000 0.0%
6.50%-6.99%................................ 1 149,772 0.1
7.00%-7.49%................................ 7 672,162 0.5
7.50%-7.99%................................ 56 4,653,004 3.6
8.00%-8.49%................................ 77 5,676,039 4.4
8.50%-8.99%................................ 217 18,504,540 14.2
9.00%-9.49%................................ 148 11,775,353 9.1
9.50%-9.99%................................ 330 26,838,242 20.6
10.00%-10.49%.............................. 200 15,250,300 11.7
10.50%-10.99%.............................. 265 20,963,524 16.1
11.00%-11.49%.............................. 161 11,732,699 9.0
11.50%-11.99%.............................. 101 6,372,592 4.9
12.00%-12.49%.............................. 54 3,817,356 2.9
12.50%-12.99%.............................. 31 2,296,813 1.8
13.00%-13.49%.............................. 11 459,000 0.4
13.50%-13.99%.............................. 12 576,894 0.4
14.00%-14.49%.............................. 4 191,794 0.1
14.50%-14.99%.............................. 1 39,987 0.0
----- ------------ ------
Totals ................ 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
- -----------
(1) As of the Cut-off Date, the Mortgage Rates borne by the Fixed Rate
Mortgage Loans ranged from 6.45% per annum to 14.50% per annum and the
weighted average Mortgage Rate of the Fixed Rate Mortgage Loans was
approximately 9.99% per annum.
<PAGE>
Remaining Months to Stated Maturity for the Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Remaining Term Mortgage Loans Balance Outstanding Loan Group
- -------------- -------------- ------------------- ----------
<S> <C> <C> <C>
109 to 120............................... 13 $ 497,797 0.4%
145 to 156............................... 1 33,251 0.0
157 to 168............................... 3 227,988 0.2
169 to 180 .............................. 833 61,239,629 47.1
229 to 240............................... 138 9,536,072 7.3
289 to 300............................... 4 184,912 0.1
337 to 348............................... 2 97,872 0.1
349 to 360............................... 683 58,187,549 44.8
----- ------------ -----
Totals ..... 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
- -----------
(1) As of the Cut-off Date, the remaining terms to stated maturity of the
Fixed Rate Mortgage Loans ranged from 112 months to 360 months and the
weighted average remaining term to stated maturity of the Fixed Rate
Mortgage Loans was approximately 263.02 months.
Remaining Months to Expected Maturity for the Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Remaining Term Mortgage Loans Balance Outstanding Loan Group
- -------------- -------------- ------------------- ----------
<S> <C> <C> <C>
109 to 120............................... 13 $ 497,797 0.4%
145 to 156............................... 1 33,251 0.0
157 to 168............................... 4 281,394 0.2
169 to 180 .............................. 832 61,186,222 47.1
217 to 228............................... 2 114,519 0.1
229 to 240............................... 136 9,421,553 7.2
289 to 300............................... 5 259,138 0.2
325 to 336............................... 1 41,526 0.0
337 to 348............................... 8 553,210 0.4
349 to 360............................... 675 57,616,459 44.3
----- ------------ -----
Totals ..... 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
<PAGE>
Original Mortgage Loan Principal Balances for the
Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Range of Original Mortgage Loan Principal Balances Mortgage Loans Balance Outstanding Loan Group
- -------------------------------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Up to $100,000...................................... 1,318 $73,893,170 56.8%
$100,001-$150,000................................... 235 28,454,609 21.9
$150,001-$200,000................................... 71 12,373,145 9.5
$200,001-$250,000................................... 23 5,231,736 4.0
$250,001-$300,000................................... 15 3,989,724 3.1
$300,001-$350,000................................... 5 1,682,228 1.3
$350,001-$400,000................................... 4 1,541,203 1.2
$400,001-$450,000................................... 2 856,410 0.7
$450,001-$500,000................................... 3 1,471,082 1.1
$500,001-$550,000................................... 1 511,764 0.4
Totals .................................. 1,677 $130,005,070 100.0%
</TABLE>
- -----------
(1) As of the Cut-off Date, the outstanding principal balances of the Fixed
Rate Mortgage Loans ranged from approximately $10,394 to approximately
$511,764 and the average outstanding principal balance of the Fixed
Rate Mortgage Loans was approximately $77,522.
