- --------------------------------------------------------------------------------
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) October 4, 1996
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 33-91148 13-3526694
- -------------------------------------------------- ---------------------- ----------------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza
New York, New York 10292
(Address of Principal ----------------------------------
Executive Offices)
(Zip Code)
Registrant's telephone number, including area code (212) 214-7435
--------------
No Change
- -------------------------------------------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
</TABLE>
- ------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
In connection with the offering of Irwin Home Equity
Corporation Trust 1996-1, Mortgage Pass-Through Certificates, Series 1996-1,
described in a Preliminary Prospectus Supplement dated as of October 4, 1996,
certain "Computational Materials" within the meanings of the May 20, 1994
Kidder, Peabody No-Action Letter and the February 17, 1995 Public Securities
Association No-Action Letter were furnished to certain prospective investors
(the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
-----------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as
defined in Item 5 above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this Report to
be signed on its behalf by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION
----------------------------------------
as Depositor and on behalf of Irwin Home
Equity Loan Trust 1996-1
Registrant
By: /s/ Norman Chaleff
----------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: October 4, 1996
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
<S> <C> <C>
99.1 Related Computational 7
Materials (as defined
in Item 5 above).
</TABLE>
<PAGE>
<PAGE>
Preliminary Information for Irwin Home Equity Trust 1996-1
Irwin Home Equity Trust 1996-1
[$76,000,000] Class A-1 Certificates 1M LIBOR + [ %]
[$47,000,000] Class A-2 Certificates [ %]
[$17,000,000] Class A-3 Certificates [ %]
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Servicer. PSI makes no representations as
to the accuracy of such information provided to it by the Servicer. All
assumptions and information in this report reflect PSI's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may
be differences between these assumptions and your actual business practices.
Further, PSI does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PSI (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, and
may, as principal or agent, buy or sell such securities, commodities or
derivative instruments. In addition, PSI may make a market in the securities
referred to herein. Neither the information nor the assumptions reflected
herein shall be construed to be, or constitute, an offer to sell or buy or a
solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the
analysis with respect to you, and PSI strongly urges you to seek advice from
your counsel, accountant and tax advisor.
<PAGE>
Irwin Home Equity Trust 1996-1
Title of Securities: Irwin Home Equity Corporation, Series 1996-1 Mortgage
Pass-Through Certificates, Class A-1, Class A-2 and
Class A-3 (the "Certificates").
Description of
Transaction: This approximately [$140,000,000] MBIA-wrapped
transaction is supported by two distinct collateral
types.
The Class A-1 Certificates are backed by a pool of
adjustable rate, first and second lien Home Equity
Lines of Credit (the "HELOCs"). The HELOCs generally
have original terms to stated maturity of 20 years and
have scheduled payments of interest only for the first
10 years. On the 11th year, each loan has scheduled
payments on a ten-year fully amortizing basis.
The Class A-2 and A-3 Certificates are backed by a
fixed pool of fixed-rate, first amd second lien Home
Equity Loans (the "HELs"). The HELs generally have
original terms to stated maturity of 10 years, and
each loan has scheduled payments on a ten-year fully
amortizing basis.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Class A-1 (HELOCs) Class A-2 (HELs) Class A-3 (HELs)
------------------ ---------------- ----------------
<S> <C> <C> <C>
Settlement Date: October 15, 1996 October 15, 1996 October 15, 1996
Dated Date: October 15, 1996 October 1, 1996 October 1, 1996
Prepayment Assumption: [25% HEP] [20% HEP] [20% HEP]
Approximate Size: [$76,000,000] [$47,000,000] [$17,000,000]
Average Life to Call: [3.30] years [2.05] years [6.13] years
Average Life to Maturity: [3.60] years [2.05] years [6.61] years
Expected Maturity (to Call): [12/15/04] [05/15/01] [09/15/03]
Expected Maturity (to Mat): [06/15/16] [05/15/01] [09/15/06]
Stated Maturity: [10/15/17] [01/15/05] [10/15/07]
Coupon: LIBOR + [ %]* [ %] [ %]
Coupon Day Count: Actual/360 30/360 30/360
</TABLE>
* Subject to: The lesser of:
1) One Month LIBOR + [ ] bps prior to the
10% Clean-up Call and One Month LIBOR + [ ] bps
after the 10% Clean-up Call
2) The Available Funds Cap.
Available Funds Cap
for the HELOCs: The Available Funds Cap is currently approximately
11.05%, (calculated using the weighted average
gross coupon of the Loans less approximate
servicing fees and other ongoing fees of the trust,
including a 50 bp MBIA cushion beginning in month 13
and thereafter). The weighted average net life-cap is
currently 18.61%.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
Irwin Home Equity Trust 1996-1
Servicer: Irwin Home Equity Corporation.
Servicer Fee: 100 bps per annum.
Trustee: Chase Manhattan Bank, N.A.
Certificate Ratings: The Class A-1, Class A-2 and Class A-3
Certificates will be rated AAA/Aaa by Standard &
Poor's ("S&P") and Moody's Investors Service
("Moody's").
Certificate Insurer: Municipal Bond Investors Assurance Corporation
("MBIA"). MBIA's claims-paying ability is rated
AAA/Aaa by Standard & Poor's and Moody's.
Certificate Insurance: Timely payments of interest and ultimate payment of
principal on the Certificates will be 100% guaranteed
by MBIA.
Credit Enhancement: 1) 100% wrap from MBIA guarantee of timely interest
and ultimate principal to the extent the Reserve
Account is reduced to zero.
2) Reserve Account
3) Cross-Collateralization
2) Ongoing Spread.
Cross-
Collateralization: Excess spread from each of the two collateral pools
will be available to credit enhance Certificates
supported by the other pool.
Reserve Account: Group I HELOCs -- Initial: [TBD%] of Original
Class A-1 Certificate Balance.
(Approximately) Target: [TBD%] of Original Class
A-1 Certificate Balance.
