- --------------------------------------------------------------------------------
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) June 9, 1997
Prudential Securities Secured Financing Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-27355 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) 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 Irwin Home Equity Corporation Trust
1997-1, Mortgage Pass-Through Certificates, Series 1997-1, described in a
Preliminary Prospectus Supplement dated as of June 11, 1997, 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 1997-1
Registrant
By: /s/ Norman Chaleff
-------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: June 9, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational 6
Materials (as defined
in Item 5 above).
EXHIBIT 99.1
<PAGE>
Preliminary Information for Irwin Home Equity Corporation Trust 1997-1
Irwin Home Equity Corporation Trust 1997-1
[$55,000,000] Class A-1 Certificates 1M LIBOR + [ %]
[$32,019,000] Class A-2 Certificates [ %]
[$12,981,000] 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 Corporation Trust 1997-1
Title of Securities: Irwin Home Equity Corporation, Series 1997-1 Mortgage
Pass-Through Certificates, Class A-1, Class A-2 and Class
A-3 (the "Certificates").
Description of
Transaction: This approximately [$100,000,000] 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 and second lien Home Equity Loans
(the "HELs"). The HELs generally have original terms to
stated maturity of 10 or 15 years, and each loan has
scheduled payments on a ten or fifteen year fully
amortizing basis.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A-1 (HELOCs) Class A-2 (HELs) Class A-3 (HELs)
------------------ ---------------- ----------------
<S> <C> <C> <C>
Settlement Date: June 18, 1997 June 18, 1997 June 18, 1997
Dated Date: June 18, 1997 June 1, 1997 June 1, 1997
Prepayment Assumption: [26% CPR] [20% HEP] [20% HEP]
Approximate Size: [$55,000,000] [$32,019,000] [$12,981,000]
Average Life to Call: [3.06] years [2.05] years [6.32] years
Average Life to Maturity: [3.34] years [2.05] years [6.90] years
Expected Maturity (to Call): [03/15/05] [01/15/02] [10/15/04]
Expected Maturity (to Mat): [07/15/17] [01/15/02] [07/15/12]
Stated Maturity: [08/15/18] [07/15/06] [08/15/13]
Coupon: LIBOR + [ TBD %]* [ TBD %] [ TBD %]
Coupon Day Count: Actual/360 30/360 30/360
</TABLE>
* Subject to: The lesser of:
1) One Month LIBOR + [TBD] bps; and
2) The Available Funds Cap.
Available Funds Cap
for the HELOCs: The Available Funds Cap is currently approximately
[11.67%], (calculated using the weighted average gross
coupon of the Loans less approximate servicing fees and
other ongoing fees of the trust, not inclusive of a 50 bp
MBIA cushion beginning in month 13 and thereafter). The
weighted average net life-cap is currently 18.69%.
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 Corporation Trust 1997-1
Servicer: Irwin Home Equity Corporation.
Servicer Fee: 100 bps per annum.
Trustee: The Chase Manhattan Bank.
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 (combination of cash and/or letter
of credit)
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
(Approximately) Certificate Balance.
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 [35%] of the HELOC collateral supporting
Certificate Class A-1 will be prefunded. Approximately
[35%] 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 on the
settlement date. 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 [TBD bps]
4) to the Trustee, the Trustee Fee [TBD 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 [TBD bps]
4) to the Trustee, the Trustee Fee [TBD 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, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Irwin Home Equity Corporation Trust 1997-1
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 July 15, 1997.
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: June [ ], 1997.
Settlement Date: June 18, 1997.
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.
