<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 (Date of earliest event reported) March 29, 1996
First Alliance Mortgage Loan Trust 1996-1
(Exact name of registrant as specified in its charter)
Delaware 33-91148 Application Pending
- --------------------------- -------------- --------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Prudential Securities 10292
Secured Financing ---------------
Corporation (Zip Code)
Attention: Norman Chaleff
One New York Plaza
New York, New York
(Address of Principal
Executive Offices
Registrant's telephone number, including area code (212) 778-1000
-------------
No Change
------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- -------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events.
-------------
In connection with the offering of Mortgage Pass-Through
Certificates, Series 1996-1, described in a Prospectus Supplement dated as of
March 28, 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 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.
FIRST ALLIANCE MORTGAGE LOAN TRUST 1996-1
By: Prudential Securities Secured Financing
Corporation, as Depositor
By: /s/Norman Chaleff
------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: April 2, 1996
<PAGE>
First Alliance Mortgage Company
First Alliance Mortgage Loan Trust 1996-1
----------------------------------------------------------------
[$20,541,000] Class A-1 Fixed Rate Certificates - [7.34]%
[$31,878,000] Class A-2 Floating Rate Certificates - 1M LIBOR+0.[38]%
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI")as underwriter for the First Alliance Mortgage Loan Trust
1996-1 transaction, and not by or as agent for First Alliance Mortgage Company
(the "Sponsor") or any of its affiliates. The analysis in this report is
accurate to the best of PSI's knowledge and is based on information provided by
the Sponsor. PSI makes no representations as to the accuracy of such information
provided to it by the Sponsor. 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 herein, 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>
First Alliance Mortgage Loan Trust 1996-1
Title of Securities: First Alliance Mortgage Loan Trust 1996-1
Class A-1 Fixed Rate Group Certificates and
Class A-2 Variable Rate Group Certificates
(collectively, the "Certificates").
Class A-1 Class A-2
--------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home Equity
Mortgage Loans Mortgage Loans
(Class A-1) (Class A-2)
(Fixed Rate Group) (Variable Rate Group)
Prepayment
Assumption: [21% HEP] [23% HEP]
Approximate Size: [$20,541,000] [$31,878,000]
Average Life (in yrs): [ 4.18 ] [ 3.87 ]
Average Life to Call: [ 3.84 ] [ 3.61 ]
Coupon: [ 7.34 ]% The Least of:
1) One Month LIBOR + [38] bps
2) The Available Funds Cap
After the Clean-up Call (for
floating rate group), the least
of:
1) One Month LIBOR + 2 times the
orig. margin
2) The Available Funds Cap
<PAGE>
Life Rate Cap: N/A [TBD]
Payment Delay: 19 NONE
Interest Payment Basis: 30/360 Actual/360
Expected Maturity
without Call: [ 8/20/16 ] [ 5/20/15 ]
Expected Maturity with
10% Call: [ 5/20/05 ] [ 5/20/05 ]
Stated Maturity: [ 6/20/27 ] [ 6/20/27 ]
- - - - - - - - - - - - - - - - - - - - - - - - - -
Pricing Date: March 28, 1996
Settlement Date: April 3, 1996
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on [April 22, 1996].
Interest Accrual
Period: The interest accrual period for the Class A-1
Certificates is the calendar month prior to the month
in which a distribution occurs. For the Class A-2
Certificates, interest will accrue from Payment Date
to Payment Date. For the first payment date, interest
will accrue from the Closing Date to the first
Payment Date for the Class A-2 Certificates.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-1
Clean-up Call: The Servicer has the option to excercise a call when
the balance of the aggregate mortgage loan balance
equals 10% or less of the original aggregate
collateral balance. The call will be excercised at
par [plus accrued interest].
Coupon Step-Up: If the Servicer does not exercise its option to call
the Certificates at the Cleanup Call, the TBD coupon
on the Class A-2 Certificates shall be raised to
LIBOR + [76] bps subject to the Monthly Available
Funds Cap and the Fixed Rate Cap.
Available Funds Cap: The Available Funds Cap is the weighted average of
the Mortgage Rates on the Mortgage Loans in the
Variable Rate Group, less the sum of (a) beginning on
the twelfth payment date from the closing date, the
Variable Rate Group Servicing Fee (b) beginning on
the seventh Payment Date from the Closing Date, the
premiums due to the Certificate Insurer with respect
to the Certificate Insurance Policy relating to the
Clas A-2Certificates, (c) the fees due to the Trustee
relating to the Class A-2 Certificates, and (d)
beginning on the seventh Payment Date from the
Closing Date, 0.50%, expressed as a percentage of the
Mortgage Loans in the Variable Rate Group, calculated
as of the first day of the related Remittance Period.
Servicer: First Alliance Mortgage Company, a California
corporation.
Servicing Fee: [100] basis points per annum for the fixed rate
group, and [50] basis points per annum for the
variable rate group.
*Servicing for the variable rate group will be
subordinated for the first 11 months.
Trustee: Bankers Trust Company, a New York Corporation.
Certificate Ratings: The Certificates will be rated AAA by Standard &
Poor's and Aaa by Moody's Investor Service.
<PAGE>
Certificate Insurer: MBIA Insurance Corporation ("MBIA"). MBIA's
claims-paying ability is rated AAA/Aaa by Standard
and Poor's and Moody's.
Certificate Insurance: Timely payments of interest and the ultimate payment
of principal on the Certificates will be 100%
guaranteed by MBIA.
Flow of Funds: CERTIFICATE CLASS A-1
1) Servicing Fee;
2) MBIA fee;
3) [Trustee fee];
4) Accrued monthly interest to Classes A-1;
5) Monthly principal
6) Excess cashflow to cover shortfalls to floating
rate group;
7) Remaining excess cashflow to build over-
collateralization ("O/C"), for this collateral
group;
8) Remaining excess cashflow to build O/C in the
Variable Rate Mortgage Group;
9) Repayment of any unreimbursed Servicer advances;
10) Any excess cashflow is released to the Residual-
holder.
CERTIFICATE CLASS A-2
1) Servicing Fee;
2) MBIA fee;
3) [Trustee fee];
4) Accrued monthly interest to Class A-2, subject to
the Available Funds Cap and Fixed Rate Cap;
5) Monthly principal to Class A-2;
6) Excess cashflow to cover shortfalls to fixed rate
group;
7) Remaining excess cashflow to build O/C for this
Class of Certificates;
8) Remaining excess cashflow to cover shortfalls or
build O/C in the Fixed Rate Mortgage Group;
9) Repayment of any unreimbursed Servicer advances;
10) Any excess cashflow is released to the Residual-
holder.