Group II HELs -- Initial: [TBD%] of Original Class A-2
Certificate Balance.
Target: [TBD%] of Original Class A-2
Certificate Balance.
The Required Reserve level is subject to step downs
beginning in month [30] if certain tests are met.
Prefunding Account: Approximately [43%] of the HELOC collateral
supporting Certificate Class A-1 will be prefunded.
Approximately [43%] of the fixed-rate home equity
collateral supporting Certificate Class A-2 and A-3
will be prefunded. All of the prefunded HELOCs and
HELs will be identified by the Settlement Date.
ERISA Consideration: The Class A Certificates will be ERISA eligible
as of pricing. However, investors should consult
with their counsel with respect to the consequences
under ERISA and the Internal Revenue Code of the
Plan's acquisition and ownership of such
Certificates.
Payments of Principal
on the Class A-1
Certificates (HELOCs): Prior to the scheduled amortization period of
the HELOCs, the Class A-1 Certificates will receive
payments of principal from prepayments and from net
liquidation proceeds in the following manner:
1) All principal prepayments will be applied first to
the HELOC balance included in the trust,
regardless of subsequent draws on the line of
credit not included in the trust.
2) Net liquidation proceeds received on a defaulted
HELOC will be allocated on a pro rata basis
between the loan balance in the trust and loan
balance resulting from subsequent draws on the
line of credit not included in the trust.
Flow of Funds: Certificate Class A-1 (backed by the Group I HELOCs):
1) to the Servicer, repayment of any unreimbursed
Servicer advances with respect to defaulted loans;
2) to the Servicer, the Servicer Fee (100 bps)
3) to the Certificate Insurer, the Premium [ bps]
4) to the Trustee, the Trustee Fee (0.5 bps)
5) to the Class A-1, accrued monthly interest
6) to the Class A-1, monthly principal
7) to the Surety Provider, any unreimbursed draws
8) to the Reserve Account up to its target amount as
described above, and
9) to the Class R.
Certificate Classes A-2 and A-3 (backed by the Group
II HELs):
1) to the Servicer, repayment of any unreimbursed
Servicer advances with respect to defaulted loans;
2) to the Servicer, the Servicer Fee (100 bps)
3) to the Certificate Insurer, the Premium [ bps]
4) to the Trustee, the Trustee Fee (0.5 bps)
5) to the Class A-2 and A-3, accrued monthly interest
6) to the Class A-2, 100% of monthly principal until
retired, then to the Class A-3, 100% of monthly
principal
7) to the Surety Provider, any unreimbursed draws
8) to the Reserve Account up to its target amount as
described above, and
9) to the Class R.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER,
<PAGE>
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
Irwin Home Equity Trust 1996-1
Clean-up Call: 10% of the sum of (i) the aggregate Trust Balances of
the related Group as of the Cut-Off Date, and (ii)
the Original Group I Pre-funded Amount or Original
Group II Pre-funded Amount, as applicable, at the
greater of par or fair market value of the bonds plus
accrued interest. Note: The Group I HELOCs and Group
II HELs each has its own 10% clean-up call.
Payment Date: The 15th day of each month or, if such day is not
a business day, the next succeeding business day,
beginning on November 15, 1995.
Payment Delay: Zero day delay for the Class A-1 Certificates and
14 days for the Class A-2 and Class A-3 Certificates.
Interest Accrual
Period: For Class A-1, interest will accrue from the 15th day
of the preceeding month until the 14th day of the
current month based on an actual/360 day count.
For Class A-2 and A-3, interest will accrue from the
1st day of the proceeding month until the 30th day of
the proceeding month based on a 30/360 day count.
Interest Adjusments: For the Group I HELOCs, interest rates on the
underlying home equity lines of credit will adjust
monthly and are all indexed to Prime. Payment on
these loans also adjusts monthly.
Pricing Date: October [ ], 1996.
Settlement Date: October [15], 1996.
Form of Certificates: Book entry form, same day funds (through DTC, CEDEL or
Euroclear).
SMMEA Considerations: The Class A Certificates are not SMMEA eligible.
Taxation: REMIC.
- ------------------------------------------------------------------------------
General Pool Information (as of cut-Off Date):
Group I (HELOCs) Group II (HELs)
Loans #: 1,371 1,268
Balance: $43,293,515.97 $36,642,160.75
Avg Unpaid Balance: $31,578.06 $28,897.60
Avg Max Credit: $34,256.35 N/A
WA Loan Use Ratio: 95.3% N/A
WAC: 12.79% 13.81%
WAM: 233 mo. 116 mo.