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>
CURRENT BALANCE: $55,000,000.00 DATED DATE: 06/18/97
CURRENT COUPON: [TBD] FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $55,000,000.00 YIELD TABLE DATE: 06/18/97
BOND A1 DISCOUNT MARGIN ACT/360 TABLE
************ TO 10% BOND CLEAN UP CALL ************
<TABLE>
<CAPTION>
PRICING SPEED ASSUMED CONSTANT LIBOR-1M 5.6875
26.0% 15.00% 20.00% 24.00% 26.00% 28.00% 30.00% 35.00%
PRICE CPR CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 32.342 28.798 30.313 31.641 32.342 33.065 33.809 35.720
99-24+ 31.757 28.435 29.855 31.100 31.757 32.434 33.132 34.923
99-25 31.172 28.072 29.397 30.559 31.172 31.804 32.455 34.127
99-25+ 30.587 27.709 28.939 30.018 30.587 31.174 31.779 33.331
99-26 30.002 27.346 28.482 29.477 30.002 30.544 31.102 32.535
99-26+ 29.418 26.984 28.024 28.937 29.418 29.915 30.426 31.739
99-27 28.834 26.621 27.567 28.396 28.834 29.285 29.750 30.943
99-27+ 28.250 26.258 27.110 27.856 28.250 28.656 29.074 30.148
99-28 27.666 25.896 26.653 27.316 27.666 28.027 28.399 29.353
99-28+ 27.082 25.534 26.196 26.776 27.082 27.398 27.723 28.558
99-29 26.498 25.171 25.739 26.236 26.498 26.769 27.048 27.764
99-29+ 25.915 24.809 25.282 25.696 25.915 26.141 26.373 26.969
99-30 25.332 24.447 24.825 25.157 25.332 25.512 25.698 26.175
99-30+ 24.748 24.085 24.369 24.617 24.748 24.884 25.023 25.381
99-31 24.165 23.723 23.912 24.078 24.165 24.256 24.349 24.587
99-31+ 23.583 23.362 23.456 23.539 23.583 23.628 23.674 23.793
100-00 23.000 23.000 23.000 23.000 23.000 23.000 23.000 23.000
100-00+ 22.417 22.638 22.544 22.461 22.417 22.372 22.326 22.207
100-01 21.835 22.277 22.088 21.923 21.835 21.745 21.652 21.414
100-01+ 21.253 21.916 21.632 21.384 21.253 21.118 20.979 20.621
100-02 20.671 21.554 21.177 20.846 20.671 20.491 20.305 19.829
100-02+ 20.089 21.193 20.721 20.307 20.089 19.864 19.632 19.036
100-03 19.507 20.832 20.266 19.769 19.507 19.237 18.959 18.244
100-03+ 18.926 20.471 19.811 19.231 18.926 18.610 18.286 17.452
100-04 18.344 20.110 19.355 18.694 18.344 17.984 17.613 16.661
100-04+ 17.763 19.750 18.900 18.156 17.763 17.358 16.940 15.869
100-05 17.182 19.389 18.446 17.618 17.182 16.732 16.268 15.078
100-05+ 16.601 19.028 17.991 17.081 16.601 16.106 15.596 14.287
100-06 16.020 18.668 17.536 16.544 16.020 15.480 14.924 13.496
100-06+ 15.440 18.308 17.082 16.007 15.440 14.854 14.252 12.705
100-07 14.859 17.947 16.627 15.470 14.859 14.229 13.580 11.915
100-07+ 14.279 17.587 16.173 14.933 14.279 13.604 12.909 11.125
First Payment 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 3.055 5.422 4.081 3.346 3.055 2.803 2.583 2.152
Last Payment 7.742 12.992 10.242 8.492 7.742 7.075 6.492 5.408
Mod.Dur. @ 100-00 2.578 4.154 3.293 2.787 2.578 2.393 2.228 1.893
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</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>
CURRENT BALANCE: $32,019,000.00 DATED DATE: 06/01/97
COUPON: [TBD] FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $32,019,000.00 YIELD TABLE DATE: 06/18/97
BOND A2 BE-YIELD TABLE
************ TO MATURITY ************
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
20.0% 12.00% 16.00% 18.00% 22.00% 24.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.914 6.916 6.915 6.915 6.914 6.913 6.912
99-24+ 6.906 6.910 6.908 6.907 6.904 6.903 6.901
99-25 6.897 6.903 6.900 6.899 6.895 6.894 6.890
99-25+ 6.888 6.897 6.893 6.891 6.886 6.884 6.879
99-26 6.880 6.891 6.885 6.883 6.877 6.874 6.868
99-26+ 6.871 6.884 6.878 6.874 6.868 6.864 6.858
99-27 6.863 6.878 6.870 6.866 6.859 6.855 6.847
99-27+ 6.854 6.871 6.863 6.858 6.849 6.845 6.836
99-28 6.845 6.865 6.855 6.850 6.840 6.835 6.825
99-28+ 6.837 6.858 6.848 6.842 6.831 6.825 6.814
99-29 6.828 6.852 6.840 6.834 6.822 6.816 6.803
99-29+ 6.820 6.846 6.833 6.826 6.813 6.806 6.792
99-30 6.811 6.839 6.825 6.818 6.804 6.796 6.782
99-30+ 6.802 6.833 6.818 6.810 6.794 6.787 6.771
99-31 6.794 6.826 6.810 6.802 6.785 6.777 6.760
99-31+ 6.785 6.820 6.803 6.794 6.776 6.767 6.749
100-00 6.777 6.814 6.795 6.786 6.767 6.757 6.738
100-00+ 6.768 6.807 6.788 6.778 6.758 6.748 6.727
100-01 6.759 6.801 6.780 6.770 6.749 6.738 6.716
100-01+ 6.751 6.794 6.773 6.762 6.740 6.728 6.706
100-02 6.742 6.788 6.765 6.754 6.730 6.719 6.695
100-02+ 6.734 6.781 6.758 6.746 6.721 6.709 6.684