Credit Enhancement: A combination of:
- Overcollateralization.
- Cross-collateralization of excess spread
- 100% wrap from MBIA guarantee of timely interest
<PAGE>
and ultimate principal.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-1
<TABLE>
<CAPTION>
<S> <C>
Loss Allocation: Losses are allocated as follows:
Class A1
--------
1) Current monthly excess cashflow from the
fixed-rate group;
2) Current monthly excess cashflow from the
floating-rate group
3) Overcollateralization (only for fixed-rate group)
4) MBIA
5) Class A-1 Certificates
Class A-2
---------
1) Current monthly excess cashflow from the floating-rate group
2) Current monthly excess cashflow from the fixed-rate group
3) Overcollateralization (only for floating-rate group)
4) MBIA
5) Class A-2 Certificates
Over-Collateralization: On each payment date, certain excess cash flows with respect
to each mortgage loan group will be applied as an accelerated
payment of principal on the related Class A Certificates,
to the limited extent outlined below. This has the effect
of accelerating the amortization of the Class A Certificates
relative to the amortization of the loans in the related
mortgage loan group and results in the build up of
overcollateralization ("O/C").
Excess cashflow will be directed to build
the O/C amount until the pool reaches its
required O/C target. Upon this even the
acceleration features will cease, unless
they are once again necessary to maintain
the required O/C level.
CERTIFICATE CLASS A-1
Initial O/C: [ 0%] O/C Target: [ 2.0%]
CERTIFICATE CLASS A-2
Initial O/C: [ 0%] O/C Target: [ 2.2%]
<PAGE>
Cross-
Collateralization: Excess spread from each of the two collateral pools will be
available to credit enhance and accelerate the Certificates
supported by the other pool.
ERISA
Considerations: The Certificates will be ERISA eligible. However,
investors should consult with their counsel with respect
to the consequences under ERISA and the Code of the
Plan's acquisition and ownership of such certificates.
SMMEA: The Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
Taxation: REMIC.
</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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
First Alliance Mortgage Loan Trust 1996-1
Preliminary Pool Information:
(As of Cut-off Date) Fixed Rate 6M LIBOR
---------- --------
<S> <C> <C> <C>
Loans 281 360
Balance $20,541,764 $31,878,145
WAC(gross) 10.17% 8.03%
WAC(net) 9.17% 7.53%
WAM 331 months 346 months
CA Conc. 58.81% 32.58%
WA Orig. LTV 55.90% 61.40%
WA CLTV 57.92% 61.40%
% 1st Lien 95.10% 100%
% 2nd Lien 4.90% 0%
Owner Occ. 96.38% 97.91%
WA Cap NA 15.02%
WA Margin NA 5.24%
WA Floor NA 8.03%
Adj. Freq. NA Every 6 mos. -- Int. and Payment
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, the Prospectus shall govern in all
respects. Sales of the Certificates may not be consumated unless the
purchaser has received the Prospectus.
Further Information: For further information call the desk at (212) 778-2741, Paul Richardson
at (212) 778-1507,
Lina Hsu at (212) 778-1451, or Mimi Cheng at (212) 778-7474.
</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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Deal ID/CUSIP FAMT61 Coupon 7.340
Class A1 PASS THROUGH Accr 0.65244 1st Pmt 04/20/96
Collateral 100%WL (Real) Factor 1.000000000 on 03/28/96
N/GWAC (Orig) / (8.175/8.871) LIBOR-1M 5.42188
WAM (Orig) (28.400) Mat 06/20/27 Settle 04/03/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
**** TO MATURITY ****
FIXED HEP 21.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
ARM HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
----- --------- --------- --------- --------- --------- --------- ---------
99-26+ 7.385 7.399 7.394 7.390 7.388 7.376 7.364
99-27 7.380 7.395 7.390 7.385 7.383 7.370 7.357
99-27+ 7.375 7.391 7.386 7.381 7.378 7.365 7.351
99-28 7.370 7.387 7.382 7.376 7.373 7.359 7.344
99-28+ 7.366 7.383 7.377 7.372 7.369 7.353 7.338
99-29 7.361 7.379 7.373 7.367 7.364 7.348 7.332
99-29+ 7.356 7.375 7.369 7.362 7.359 7.342 7.325
99-30 7.351 7.372 7.365 7.358 7.354 7.337 7.319
99-30+ 7.346 7.368 7.361 7.353 7.350 7.331 7.312
99-31 7.341 7.364 7.356 7.349 7.345 7.326 7.306
99-31+ 7.336 7.360 7.352 7.344 7.340 7.320 7.299
100-00 7.331 7.356 7.348 7.340 7.335 7.314 7.293
100-00+ 7.326 7.352 7.344 7.335 7.331 7.309 7.287
100-01 7.322 7.348 7.339 7.330 7.326 7.303 7.280
100-01+ 7.317 7.344 7.335 7.326 7.321 7.298 7.274
100-02 7.312 7.340 7.331 7.321 7.317 7.292 7.267
100-02+ 7.307 7.336 7.327 7.317 7.312 7.287 7.261
100-03 7.302 7.333 7.322 7.312 7.307 7.281 7.254
100-03+ 7.297 7.329 7.318 7.308 7.302 7.276 7.248
100-04 7.292 7.325 7.314 7.303 7.298 7.270 7.242
100-04+ 7.287 7.321 7.310 7.299 7.293 7.264 7.235
100-05 7.282 7.317 7.306 7.294 7.288 7.259 7.229
100-05+ 7.278 7.313 7.301 7.290 7.284 7.253 7.222
Avg. Life 4.177 5.648 5.064 4.581 4.370 3.541 2.964
Mod. Dur. 3.174 3.979 3.672 3.406 3.286 2.788 2.414
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 20.381 25.631 23.881 22.131 21.214 17.297 14.381
Deal ID/CUSIP FAMT61 Coupon 7.340
Class A1 PASS THROUGH Accr 0.65244 1st Pmt 04/20/96
<PAGE>
Collateral 100%WL (Real) Factor 1.000000000 on 03/28/96
N/GWAC (Orig) / (8.175/8.871) LIBOR-1M 5.42188
WAM (Orig) (28.400) Mat 06/20/27 Settle 04/03/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
**** TO 10% CLEAN UP CALL ****
FIXED HEP 21.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
ARM HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
----- --------- --------- --------- --------- --------- --------- ---------
99-26+ 7.382 7.396 7.391 7.387 7.384 7.373 7.362
99-27 7.377 7.391 7.387 7.382 7.379 7.367 7.355