WA CLTV*: 90.53% 90.31%
% 2nd Lien: 98.34% 98.19%
WA Gross Cap: 19.85% N/A
WA Gross Margin: 4.54% (over prime) N/A
WA Gross Floor: 11.04% N/A
Index: Prime N/A
* Note: For Group I HELOCs, CLTV's are based on fully drawn lines
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 Mortgage Loans is contained in the
Prospectus. The foregoing 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 Certificates may not
be consumated 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 PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT BALANCE: $76,000,000.00 DATED DATE: 10/15/96
CURRENT COUPON: 0.000% ihe61 FIRST PAYMENT: 11/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $76,000,000.00 BOND A-1 (HELOCs) DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 10/15/96
ASSUMED CONSTANT LIBOR-1M 5.4140
************ TO 10% Coll. Call *************
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 16.00% 18.00% 22.00% 26.00% 28.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 33.649 30.928 31.494 32.688 33.971 34.639 35.298
99-24+ 33.107 30.557 31.088 32.206 33.409 34.036 34.653
99-25 32.566 30.185 30.681 31.725 32.847 33.432 34.009
99-25+ 32.024 29.814 30.274 31.244 32.286 32.829 33.364
99-26 31.483 29.443 29.868 30.763 31.725 32.226 32.720
99-26+ 30.942 29.073 29.462 30.282 31.163 31.623 32.075
99-27 30.401 28.702 29.056 29.801 30.602 31.020 31.431
99-27+ 29.860 28.331 28.650 29.320 30.041 30.417 30.787
99-28 29.320 27.961 28.244 28.840 29.481 29.815 30.144
99-28+ 28.779 27.590 27.838 28.359 28.920 29.212 29.500
99-29 28.239 27.220 27.432 27.879 28.360 28.610 28.857
99-29+ 27.699 26.850 27.026 27.399 27.799 28.008 28.214
99-30 27.159 26.480 26.621 26.919 27.239 27.406 27.571
99-30+ 26.619 26.110 26.216 26.439 26.679 26.804 26.928
99-31 26.079 25.740 25.810 25.959 26.119 26.203 26.285
99-31+ 25.539 25.370 25.405 25.480 25.560 25.601 25.642
100-00 25.000 25.000 25.000 25.000 25.000 25.000 25.000
100-00+ 24.461 24.630 24.595 24.521 24.441 24.399 24.358
100-01 23.921 24.261 24.190 24.041 23.881 23.798 23.716
100-01+ 23.382 23.891 23.785 23.562 23.322 23.197 23.074
100-02 22.844 23.522 23.381 23.083 22.763 22.596 22.432
100-02+ 22.305 23.153 22.976 22.604 22.204 21.996 21.791
100-03 21.766 22.784 22.572 22.126 21.646 21.396 21.149
100-03+ 21.228 22.415 22.168 21.647 21.087 20.795 20.508
100-04 20.689 22.046 21.763 21.168 20.529 20.195 19.867
100-04+ 20.151 21.677 21.359 20.690 19.971 19.596 19.226
100-05 19.613 21.308 20.955 20.212 19.412 18.996 18.585
100-05+ 19.075 20.939 20.551 19.734 18.855 18.396 17.945
100-06 18.537 20.571 20.148 19.256 18.297 17.797 17.305
100-06+ 18.000 20.202 19.744 18.778 17.739 17.198 16.664
100-07 17.462 19.834 19.340 18.300 17.182 16.599 16.024
100-07+ 16.925 19.466 18.937 17.822 16.624 16.000 15.384
First Payment 0.083 0.083 0.083 0.083 0.083 0.083 0.083
Average Life 3.304 5.192 4.646 3.796 3.167 2.915 2.704
Last Payment 8.167 12.333 11.250 9.417 7.833 7.167 6.667
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT BALANCE: $47,000,000.00 DATED DATE: 10/01/96
COUPON: 6.670% ihe61a FIRST PAYMENT: 11/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $47,000,000.00 BOND A2 (HELs) PRICE-YIELD TABLE YIELD TABLE DATE: 10/15/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
20.0% 14.00% 16.00% 18.00% 22.00% 25.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.758 6.759 6.759 6.759 6.758 6.757 6.757
99-24+ 6.750 6.752 6.751 6.750 6.749 6.747 6.745
99-25 6.741 6.745 6.744 6.742 6.740 6.737 6.734
99-25+ 6.732 6.738 6.736 6.734 6.730 6.727 6.722
99-26 6.724 6.731 6.729 6.726 6.721 6.717 6.711
99-26+ 6.715 6.724 6.721 6.718 6.712 6.707 6.700
99-27 6.707 6.717 6.714 6.710 6.703 6.697 6.688
99-27+ 6.698 6.710 6.706 6.702 6.694 6.687 6.677
99-28 6.689 6.703 6.699 6.694 6.685 6.678 6.665
99-28+ 6.681 6.696 6.691 6.686 6.676 6.668 6.654
99-29 6.672 6.689 6.683 6.678 6.666 6.658 6.643
99-29+ 6.664 6.682 6.676 6.670 6.657 6.648 6.631
99-30 6.655 6.675 6.668 6.662 6.648 6.638 6.620
99-30+ 6.646 6.668 6.661 6.654 6.639 6.628 6.609
99-31 6.638 6.661 6.653 6.646 6.630 6.618 6.597
99-31+ 6.629 6.654 6.646 6.638 6.621 6.608 6.586
100-00 6.621 6.647 6.638 6.630 6.612 6.598 6.574
100-00+ 6.612 6.640 6.631 6.622 6.602 6.588 6.563
100-01 6.603 6.633 6.623 6.613 6.593 6.578 6.552
100-01+ 6.595 6.626 6.616 6.605 6.584 6.568 6.540
100-02 6.586 6.619 6.608 6.597 6.575 6.558 6.529
100-02+ 6.578 6.612 6.601 6.589 6.566 6.548 6.518
100-03 6.569 6.605 6.593 6.581 6.557 6.538 6.506
100-03+ 6.561 6.598 6.586 6.573 6.548 6.528 6.495
100-04 6.552 6.591 6.578 6.565 6.539 6.518 6.484
100-04+ 6.544 6.584 6.571 6.557 6.530 6.508 6.472
100-05 6.535 6.577 6.563 6.549 6.520 6.498 6.461
100-05+ 6.526 6.570 6.556 6.541 6.511 6.489 6.450
100-06 6.518 6.563 6.548 6.533 6.502 6.479 6.438