State Distributions of Fixed Rate Mortgaged Properties(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
State Mortgage Loans Balance Outstanding Loan Group
- ----- -------------- ------------------- ----------
<S> <C> <C> <C>
Arizona..................................... 36 $ 2,514,635 1.9%
Arkansas.................................... 14 713,775 0.5
California.................................. 51 7,803,464 6.0
Colorado.................................... 48 4,960,645 3.8
Connecticut................................. 29 2,796,357 2.2
District of Columbia........................ 7 453,678 0.3
Florida..................................... 210 16,213,478 12.5
Georgia..................................... 74 5,352,500 4.1
Hawaii...................................... 1 149,900 0.1
Idaho....................................... 8 564,192 0.4
Illinois.................................... 45 3,181,596 2.4
Indiana..................................... 81 4,571,792 3.5
Iowa........................................ 5 231,318 0.2
Kansas...................................... 5 307,553 0.2
Kentucky.................................... 18 1,289,039 1.0
Louisiana................................... 37 2,500,249 1.9
Maine....................................... 4 205,821 0.2
Maryland.................................... 26 2,110,743 1.6
Massachusetts............................... 32 3,536,544 2.7
Michigan.................................... 107 6,485,909 5.0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
State Mortgage Loans Balance Outstanding Loan Group
- ----- -------------- ------------------- ----------
<S> <C> <C> <C>
Minnesota................................... 17 1,276,116 1.0
Mississippi................................. 17 902,475 0.7
Missouri.................................... 32 1,467,124 1.1
Montana..................................... 3 224,052 0.2
Nebraska.................................... 4 189,212 0.1
Nevada...................................... 4 248,668 0.2
New Hampshire............................... 5 440,152 0.3
New Jersey.................................. 40 4,802,732 3.7
New Mexico.................................. 41 2,935,479 2.3
New York.................................... 145 14,393,963 11.1
North Carolina.............................. 55 4,156,340 3.2
North Dakota................................ 1 44,800 0.0
Ohio........................................ 109 6,877,964 5.3
Oklahoma.................................... 12 732,930 0.6
Oregon...................................... 30 2,633,621 2.0
Pennsylvania................................ 66 3,538,744 2.7
Rhode Island................................ 9 765,811 0.6
South Carolina.............................. 27 1,549,851 1.2
South Dakota................................ 6 400,673 0.3
Tennessee................................... 101 6,712,138 5.2
Texas....................................... 30 1,919,913 1.5
Utah........................................ 8 718,415 0.6
Vermont..................................... 5 479,023 0.4
Virginia.................................... 19 1,768,382 1.4
Washington.................................. 27 3,495,582 2.7
West Virginia............................... 9 527,583 0.4
Wisconsin................................... 16 797,910 0.6
Wyoming..................................... 1 62,231 0.0
----- ------------ -----
Totals.............................. 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) No more than approximately 0.42% of the Fixed Rate Mortgage Loans will be
secured by Mortgaged Properties located in any one zip code area.
<PAGE>
Loan-to-Value Ratios for the Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Range of Loan-to-Value Ratio Mortgage Loans Balance Outstanding Loan Group
- ---------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
50.00% or less............................. 180 $ 10,758,304 8.3%
50.01%-55.00%.............................. 70 5,276,197 4.1
55.01%-60.00%.............................. 116 7,933,913 6.1
60.01%-65.00%.............................. 122 9,210,690 7.1
65.01%-70.00%.............................. 171 12,193,965 9.4
70.01%-75.00%.............................. 257 20,191,882 15.5
75.01%-80.00%.............................. 409 33,342,003 25.6
80.01%-85.00%.............................. 254 22,004,375 16.9
85.01%-90.00%.............................. 92 8,574,855 6.6
90.01%-95.00%.............................. 6 518,886 0.4
----- ------------ -----
Totals.................................. 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) As of the Cut-off Date, the Loan-to-Value Ratios of the Fixed Rate
Mortgage Loans ranged from 15.6% to 95.0% and the weighted average
Loan-to-Value Ratio of the Fixed Rate Mortgage Loans was approximately
72.41%.