99-27+ 7.372 7.387 7.382 7.377 7.374 7.362 7.349
99-28 7.367 7.383 7.378 7.372 7.369 7.356 7.342
99-28+ 7.362 7.379 7.373 7.367 7.364 7.350 7.335
99-29 7.356 7.375 7.369 7.363 7.359 7.344 7.329
99-29+ 7.351 7.371 7.364 7.358 7.354 7.338 7.322
99-30 7.346 7.366 7.360 7.353 7.349 7.333 7.316
99-30+ 7.341 7.362 7.355 7.348 7.345 7.327 7.309
99-31 7.336 7.358 7.351 7.343 7.340 7.321 7.303
99-31+ 7.331 7.354 7.346 7.339 7.335 7.315 7.296
100-00 7.326 7.350 7.342 7.334 7.330 7.310 7.289
100-00+ 7.321 7.346 7.337 7.329 7.325 7.304 7.283
100-01 7.315 7.342 7.333 7.324 7.320 7.298 7.276
100-01+ 7.310 7.337 7.328 7.319 7.315 7.292 7.270
100-02 7.305 7.333 7.324 7.315 7.310 7.287 7.263
100-02+ 7.300 7.329 7.319 7.310 7.305 7.281 7.257
100-03 7.295 7.325 7.315 7.305 7.300 7.275 7.250
100-03+ 7.290 7.321 7.311 7.300 7.295 7.269 7.243
100-04 7.285 7.317 7.306 7.295 7.290 7.264 7.237
100-04+ 7.280 7.313 7.302 7.291 7.285 7.258 7.230
100-05 7.275 7.308 7.297 7.286 7.280 7.252 7.224
100-05+ 7.269 7.304 7.293 7.281 7.275 7.246 7.217
Avg. Life 3.839 4.980 4.532 4.157 3.988 3.334 2.856
Mod. Dur. 3.033 3.744 3.473 3.237 3.130 2.695 2.362
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 05/20/05 11/20/06 04/20/06 10/20/05 07/20/05 10/20/04 04/20/04
<PAGE>
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP FAMT61 Coupon + 38 Cap Flr 0.38
Class A2 FLT CUR LIBOR-1M+38,Flr 0.38 Accr 0.08058 1st Pmt 04/20/96
Collateral 100%WL (Real) Factor 1.000000000 on 03/28/96
N/GWAC (Orig) / (8.175/8.871) LIBOR-1M 5.42188
WAM (Orig) (28.400) Mat 06/20/27 Settle 04/03/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
**** TO 10% CLEAN UP CALL ****
FIXED HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00
ARM HEP 23.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
----- --------- --------- --------- --------- --------- --------- ---------
99-26+ 43.520 42.056 42.427 42.791 42.974 43.880 44.787
99-27 43.017 41.687 42.023 42.355 42.521 43.344 44.168
99-27+ 42.514 41.317 41.620 41.918 42.067 42.808 43.550
99-28 42.011 40.948 41.217 41.482 41.614 42.272 42.931
99-28+ 41.508 40.578 40.814 41.045 41.161 41.737 42.313
99-29 41.006 40.209 40.411 40.609 40.708 41.202 41.695
99-29+ 40.503 39.840 40.008 40.173 40.256 40.666 41.078
99-30 40.001 39.470 39.605 39.737 39.803 40.131 40.460
99-30+ 39.499 39.101 39.202 39.301 39.350 39.596 39.843
99-31 38.997 38.732 38.799 38.865 38.898 39.062 39.225
99-31+ 38.495 38.364 38.397 38.429 38.446 38.527 38.608
100-00 37.993 37.995 37.994 37.994 37.994 37.992 37.991
100-00+ 37.491 37.626 37.592 37.558 37.542 37.458 37.375
100-01 36.990 37.258 37.190 37.123 37.090 36.924 36.758
100-01+ 36.488 36.889 36.788 36.688 36.638 36.390 36.141
100-02 35.987 36.521 36.386 36.253 36.186 35.856 35.525
100-02+ 35.486 36.153 35.984 35.818 35.735 35.322 34.909
100-03 34.985 35.784 35.582 35.383 35.283 34.788 34.293
100-03+ 34.484 35.416 35.180 34.948 34.832 34.255 33.677
100-04 33.983 35.048 34.779 34.513 34.381 33.722 33.062
100-04+ 33.483 34.680 34.377 34.079 33.930 33.188 32.446
100-05 32.982 34.313 33.976 33.645 33.479 32.655 31.831
100-05+ 32.482 33.945 33.575 33.210 33.028 32.122 31.216
Avg. Life 3.607 5.227 4.692 4.265 4.078 3.351 2.843
Mod. Dur. 2.994 4.073 3.732 3.449 3.322 2.810 2.435
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 05/20/05 04/20/08 04/20/07 07/20/06 03/20/06 12/20/04 02/20/04
<PAGE>
On the Group II Collateral:
- ---------------------------
1) For the first 6 months: Av Funds Cap = Gross coupon - 2.5 bps trustee fee
2) For months 7 to 11 : Av Funds Cap = Gross coupon - 2.5 bps trustee fee
- 15 bps MBIA Fee
- 50 bps surety spread requirement
3) Thereafter: Av Funds Cap = Gross coupon - 2.5 bps trustee fee
- 15 bps MBIA Fee
- 50 bps surety spread requirement
- 50 bps servicing
Monthly Available Funds Summary
Original 9/96 3/97 9/97
Monthly Available Funds Cap: [8.00] [8.32] [8.18] [8.97]
Margin to Bond Cpn: [2.18] [2.50] [2.36] [3.15]
The Monthly Available Funds Life Cap consists of the following:
Weighted Average Life Cap: [15.02]%
Less Servicing [14.52]%
Less Fees [14.34]%
Less Surety Spread Rqmt: [13.84]%
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT61
- Cut Off Date of Tape is 03/01/96
- $20,541,764.16
- Fixed Rate Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 281
Aggregate Unpaid Principal Balance: $20,541,764.16
Aggregate Original Principal Balance: $20,546,225.00
Average Unpaid Principal Balance: $73,102.36
Average Original Principal Balance: $73,118.24
Maximum Unpaid Principal Balance: $302,053.00
Minimum Unpaid Principal Balance: $15,000.00
Maximum Original Principal Balance: $302,053.00
Minimum Original Principal Balance: $15,000.00
Weighted Average Gross Coupon: 10.171%
Gross Coupon Range: 7.950% - 16.250%
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 331.628
Stated Rem Term Range: 119.000 - 360.000
Weighted Avg. Amortized Rem. Term: 331.435
Amortized Rem Term Range: 119.000 - 360.071
Weighted Average Age (First Pay thru Last Pay): 0.148
Age Range: 0.000 - 3.000
Weighted Average Original Term: 331.777
Original Term Range: 120.000 - 360.000
Weighted Average LTV: 55.898
LTV Range: 7.310% - 80.000%
Weighted Average Combined LTV: 57.921
Combined LTV Range: 14.230% - 80.000%
<PAGE>
- ------------------------------------------------------------------------------
GROSS COUPON
- ------------------------------------------------------------------------------
Gross Current
Coupon # Loans % Pool WAM WALTV Balance
7.00% < Gross Coupon <= 8.00% 1 .51 360.00 69.34 $104,008
8.00% < Gross Coupon <= 9.00% 63 24.94 331.51 56.34 $5,123,078
9.00% < Gross Coupon <= 10.00% 103 42.40 339.87 60.58 $8,709,772