100-03 6.725 6.775 6.750 6.738 6.712 6.699 6.673
100-03+ 6.717 6.769 6.743 6.730 6.703 6.690 6.662
100-04 6.708 6.762 6.736 6.722 6.694 6.680 6.652
100-04+ 6.699 6.756 6.728 6.714 6.685 6.670 6.641
100-05 6.691 6.749 6.721 6.706 6.676 6.661 6.630
100-05+ 6.682 6.743 6.713 6.698 6.667 6.651 6.619
100-06 6.674 6.737 6.706 6.690 6.658 6.641 6.608
100-06+ 6.665 6.730 6.698 6.682 6.648 6.632 6.597
100-07 6.657 6.724 6.691 6.674 6.639 6.622 6.587
100-07+ 6.648 6.717 6.683 6.666 6.630 6.612 6.576
First Payment 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 2.050 2.838 2.388 2.207 1.912 1.791 1.589
Last Payment 4.575 6.158 5.242 4.908 4.242 3.992 3.492
Mod.Dur. @ 100-00 1.815 2.428 2.082 1.940 1.704 1.605 1.437
Accrued Interest 0.322 0.322 0.322 0.322 0.322 0.322 0.322
</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>
CURRENT BALANCE: $12,981,000.00 DATED DATE: 06/01/97
COUPON: [TBD] FIRST PAYMENT: 07/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $12,981,000.00 YIELD TABLE DATE: 06/18/97
BOND A3 BE-YIELD TABLE
************ TO MATURITY ************
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
20.0% 12.00% 16.00% 18.00% 22.00% 24.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.533 7.534 7.534 7.534 7.533 7.533 7.532
99-24+ 7.530 7.532 7.531 7.531 7.530 7.529 7.528
99-25 7.527 7.529 7.528 7.528 7.527 7.526 7.525
99-25+ 7.524 7.527 7.525 7.525 7.523 7.523 7.521
99-26 7.521 7.524 7.523 7.522 7.520 7.519 7.518
99-26+ 7.518 7.521 7.520 7.519 7.517 7.516 7.514
99-27 7.515 7.519 7.517 7.516 7.514 7.513 7.510
99-27+ 7.512 7.516 7.514 7.513 7.511 7.510 7.507
99-28 7.509 7.514 7.511 7.510 7.508 7.506 7.503
99-28+ 7.506 7.511 7.509 7.507 7.505 7.503 7.500
99-29 7.503 7.508 7.506 7.504 7.501 7.500 7.496
99-29+ 7.500 7.506 7.503 7.502 7.498 7.496 7.493
99-30 7.497 7.503 7.500 7.499 7.495 7.493 7.489
99-30+ 7.494 7.501 7.497 7.496 7.492 7.490 7.485
99-31 7.491 7.498 7.495 7.493 7.489 7.487 7.482
99-31+ 7.488 7.495 7.492 7.490 7.486 7.483 7.478
100-00 7.485 7.493 7.489 7.487 7.482 7.480 7.475
100-00+ 7.482 7.490 7.486 7.484 7.479 7.477 7.471
100-01 7.479 7.488 7.484 7.481 7.476 7.473 7.468
100-01+ 7.476 7.485 7.481 7.478 7.473 7.470 7.464
100-02 7.473 7.482 7.478 7.475 7.470 7.467 7.460
100-02+ 7.470 7.480 7.475 7.473 7.467 7.464 7.457
100-03 7.467 7.477 7.472 7.470 7.464 7.460 7.453
100-03+ 7.464 7.475 7.470 7.467 7.460 7.457 7.450
100-04 7.461 7.472 7.467 7.464 7.457 7.454 7.446
100-04+ 7.458 7.469 7.464 7.461 7.454 7.451 7.443
100-05 7.455 7.467 7.461 7.458 7.451 7.447 7.439
100-05+ 7.452 7.464 7.458 7.455 7.448 7.444 7.435
100-06 7.449 7.462 7.456 7.452 7.445 7.441 7.432
100-06+ 7.446 7.459 7.453 7.449 7.442 7.437 7.428
100-07 7.443 7.457 7.450 7.446 7.438 7.434 7.425
100-07+ 7.440 7.454 7.447 7.444 7.435 7.431 7.421
First Payment 4.575 6.158 5.242 4.908 4.242 3.992 3.492
Average Life 6.899 8.434 7.644 7.264 6.549 6.216 5.603
Last Payment 15.075 15.075 15.075 15.075 15.075 15.075 15.075
Mod.Dur. @ 100-00 5.153 6.005 5.578 5.364 4.946 4.745 4.364
Accrued Interest 0.351 0.351 0.351 0.351 0.351 0.351 0.351
</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>
- --------------------------------------------------------------------------------
- IRWIN 1997-2 HELOC
- Cut Off Date of Tape is 5/31/97
- HELOC COLLATERAL
- $35,644,500.89
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 955
Index: PRIME RATE
Lien Status: First and Second Lien Loans
Aggregate Unpaid Drawn Balance: $35,644,500.89
Aggregate Max Line Of Credit: $38,496,500.00
Weighted Average Coupon (Net): 11.885%
Net Coupon Range: 8.500% - 14.400%
Weighted Average Coupon (Gross): 12.885%
Gross Coupon Range: 9.500% - 15.400%
Weighted Average Margin (Net): 3.385%
Net Margin Range: 0.000% - 5.900%
Weighted Average Life Cap (Net): 18.690%
Net Life Cap Range: 12.150% - 23.000%
Weighted Average Life Floor (Net): 9.633%
Net Life Floor Range: 6.500% - 13.150%
Weighted Average Margin (Gross): 4.385%
Gross Margin Range: 1.000% - 6.900%
Weighted Average Life Cap (Gross): 19.690%
Gross Life Cap Range: 13.150% - 24.000%
Weighted Average Life Floor (Gross): 10.633%
Gross Life Floor Range: 7.500% - 14.150%
- --------------------------------------------------------------------------------
Weighted Average Utilization Rate: 92.592% * Weighted by
the LOC limit.