Loan Purpose for the Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Loan Purpose Mortgage Loans Balance Outstanding Loan Group
- ------------ -------------- ------------------- ----------
<S> <C> <C> <C>
Purchase.................................... 286 $ 22,686,920 17.5%
Refinance--Rate/Term........................ 195 14,356,628 11.0
Refinance--Cashout.......................... 1,196 92,961,522 71.5
----- ------------ -----
Totals................................... 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
<PAGE>
Type of Mortgaged Properties for the Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Property Type Mortgage Loans Balance Outstanding Loan Group
- ------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Single-family Detached...................... 1,306 $101,475,998 78.1%
Two- to Four-Family Dwelling Unit........... 143 11,974,765 9.2
Planned Unit Development.................... 32 2,223,877 1.7
Detached Planned Unit Development........... 29 3,556,914 2.7
Condominium................................. 47 3,053,272 2.4
Small Mixed Use............................. 13 1,454,745 1.1
Manufactured Housing........................ 107 6,265,498 4.8
----- ------------ -----
Totals.............................. 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
Documentation Summary for the Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Documentation Mortgage Loans Balance Outstanding Loan Group
- ------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Full Documentation............................. 1,280 $ 92,713,568 71.3%
24 Month Bank Statement........................ 148 15,564,988 12.0
Reduced Documentation.......................... 46 4,577,192 3.5
Stated Documentation........................... 203 17,149,322 13.2
----- ------------ -----
Totals................................. 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
Occupancy Types for the Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Occupancy Mortgage Loans Balance Outstanding Loan Group
- --------- -------------- ------------------- ----------
<S> <C> <C> <C>
Owner-occupied................................ 1,466 $116,928,324 89.9%
Second Home................................... 15 1,096,970 0.8
Investment.................................... 196 11,979,777 9.2
----- ------------ -----
Totals................................ 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) Based upon representations of the related Mortgagor at the time of
origination.
<PAGE>
Mortgage Loan Age Summary for the Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Mortgage Loan Age (Months) Mortgage Loans Balance Outstanding Loan Group
- -------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
0............................................. 342 $ 27,370,523 21.1%
1 ............................................ 444 34,481,622 26.5
2............................................. 491 38,280,622 29.4
3............................................. 90 7,348,366 5.7
4............................................. 103 7,927,031 6.1
5............................................. 69 4,820,890 3.7
6............................................. 57 4,322,201 3.3
7............................................. 30 2,147,448 1.7
8............................................. 17 1,131,140 0.9
9............................................. 12 864,311 0.7
10............................................ 9 556,128 0.4
11............................................ 9 460,850 0.4
12............................................ 2 27,917 0.0
13............................................ 3 181,021 0.1
17............................................ 1 85,000 0.1
----- ------------ -----
Totals................................ 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) The weighted average age of the Fixed Rate Mortgage Loans is approximately
2 months.
Credit Grade Summary for the Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Credit Grade Mortgage Loans Balance Outstanding Loan Group
- ------------ -------------- ------------------- ----------
<S> <C> <C> <C>
A-............................................ 569 $ 46,118,660 35.5%
AO............................................ 573 47,439,273 36.5
B............................................. 263 18,976,550 14.6
B-............................................ 115 7,988,424 6.1
C............................................. 114 6,852,954 5.3
C-............................................ 33 1,935,515 1.5
D ............................................ 10 693,694 0.5
----- ------------ -----
Totals................................ 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
<PAGE>
Year of Origination for the Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Year of Origination Mortgage Loans Balance Outstanding Loan Group
- ------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
1997.......................................... 1 $ 85,000 0.1%
1998.......................................... 882 67,216,048 51.7
1999.......................................... 794 62,704,022 48.2
----- ------------ -----
Totals................................ 1,677 $130,005,070 100.0%
===== ============ =====
</TABLE>
Prepayment Penalties for the Fixed Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Prepayment Penalty Term Mortgage Loans Balance Outstanding Loan Group
- ----------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
None ...................................... 472 $ 33,987,177 26.1%
12 months..................................... 133 12,879,682 9.9
24 months..................................... 41 3,726,519 2.9
36 months..................................... 592 43,942,942 33.8
60 months..................................... 439 35,468,751 27.3
----- ----------- -----
Totals................................ 1,677 $130,005,070 100.0%
===== =========== =====
</TABLE>
- ---------------
(1) The weighted average prepayment penalty term with respect to the Fixed
Rate Mortgage Loans having prepayment penalties is approximately 41
months.
