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) December 9, 1996
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-16511 13-3526694
(State or other jurisdiiction of (Commission (IRS Employer
incorporation) File Number) ID Number
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)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials (as defined below) of Prudential Securities Incorporated
(the "Underwriter") in connection with the issuance by Life Financial Services
Trust 1996-1 of Life Financial Services Trust 1996-1 Mortgage Pass-Through
Certificates, Series 1996-1. The term "Computational Materials" shall have the
meaning given in the No-Action Letter of May 20, 1994 issued by the Securities
and Exchange Commission (the "SEC") to Kidder, Peabody Acceptance Corporation I,
Kidder, Peabody & Co. Incorporated and Kidder Structured Asset Corporation, as
made applicable to other issuers and underwriters by the Commission in response
to the request of the Public Securities Association dated May 24, 1994, and the
supplemented in the No-Action Letter of February 17, 1995 issued by the SEC to
the Public Securities Association.
Item 7. Exhibits
Exhibit No. 99.1 Computational Materials of Prudential Securities
Incorporated.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED
FINANCING CORPORATION
By: /s/ Len Blum
Name: Len Blum
Title: Vice President
Dated: December 12, 1996
EXHIBIT 99.1
- Preliminary Marketing Memo
- Life Savings Bank, Federal Savings Bank
Seller and Servicer
- Life Financial Services Trust 1996-1
$55,000,000 (approximate) Class A Certificates [6.95%]
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>
Life Financial Services Trust 1996-1
Title of Securities: Life Financial Services Trust, Series 1996-1 Class
A Certificates (the "Certificates").
Description of
Transaction: This approximately of $55,000,000 MBIA-wrapped Class
A Certificates are backed by a fixed pool of
fixed-rate, mortgage loans (the "Loans"). The Loans
were originated or purchased as part of Life's
Portfolio Series mortgage loans (the "Portfolio
Series") and Liberator Series mortgage loans
(the "Liberator Series").
Portfolio Series loans are tageted as debt
consolidation loans for borrowers who have a
generally strong credit rating. The Portfolio Series
loans have a high ratio of combined first and second
liens to the value of real property securing such
loans, up to a 125% maximum.
Liberator Series loans are targeted for the purchase
or refinance of residential real property by
borrowers who because of prior credit problems or
the absence of a credit history are considered
sub-prime borrowers or other borrowers whose
application does not conform for a loan under FNMA
or FHLMC underwriting guidelines. The loan to value
ratio for the Liberator Series generally are 80%
or less, but may be as high as 90%.
- ------------------------------------------------------------------------------
Class A
------------------
Settlement Date: December [18], 1996
Dated Date: December [1], 1996
Prepayment Assumption: [17% HEP]
**Actual prepayments may vary**
Approximate Size: [$55,000,000]
Average Life to Call: [4.717] years
Average Life to Maturity: [4.821] years
Expected Maturity (to Call): [02/15/10]
Expected Maturity (to Mat): [07/15/26]
Stated Maturity: [04/15/28]
Coupon: [6.95%]*
*(if the Servicer or Certificate Insurer
does not exercise its option to call at the
5% Cleanup Call, then the coupon on the
Class
A Certificates will be raised by 50 bps)
Coupon Day Count: 30/360
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>
Life Financial Services Trust 1996-1
Servicer: Life Savings Bank Trust.
Back-up Servicer: Norwest Bank Minnesota, N.A.
Servicer Fee: 100 bps per annum.
Trustee: Norwest Bank Minnesota, N.A.
Certificate Ratings: The Class A 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) Ongoing Spread.
Reserve Account: Initial: [3.5%] of Original Class A Certificate
(Approximately) Balance.
Target: [9.00%] of [Original] Class A Certificate
Balance
The Required Reserve level is subject to step
downs beginning in month [30] if certain tests
are met.
ERISA Consideration: The Class A Certificates will not be ERISA
eligible.