Utilization Rate Range: 3.819% - 100.000%
Average Unpaid Drawn Balance: $37,324.08
Average Max Line Of Credit: $40,310.47
Maximum Unpaid Drawn Balance: $200,000.00
Minimum Unpaid Drawn Balance: $1,184.01
Maximum Line of Credit: $300,000.00
Minimum Line of Credit: $10,300.00
Weighted Avg. Rem. Term (PTD thru Mat. Date): 236.180
Stated Rem Term Range: 216.000 - 240.000
Weighted Average Age (First Pay thru Paid Thru Date): 3.820
Age Range: 0.000 - 24.000
Weighted Average Original Term (Draw + Amor. Period): 240.000
Original Term Range: 240.000 - 240.000
Weighted Average Combined LTV: 89.738
Combined LTV Range: 21.286% - 100.000%
Weighted Average Second Mortgage Ratio: 28.456%
Second Mortgage Ratio Range: 4.007% - 100.000%
Weighted Average FICO Score: 661.811
FICO Score Range: 526.000 - 813.000
Weighted Average Interest Roll Frequency: 1.000
Interest Frequency Range: 1 - 1
Average utilization rate computed by: [amount drawn/line amount]
Combined LTV computed by: [(max avail. line + 1st mtg. bal.)/appraisal]
Second Mortgage Ratio computed by: [max avail. line/(max avail. line + 1st mtg.
bal.)]
- --------------------------------------------------------------------------------
Max Zip Code = 28277 % Pool = .81% State = NC
Earliest First Payment Date = 6/15/95
Latest Maturity Date = 5/15/17
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 MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
9.25% < Gross Coupon <= 9.50% 1 200,000.00 0.56
10.25% < Gross Coupon <= 10.50% 125 5,532,793.64 15.52
10.75% < Gross Coupon <= 11.00% 2 141,000.00 0.40
11.00% < Gross Coupon <= 11.25% 1 94,000.00 0.26
11.25% < Gross Coupon <= 11.50% 103 4,555,426.89 12.78
11.50% < Gross Coupon <= 11.75% 2 129,349.04 0.36
11.75% < Gross Coupon <= 12.00% 5 234,453.66 0.66
12.00% < Gross Coupon <= 12.25% 1 75,000.00 0.21
12.25% < Gross Coupon <= 12.50% 131 5,454,428.70 15.30
12.50% < Gross Coupon <= 12.75% 1 26,100.00 0.07
12.75% < Gross Coupon <= 13.00% 9 375,473.56 1.05
13.00% < Gross Coupon <= 13.25% 1 84,400.00 0.24
13.25% < Gross Coupon <= 13.50% 129 5,050,242.71 14.17
13.75% < Gross Coupon <= 14.00% 4 145,632.16 0.41
14.25% < Gross Coupon <= 14.50% 354 12,143,166.74 34.07
15.25% < Gross Coupon <= 15.50% 86 1,403,033.79 3.94
- --------------------------------------------------------------------------------
Total.......... 955 $ 35,644,500.89 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
204 < Rem Term <= 216 1 14,300.00 0.04%
216 < Rem Term <= 228 22 717,868.07 2.01%
228 < Rem Term <= 240 932 34,912,332.82 97.95%
- -------------------------------------------------------------------
Total............ 955 35,644,500.89 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1995 10 321,783.56 0.90
1996 362 12,777,295.85 35.85
1997 583 22,545,421.48 63.25
- --------------------------------------------------------------------------
Total................. 955 $ 35,644,500.89 100.00%
==========================================================================
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>
COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
20.000 < CLTV <= 25.000 2 80,564.85 0.23
25.000 < CLTV <= 30.000 2 93,000.00 0.26
35.000 < CLTV <= 40.000 2 108,847.42 0.31
40.000 < CLTV <= 45.000 2 51,539.04 0.14
45.000 < CLTV <= 50.000 4 108,436.86 0.30
50.000 < CLTV <= 55.000 2 175,000.00 0.49
55.000 < CLTV <= 60.000 4 214,268.60 0.60
60.000 < CLTV <= 65.000 18 1,037,093.14 2.91
65.000 < CLTV <= 70.000 16 718,711.74 2.02
70.000 < CLTV <= 75.000 25 1,136,040.35 3.19
75.000 < CLTV <= 80.000 77 3,225,343.93 9.05
80.000 < CLTV <= 85.000 98 3,976,336.49 11.16
85.000 < CLTV <= 90.000 157 5,548,468.85 15.57
90.000 < CLTV <= 95.000 104 4,486,712.95 12.59
95.000 < CLTV <=100.000 442 14,684,136.67 41.20
- --------------------------------------------------------------------------
Total.................... 955 $ 35,644,500.89 100.00%
==========================================================================
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