<PAGE>
ADJUSTABLE RATE LOAN GROUP
Current Mortgage Rates for the Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Mortgage Rate Mortgage Loans Balance Outstanding Loan Group
- ------------- -------------- ------------------- ----------
<S> <C> <C> <C>
6.00%-6.49%................................ 1 $ 360,917 0.2%
6.50%-6.99%................................ 4 414,453 0.2
7.00%-7.49%................................ 9 1,086,481 0.5
7.50%-7.99%................................ 52 6,343,910 2.7
8.00%-8.49%................................ 100 13,984,526 6.0
8.50%-8.99%................................ 237 32,613,366 13.9
9.00%-9.49%................................ 281 35,745,090 15.2
9.50%-9.99%................................ 388 45,042,620 19.2
10.00%-10.49%.............................. 311 36,101,067 15.4
10.50%-10.99%.............................. 329 34,923,001 14.9
11.00%-11.49%.............................. 142 13,466,161 5.7
11.50%-11.99%.............................. 76 7,995,642 3.4
12.00%-12.49%.............................. 40 4,296,938 1.8
12.50%-12.99%.............................. 21 1,807,608 0.8
13.00%-13.49%.............................. 11 800,206 0.3
14.00%-14.49%.............................. 1 21,000 0.0
----- ------------ -----
Totals............................... 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- -----------
(1) As of the Cut-off Date, the current Mortgage Rates borne by the Adjustable
Rate Mortgage Loans ranged from 6.40% per annum to 13.75% per annum and
the weighted average Mortgage Rate borne by the Adjustable Rate Mortgage
Loans was approximately 9.79% per annum.
<PAGE>
Remaining Months to Stated Maturity for the
Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Remaining Term Mortgage Loans Balance Outstanding Loan Group
- -------------- -------------- ------------------- ----------
<S> <C> <C> <C>
337 to 348.............................. 5 $ 740,514 0.3%
349 to 360.............................. 1,998 234,262,473 99.7
----- ------------ -----
Totals.......................... 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- -----------
(1) As of the Cut-off Date, the remaining terms to stated maturity of the
Adjustable Rate Mortgage Loans ranged from 340.0 months to 360.0 months
and the weighted average remaining term to stated maturity of the
Adjustable Rate Mortgage Loans was approximately 358.44 months.
Remaining Months to Expected Maturity for the
Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Remaining Term Mortgage Loans Balance Outstanding Loan Group
- -------------- -------------- ------------------- ----------
<S> <C> <C> <C>
301 to 312............................... 2 $ 256,511 0.1%
313 to 324............................... 1 53,432 0.0
325 to 336............................... 2 214,755 0.1
337 to 348............................... 10 1,357,419 0.6
349 to 360............................... 1,988 233,120,869 99.2
----- ------------ -----
Totals........................... 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
<PAGE>
Original Mortgage Loan Principal Balances for the
Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Range of Original Mortgage Loan Principal Balances Mortgage Loans Balance Outstanding Loan Group
- -------------------------------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Up to $100,000...................................... 1,058 $ 69,761,666 29.7%
$100,001-$150,000................................... 496 60,543,947 25.8
$150,001-$200,000................................... 214 37,072,270 15.8
$200,001-$250,000................................... 114 25,672,416 10.9
$250,001-$300,000................................... 52 14,299,421 6.1
$300,001-$350,000................................... 23 7,442,340 3.2
$350,001-$400,000................................... 24 8,975,985 3.8
$400,001-$450,000................................... 6 2,520,234 1.1
$450,001-$500,000................................... 11 5,353,385 2.3
$500,001-$550,000................................... 1 514,500 0.2
$550,001-$600,000................................... 1 559,435 0.2
$600,001-$650,000................................... 1 636,903 0.3
$650,001-$700,000................................... 1 661,175 0.3
$700,001-$800,000................................... 1 799,250 0.3
----- ------------ -----
Totals...................................... 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- -----------
(1) As of the Cut-off Date, the outstanding principal balances of the
Adjustable Rate Mortgage Loans ranged from approximately $10,600 to
approximately $799,250 and the average outstanding principal balance of
the Adjustable Rate Mortgage Loans was approximately $117,326.