100-06+ 6.509 6.556 6.541 6.525 6.493 6.469 6.427
100-07 6.501 6.549 6.533 6.517 6.484 6.459 6.416
100-07+ 6.492 6.542 6.526 6.509 6.475 6.449 6.405
First Payment 0.083 0.083 0.083 0.083 0.083 0.083 0.083
Average Life 2.046 2.562 2.368 2.197 1.913 1.740 1.509
Last Payment 4.583 5.667 5.250 4.917 4.333 3.917 3.417
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT BALANCE: $17,000,000.00 DATED DATE: 10/01/96
COUPON: 7.285% ihe61a FIRST PAYMENT: 11/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $17,000,000.00 BOND A3 (HELs) PRICE-YIELD TABLE YIELD TABLE DATE: 10/15/96
*************** TO MATURITY *******************
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
20.0% 14.00% 16.00% 18.00% 22.00% 25.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.390 7.390 7.390 7.390 7.390 7.389 7.388
99-24+ 7.387 7.388 7.387 7.387 7.386 7.386 7.385
99-25 7.384 7.385 7.384 7.384 7.383 7.382 7.381
99-25+ 7.381 7.382 7.382 7.381 7.380 7.379 7.377
99-26 7.377 7.379 7.379 7.378 7.377 7.376 7.373
99-26+ 7.374 7.376 7.376 7.375 7.374 7.372 7.370
99-27 7.371 7.374 7.373 7.372 7.370 7.369 7.366
99-27+ 7.368 7.371 7.370 7.369 7.367 7.365 7.362
99-28 7.365 7.368 7.367 7.366 7.364 7.362 7.359
99-28+ 7.362 7.365 7.364 7.363 7.361 7.359 7.355
99-29 7.359 7.362 7.361 7.360 7.357 7.355 7.351
99-29+ 7.356 7.360 7.358 7.357 7.354 7.352 7.347
99-30 7.353 7.357 7.356 7.354 7.351 7.348 7.344
99-30+ 7.350 7.354 7.353 7.351 7.348 7.345 7.340
99-31 7.346 7.351 7.350 7.348 7.345 7.342 7.336
99-31+ 7.343 7.348 7.347 7.345 7.341 7.338 7.332
100-00 7.340 7.346 7.344 7.342 7.338 7.335 7.329
100-00+ 7.337 7.343 7.341 7.339 7.335 7.331 7.325
100-01 7.334 7.340 7.338 7.336 7.332 7.328 7.321
100-01+ 7.331 7.337 7.335 7.333 7.329 7.325 7.317
100-02 7.328 7.334 7.332 7.330 7.325 7.321 7.314
100-02+ 7.325 7.332 7.330 7.327 7.322 7.318 7.310
100-03 7.322 7.329 7.327 7.324 7.319 7.315 7.306
100-03+ 7.319 7.326 7.324 7.321 7.316 7.311 7.302
100-04 7.316 7.323 7.321 7.318 7.313 7.308 7.299
100-04+ 7.312 7.320 7.318 7.315 7.309 7.304 7.295
100-05 7.309 7.318 7.315 7.312 7.306 7.301 7.291
100-05+ 7.306 7.315 7.312 7.309 7.303 7.298 7.288
100-06 7.303 7.312 7.309 7.306 7.300 7.294 7.284
100-06+ 7.300 7.309 7.306 7.303 7.297 7.291 7.280
100-07 7.297 7.306 7.304 7.300 7.293 7.287 7.276
100-07+ 7.294 7.304 7.301 7.297 7.290 7.284 7.273
First Payment 4.583 5.667 5.250 4.917 4.333 3.917 3.417
Average Life 6.611 7.491 7.200 6.905 6.322 5.901 5.248
Last Payment 9.917 9.917 9.917 9.917 9.917 9.917 9.917
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT BALANCE: $17,000,000.00 DATED DATE: 10/01/96
COUPON: 7.285% ihe61a FIRST PAYMENT: 11/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $17,000,000.00 BOND A3(HELs) PRICE-YIELD TABLE YIELD TABLE DATE: 10/15/96
PREPAYMENT SPEED
************** TO 10% COLL. CALL ******************
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
20.0% 14.00% 16.00% 18.00% 22.00% 25.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.389 7.390 7.390 7.390 7.389 7.389 7.388
99-24+ 7.386 7.387 7.387 7.387 7.386 7.385 7.384
99-25 7.383 7.384 7.384 7.383 7.382 7.381 7.380
99-25+ 7.380 7.382 7.381 7.380 7.379 7.378 7.376
99-26 7.376 7.379 7.378 7.377 7.376 7.374 7.371
99-26+ 7.373 7.376 7.375 7.374 7.372 7.370 7.367
99-27 7.370 7.373 7.372 7.371 7.369 7.367 7.363
99-27+ 7.367 7.370 7.369 7.368 7.365 7.363 7.359
99-28 7.363 7.367 7.366 7.365 7.362 7.360 7.355
99-28+ 7.360 7.364 7.363 7.362 7.358 7.356 7.351
99-29 7.357 7.361 7.360 7.358 7.355 7.352 7.347
99-29+ 7.354 7.358 7.357 7.355 7.352 7.349 7.343
99-30 7.350 7.356 7.354 7.352 7.348 7.345 7.339
99-30+ 7.347 7.353 7.351 7.349 7.345 7.341 7.335
99-31 7.344 7.350 7.348 7.346 7.341 7.338 7.331
99-31+ 7.340 7.347 7.345 7.343 7.338 7.334 7.327
100-00 7.337 7.344 7.342 7.340 7.335 7.331 7.323
100-00+ 7.334 7.341 7.339 7.337 7.331 7.327 7.319
100-01 7.331 7.338 7.336 7.333 7.328 7.323 7.315
100-01+ 7.327 7.335 7.333 7.330 7.324 7.320 7.310
100-02 7.324 7.332 7.330 7.327 7.321 7.316 7.306
100-02+ 7.321 7.329 7.327 7.324 7.318 7.312 7.302
100-03 7.318 7.327 7.324 7.321 7.314 7.309 7.298
100-03+ 7.314 7.324 7.321 7.318 7.311 7.305 7.294
100-04 7.311 7.321 7.318 7.315 7.307 7.301 7.290
100-04+ 7.308 7.318 7.315 7.311 7.304 7.298 7.286
100-05 7.305 7.315 7.312 7.308 7.300 7.294 7.282
100-05+ 7.301 7.312 7.309 7.305 7.297 7.291 7.278
100-06 7.298 7.309 7.306 7.302 7.294 7.287 7.274
100-06+ 7.295 7.306 7.303 7.299 7.290 7.283 7.270
100-07 7.292 7.304 7.300 7.296 7.287 7.280 7.266
100-07+ 7.288 7.301 7.297 7.293 7.283 7.276 7.262
First Payment 4.583 5.667 5.250 4.917 4.333 3.917 3.417
Average Life 6.131 7.155 6.808 6.465 5.807 5.373 4.690
Last Payment 6.917 7.917 7.583 7.250 6.583 6.167 5.417
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