0.500 < Margin <= 1.000 1 200,000.00 0.56
1.500 < Margin <= 2.000 125 5,532,793.64 15.52
2.000 < Margin <= 2.500 2 141,000.00 0.40
2.500 < Margin <= 3.000 104 4,649,426.89 13.04
3.000 < Margin <= 3.500 7 363,802.70 1.02
3.500 < Margin <= 4.000 132 5,529,428.70 15.51
4.000 < Margin <= 4.500 10 401,573.56 1.13
4.500 < Margin <= 5.000 130 5,134,642.71 14.41
5.000 < Margin <= 5.500 4 145,632.16 0.41
5.500 < Margin <= 6.000 354 12,143,166.74 34.07
6.500 < Margin <= 7.000 86 1,403,033.79 3.94
- --------------------------------------------------------------------------
Total................. 955 $ 35,644,500.89 100.00%
==========================================================================
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>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.000 < LIFE CAP <= 13.500 1 54,825.32 0.15
15.000 < LIFE CAP <= 15.500 1 17,469.79 0.05
15.500 < LIFE CAP <= 16.000 85 2,705,883.98 7.59
17.000 < LIFE CAP <= 17.500 1 200,000.00 0.56
17.500 < LIFE CAP <= 18.000 178 5,878,437.97 16.49
18.000 < LIFE CAP <= 18.500 81 3,923,160.67 11.01
18.500 < LIFE CAP <= 19.000 4 273,800.00 0.77
19.000 < LIFE CAP <= 19.500 80 3,788,209.78 10.63
19.500 < LIFE CAP <= 20.000 62 2,246,218.47 6.30
20.000 < LIFE CAP <= 20.500 77 3,254,156.21 9.13
20.500 < LIFE CAP <= 21.000 105 3,687,047.01 10.34
21.000 < LIFE CAP <= 21.500 62 2,637,901.49 7.40
21.500 < LIFE CAP <= 22.000 2 57,762.21 0.16
22.000 < LIFE CAP <= 22.500 169 6,050,538.32 16.97
22.500 < LIFE CAP <= 23.000 2 58,577.75 0.16
23.000 < LIFE CAP <= 23.500 44 740,511.92 2.08
23.500 < LIFE CAP <= 24.000 1 70,000.00 0.20
- --------------------------------------------------------------------------
Total................. 955 $35,644,500.89 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
7.000 < Life Floor <= 7.500 1 200,000.00 0.56
8.000 < Life Floor <= 8.500 132 5,813,640.05 16.31
8.500 < Life Floor <= 9.000 4 273,800.00 0.77
9.000 < Life Floor <= 9.500 103 4,603,358.96 12.91
9.500 < Life Floor <= 10.000 5 240,132.48 0.67
10.000 < Life Floor <= 10.500 130 5,462,329.73 15.32
10.500 < Life Floor <= 11.000 12 530,386.57 1.49
11.000 < Life Floor <= 11.500 128 5,013,880.50 14.07
11.500 < Life Floor <= 12.000 5 181,994.37 0.51
12.000 < Life Floor <= 12.500 344 11,729,981.61 32.91
12.500 < Life Floor <= 13.000 90 1,521,740.36 4.27
14.000 < Life Floor <= 14.500 1 73,256.26 0.21
- --------------------------------------------------------------------------
Total................. 955 $35,644,500.89 100.00%
==========================================================================
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>
ORIGINAL MORTGAGE LOAN AMOUNTS
(MAX LINE OF CREDIT)
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
10,000 < Balance <= 15,000 45 563,239.45 1.58
15,000 < Balance <= 20,000 87 1,505,774.08 4.22
20,000 < Balance <= 25,000 132 2,921,148.31 8.20
25,000 < Balance <= 30,000 138 3,684,081.22 10.34
30,000 < Balance <= 35,000 98 3,044,482.69 8.54
35,000 < Balance <= 40,000 89 3,205,231.59 8.99
40,000 < Balance <= 45,000 73 2,962,043.88 8.31
45,000 < Balance <= 50,000 76 3,309,021.15 9.28
50,000 < Balance <= 55,000 34 1,703,101.18 4.78
55,000 < Balance <= 60,000 38 2,087,015.32 5.86
60,000 < Balance <= 65,000 31 1,826,850.92 5.13
65,000 < Balance <= 70,000 18 1,135,843.93 3.19
70,000 < Balance <= 75,000 24 1,591,496.36 4.46
75,000 < Balance <= 80,000 15 1,061,791.56 2.98
80,000 < Balance <= 85,000 8 546,762.04 1.53
85,000 < Balance <= 90,000 8 691,411.82 1.94
90,000 < Balance <= 95,000 3 253,625.59 0.71
95,000 < Balance <= 100,000 31 2,603,730.71 7.30
110,000 < Balance <= 115,000 1 110,663.77 0.31
120,000 < Balance <= 125,000 2 248,521.55 0.70
150,000 < Balance <= 200,000 3 388,663.77 1.09
250,000 < Balance <= 300,000 1 200,000.00 0.56
- --------------------------------------------------------------------------
Total.................... 955 $35,644,500.89 100.00%
==========================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