State Distributions of Adjustable Rate Mortgaged Properties(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
State Mortgage Loans Balance Outstanding Loan Group
- ----- -------------- ------------------- ----------
<S> <C> <C> <C>
Arizona..................................... 32 $ 4,524,748 1.9%
Arkansas.................................... 5 307,211 0.1
California.................................. 105 21,484,812 9.1
Colorado.................................... 121 16,388,093 7.0
Connecticut................................. 56 7,579,603 3.2
Delaware.................................... 5 481,952 0.1
District of Columbia........................ 7 795,871 0.3
Florida..................................... 193 21,215,891 9.0
Georgia..................................... 62 7,036,960 3.0
Idaho....................................... 13 936,954 0.4
Illinois.................................... 76 8,598,133 3.7
Indiana..................................... 37 2,787,594 1.2
Iowa........................................ 2 84,375 0.0
Kansas...................................... 2 157,718 0.1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
State Mortgage Loans Balance Outstanding Loan Group
- ----- -------------- ------------------- ----------
<S> <C> <C> <C>
Kentucky.................................... 24 1,916,887 0.8
Louisiana................................... 26 2,520,309 1.1
Maine....................................... 1 60,000 0.0
Maryland.................................... 29 3,841,096 1.6
Massachusetts............................... 73 9,731,786 4.1
Michigan.................................... 205 19,141,425 8.1
Minnesota................................... 59 6,327,715 2.7
Mississippi................................. 10 1,180,753 0.5
Missouri.................................... 41 3,517,711 1.5
Montana..................................... 2 170,487 0.1
Nebraska.................................... 1 47,761 0.0
Nevada...................................... 6 878,112 0.4
New Hampshire............................... 22 2,005,073 0.9
New Jersey.................................. 102 13,798,116 5.9
New Mexico.................................. 14 1,048,032 0.4
New York.................................... 94 14,562,724 6.2
North Carolina.............................. 39 4,025,790 1.7
North Dakota................................ 1 73,575 0.0
Ohio........................................ 108 9,047,986 3.9
Oklahoma.................................... 14 1,709,442 0.7
Oregon...................................... 29 3,349,390 1.4
Pennsylvania................................ 44 4,104,842 1.7
Rhode Island................................ 12 1,274,245 0.6
South Carolina.............................. 17 1,253,499 0.5
Tennessee................................... 45 4,277,649 1.8
Texas....................................... 62 8,610,727 3.7
Utah........................................ 71 10,046,251 4.3
Vermont..................................... 12 1,043,908 0.4
Virginia.................................... 21 3,100,457 1.3
Washington.................................. 38 4,823,658 2.1
West Virginia............................... 3 289,577 0.1
Wisconsin................................... 60 4,509,371 1.9
Wyoming..................................... 2 334,717 0.1
----- ------------ -----
Totals.............................. 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) No more than approximately 0.51% of the Adjustable Rate Mortgage Loans
will be secured by Mortgaged Properties located in any one zip code area.
<PAGE>
Loan-to-Value Ratios for the Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Range of Loan-to-Value Ratio Mortgage Loans Balance Outstanding Loan Group
- ---------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
50.00% or less............................. 76 $ 6,594,937 2.8%
50.01%-55.00%.............................. 45 4,411,497 1.9
55.01%-60.00%.............................. 75 8,868,467 3.8
60.01%-65.00%.............................. 129 14,522,034 6.2
65.01%-70.00%.............................. 200 23,603,427 10.0
70.01%-75.00%.............................. 298 34,124,565 14.5
75.01%-80.00%.............................. 541 64,635,929 27.5
80.01%-85.00%.............................. 355 43,639,806 18.6
85.01%-90.00%.............................. 266 32,618,165 13.9
90.01%-95.00%.............................. 18 1,984,159 0.8
----- ------------ -----
Totals.................................. 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) As of the Cut-off Date, the Loan-to-Value Ratios of the Adjustable Rate
Mortgage Loans ranged from 17.10% to 95.00% and the weighted average
Loan-to-Value Ratio of the Adjustable Rate Mortgage Loans was
approximately 76.88%.