Flow of Funds: 1) to the Certificate Insurer, the Premium
35 bps
2) to the Trustee and Back-Up Servicer, the
Trustee and Back-up Servicing Fee 4 bps
3) to the Class A, accrued monthly interest
4) to the Class A, accrued monthly principal
5) to the Certificate Insurer, any unreimbursed
draws
6) to the Reserve Account up to its target
amount as described above, and
7) to the Class R.
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>
Life Financial Services Trust 1996-1
Clean-up Call: The Servicer may repurchase the collateral
and, as a result, cause the Certificates to be
called at par plus accrued interest after the
remaining balances of the loans are less than [5%]
of Cutoff Date Pool Principal Balance. If the
Servicer does not exercise it's option to
repurchase, the Certificate Insurer has the option
to do so.
Payment Date: The [15th] day of each month or, if such day is not
a business day, the next succeeding business day,
beginning on January 15, 1997.
Payment Delay: [14] days
Interest Accrual
Period: For Class A, interest will accrue from the 1st day of
the preceeding month until the 30th day of the
preceeding month based on a 30/360 day count.
Pricing Date: December [10], 1996.
Settlement Date: December [18], 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.
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 Collateral
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, th
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>
Financial Strategies 12/11/96 08:23:25 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP LIFE61 Coupon 6.950
Class A PASS THRU Accr 0.32819 1st Pmt 01/15/97
Collateral (Real) Factor on / /
N/GWAC (Orig) / (12.570/13.570)
WAM (Orig) (20.100) Mat N/A Settle 12/18/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
****** TO 5% CLEANUP CALL *****
HEP 17.00 HEP 10.00 HEP 13.00 HEP 15.00 HEP 20.00 HEP 25.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 7.063 7.060 7.061 7.062 7.064 7.067 7.069
99-22+ 7.059 7.057 7.058 7.058 7.060 7.061 7.063
99-23 7.054 7.054 7.054 7.054 7.055 7.055 7.056
99-23+ 7.050 7.050 7.050 7.050 7.050 7.050 7.049
99-24 7.046 7.047 7.047 7.046 7.045 7.044 7.043
99-24+ 7.041 7.044 7.043 7.042 7.040 7.038 7.036
99-25 7.037 7.041 7.039 7.038 7.035 7.032 7.029
99-25+ 7.033 7.037 7.035 7.034 7.031 7.027 7.023
99-26 7.028 7.034 7.032 7.030 7.026 7.021 7.016
99-26+ 7.024 7.031 7.028 7.026 7.021 7.015 7.010
99-27 7.020 7.027 7.024 7.022 7.016 7.010 7.003
99-27+ 7.015 7.024 7.021 7.018 7.011 7.004 6.996
99-28 7.011 7.021 7.017 7.014 7.006 6.998 6.990
99-28+ 7.007 7.018 7.013 7.010 7.001 6.992 6.983
99-29 7.002 7.014 7.009 7.006 6.997 6.987 6.976
99-29+ 6.998 7.011 7.006 7.002 6.992 6.981 6.970
99-30 6.994 7.008 7.002 6.998 6.987 6.975 6.963
99-30+ 6.989 7.004 6.998 6.994 6.982 6.970 6.956
99-31 6.985 7.001 6.995 6.990 6.977 6.964 6.950
99-31+ 6.981 6.998 6.991 6.986 6.972 6.958 6.943
100-00 6.976 6.995 6.987 6.982 6.968 6.952 6.937
100-00+ 6.972 6.991 6.983 6.978 6.963 6.947 6.930
100-01 6.968 6.988 6.980 6.974 6.958 6.941 6.923
100-01+ 6.963 6.985 6.976 6.970 6.953 6.935 6.917
100-02 6.959 6.982 6.972 6.966 6.948 6.930 6.910