CA 132 5,994,539.55 16.82
CO 37 1,331,539.78 3.74
CT 51 2,349,512.34 6.59
FL 79 2,458,592.17 6.90
GA 59 1,861,956.09 5.22
IL 70 2,614,107.99 7.33
IN 23 722,871.70 2.03
LA 14 530,694.33 1.49
MD 41 1,728,405.70 4.85
MI 101 3,499,185.07 9.82
NC 84 2,667,326.00 7.48
NY 38 1,688,005.14 4.74
OH 74 2,694,029.88 7.56
OR 39 1,413,113.66 3.96
PA 36 1,245,833.28 3.50
UT 18 877,073.57 2.46
VA 59 1,967,714.64 5.52
- --------------------------------------------------------------------------
Total............... 955 $ 35,644,500.89 100.00%
==========================================================================
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>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 909 34,222,481.51 96.01
PUD 19 631,753.24 1.77
Condominiums 16 447,775.86 1.26
Multi-Family 9 293,497.17 0.82
Other 2 48,993.11 0.14
- --------------------------------------------------------------------------
Total............... 955 $ 35,644,500.89 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 941 35,214,899.75 98.79
Non Owner Occ. 14 429,601.14 1.21
- --------------------------------------------------------------------------
Total.................. 955 $ 35,644,500.89 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 15 869,436.22 2.44
2 940 34,775,064.67 97.56
- --------------------------------------------------------------------------
Total............... 955 $ 35,644,500.89 100.00%
==========================================================================
FICO SCORE
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Loans Balance Balance
500 < FICO <= 550 9 491,870.29 1.38
550 < FICO <= 600 73 2,585,582.73 7.25
600 < FICO <= 650 265 10,275,177.03 28.83
650 < FICO <= 700 409 15,688,137.10 44.01
700 < FICO <= 750 171 5,764,735.56 16.17
750 < FICO <= 800 27 828,230.18 2.32
800 < FICO <= 850 1 10,768.00 0.03
- --------------------------------------------------------------------------
Total.................... 955 $ 35,644,500.89 100.00%
==========================================================================
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>
UTILIZATION RATIOS
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
0.000 <Utiliz.<= 5.000 1 1,184.01 0.00
10.000 <Utiliz.<= 15.000 1 4,070.45 0.01
15.000 <Utiliz.<= 20.000 3 46,742.36 0.13
20.000 <Utiliz.<= 25.000 3 26,096.87 0.07
25.000 <Utiliz.<= 30.000 3 44,767.92 0.13
30.000 <Utiliz.<= 35.000 6 95,497.58 0.27
35.000 <Utiliz.<= 40.000 4 105,225.67 0.30
40.000 <Utiliz.<= 45.000 8 217,391.12 0.61
45.000 <Utiliz.<= 50.000 10 282,867.46 0.79
50.000 <Utiliz.<= 55.000 8 191,585.06 0.54
55.000 <Utiliz.<= 60.000 8 263,757.66 0.74
60.000 <Utiliz.<= 65.000 7 201,098.29 0.56
65.000 <Utiliz.<= 70.000 9 386,559.02 1.08
70.000 <Utiliz.<= 75.000 17 510,184.72 1.43
75.000 <Utiliz.<= 80.000 13 462,875.38 1.30
80.000 <Utiliz.<= 85.000 13 496,810.68 1.39
85.000 <Utiliz.<= 90.000 11 411,312.04 1.15
90.000 <Utiliz.<= 95.000 30 916,855.75 2.57
95.000 <Utiliz.<= 100.000 800 30,979,618.85 86.91
- --------------------------------------------------------------------------
Total.................... 955 $ 35,644,500.89 100.00%
==========================================================================
SECOND MORTGAGE RATIO
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
0.000 <RATIO<= 5.000 2 51,026.52 0.14
5.000 <RATIO<= 10.000 44 1,063,726.47 2.98
10.000 <RATIO<= 15.000 168 4,750,654.93 13.33
15.000 <RATIO<= 20.000 172 6,041,322.83 16.95
20.000 <RATIO<= 25.000 173 6,229,163.23 17.48
25.000 <RATIO<= 30.000 142 5,447,901.43 15.28
30.000 <RATIO<= 35.000 89 3,916,388.31 10.99
35.000 <RATIO<= 40.000 52 2,271,298.93 6.37
40.000 <RATIO<= 45.000 35 1,561,150.74 4.38
45.000 <RATIO<= 50.000 24 1,276,189.11 3.58
50.000 <RATIO<= 55.000 20 1,074,604.18 3.01
55.000 <RATIO<= 60.000 7 395,146.74 1.11
60.000 <RATIO<= 65.000 3 140,516.91 0.39
65.000 <RATIO<= 70.000 6 432,964.89 1.21
70.000 <RATIO<= 75.000 1 74,200.00 0.21
75.000 <RATIO<= 80.000 1 20,172.59 0.06