Loan Purpose for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Loan Purpose Mortgage Loans Balance Outstanding Loan Group
- ------------ -------------- ------------------- ----------
<S> <C> <C> <C>
Purchase.................................... 721 $ 87,074,653 37.1%
Refinance--Rate/Term........................ 215 26,614,495 11.3
Refinance--Cashout.......................... 1,067 121,313,839 51.1
----- ------------ -----
Totals................................... 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
Type of Mortgaged Properties for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Property Type Mortgage Loans Balance Outstanding Loan Group
- ------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Single-family Detached...................... 1,628 $187,679,955 79.9%
Two- to Four-Family Dwelling Unit........... 170 18,080,786 7.7
Detached Planned Unit Development........... 82 15,985,469 6.8
Condominium................................. 52 4,718,475 2.0
Small Mixed................................. 1 182,000 0.1
Planned Unit Development.................... 52 7,142,115 3.0
Manufactured Housing........................ 18 1,214,187 0.5
----- ------------ -----
Totals.............................. 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
<PAGE>
Documentation Summary for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Documentation Mortgage Loans Balance Outstanding Loan Group
- ------------- -------------- ------------------- ----------
<S> <C> <C> <C>
Full Documentation............................. 1,470 $158,899,651 67.6%
24 Month Bank Statement........................ 199 32,969,873 14.0
Reduced Documentation.......................... 96 14,977,500 6.4
Stated Documentation........................... 238 28,155,963 12.0
----- ------------ -----
Totals................................. 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
Occupancy Types for the Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Occupancy Mortgage Loans Balance Outstanding Loan Group
- --------- -------------- ------------------- ----------
<S> <C> <C> <C>
Owner-occupied................................ 1,772 $215,035,444 91.5%
Second Home................................... 20 2,063,006 0.9
Investment.................................... 211 17,904,536 7.6
----- ------------ -----
Totals................................ 2,003 $235,002,986 100.0%
</TABLE>
- ---------------
(1) Based upon representations of the related Mortgagor at the time of
origination.
Mortgage Loan Age Summary for the Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Mortgage Loan Age (Months) Mortgage Loans Balance Outstanding Loan Group
- -------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
0............................................. 583 $ 68,740,859 29.3%
1............................................. 588 64,840,793 27.6
2............................................. 646 79,796,828 34.0
3............................................. 19 2,155,752 0.9
4............................................. 29 2,913,677 1.2
5............................................. 19 1,585,717 0.7
6............................................. 53 6,576,628 2.8
7............................................. 28 2,963,451 1.3
8............................................. 16 2,079,094 0.9
9............................................. 7 1,247,138 0.5
10............................................ 4 584,325 0.2
11............................................ 6 778,211 0.3
18............................................ 3 429,562 0.2
20 ........................................... 2 310,952 0.1
----- ------------ -----
Totals................................ 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) The weighted average age of the Fixed Rate Mortgage Loans is approximately
2 months.
<PAGE>
Credit Grade Summary for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Credit Grade Mortgage Loans Balance Outstanding Loan Group
- ------------ -------------- ------------------- ----------
<S> <C> <C> <C>
A-............................................ 732 $ 89,535,887 38.1%
AO ........................................... 565 72,314,034 30.8
B............................................. 374 41,213,404 17.5
B-............................................ 97 10,852,814 4.6
C............................................. 153 13,240,976 5.6
C-............................................ 53 5,234,681 2.2
D ........................................... 29 2,611,191 1.1
----- ------------ -----
Totals................................ 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
Year of Origination for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Year of Origination Mortgage Loans Balance Outstanding Loan Group
- ------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
1997.......................................... 5 $ 740,514 0.3%
1998.......................................... 815 99,201,515 42.2
1999.......................................... 1,183 135,060,958 57.5
----- ------------ -----
Totals................................ 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
<PAGE>
Maximum Mortgage Rates for the Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Range of Maximum Mortgage Rates Mortgage Loans Balance Outstanding Loan Group
- ------------------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
12.50%-12.99%.............................. 3 $ 319,353 0.1%
13.00%-13.49%.............................. 3 551,803 0.2
13.50%-13.99%.............................. 13 1,605,206 0.7
14.00%-14.49%.............................. 21 3,018,444 1.3
14.50%-14.99%.............................. 76 9,412,234 4.0
15.00%-15.49%.............................. 115 16,575,748 7.1
15.50%-15.99%.............................. 239 32,464,942 13.8
16.00%-16.49%.............................. 272 33,815,429 14.4
16.50%-16.99%.............................. 363 42,389,445 18.0
17.00%-17.49%.............................. 295 33,631,498 14.3
17.50%-17.99%.............................. 327 34,238,271 14.6
18.00%-18.49%.............................. 138 13,350,278 5.7
18.50%-18.99%.............................. 68 7,491,889 3.2
19.00%-19.49%.............................. 40 3,709,964 1.6
19.50%-19.99%.............................. 21 1,807,608 0.8
20.00%-20.49%.............................. 8 599,873 0.3
20.50%-20.99%.............................. 1 21,000 0.0
----- ------------ -----
Totals.................................. 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate
Mortgage Loans ranged from 12.55% per annum to 20.75% per annum and the
weighted average Maximum Mortgage Rate for the Adjustable Rate Mortgage
Loans was 16.69% per annum.