- -------------------------------------------------------------------------------
- IHE 1996-1
- Cut Off Date of Tape is 9/30/96 - HELOCs ( GROUP I )
- $43,293,515.97
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Number of Mortgage Loans: 1,371
Index: PRIME
Aggregate Unpaid Principal Balance: $43,293,515.97
Aggregate Max Credit: $46,965,450.00
- -------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 12.794%
Gross Coupon Range: 9.750% - 15.150%
- --------------------------------------------------------------------------------
Weighted Average Margin (Gross): 4.544%
Gross Margin Range: 1.500% - 6.900%
Weighted Average Life Cap (Gross): 19.854%
Gross Life Cap Range: 15.150% - 23.900%
Weighted Average Life Floor (Gross): 11.042%
Gross Life Floor Range: 7.750% - 14.150%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $31,578.06
Average Max Credit: $34,256.35
Maximum Unpaid Principal Balance: $140,000.00
Minimum Unpaid Principal Balance: $4,297.17
Maximum Max Credit: $300,000.00
Minimum Max Credit: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 233.092
Stated Rem Term Range: 221.000 - 240.000
Weighted Average Age (Original-Term - Rem-Term): 6.908
Age Range: 0.000 - 19.000
Weighted Average Original Term: 240.000
Original Term Range: 240.000 - 240.000
Weighted Average Original Combined LTV: 90.53 !ORIG. COMB. LTV (1st Mort+Max Credit) / Appraisal)
CLTV Range: 18.93% - 100.00%
Weighted Average LTV: 23.844 !LTV RANGE(Max Credit Balance) / Appraisal)
LTV Range: 3.117% - 90.000%
Weighted Average Loan Use Ratio: 95.260 !LOAN USE RATIO (Current Balance / Max Credit)
Loan Ratio Range: 9.719% - 100.000%
Weighted Average 2nd Mort Ratio: 27.199 !Max Credit/(Max Credit + 1st Mort)
Ratio Range: 3.676% - 100.000%
Weighted Average DSCR: 39.863
DSCR Range: 13.079 - 54.870
- --------------------------------------------------------------------------------
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
GROSS COUPON
- --------------------------------------------------------------------
Total
Gross # % Current
Coupon Loan Pool Balance
9.50% < Gross Coupon <= 9.75% 1 .32 $140,000.00
10.00% < Gross Coupon <= 10.25% 156 14.12 $6,112,137.11
10.25% < Gross Coupon <= 10.50% 1 .23 $100,000.00
10.50% < Gross Coupon <= 10.75% 4 .45 $192,692.25
10.75% < Gross Coupon <= 11.00% 1 .17 $75,000.00
11.00% < Gross Coupon <= 11.25% 148 11.78 $5,098,317.53
11.50% < Gross Coupon <= 11.75% 2 .10 $44,147.73
12.00% < Gross Coupon <= 12.25% 208 16.26 $7,037,828.41
12.50% < Gross Coupon <= 12.75% 1 .08 $35,347.85
12.75% < Gross Coupon <= 13.00% 1 .07 $32,300.00
13.00% < Gross Coupon <= 13.25% 160 11.72 $5,073,901.13
13.25% < Gross Coupon <= 13.50% 1 .06 $25,500.00
13.50% < Gross Coupon <= 13.75% 2 .13 $58,400.00
14.00% < Gross Coupon <= 14.25% 530 39.18 $16,962,614.55
14.50% < Gross Coupon <= 14.75% 1 .03 $13,868.22
15.00% < Gross Coupon <= 15.25% 154 5.29 $2,291,461.19
- --------------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
====================================================================
GROSS MARGIN
- --------------------------------------------------------------
Total
Gross # % Current
Margin Loan Pool Balance
1.25% < Gross Margin <= 1.50% 1 .32 $140,000.00
1.75% < Gross Margin <= 2.00% 156 14.12 $6,112,137.11
2.00% < Gross Margin <= 2.25% 1 .23 $100,000.00
2.25% < Gross Margin <= 2.50% 4 .45 $192,692.25
2.50% < Gross Margin <= 2.75% 1 .17 $75,000.00
2.75% < Gross Margin <= 3.00% 148 11.78 $5,098,317.53
3.25% < Gross Margin <= 3.50% 2 .10 $44,147.73
3.75% < Gross Margin <= 4.00% 208 16.26 $7,037,828.41
4.25% < Gross Margin <= 4.50% 1 .08 $35,347.85
4.50% < Gross Margin <= 4.75% 1 .07 $32,300.00
4.75% < Gross Margin <= 5.00% 160 11.72 $5,073,901.13
5.00% < Gross Margin <= 5.25% 1 .06 $25,500.00
5.25% < Gross Margin <= 5.50% 2 .13 $58,400.00
5.75% < Gross Margin <= 6.00% 530 39.18 $16,962,614.55
6.00% < Gross Margin <= 7.00% 155 5.32 $2,305,329.41
- ---------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
===============================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
Gross Life Cap
- ---------------------------------------------------------------
Total
Gross # % Current
Life Cap Loan Pool Balance
15.00% < Gross Life Cap <= 15.25 1 .05 $21,850.14
15.25% < Gross Life Cap <= 15.50 1 .04 $17,499.97
15.50% < Gross Life Cap <= 15.75 1 .11 $48,507.19
16.25% < Gross Life Cap <= 16.50 2 .15 $62,857.41
17.00% < Gross Life Cap <= 17.25 3 .20 $88,200.00
17.25% < Gross Life Cap <= 17.50 2 .17 $71,449.24
17.50% < Gross Life Cap <= 17.75 8 .77 $331,352.53
17.75% < Gross Life Cap <= 18.00 389 26.22 $11,350,784.12
18.00% < Gross Life Cap <= 18.25 44 4.42 $1,912,068.37
18.25% < Gross Life Cap <= 18.50 19 1.43 $618,322.79
18.50% < Gross Life Cap <= 18.75 49 4.39 $1,901,623.59