80.000 <RATIO<= 85.000 1 28,636.86 0.08
95.000 <RATIO<= 100.000 15 869,436.22 2.44
- --------------------------------------------------------------------------
Total.................... 955 $ 35,644,500.89 100.00%
==========================================================================
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>
- --------------------------------------------------------------------------------
- IRWIN 1997-2 HEL
- Cut Off Date of Tape is 5/31/97
- HEL COLLATERAL
- $29,264,967.26
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 904
Lien Status: First and Second Lien Loans
Aggregate Unpaid Principal Balance: $29,264,967.26
Aggregate Original Principal Balance: $29,684,400.00
Weighted Average Net Coupon: 13.255%
Net Coupon Range: 8.250% - 15.900%
Weighted Average Gross Coupon: 14.255%
Gross Coupon Range: 9.250% - 16.900%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $32,372.75
Average Original Principal Balance: $32,836.73
Maximum Unpaid Principal Balance: $132,535.74
Minimum Unpaid Principal Balance: $9,486.15
Maximum Original Principal Balance: $133,400.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 129.979
Stated Rem Term Range: 105.000 - 180.000
Weighted Average Age (First Pay thru Paid Thru Date): 3.277
Age Range: 0.000 - 15.000
Weighted Average Original Term: 133.255
Original Term Range: 120.000 - 180.000
Weighted Average Current Combined LTV: 90.435
Current Combined LTV Range: 7.940% - 100.000%
Weighted Average FICO Score: 667.186
FICO Score Range: 516.000 - 800.000
- --------------------------------------------------------------------------------
Max Zip Code = 48124 % Pool = .80% State = MI
Earliest First Payment Date = 3/15/96
Latest Maturity Date = 5/15/12
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 MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
9.00% < Gross Coupon <= 9.25% 1 37,965.05 0.13
9.75% < Gross Coupon <= 10.00% 1 74,743.05 0.26
10.25% < Gross Coupon <= 10.50% 1 39,031.82 0.13
10.75% < Gross Coupon <= 11.00% 2 120,614.07 0.41
11.25% < Gross Coupon <= 11.50% 48 1,806,677.50 6.17
11.75% < Gross Coupon <= 12.00% 67 2,527,005.33 8.63
12.00% < Gross Coupon <= 12.25% 1 96,730.54 0.33
12.25% < Gross Coupon <= 12.50% 37 1,371,771.31 4.69
12.75% < Gross Coupon <= 13.00% 68 2,166,270.55 7.40
13.25% < Gross Coupon <= 13.50% 42 1,543,322.30 5.27
13.75% < Gross Coupon <= 14.00% 84 3,030,187.13 10.35
14.00% < Gross Coupon <= 14.25% 1 22,729.35 0.08
14.25% < Gross Coupon <= 14.50% 59 1,968,791.70 6.73
14.75% < Gross Coupon <= 15.00% 98 3,043,243.96 10.40
15.25% < Gross Coupon <= 15.50% 106 3,520,456.10 12.03
15.75% < Gross Coupon <= 16.00% 212 6,718,214.49 22.96
16.25% < Gross Coupon <= 16.50% 33 495,018.82 1.69
16.75% < Gross Coupon <= 17.00% 43 682,194.19 2.33
- --------------------------------------------------------------------------------
Total.......... 904 $ 29,264,967.26 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
96 < Rem Term <= 108 20 584,095.70 2.00%
108 < Rem Term <= 120 720 22,215,653.15 75.91%
168 < Rem Term <= 180 164 6,465,218.41 22.09%
- -------------------------------------------------------------------
Total............ 904 29,264,967.26 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1996 371 12,189,188.72 41.65
1997 533 17,075,778.54 58.35
- --------------------------------------------------------------------------
Total................. 904 $ 29,264,967.26 100.00%
==========================================================================
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>
CURRENT COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Current CLTV Ratio Loans Balance Balance
5.000 < CLTV <= 10.000 1 38,907.95 0.13
10.000 < CLTV <= 15.000 1 9,933.32 0.03
15.000 < CLTV <= 20.000 1 29,560.99 0.10
20.000 < CLTV <= 25.000 1 22,253.96 0.08
25.000 < CLTV <= 30.000 4 130,949.82 0.45
30.000 < CLTV <= 35.000 2 79,040.03 0.27
35.000 < CLTV <= 40.000 1 35,000.00 0.12
40.000 < CLTV <= 45.000 1 9,486.15 0.03