10.00% < Gross Coupon <= 11.00% 46 16.61 340.70 57.18 $3,412,207
11.00% < Gross Coupon <= 12.00% 23 6.46 334.61 48.41 $1,326,330
12.00% < Gross Coupon <= 13.00% 7 2.12 339.92 51.14 $435,888
13.00% < Gross Coupon <= 14.00% 28 5.27 265.88 33.65 $1,082,012
14.00% < Gross Coupon <= 15.00% 8 1.45 207.78 20.63 $297,182
15.00% < Gross Coupon <= 16.00% 1 .12 240.00 17.96 $24,594
16.00% < Gross Coupon <= 17.00% 1 .13 240.00 7.31 $26,693
- ------------------------------------------------------------------------------
Total..... 281 100.00% $20,541,764
===============================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
Current
State # Loans % Pool WAC WAM WACLTV Balance
Arizona 15 4.92 10.68 317.18 65.66 $1,010,586
California 151 58.81 10.12 336.87 57.08 $12,080,736
Colorado 14 4.00 10.39 348.07 60.63 $821,002
Florida 29 9.65 9.96 329.53 58.55 $1,982,850
Georgia 7 2.20 10.23 354.02 61.08 $451,651
Idaho 1 .29 9.99 359.00 72.73 $59,947
Illinois 21 6.77 10.69 294.96 56.44 $1,390,127
Oregon 12 3.82 10.34 274.14 66.69 $784,421
Utah 3 .59 10.91 326.26 41.98 $121,482
Washington 28 8.95 9.84 346.27 54.50 $1,838,964
- ------------------------------------------------------------------------------
Total..... 281 100.00% 10.17 331.63 57.92 $20,541,764
==============================================================================
ORIGINAL BALANCE
- ------------------------------------------------------------------------------
Original
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 19 1.99 12.50 257.29 31.12
25,000 < Balance <= 50,000 60 10.76 11.44 291.32 41.86
50,000 < Balance <= 75,000 100 30.05 10.15 324.37 53.47
75,000 < Balance <= 100,000 47 19.84 9.97 343.60 58.50
100,000 < Balance <= 150,000 42 23.74 9.96 345.00 66.17
150,000 < Balance <= 200,000 5 4.13 9.18 325.77 69.43
200,000 < Balance <= 250,000 4 4.27 9.40 360.00 64.44
250,000 < Balance <= 300,000 3 3.77 10.18 359.67 71.47
300,000 < Balance <= 350,000 1 1.47 9.25 360.00 75.51
- ------------------------------------------------------------------------------
Total..... 281 100.00% 10.17 331.63 57.92
==============================================================================
<PAGE>
CURRENT BALANCES
- ------------------------------------------------------------------------------
Current
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 20 2.11 12.56 252.78 32.70
25,000 < Balance <= 50,000 60 10.88 11.47 294.09 42.07
50,000 < Balance <= 75,000 99 29.80 10.12 324.09 53.42
75,000 < Balance <= 100,000 47 19.84 9.97 343.60 58.50
100,000 < Balance <= 150,000 42 23.74 9.96 345.00 66.17
150,000 < Balance <= 200,000 5 4.13 9.18 325.77 69.43
200,000 < Balance <= 250,000 4 4.27 9.40 360.00 64.44
250,000 < Balance <= 300,000 3 3.77 10.18 359.67 71.47
300,000 < Balance <= 350,000 1 1.47 9.25 360.00 75.51
- ------------------------------------------------------------------------------
Total..... 281 100.00% 10.17 331.63 57.92
==============================================================================
<TABLE>
<CAPTION>
ORIGINATOR TYPE
- --------------------------------------------------------------------------------------------------
WA WA Max. Orig Total
# % Rem WA Orig Loan Current
Loan Feature Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FAMCO 281 100.00 10.171 331.63 .15 55.90 $302,053 $20,541,764.16
- --------------------------------------------------------------------------------------------------
Total..... 281 100.00% 10.171 331.63 .15 55.90 $302,053 $20,541,764.16
==================================================================================================
</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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL TERM
- --------------------------------------------------------------------------------
Original # of % of Current
Maturity Loans Pool WAC WAM WALTV Balance
108 < Orig Term <= 120 5 1.68 9.92 119.81 57.24 $344,173
168 < Orig Term <= 180 49 10.44 11.07 179.88 44.12 $2,145,265
228 < Orig Term <= 240 14 4.50 11.08 239.78 44.97 $925,077
348 < Orig Term <= 360 213 83.38 10.01 359.85 57.94 $17,127,248
- --------------------------------------------------------------------------------
Total... 281 100.00% $20,541,764
================================================================================
REMAINING TERM
- --------------------------------------------------------------------------------
# of % of Current
Remaining Term Loans Pool WAC WAM WALTV Balance
108 < Rem Term <= 120 5 1.68 9.92 119.81 57.24 $344,173
168 < Rem Term <= 180 49 10.44 11.07 179.88 44.12 $2,145,265
228 < Rem Term <= 240 14 4.50 11.08 239.78 44.97 $925,077
348 < Rem Term <= 360 213 83.38 10.01 359.85 57.94 $17,127,248
- --------------------------------------------------------------------------------
Total..... 281 100.00% $20,541,764
================================================================================
YEAR OF ORIGINATION
- --------------------------------------------------------------------------------
Year of # of % of Current
Origination Loans Pool WAC WAM WALTV Balance
1995 67 21.70 10.64 326.15 52.99 $4,456,673
1996 214 78.30 10.04 333.15 56.70 $16,085,091
- --------------------------------------------------------------------------------
Total... 281 100.00% $20,541,764
================================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
- --------------------------------------------------------------------------------
# of % of Current
Age of Loan Loans Pool WAC WAM WALTV Balance
0 < Age <= 3 281 100.00 10.17 331.63 55.90 $20,541,764
- --------------------------------------------------------------------------------