18.75% < Gross Life Cap <= 19.00 4 .57 $247,403.54
19.00% < Gross Life Cap <= 19.25 66 5.56 $2,405,706.71
19.25% < Gross Life Cap <= 19.50 15 1.13 $488,709.41
19.50% < Gross Life Cap <= 19.75 57 4.30 $1,861,068.70
19.75% < Gross Life Cap <= 20.00 104 7.44 $3,219,502.82
20.00% < Gross Life Cap <= 20.25 41 3.00 $1,299,911.67
20.25% < Gross Life Cap <= 20.50 21 1.89 $818,848.07
20.50% < Gross Life Cap <= 20.75 63 4.06 $1,759,156.36
20.75% < Gross Life Cap <= 21.00 164 11.74 $5,082,233.26
21.00% < Gross Life Cap <= 22.00 75 5.33 $2,309,406.61
22.00% < Gross Life Cap <= 23.00 202 15.65 $6,774,632.18
23.00% < Gross Life Cap <= 24.00 40 1.39 $602,421.29
- ---------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
===============================================================
Gross Life Floor
- -----------------------------------------------------------------
Total
Gross # % Current
Life Floor Loan Pool Balance
7.50% < Life Floor <= 7.75% 2 .43 $184,273.57
8.00% < Life Floor <= 8.25% 62 6.02 $2,608,116.14
8.25% < Life Floor <= 8.50% 29 1.94 $838,115.03
8.50% < Life Floor <= 8.75% 64 6.02 $2,606,774.35
8.75% < Life Floor <= 9.00% 3 .47 $204,694.70
9.00% < Life Floor <= 9.25% 62 5.13 $2,218,912.05
9.25% < Life Floor <= 9.50% 20 1.71 $740,083.85
9.50% < Life Floor <= 9.75% 67 5.03 $2,177,804.04
10.00% < Life Floor <= 10.25% 74 5.94 $2,570,372.03
10.25% < Life Floor <= 10.50% 32 3.19 $1,379,586.93
10.50% < Life Floor <= 10.75% 105 7.51 $3,250,245.15
10.75% < Life Floor <= 11.00% 1 .07 $32,300.00
11.00% < Life Floor <= 11.25% 67 4.69 $2,031,546.28
11.25% < Life Floor <= 11.50% 28 2.17 $939,716.87
11.50% < Life Floor <= 11.75% 66 4.88 $2,112,422.93
11.75% < Life Floor <= 12.00% 2 .13 $55,600.00
12.00% < Life Floor <= 12.25% 193 14.47 $6,266,309.61
12.25% < Life Floor <= 12.50% 83 5.89 $2,549,504.27
12.50% < Life Floor <= 12.75% 253 18.79 $8,136,800.67
12.75% < Life Floor <= 13.00% 153 5.26 $2,277,641.17
13.00% < Life Floor <= 13.25% 2 .14 $58,570.62
13.25% < Life Floor <= 13.50% 1 .03 $14,526.17
13.75% < Life Floor <= 14.00% 1 .04 $19,099.54
14.00% < Life Floor <= 14.25% 1 .05 $20,500.00
- -----------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
=================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
REMAINING TERM
- --------------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
221 1 .06 $25,300.00
222 1 .11 $45,945.58
225 1 .04 $19,099.54
226 1 .07 $30,100.00
227 1 .05 $20,175.99
228 1 .03 $14,418.46
229 145 9.70 $4,199,941.73
230 210 15.88 $6,873,703.33
231 184 12.76 $5,525,480.75
232 147 9.99 $4,325,704.70
233 129 9.35 $4,049,212.58
234 112 8.78 $3,802,862.63
235 108 8.15 $3,529,989.04
236 101 7.06 $3,055,258.92
237 93 7.07 $3,060,799.82
238 79 6.38 $2,762,724.95
239 48 3.75 $1,622,497.95
240 9 .76 $330,300.00
- --------------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
====================================================================
ORIG YEAR
- -------------------------------------------------------------------
Total
Year of # % Current
Origination Loan Pool Balance
1995 628 44.33 $19,190,476.38
1996 743 55.67 $24,103,039.59
- --------------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
====================================================================
COMBINED LTV
- --------------------------------------------------------------------
COMB. Total
LTV # % Current
RANGE Loan Pool Balance
15.000 < LTV <= 20.000 2 .15 $67,097.43
25.000 < LTV <= 30.000 1 .16 $69,882.60
30.000 < LTV <= 35.000 1 .17 $72,100.00
35.000 < LTV <= 40.000 4 .28 $120,825.88
40.000 < LTV <= 45.000 3 .24 $102,641.26
45.000 < LTV <= 50.000 4 .22 $95,518.52
50.000 < LTV <= 55.000 8 .71 $305,888.16
55.000 < LTV <= 60.000 7 .71 $307,210.08
60.000 < LTV <= 65.000 9 .81 $351,537.16
65.000 < LTV <= 70.000 18 1.91 $828,021.94
70.000 < LTV <= 75.000 21 1.70 $737,940.88
75.000 < LTV <= 80.000 112 9.42 $4,076,854.41
80.000 < LTV <= 85.000 165 12.35 $5,344,666.87
85.000 < LTV <= 90.000 260 18.81 $8,145,022.89
90.000 < LTV <= 95.000 118 9.21 $3,988,308.28
95.000 < LTV <= 100.000 638 43.15 $18,679,999.61
- --------------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
====================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
LOAN USE RATIO RANGE (Current-Balance / Max Credit)
- -------------------------------------------------------------------
Total
# % Current
RANGE Loan Pool Balance
5.000 < RATIO <= 10.000 1 .01 $4,917.61
10.000 < RATIO <= 15.000 5 .10 $45,029.71
15.000 < RATIO <= 20.000 1 .03 $11,289.64
25.000 < RATIO <= 30.000 4 .13 $57,715.25
30.000 < RATIO <= 35.000 8 .26 $113,311.29
35.000 < RATIO <= 40.000 9 .35 $151,545.25
40.000 < RATIO <= 45.000 9 .38 $162,622.79
45.000 < RATIO <= 50.000 8 .71 $307,454.90
50.000 < RATIO <= 55.000 15 .71 $309,331.77