45.000 < CLTV <= 50.000 3 165,797.19 0.57
50.000 < CLTV <= 55.000 4 135,856.79 0.46
55.000 < CLTV <= 60.000 4 187,345.90 0.64
60.000 < CLTV <= 65.000 10 355,354.53 1.21
65.000 < CLTV <= 70.000 18 590,154.36 2.02
70.000 < CLTV <= 75.000 22 826,190.66 2.82
75.000 < CLTV <= 80.000 70 2,342,114.72 8.00
80.000 < CLTV <= 85.000 88 2,707,769.49 9.25
85.000 < CLTV <= 90.000 124 4,033,379.77 13.78
90.000 < CLTV <= 95.000 126 4,260,525.49 14.56
95.000 < CLTV <= 100.000 423 13,305,346.14 45.47
- --------------------------------------------------------------------------
Total.................... 904 $ 29,264,967.26 100.00%
==========================================================================
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 < Balance <= 10,000 3 29,379.75 0.10
10,000 < Balance <= 15,000 45 576,073.97 1.97
15,000 < Balance <= 20,000 111 2,048,596.94 7.00
20,000 < Balance <= 25,000 205 4,671,012.94 15.96
25,000 < Balance <= 30,000 151 4,116,731.34 14.07
30,000 < Balance <= 35,000 108 3,505,005.32 11.98
35,000 < Balance <= 40,000 76 2,832,585.16 9.68
40,000 < Balance <= 45,000 52 2,207,574.90 7.54
45,000 < Balance <= 50,000 56 2,670,400.66 9.12
50,000 < Balance <= 55,000 18 939,574.42 3.21
55,000 < Balance <= 60,000 18 1,021,364.68 3.49
60,000 < Balance <= 65,000 15 933,338.54 3.19
65,000 < Balance <= 70,000 18 1,219,344.98 4.17
70,000 < Balance <= 75,000 4 289,623.28 0.99
75,000 < Balance <= 80,000 5 379,086.90 1.30
80,000 < Balance <= 85,000 1 83,383.69 0.28
85,000 < Balance <= 90,000 3 252,811.61 0.86
90,000 < Balance <= 95,000 3 276,987.53 0.95
95,000 < Balance <= 100,000 11 1,079,554.91 3.69
130,000 < Balance <= 135,000 1 132,535.74 0.45
- --------------------------------------------------------------------------
Total.................... 904 $ 29,264,967.26 100.00%
==========================================================================
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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
CA 123 4,232,199.14 14.46
CO 50 1,684,360.15 5.76
FL 83 2,481,501.01 8.48
GA 81 2,226,077.37 7.61
IL 103 3,248,376.09 11.10
LA 1 25,200.00 0.09
MA 16 721,682.28 2.47
MD 47 1,646,038.23 5.62
MI 148 4,840,338.29 16.54
NC 43 1,367,453.81 4.67
OH 52 1,576,462.44 5.39
OR 38 1,379,466.51 4.71
PA 42 1,463,312.98 5.00
UT 14 561,264.08 1.92
VA 63 1,811,234.88 6.19
- --------------------------------------------------------------------------
Total............... 904 $ 29,264,967.26 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 856 27,847,509.80 95.16
PUD 30 832,887.80 2.85
Condominiums 13 331,171.95 1.13
Multi-Family 5 253,397.71 0.87
- --------------------------------------------------------------------------
Total............... 904 $ 29,264,967.26 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 898 29,054,929.41 99.28
Non Owner Occ. 6 210,037.85 0.72
- --------------------------------------------------------------------------
Total.................. 904 $ 29,264,967.26 100.00%
==========================================================================
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>
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 19 862,591.34 2.95
2 885 28,402,375.92 97.05
- --------------------------------------------------------------------------
Total............... 904 $ 29,264,967.26 100.00%
==========================================================================
FICO SCORE
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Loans Balance Balance
500 < FICO <= 550 2 48,989.90 0.17
550 < FICO <= 600 46 1,522,637.63 5.20
600 < FICO <= 650 258 8,623,210.99 29.47
650 < FICO <= 700 394 12,845,421.50 43.89
700 < FICO <= 750 181 5,667,429.94 19.37
750 < FICO <= 800 23 557,277.30 1.90
- --------------------------------------------------------------------------
Total.................... 904 $ 29,264,967.26 100.00%
==========================================================================
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.