Total... 281 100.00% $20,541,764
================================================================================
<TABLE>
<CAPTION>
LIEN STATUS
- -----------------------------------------------------------------------------------
% Current
Lien Status # Loans Pool WAC WAM WALTV WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 252 95.10 9.98 338.70 57.79 57.79 $19,534,923
2 29 4.90 13.92 194.36 19.21 60.48 $1,006,841
- ------------------------------------------------------------------------------------
Total..... 281 100.00% 10.17 331.63 55.90 57.92 $20,541,764
====================================================================================
</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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
LTV RANGE
- --------------------------------------------------------------------------------
LTV % Avg. Curr Current
RANGE # Loans Pool WAC WAM Balance Balance
<S> <C> <C> <C> <C> <C> <C> <C>
5.000 < LTV <= 10.000 4 .45 14.85 197.22 $23,258 $93,032
10.000 < LTV <= 15.000 8 1.55 11.72 235.39 $39,723 $317,784
15.000 < LTV <= 20.000 21 2.91 12.72 251.70 $28,477 $598,015
20.000 < LTV <= 25.000 19 3.53 10.96 295.30 $38,164 $725,113
25.000 < LTV <= 30.000 12 2.87 11.59 273.78 $49,114 $589,370
30.000 < LTV <= 35.000 14 3.21 9.90 329.11 $47,130 $659,818
35.000 < LTV <= 40.000 11 2.89 10.81 341.46 $53,929 $593,223
40.000 < LTV <= 45.000 21 6.07 10.65 346.58 $59,409 $1,247,586
45.000 < LTV <= 50.000 21 6.71 10.13 343.27 $65,613 $1,377,868
50.000 < LTV <= 55.000 26 9.18 9.60 335.48 $72,511 $1,885,282
55.000 < LTV <= 60.000 32 13.52 9.96 342.27 $86,808 $2,777,851
60.000 < LTV <= 65.000 17 7.52 10.00 344.79 $90,874 $1,544,855
65.000 < LTV <= 70.000 35 16.73 10.04 355.98 $98,170 $3,435,962
70.000 < LTV <= 75.000 28 15.92 9.81 333.83 $116,796 $3,270,274
75.000 < LTV <= 80.000 12 6.94 9.45 306.68 $118,811 $1,425,730
- ----------------------------------------------------------------------------------
Total..... 281 100.00% $20,541,764
==================================================================================
</TABLE>
<TABLE>
<CAPTION>
COMBINED LTV RANGE
- ---------------------------------------------------------------------------------------------
Combined LTV # of % of Current
Range Loans Pool WAC WAM WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C>
10.0 < CLTV <= 15.0 4.00 0.70 10.11 302.18 14.37 144,081.32
15.0 < CLTV <= 20.0 9.00 1.19 10.84 317.70 17.10 243,550.91
20.0 < CLTV <= 25.0 14.00 2.80 10.32 325.49 23.07 574,848.83
25.0 < CLTV <= 30.0 10.00 1.96 10.39 312.79 26.89 401,656.66
30.0 < CLTV <= 35.0 15.00 3.32 10.04 324.16 32.67 682,479.19
35.0 < CLTV <= 40.0 14.00 3.23 11.11 324.20 37.47 664,228.91
40.0 < CLTV <= 45.0 22.00 6.25 10.73 343.64 43.27 1,282,912.48
45.0 < CLTV <= 50.0 21.00 6.71 10.13 343.27 47.47 1,377,868.34
50.0 < CLTV <= 55.0 28.00 9.45 9.73 331.04 52.48 1,940,539.75
55.0 < CLTV <= 60.0 34.00 13.87 10.03 338.16 57.03 2,849,734.30
60.0 < CLTV <= 65.0 22.00 8.75 10.61 323.65 62.67 1,796,861.41
65.0 < CLTV <= 70.0 43.00 18.02 10.31 344.14 68.09 3,701,906.09
70.0 < CLTV <= 75.0 31.00 16.32 9.90 330.03 72.90 3,353,092.15
75.0 < CLTV <= 80.0 14.00 7.44 9.74 300.99 77.16 1,528,003.82
- -------------------------------------------------------------------------------------------
Total..... 281 100.00% 10.17% 331.63 57.92% $20,541,764.16
===========================================================================================
</TABLE>
PROPERTY_TYPE
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
Single-family 276 98.45 10.17 331.19 56.05 $20,223,507
PUD 2 .46 10.70 358.91 50.30 $94,037
2-4 Family 3 1.09 9.62 360.00 44.24 $224,220
- --------------------------------------------------------------------------------
Total..... 281 100.00% $20,541,764
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
OWNER OCCUPANCY
- --------------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
<S> <C> <C> <C> <C> <C> <C>
Investor 11 3.62 11.17 332.22 50.42 $743,595
Owner Occ. 270 96.38 10.13 331.61 56.10 $19,798,169
- -------------------------------------------------------------------------------------
Total..... 281 100.00% $20,541,764
=====================================================================================
</TABLE>
LOAN_PURPOSE
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
Business Capital 3 .56 12.73 246.35 25.85 $114,285
Cashout/Refinance 204 82.65 10.01 339.31 58.82 $16,978,090
Busin. Investment 2 1.58 9.84 359.21 70.78 $324,848
Debt Consolidation 42 9.22 11.06 287.54 40.20 $1,894,211
Home Improvement 30 5.99 10.93 294.11 38.64 $1,230,330
- --------------------------------------------------------------------------------
Total..... 281 100.00% $20,541,764
================================================================================
DOCUMENTATION TYPE
- --------------------------------------------------------------------------------
# of % of Current
DOCUMENTATION Loans Pool WAC WAM WALTV Balance
FULL DOCUMENTATION 1 0.42 11.95 359.00 65.85 86,871
ALTERNATIVE DOC. 280 99.58 10.16 331.51 55.86 20,454,893
- --------------------------------------------------------------------------------
Total..... 281 100.00% 10.17% 331.63 55.90% $20,541,764
================================================================================
BORROWER QUALITY
- --------------------------------------------------------------------------------
% Current
# Loans Pool WAC WAM WACLTV Balance
A 115 43.53 9.41 328.57 57.36 $8,940,957
A- 58 22.26 10.05 329.47 62.77 $4,572,792
B 24 7.38 10.71 345.23 57.19 $1,515,657
B- 23 9.41 11.03 332.57 57.50 $1,933,542
C 25 7.23 11.00 334.86 54.05 $1,486,177