Prepayment Penalties for the Adjustable Rate Mortgage Loan Group(1)
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Prepayment Penalty Term Mortgage Loans Balance Outstanding Loan Group
- ----------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
None ......................................... 913 $110,541,390 47.0%
12 months..................................... 31 3,951,151 1.7
24 months..................................... 465 59,939,215 25.5
36 months..................................... 498 50,871,585 21.6
60 months..................................... 96 9,699,646 4.1
----- ------------ -----
Totals................................ 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
- ---------------
(1) The weighted average prepayment penalty term with respect to the Fixed
Rate Mortgage Loans having prepayment penalties is approximately 31
months.
<PAGE>
Product Type for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Loan Type Mortgage Loans Balance Outstanding Loan Group
- --------- -------------- ------------------- ----------
<S> <C> <C> <C>
1/29 Loan .................................... 124 $ 15,227,430 8.6%
2/28 Loan..................................... 868 105,906,961 59.8
3/27 Loan..................................... 370 40,139,202 22.7
5/25 Loan..................................... 22 3,150,030 1.8
Six Month LIBOR Loan.......................... 114 16,901,758 7.2
----- ------------ ------
Totals................................ 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
Next Adjustment Date for the Adjustable Rate Mortgage Loan Group
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Next Adjustment Date Mortgage Loans Balance Outstanding Loan Group
- -------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
April 1999................................. 2 $ 228,994 0.1%
May 1999................................... 4 625,156 0.3
July 1999.................................. 43 6,938,972 3.0
August 1999................................ 39 5,010,596 2.1
September 1999............................. 36 5,925,861 2.5
November 1999.............................. 1 53,432 0.0
January 2000............................... 45 5,472,201 2.3
February 2000.............................. 55 5,988,661 2.5
March 2000................................. 37 4,857,709 2.1
April 2000................................. 6 851,064 0.4
May 2000................................... 1 99,521 0.0
June 2000.................................. 4 793,755 0.3
July 2000.................................. 8 1,195,416 0.5
August 2000................................ 20 2,350,342 1.0
September 2000............................. 48 5,672,383 2.4
October 2000............................... 16 1,326,815 0.6
November 2000.............................. 25 2,517,848 1.1
December 2000.............................. 18 2,119,059 0.9
January 2001............................... 377 46,569,232 19.8
February 2001.............................. 326 36,996,801 15.7
March 2001................................. 301 35,326,970 15.0
April 2001................................. 22 1,829,592 0.8
May 2001................................... 1 58,245 0.0
June 2001.................................. 2 107,385 0.0
July 2001.................................. 5 466,729 0.2
August 2001................................ 3 172,164 0.1
September 2001............................. 1 111,156 0.0
October 2001............................... 1 29,908 0.0
November 2001.............................. 1 143,801 0.1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Number of Aggregate Principal Percent of
Next Adjustment Date Mortgage Loans Balance Outstanding Loan Group
- -------------------- -------------- ------------------- ----------
<S> <C> <C> <C>
December 2001.............................. 1 36,692 0.0
January 2002............................... 176 19,934,638 8.5
February 2002.............................. 162 16,067,794 6.8
March 2002................................. 173 19,736,825 8.4
April 2002................................. 7 560,150 0.2
June 2003.................................. 1 345,998 0.1
January 2004............................... 10 1,609,685 0.7
February 2004.............................. 11 1,217,885 0.5
March 2004................................. 12 1,521,550 0.6
April 2004................................. 2 132,000 0.1
----- ------------ -----
Totals.................................. 2,003 $235,002,986 100.0%
===== ============ =====
</TABLE>