100-02+ 6.955 6.978 6.969 6.962 6.943 6.924 6.904
100-03 6.950 6.975 6.965 6.958 6.939 6.918 6.897
100-03+ 6.946 6.972 6.961 6.954 6.934 6.913 6.890
100-04 6.942 6.968 6.958 6.950 6.929 6.907 6.884
100-04+ 6.937 6.965 6.954 6.946 6.924 6.901 6.877
100-05 6.933 6.962 6.950 6.942 6.919 6.896 6.871
100-05+ 6.929 6.959 6.946 6.938 6.915 6.890 6.864
100-06 6.924 6.955 6.943 6.934 6.910 6.884 6.857
100-06+ 6.920 6.952 6.939 6.930 6.905 6.878 6.851
100-07 6.916 6.949 6.935 6.926 6.900 6.873 6.844
100-07+ 6.911 6.946 6.932 6.922 6.895 6.867 6.838
100-08 6.907 6.942 6.928 6.918 6.890 6.861 6.831
100-08+ 6.903 6.939 6.924 6.914 6.886 6.856 6.824
100-09 6.898 6.936 6.921 6.910 6.881 6.850 6.818
Avg. Life 4.717 6.695 5.741 5.196 4.116 3.361 2.817
Mod. Dur. 3.595 4.755 4.202 3.882 3.223 2.731 2.354
Mac. Dur. 3.720 4.921 4.349 4.017 3.335 2.826 2.436
1st Pmt. 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Last Pmt. 02/15/10 04/15/12 09/15/11 01/15/11 09/15/08 09/15/06 02/15/05
</TABLE>
Exercise call option : Mandatory
Call option code : Earlier of
Fraction of coll. prin. : 0.0500
Yields are to Call
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>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
AL 18 548,015.14 1.98
AR 1 40,153.71 0.15
AZ 3 182,569.40 0.66
CA 179 6,965,364.00 25.19
CO 22 711,497.81 2.57
CT 2 81,389.53 0.29
DC 2 49,677.18 0.18
DE 5 139,614.50 0.51
FL 53 1,588,451.50 5.75
GA 23 678,637.65 2.45
HI 11 623,326.90 2.25
ID 14 390,944.86 1.41
IL 12 593,504.26 2.15
IN 23 632,500.94 2.29
KS 1 17,000.00 0.06
MA 2 55,559.67 0.20
MD 67 2,338,485.88 8.46
MI 4 105,733.28 0.38
MT 1 122,762.43 0.44
NC 46 1,469,140.98 5.31
NJ 6 257,599.23 0.93
NM 1 30,976.14 0.11
NV 8 252,940.82 0.91
NY 1 50,000.00 0.18
OH 3 73,400.00 0.27
OK 9 239,091.27 0.86
OR 5 240,052.76 0.87
PA 35 984,657.46 3.56
SC 11 370,806.28 1.34
TN 7 148,800.00 0.54
TX 3 482,845.34 1.75
UT 122 3,953,235.11 14.30
VA 75 2,691,494.23 9.74
VT 2 73,390.79 0.27
WA 7 387,056.04 1.40
WI 1 38,273.76 0.14
WY 2 37,254.06 0.13
- -----------------------------------------------------------------------------
Total............... 787 $ 27,646,202.91 100.00%
=============================================================================
</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>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
20 (Comb LTV) 25 1 44,950.00 0.16
30 (Comb LTV)= 35 1 24,989.14 0.09
35 (Comb LTV)= 40 2 173,959.42 0.63
40 (Comb LTV)= 45 1 55,000.00 0.20
45 (Comb LTV)= 50 5 339,736.00 1.23
50 (Comb LTV)= 55 2 125,519.57 0.45
55 (Comb LTV)= 60 7 214,284.71 0.78
60 (Comb LTV)= 65 14 739,206.27 2.67
65 (Comb LTV)= 70 7 395,842.20 1.43
70 (Comb LTV)= 75 14 1,141,438.76 4.13
75 (Comb LTV)= 80 10 694,056.35 2.51
80 (Comb LTV)= 85 10 769,188.25 2.78
85 (Comb LTV)= 90 95 3,478,707.09 12.58
90 (Comb LTV)= 95 44 1,338,147.58 4.84
95 (Comb LTV)= 100 199 5,619,284.20 20.33
100 (Comb LTV)= 105 32 1,056,495.72 3.82
105 (Comb LTV)= 110 59 1,759,861.34 6.37
110 (Comb LTV)= 115 63 2,112,665.23 7.64
115 (Comb LTV)= 120 77 2,702,994.32 9.78
120 (Comb LTV)= 125 143 4,819,104.05 17.43
125 (Comb LTV)= 125.06 1 40,772.71 0.15