55.000 < RATIO <= 60.000 10 .51 $221,494.92
60.000 < RATIO <= 65.000 16 1.01 $435,356.17
65.000 < RATIO <= 70.000 14 .84 $363,769.44
70.000 < RATIO <= 75.000 24 1.49 $643,044.55
75.000 < RATIO <= 80.000 22 1.47 $635,043.38
80.000 < RATIO <= 85.000 18 1.09 $473,643.74
85.000 < RATIO <= 90.000 34 2.18 $944,422.39
90.000 < RATIO <= 95.000 81 5.80 $2,510,640.10
95.000 < RATIO <= 100.000 1,092 82.93 $35,902,883.07
- -------------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
===================================================================
2nd MORT RATIO Ratio Range Max Credit/(Max Credit+1st Mort)
- ----------------------------------------------------------------
Total
# % Current
Loan Pool Balance
0.000 < RATIO <= 5.000 3 .08 $34,271.56
5.000 < RATIO <= 10.000 60 2.87 $1,244,392.29
10.000 < RATIO <= 15.000 253 14.34 $6,208,053.00
15.000 < RATIO <= 20.000 295 20.64 $8,936,927.47
20.000 < RATIO <= 25.000 249 17.76 $7,687,857.25
25.000 < RATIO <= 30.000 181 13.07 $5,658,414.20
30.000 < RATIO <= 35.000 139 12.36 $5,349,491.83
35.000 < RATIO <= 40.000 57 5.49 $2,378,596.88
40.000 < RATIO <= 45.000 45 3.93 $1,701,628.83
45.000 < RATIO <= 50.000 22 2.26 $978,655.76
50.000 < RATIO <= 55.000 19 1.74 $752,416.95
55.000 < RATIO <= 60.000 9 1.20 $520,883.08
60.000 < RATIO <= 65.000 7 .68 $296,093.66
65.000 < RATIO <= 70.000 3 .28 $119,230.34
70.000 < RATIO <= 75.000 3 .42 $183,058.28
75.000 < RATIO <= 80.000 4 .53 $230,983.01
80.000 < RATIO <= 85.000 2 .24 $104,546.46
85.000 < RATIO <= 90.000 2 .21 $92,200.00
90.000 < RATIO <= 95.000 1 .23 $99,000.00
95.000 < RATIO <= 100.000 17 1.66 $716,815.12
- ----------------------------------------------------------------
Total..... 1,371 100. $43,293,515.97
================================================================
ORIGINAL MORTGAGE AMOUNT
- -------------------------------------------------------------------
Total
Original # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 25,000 505 21.44 $9,282,284.77
25,000 < Balance <= 50,000 658 49.92 $21,613,081.15
50,000 < Balance <= 75,000 155 19.52 $8,451,042.13
75,000 < Balance <= 100,000 43 7.18 $3,106,439.92
100,000 < Balance <= 150,000 9 1.62 $700,668.00
250,000 < Balance <= 300,000 1 .32 $140,000.00
- -------------------------------------------------------------------
Total..... 1,371100.00% $43,293,515.97
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
PROPERTY-TYPE
- -----------------------------------------------------------------
Total
# % Current
Loan Pool Balance
Single-family 1,312 96.67 $41,851,527.69
PUD 25 1.58 $685,980.02
Condominiums 22 1.05 $454,942.92
Multi-Family/Apt. 12 .70 $301,065.34
- ------------------------------------------------------------------
Total..... 1,371 100.00% $43,293,515.97
==================================================================
GEOGRAPHIC DISTRIBUTION
------------------------------------------------
Total
# % Current
State Loans Pool Balance
CA 132 11.29 $4,886,061.67
CO 75 5.40 $2,337,319.86
FL 205 13.59 $5,882,530.25
GA 90 5.49 $2,377,720.99
IL 128 9.49 $4,110,369.11
IN 53 3.47 $1,503,021.47
MA 109 8.26 $3,577,596.89
MI 183 12.56 $5,437,804.89
NY 102 8.34 $3,610,392.25
OR 101 6.97 $3,018,436.96
PA 62 4.84 $2,096,400.98
UT 24 1.94 $840,754.91
VA 107 8.35 $3,615,105.74
- -------------------------------------------------
Total.. 1,371 100.00% $43,293,515.97
=================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
- --------------------------------------------------------------------------------
- IHE 1996-1
- Cut Off Date of Tape is 9/30/96 - FIX HELs ( GROUP II )
- $36,642,160.75
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,268
Aggregate Unpaid Principal Balance: $36,642,160.75
Aggregate Original Principal Balance: $37,318,200.00
Weighted Average Gross Coupon: 13.813%
Gross Coupon Range: 10.000% - 16.900%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $28,897.60
Average Original Principal Balance: $29,430.76
Maximum Unpaid Principal Balance: $168,626.26
Minimum Unpaid Principal Balance: $9,325.27
Maximum Original Principal Balance: $170,000.00
Minimum Original Principal Balance: $9,900.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 115.961
Stated Rem Term Range: 109.000 - 120.000
Weighted Average Age (Original - Rem Term): 4.039
Age Range: 0.000 - 11.000
Weighted Average Original Term: 120.000
Original Term Range: 120.000 - 120.000
Weighted Average Original LTV: 23.92
Original LTV Range: 4.00% - 89.29%
Weighted Average Combined LTV: 90.31
Combined LTV Range: 21.28% - 100.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
GROSS COUPON
- -------------------------------------------------------------------
Total
Gross # % Current
Coupon Loan Pool Balance
9.75% < Gross Coupon <= 10.00% 1 .13 $46,085.48