C- 16 5.47 11.38 346.36 57.53 $1,122,821
D 20 4.72 12.54 324.86 48.64 $969,818
- -----------------------------------------------------------------------------
Total..... 281 100.00% 10.17 331.63 57.92 $20,541,764
================================================================================
APPRAISAL VALUE
- --------------------------------------------------------------------------------
Appraisal
Value # Loans % Pool WAC WAM WALTV
50,000 <Balance<= 75,000 6 1.02 12.18 337.62 51.07
75,000 <Balance<= 100,000 41 10.54 10.27 309.17 63.16
100,000 <Balance<= 150,000 118 34.94 10.16 327.52 54.34
150,000 <Balance<= 200,000 73 29.04 10.23 339.99 55.60
200,000 <Balance<= 250,000 18 7.77 9.80 330.46 54.31
250,000 <Balance<= 300,000 7 3.43 9.56 336.41 52.20
300,000 <Balance<= 350,000 6 4.88 9.77 351.58 63.21
350,000 <Balance<= 400,000 8 6.93 10.39 342.86 61.26
400,000 <Balance<= 450,000 2 .73 10.21 290.56 18.70
450,000 <Balance<= 500,000 1 .35 13.95 240.00 15.47
500,000 <Balance<= 600,000 1 .37 9.95 360.00 14.35
- --------------------------------------------------------------------------------
Total..... 281 100.00%
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT61 (ARMs)
- Cut Off Date of Tape is 03/01/96
- $31,878,145.23
- Adjustable Rate Mortgage Summary Report
- --------------------------------------------------------------------------------
Last Payment Date:
Number of Mortgage Loans: 360
Aggregate Unpaid Principal Balance: $31,878,145.23
Aggregate Original Principal Balance: $31,891,424.00
Average Unpaid Principal Balance: $88,550.40
Average Original Principal Balance: $88,587.29
Maximum Unpaid Principal Balance: $376,571.26
Minimum Unpaid Principal Balance: $21,105.61
Maximum Original Principal Balance: $376,800.00
Minimum Original Principal Balance: $21,300.00
Weighted Average Gross Coupon: 8.034%
Gross Coupon Range: 5.950% - 11.750%
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 346.706
Stated Rem Term Range: 120.000 - 360.000
Weighted Avg. Amortized Rem. Term: 346.363
Amortized Rem Term Range: 118.999 - 360.877
Weighted Average Age (First Pay thru Last Pay): 0.167
Age Range: 0.000 - 4.000
Weighted Average Original Term: 346.873
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 61.401
Original LTV Range: 14.290% - 81.700%
Weighted Average Combined LTV: 61.401
Combined LTV Range: 14.290% - 81.700%
- --------------------------------------------------------------------------------
Adjustable Rate Features
- --------------------------------------------------------------------------------
Index: 6 Mo. LIBOR
Weighted Average Months to Interest Roll: 5.863
Months to Interest Roll Range: 2 - 8
Weighted Average Months to Payment Roll: 6.863
Months to Payment Roll Range: 3 - 9
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
Weighted Average Payment Roll Frequency: 6.000
Payment Frequency Range: 6 - 6
Weighted Average Gross Margin: 5.242%
Gross Margin Range: 3.950% - 6.950%
Weighted Average Periodic Interest Cap: 1.000%
Periodic Interest Cap Range: 1.000% - 1.000%
Weighted Average Life Cap (Gross): 15.017%
Gross Life Cap Range: 12.450% - 18.750%
Weighted Average Life Floor (Gross): 8.034%
Gross Life Floor Range: 5.950% - 11.750%
- --------------------------------------------------------------------------------
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS COUPON
- --------------------------------------------------------------------------------
Gross Current
Coupon # Loans % Pool WAM WALTV Balance
5.00% < Gross Coupon <= 6.00% 25 7.59 347.92 57.63 $2,417,964
6.00% < Gross Coupon <= 7.00% 78 25.45 340.21 60.58 $8,113,235
7.00% < Gross Coupon <= 8.00% 82 23.16 345.84 64.48 $7,382,937
8.00% < Gross Coupon <= 9.00% 90 24.39 344.17 65.78 $7,775,791
9.00% < Gross Coupon <= 10.00% 44 10.97 359.71 56.90 $3,497,772
10.00% < Gross Coupon <= 11.00% 34 7.41 357.86 52.64 $2,363,119
11.00% < Gross Coupon <= 12.00% 7 1.03 358.99 47.39 $327,327
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
ORIGINAL TERM
- --------------------------------------------------------------------------------
Original # of % of Current
Maturity Loans Pool WAC WAM WALTV Balance
108 < Orig Term <= 120 5 1.18 6.75 120.00 56.53 $375,505
168 < Orig Term <= 180 24 5.19 7.61 179.88 59.98 $1,653,364
228 < Orig Term <= 240 4 .80 7.65 239.72 55.01 $256,257
348 < Orig Term <= 360 327 92.83 8.08 359.83 61.60 $29,593,020
- --------------------------------------------------------------------------------
Total... 360 100.00% $31,878,145
================================================================================
REMAINING TERM
- --------------------------------------------------------------------------------
# of % of Current
Remaining Term Loans Pool WAC WAM WALTV Balance
108 < Rem Term <= 120 5 1.18 6.75 120.00 56.53 $375,505
168 < Rem Term <= 180 24 5.19 7.61 179.88 59.98 $1,653,364
228 < Rem Term <= 240 4 .80 7.65 239.72 55.01 $256,257
348 < Rem Term <= 360 327 92.83 8.08 359.83 61.60 $29,593,020
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
- --------------------------------------------------------------------------------
# of % of Current
Age of Loan Loans Pool WAC WAM WALTV Balance
0 < Age <= 3 359 99.86 8.03 346.69 61.42 $31,834,482
3 < Age <= 6 1 .14 9.49 356.00 50.00 $43,663
- --------------------------------------------------------------------------------
Total... 360 100.00% $31,878,145
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
YEAR OF ORIGINATION
- --------------------------------------------------------------------------------
Year of # of % of Current
Origination Loans Pool WAC WAM WALTV Balance