- -----------------------------------------------------------------------------
Total.................... 787 $ 27,646,202.91 100.00%
=============================================================================
</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>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
Gross Coupon )= 9.50% 2 $438,745.34 1.59
9.50% ( Gross Coupon )= 9.75% 2 $382,961.66 1.39
9.75% ( Gross Coupon )= 10.00% 1 $104,850.00 .38
10.00% ( Gross Coupon )= 10.25% 2 $169,772.85 .61
10.25% ( Gross Coupon )= 10.50% 5 $431,526.62 1.56
10.50% ( Gross Coupon )= 10.75% 7 $359,668.55 1.30
10.75% ( Gross Coupon )= 11.00% 5 $429,411.83 1.55
11.00% ( Gross Coupon )= 11.25% 6 $469,606.94 1.70
11.25% ( Gross Coupon )= 11.50% 9 $368,223.90 1.33
11.50% ( Gross Coupon )= 11.75% 10 $335,500.06 1.21
11.75% ( Gross Coupon )= 12.00% 14 $573,270.60 2.07
12.00% ( Gross Coupon )= 12.25% 34 $1,068,398.43 3.86
12.25% ( Gross Coupon )= 12.50% 31 $1,359,827.36 4.92
12.50% ( Gross Coupon )= 12.75% 26 $831,915.11 3.01
12.75% ( Gross Coupon )= 13.00% 29 $1,093,536.79 3.96
13.00% ( Gross Coupon )= 13.25% 27 $994,587.83 3.60
13.25% ( Gross Coupon )= 13.50% 57 $1,888,806.94 6.83
13.50% ( Gross Coupon )= 13.75% 73 $2,353,960.14 8.51
13.75% ( Gross Coupon )= 14.00% 87 $2,779,497.10 10.05
14.00% ( Gross Coupon )= 14.25% 53 $1,686,608.18 6.10
14.25% ( Gross Coupon )= 14.50% 60 $1,757,203.23 6.36
14.50% ( Gross Coupon )= 14.75% 53 $1,559,682.21 5.64
14.75% ( Gross Coupon )= 15.00% 83 $2,683,714.41 9.71
15.00% ( Gross Coupon )= 15.25% 35 $1,009,658.97 3.65
15.25% ( Gross Coupon )= 15.50% 32 $965,979.29 3.49
15.50% ( Gross Coupon )= 15.75% 24 $867,137.03 3.14
15.75% ( Gross Coupon )= 16.00% 10 $321,834.04 1.16
16.00% ( Gross Coupon )= 16.25% 6 $170,472.63 .62
16.25% ( Gross Coupon )= 16.50% 2 $44,932.78 .16
16.50% ( Gross Coupon )= 16.75% 1 $119,936.00 .43
17.25% ( Gross Coupon )= 17.50% 1 $24,976.09 .09
- ----------------------------------------------------------------------------
Total.......... 787 $ 27,646,202.91 100.00%
============================================================================
</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>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
CURRENT MORTGAGE LOAN AMOUNTS 21-Nov-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
Balance )= 25,000 339 $7,309,673.86 26.44
25,000 ( Balance )= 50,000 387 $14,832,857.20 53.65
50,000 ( Balance )= 75,000 37 $2,220,117.91 8.03
75,000 ( Balance )= 100,000 10 $914,055.77 3.31
100,000 ( Balance )= 150,000 9 $1,091,166.54 3.95
150,000 ( Balance )= 200,000 2 $356,957.39 1.29
200,000 ( Balance )= 250,000 1 $228,000.00 .82
300,000 ( Balance )= 350,000 1 $312,000.00 1.13
350,000 ( Balance )= 400,000 1 $381,374.24 1.38
- --------------------------------------------------------------------------
Total.................... 787 $ 27,646,202.91 100.00%
==========================================================================
</TABLE>
LOAN SUMMARY STRATIFIED BY 22-Nov-1996
OWNER OCCUPANCY Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
<S> <C> <C> <C>
1 Owner Occ. 39 3,376,385.15 12.21
1 Non Owner Occ. 7 473,107.85 1.71
2 Owner Occ. 736 23,478,941.50 84.93