10.00% < Gross Coupon <= 10.25% 1 .08 $27,926.92
10.25% < Gross Coupon <= 10.50% 32 2.57 $942,892.14
10.50% < Gross Coupon <= 10.75% 3 .36 $132,456.59
10.75% < Gross Coupon <= 11.00% 45 4.13 $1,513,600.31
11.25% < Gross Coupon <= 11.50% 71 6.11 $2,240,645.63
11.75% < Gross Coupon <= 12.00% 86 7.53 $2,760,015.87
12.25% < Gross Coupon <= 12.50% 73 5.54 $2,031,064.48
12.50% < Gross Coupon <= 12.75% 4 .38 $139,049.94
12.75% < Gross Coupon <= 13.00% 75 5.70 $2,090,411.74
13.25% < Gross Coupon <= 13.50% 114 9.03 $3,308,896.50
13.50% < Gross Coupon <= 13.75% 5 .36 $132,010.45
13.75% < Gross Coupon <= 14.00% 120 9.38 $3,436,211.45
14.25% < Gross Coupon <= 14.50% 110 9.65 $3,536,554.92
14.50% < Gross Coupon <= 14.75% 11 .98 $358,073.41
14.75% < Gross Coupon <= 15.00% 176 14.27 $5,229,501.85
15.00% < Gross Coupon <= 15.25% 2 .16 $58,338.92
15.25% < Gross Coupon <= 15.50% 155 11.34 $4,154,627.53
15.50% < Gross Coupon <= 15.75% 3 .13 $46,984.53
15.75% < Gross Coupon <= 16.00% 105 8.94 $3,275,247.59
16.00% < Gross Coupon <= 16.25% 1 .05 $18,382.35
16.25% < Gross Coupon <= 16.50% 29 1.16 $423,373.55
16.75% < Gross Coupon <= 17.00% 46 2.02 $739,808.60
- -------------------------------------------------------------------
Total..... 1,268 100.00% $36,642,160.75
===================================================================
REMAINING TERM
- ------------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
109 1 .07 $25,937.19
110 27 1.84 $672,814.89
111 33 2.98 $1,092,555.49
112 38 2.68 $980,902.04
113 78 5.53 $2,026,547.14
114 104 8.46 $3,101,069.47
115 208 16.03 $5,873,873.20
116 217 18.42 $6,748,913.39
117 221 17.24 $6,316,714.82
118 196 15.56 $5,700,474.64
119 134 10.33 $3,785,958.55
120 11 .86 $316,399.93
- ------------------------------------------------------------------
Total..... 1,268 100.00% $36,642,160.75
==================================================================
ORIGINATION YEAR
- ------------------------------------------------------------------
Total
Year of # % Current
Origination Loan Pool Balance
1995 72 5.62 $2,059,366.52
1996 1,196 94.38 $34,582,794.23
- -------------------------------------------------------------------
Total..... 1,268 100.00% $36,642,160.75
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
COMBINED LTV RANGE
- -------------------------------------------------------------------
Total
LTV # % Current
RANGE Loan Pool Balance
20.000 < LTV <= 25.000 1 .07 $24,903.58
25.000 < LTV <= 30.000 1 .11 $39,610.11
35.000 < LTV <= 40.000 3 .25 $90,958.02
40.000 < LTV <= 45.000 2 .19 $68,826.64
45.000 < LTV <= 50.000 7 .62 $226,173.26
50.000 < LTV <= 55.000 10 .77 $282,291.04
55.000 < LTV <= 60.000 12 .82 $299,480.71
60.000 < LTV <= 65.000 9 .78 $285,680.23
65.000 < LTV <= 70.000 14 .97 $355,656.48
70.000 < LTV <= 75.000 37 3.55 $1,299,043.37
75.000 < LTV <= 80.000 108 9.02 $3,304,004.49
80.000 < LTV <= 85.000 130 10.04 $3,679,066.09
85.000 < LTV <= 90.000 240 17.52 $6,420,799.49
90.000 < LTV <= 95.000 156 12.95 $4,745,014.15
95.000 < LTV <= 100.000 538 42.36 $15,520,653.09
- -------------------------------------------------------------------
Total..... 1,268 100.00% $36,642,160.75
===================================================================
ORIGINAL MORTGAGE AMOUNT
- -------------------------------------------------------------------
Total
Original # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 25,000 602 31.99 $11,722,015.88
25,000 < Balance <= 50,000 580 52.95 $19,401,862.26
50,000 < Balance <= 75,000 71 11.26 $4,126,863.10
75,000 < Balance <= 100,000 14 3.34 $1,222,793.25
150,000 < Balance <= 203,150 1 .46 $168,626.26
- -------------------------------------------------------------------
Total..... 1,268100.00% $36,642,160.75
===================================================================
PROPERTY-TYPE
- ------------------------------------------------------------------
Total
# % Current
Loan Pool Balance
Single-family 1,229 97.14 $35,592,456.12
PUD 27 1.92 $704,084.51
Condominiums 9 .72 $265,464.68
Multi-Family/Apt. 3 .22 $80,155.44
- -------------------------------------------------------------------
Total..... 1,268 100.00% $36,642,160.75
===================================================================
GEOGRAPHIC DISTRIBUTION
------------------------------------------
Total
# % Current
State Loans Pool Balance
CA 187 15.78 $5,783,345.37
CO 19 1.86 $683,340.71
FL 199 15.03 $5,508,995.42
GA 74 5.26 $1,928,885.30
IL 152 12.52 $4,585,888.36
MA 75 6.10 $2,235,086.58
MI 318 25.28 $9,264,097.00
OR 123 8.87 $3,248,774.58
PA 38 2.71 $992,752.65
UT 16 1.29 $473,544.79
VA 67 5.29 $1,937,449.99
- -------------------------------------------
Total.. 1,268 100.00 $36,642,160.75
===========================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