1995 85 23.36 8.18 347.05 59.02 $7,447,976
1996 275 76.64 7.99 346.60 62.13 $24,430,169
- --------------------------------------------------------------------------------
Total... 360 100.00% $31,878,145
================================================================================
LAST PAYMENT DATE
- --------------------------------------------------------------------------------
Last
Pay Max. Loan
Date # Loans % Pool WAC WAM WALTV Amount
01/01/96 2 .37 10.30 359.31 55.18 $77,000
02/01/96 80 21.76 8.36 343.84 63.80 $164,265
03/01/96 186 52.72 7.87 346.39 61.22 $376,800
04/01/96 91 24.85 8.04 349.54 59.63 $249,285
05/01/96 1 .30 8.95 360.00 74.20 $95,715
- --------------------------------------------------------------------------------
Total..... 360 100.00%
================================================================================
LTV RANGE
- --------------------------------------------------------------------------------
LTV % Avg. Curr Current
RANGE # Loans Pool WAC WAM Balance Balance
10.000 < LTV <= 15.000 2 .14 8.12 277.14 $23,053 $46,106
15.000 < LTV <= 20.000 2 .26 6.75 286.81 $42,021 $84,042
20.000 < LTV <= 25.000 7 .83 7.70 340.70 $37,640 $263,483
25.000 < LTV <= 30.000 9 1.27 8.07 322.85 $44,940 $404,457
30.000 < LTV <= 35.000 10 2.11 8.81 360.00 $67,235 $672,349
35.000 < LTV <= 40.000 12 2.09 8.69 350.39 $55,433 $665,194
40.000 < LTV <= 45.000 24 5.82 7.83 348.09 $77,335 $1,856,052
45.000 < LTV <= 50.000 23 5.34 8.29 339.84 $74,038 $1,702,864
50.000 < LTV <= 55.000 34 10.21 8.18 345.78 $95,730 $3,254,825
55.000 < LTV <= 60.000 42 11.29 8.62 353.10 $85,695 $3,599,198
60.000 < LTV <= 65.000 60 18.26 7.95 337.56 $96,990 $5,819,381
65.000 < LTV <= 70.000 53 15.86 7.80 350.01 $95,390 $5,055,646
70.000 < LTV <= 75.000 52 16.64 7.78 351.27 $102,018 $5,304,944
75.000 < LTV <= 80.000 28 9.27 7.87 349.09 $105,519 $2,954,540
80.000 < LTV <= 85.000 2 .61 8.54 359.41 $97,533 $195,066
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MARGIN
- -----------------------------------------------------------------------
Gross # of % of Max. Loan Current
Margin Loans Pool WAM Amount Balance
3.95 39 10.83 342.23 $280,761 3,453,597.16
4.45 1 0.17 359.00 $54,778 54,728.00
4.50 30 8.96 351.77 $169,500 2,854,728.71
4.55 36 12.93 336.61 $345,819 4,122,875.30
4.75 17 5.25 323.37 $376,800 1,674,232.86
4.95 64 19.16 350.13 $249,285 6,108,563.48
5.00 1 0.22 360.00 $70,000 69,961.69
5.20 3 0.65 318.27 $99,000 206,193.05
5.25 27 6.98 344.97 $168,750 2,224,881.32
5.50 4 0.87 359.43 $93,100 278,374.98
5.55 11 3.68 355.67 $177,081 1,173,868.00
5.56 1 0.14 360.00 $43,545 43,545.00
5.75 29 7.23 346.63 $129,972 2,304,380.08
5.95 4 0.85 332.29 $88,719 272,023.93
6.00 1 0.08 360.00 $25,000 25,000.00
6.25 8 1.80 351.77 $117,814 573,343.75
6.45 18 5.06 341.80 $133,863 1,614,250.33
6.50 11 2.69 359.62 $164,265 856,984.82
6.75 8 1.96 359.91 $122,667 624,040.41
6.95 47 10.49 359.79 $172,495 3,342,572.36
- -----------------------------------------------------------------------
Total... 360 100.00% $31,878,145.23
=======================================================================
LIFETIME FLOOR
- --------------------------------------------------------------------------------
Life # of % of Current
Floor Loans Pool WAC WAM WALTV Balance
5.00 <= Floor < 6.00 25 7.59 5.95 347.92 57.63 2,417,964
6.00 <= Floor < 7.00 78 25.45 6.68 340.21 60.58 8,113,235
7.00 <= Floor < 8.00 82 23.16 7.83 345.84 64.48 7,382,937
8.00 <= Floor < 9.00 90 24.39 8.64 344.17 65.78 7,775,791
9.00 <= Floor < 10.00 44 10.97 9.73 359.71 56.90 3,497,772
10.00 <= Floor < 11.00 34 7.41 10.46 357.86 52.64 2,363,119
11.00 <= Floor < 12.00 7 1.03 11.55 358.99 47.39 327,327
- --------------------------------------------------------------------------------
Total..... 360100.00% 8.03 346.71 61.40 $31,878,145
================================================================================
LIFETIME CAP
- --------------------------------------------------------------------------------
Life # of % of Current
Cap Loans Pool WAC WAM WALTV Balance
12.00 <= Cap < 13.00 26 7.82 5.97 342.76 57.75 2,494,103
13.00 <= Cap < 14.00 77 25.21 6.68 341.74 60.57 8,037,097
14.00 <= Cap < 15.00 83 23.54 7.85 346.07 64.31 7,505,479
15.00 <= Cap < 16.00 91 24.34 8.66 344.11 65.85 7,760,648
16.00 <= Cap < 17.00 45 11.02 9.75 358.48 56.68 3,514,059
17.00 <= Cap < 18.00 33 7.31 10.49 359.68 52.87 2,331,243
18.00 <= Cap < 19.00 5 .74 11.63 359.76 43.60 235,518
- --------------------------------------------------------------------------------
Total..... 360100.00% 8.03 346.71 61.40 $31,878,145
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
NEXT INTEREST ADJUSTMENT DATE
- --------------------------------------------------------------------------------
Next
Interest
Adjustment # % Current
Date Loans Pool WAC WAM WALTV Balance
05/01/96 6 1.01 10.18 356.99 59.22 $322,696
07/01/96 10 2.58 9.38 358.63 62.76 $822,961
08/01/96 100 27.42 8.22 345.43 63.21 $8,741,428
09/01/96 163 46.39 7.77 343.49 61.31 $14,789,283
10/01/96 80 22.29 8.09 352.94 59.14 $7,106,062
11/01/96 1 .30 8.95 360.00 74.20 $95,715
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
NEXT PAYMENT ADJUSTMENT DATE
- --------------------------------------------------------------------------------
Next
Payment
Adjustment # % Current
Date Loans Pool WAC WAM WALTV Balance
06/01/96 6 1.01 10.18 356.99 59.22 $322,696
08/01/96 10 2.58 9.38 358.63 62.76 $822,961
09/01/96 100 27.42 8.22 345.43 63.21 $8,741,428
10/01/96 163 46.39 7.77 343.49 61.31 $14,789,283
11/01/96 80 22.29 8.09 352.94 59.14 $7,106,062
12/01/96 1 .30 8.95 360.00 74.20 $95,715
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