2 Non Owner Occ. 5 317,768.41 1.15
- ----------------------------------------------------------------------------
Total.................. 787 $ 27,646,202.91 100.00%
============================================================================
</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>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
MORTGAGED PROPERTIES 22-Nov-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of % Pool Unpaid Aggregate
Mortgage by # Principal Principal
Loans Loans Balance Balance
<S> <C> <C> <C> <C>
Single-family 725 92.12% 25,278,204.38 91.43
PUD 19 2.41% 736,157.74 2.66
Condo/Co-op 37 4.70% 1,224,604.46 4.43
Apartment 2-4 Units 6 0.76% 407,236.33 1.47
- ------------------------------------------------------------------------------
Total....... 787 100.00% $ 27,646,202.91 100.00%
=============================================================================
</TABLE>
AGE OF LOAN
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
<S> <C> <C> <C>
Age = 0 347 12,364,105.74 44.72%
0 ( Age (= 12 434 14,761,230.68 53.39%
12 ( Age (= 24 5 139,492.25 0.50%
36 ( Age (= 48 1 381,374.24 1.38%
- -----------------------------------------------------------------------------
Total............ 787 27,646,202.91 100.00%
=============================================================================
</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>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
REMAINING MONTHS TO STATED MATURITY 22-Nov-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Number of Mortgage Principal Principal
Months Loans Balance Balance
<S> <C> <C> <C>
144 1 24,750.00 0.09
157 1 9,961.49 0.04
166 1 48,120.01 0.17
167 3 81,410.75 0.29
168 2 104,293.15 0.38
169 2 56,104.08 0.20
170 2 41,323.08 0.15
171 2 70,542.97 0.26
172 5 143,037.00 0.52
173 9 273,878.38 0.99
174 16 576,638.09 2.09
175 11 399,618.88 1.45
176 13 381,229.08 1.38
177 21 661,950.96 2.39
178 68 2,255,314.08 8.16
179 124 4,011,607.95 14.51
180 180 6,449,442.40 23.33
236 3 99,372.83 0.36
237 13 427,474.71 1.55
238 54 1,857,446.01 6.72
239 85 3,087,578.78 11.17
240 156 5,112,560.00 18.49
249 1 57,371.10 0.21
321 1 381,374.24 1.38
353 1 70,961.66 0.26
359 2 185,487.89 0.67
360 10 777,353.34 2.81
- -----------------------------------------------------------------------------
Total............ 787 $ 27,646,202.91 100.00%
=============================================================================
</TABLE>
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<PAGE>
Life Financial Services Trust 1996-1
Loan Pool Information as of Statistical Calculation Date (11/15/96)
LOAN SUMMARY STRATIFIED BY
Amortization
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
<S> <C> <C> <C>
Fully Amortizing 683 22,897,994.14 82.83
Partially Amortizing 104 4,748,208.77 17.17
- --------------------------------------------------------------------------
Total.................. 787 $ 27,646,202.91 100.00%
==========================================================================
</TABLE>
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A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