<TABLE>
<CAPTION>
LIEN STATUS
- ------------------------------------------------------------------------------------------
% Current
Lien Status # Loans Pool WAC WAM WALTV WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 360 100.00 8.03 346.71 61.40 61.40 $31,878,145
- -------------------------------------------------------------------------------------------
Total..... 360 100.00% 8.03 346.71 61.40 61.40 $31,878,145
===========================================================================================
</TABLE>
ORIGINAL BALANCE
- --------------------------------------------------------------------------------
Original
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 4 .29 8.38 318.94 17.92
25,000 < Balance <= 50,000 43 5.37 8.74 326.05 43.95
50,000 < Balance <= 75,000 99 19.61 8.35 339.29 55.93
75,000 < Balance <= 100,000 120 32.61 8.17 349.06 64.26
100,000 < Balance <= 150,000 70 26.36 7.94 345.94 65.25
150,000 < Balance <= 200,000 13 7.00 7.64 360.00 66.04
200,000 < Balance <= 250,000 7 4.78 6.86 360.00 65.34
250,000 < Balance <= 300,000 2 1.70 6.43 360.00 48.10
300,000 < Balance <= 350,000 1 1.08 6.45 360.00 64.64
350,000 < Balance <= 400,000 1 1.18 8.49 359.00 50.24
- --------------------------------------------------------------------------------
Total..... 360 100.00% 8.03 346.71 61.40
================================================================================
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.
IS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL
BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCES
- --------------------------------------------------------------------------------
Current
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 4 .29 8.38 318.94 17.92
25,000 < Balance <= 50,000 43 5.37 8.74 326.05 43.95
50,000 < Balance <= 75,000 99 19.61 8.35 339.29 55.93
75,000 < Balance <= 100,000 120 32.61 8.17 349.06 64.26
100,000 < Balance <= 150,000 70 26.36 7.94 345.94 65.25
150,000 < Balance <= 200,000 13 7.00 7.64 360.00 66.04
200,000 < Balance <= 250,000 7 4.78 6.86 360.00 65.34
250,000 < Balance <= 300,000 2 1.70 6.43 360.00 48.10
300,000 < Balance <= 350,000 1 1.08 6.45 360.00 64.64
350,000 < Balance <= 400,000 1 1.18 8.49 359.00 50.24
- --------------------------------------------------------------------------------
Total..... 360 100.00% 8.03 346.71 61.40
================================================================================
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
Current
State # Loans % Pool WAC WAM WACLTV Balance
Arizona 9 2.07 7.54 343.41 57.90 $659,699
California 97 32.58 7.91 358.74 56.16 $10,386,493
Colorado 29 7.11 8.42 342.25 64.73 $2,266,028
Florida 37 8.14 8.16 347.05 55.68 $2,595,640
Georgia 2 .40 8.32 360.00 65.14 $128,290
Idaho 4 .78 8.83 264.99 73.71 $248,918
Illinois 77 20.35 8.22 331.82 63.64 $6,488,040
Oregon 26 7.06 8.03 353.17 68.01 $2,251,538
Utah 31 7.97 8.05 322.80 66.67 $2,541,240
Washington 48 13.53 7.78 357.80 65.50 $4,312,260
- --------------------------------------------------------------------------------
Total..... 360 100.00% 8.03 346.71 61.40 $31,878,145
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
PROPERTY-TYPE
- -------------------------------------------------------------------------------------------------------
WA WA Max. Orig Total
Rem WA Orig Loan Current
# Loans % Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Single-family 347 96.67 8.022 346.25 .17 61.32 $376,800 $30,817,620.56
PUD .55 9.097 360.00 .00 69.12 $98,924 $173,878.56
2
Condominiums .44 7.474 360.00 .00 59.56 $91,304 $141,448.00
2
2-4 Family 2.34 8.377 360.00 .00 63.40 $206,287 $745,198.11
9
- --------------------------------------------------------------------------------------------------------
Total..... 360 100.00% 8.034 346.71 .17 61.40 $376,800 $31,878,145.23
========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
OWNER OCCUPANCY
- -------------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
<S> <C> <C> <C> <C> <C> <C>
Investor 8 2.09 8.34 359.74 64.45 $665,601
Owner Occ. 352 97.91 8.03 346.43 61.34 $31,212,544
- --------------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
======================================================================================
</TABLE>
LOAN_PURPOSE
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
Business Capital 3 .79 8.70 360.00 47.39 $250,269
Cashout/Refinance 311 89.91 8.07 348.15 62.19 $28,661,065
Busin. Investment 2 .78 6.10 304.85 61.60 $249,863
Debt Consolidation 28 5.63 7.46 326.50 56.63 $1,795,384
Home Improvement 16 2.89 8.41 348.96 50.00 $921,563
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
PERIODIC INTEREST CAP
- --------------------------------------------------------------------------------
Periodic
Interest Current
Cap # Loans % Pool WAM WALTV Balance
1.00% 360 100.00 346.71 61.40 $31,878,145
- --------------------------------------------------------------------------------
Total..... 360 100.00% $31,878,145
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
BORROWER QUALITY
------------------------------------------------------------------------------
% Current
# Loans Pool WAC WAM WACLTV Balance
A 96 26.58 7.26 342.31 62.09 $8,471,678
A- 80 25.50 7.24 346.40 63.13 $8,128,118
B 37 10.62 8.12 345.59 64.57 $3,385,818
B- 52 14.48 8.33 348.93 63.49 $4,616,946
C 36 8.78 9.01 342.77 56.50 $2,798,016
C- 28 7.23 9.75 359.69 59.27 $2,305,386
D 31 6.81 10.17 353.31 51.45 $2,172,184
- ------------------------------------------------------------------------
Total..... 360 100.00% 8.03 346.71 61.40 $31,878,145
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
