- --------------------------------------------------------------------------------
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 23, 1997
Prudential Securities Secured Financing Corporation
---------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-16511 13-3526694
- ----------------------------- -------------- -----------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza
New York, New York 10292
(Address of Principal --------------------------
Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 214-7435
No Change
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of Emergent Home Equity Loan Trust 1997-1,
Emergent Home Equity Loan Pass- Through Certificates, Series 1997-1, described
in a Prospectus Supplement dated as of March 21, 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 Emergent
Home Equity Loan Trust 1997-1
Registrant
By: /s/ Norman Chaleff
---------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: March 23, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational 6
Materials (as defined
in Item 5 above).
EXHIBIT 99.1
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-1 Home
Equity Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
EMERGENT 1997-1 [$75,000,000]
---------------------------------------------
$[44,788,000] Class A-1 Fixed-Rate Certificates - [ . ]%
$[12,236,000] Class A-2 Fixed-Rate Certificates - [ . ]%
$[17,976,000] Class A-3 Fixed-Rate Certificates - [ . ]%
The information herein has been provided solely by PSI based on information with
respect to the mortgage loans provided by Emergent Mortgage Corp. and its
affiliates ("EMERGENT"). Neither PSI nor any of its affiliates makes any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary and will be superseded by the prospectus
supplement and by any other information subsequently filed with the Securities
and Exchange Commission ("SEC"). 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>
EMERGENT HOME EQUITY LOAN TRUST 1997-1 Home
Equity Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
- --------------------------------------------------------------------------------
CLASS A CERTIFICATES
Class A-1 Class A-2 Class A-3
Fixed-Rate Fixed-Rate Fixed-Rate
--------- --------- ---------
Approximate
Face Amount: $[44,788,000] $[12,236,000] $[17,976,000]
Avg Life: [1.8]yrs [5.0]yrs [9.775]yrs
Avg Life
to Call: [1.8]yrs [5.0]yrs [8.748]yrs
Coupon: [.%] [.%] [.%]
Price: [] [] []
Yield (CBE): [.] [.] [.]
Spread: [] [] []
Pricing Spd: [18]% HEP [18]% HEP [18]% HEP
Settlement: [3/26/97] [3/26/97] [3/26/97]
1st Payment
(years): [0.067] [3.983] [6.233]
Exp. Mat: [3/20/01] [6/20/03] [7/20/14]
Exp. Mat
to Call: [3/20/01] [6/20/03] [5/20/07]
Final Mat: [2/20/12] [2/20/12] [3/20/27]
Day Count: 30/360 30/360 30/360
Pymt Delay: 19 days 19 days 19 days
Dated Date: [3/01/97] [3/01/97] [3/01/97]
Pymt Terms: Monthly Monthly Monthly
1st Pymt Date: [4/20/97] [4/20/97] [4/20/97]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-1 Home
Equity Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
Title of Securities: Emergent Home Equity Loan Trust 1997-1,
Home Equity Loan Pass-Through Certificates,
Series 1997-1
Originator/
Servicer: Emergent Mortgage Corp. ("EMC").
Parent: Emergent Group, Inc. ("Emergent").
Seller: Emergent Mortgage Holdings Corporation.
Depositor: Prudential Securities Secured Financing Corp.
Servicer Fee: 50 bps per annum.
Trustee: First Union National Bank of North Carolina.
Aggregate
Certificate Balance: Class A: $[75,000,000.00]
Pricing Date: [March [], 1997]
Settlement Date: [March [26], 1997]
Payment Date: The 20th day of each month (or, if such date is not a
business day, the next succeeding business day)
commencing April 20, 1997.
Record Date: -Class A - The last day of the calendar month
immediately preceding the related Payment Date.
Interest Accrual: -Class A - The calendar month preceding the related
Payment Date, based on a 30/360 day count.
Form of Certificates: Book-entry only through the same-day funds facilities
of DTC, Euroclear and CEDEL.
Denominations: Minimum denominations of $100,000 and integral multiples
of $1,000 in excess thereof.
Prepayment
Assumption: For the Class A Certificates, [18]% HEP ([1.8]% CPR in
month 1 with monthly incremental increases of [1.8]% CPR
until the speed reaches [18]% CPR in month 10 based on
loan seasoning.)
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Overcollateralization
- 100% wrap from FSA guaranteeing timely interest and
ultimate principal.
Initial
Mortgage Loans: $64,553,830.89
Expected Additional
Mortgage Loans: $[12,965,548.96]
Redemption Account: On the Closing Date, it is expected that the Additional
Mortgage Loans will be transferred to the Trust Fund. In
the event that less than such amount is transferred, an
aggregate cash amount equal to the excess of the
Expected Additional Mortgage Loans amount over the
actual Additional Mortgage Loans amount (as of their
respective Cut-Off Dates) will be deposited by the
Originator in the Redemption Account. Any amounts in the
Redemption Account will be paid to Certificateholders as
a principal prepayment on the first Payment Date.
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-1 Home
Equity Loan Pass-Through Certificates, Series 1997-1
Class A Certificates
Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard &
Poor's ("S&P") and Moody's Investors Service
("Moody's"), respectively.
Certificate Ratings: The Class A Certificates will be rated AAA by S&P and
Aaa by Moody's.
10% Clean-up Call: The Holder of the Subordinated Certificates has the
option to excercise a call at par plus accrued interest
when the outstanding Pool Balance equals 10% or less of
the original Pool Balance.
ERISA Consideration: The Class A Certificates will be ERISA eligible.
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.
SMMEA Considerations: The Class A Certificates will not be 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 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 consummated unless the purchaser has received the
Prospectus.
Further Information: Call PSI's ABS trading desk at (212) 778-2741, Sean
Arnold (212) 778-4921, Glen Stein (212) 778-2012, Jacqui
Galdieri (212) 778-2612 or Mike Corddry at (212)
778-2840 with any questions.
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A1
================
Settle 03/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-00 7.407 7.275 7.358 7.407 7.439 7.487 7.564
99-04 7.329 7.222 7.289 7.329 7.355 7.392 7.454
99-08 7.250 7.170 7.221 7.250 7.270 7.298 7.345
99-12 7.172 7.118 7.152 7.172 7.185 7.205 7.236
99-16 7.094 7.066 7.084 7.094 7.101 7.111 7.127
99-20 7.016 7.014 7.016 7.016 7.017 7.018 7.019
99-24 6.939 6.963 6.948 6.939 6.933 6.925 6.911
99-28 6.861 6.911 6.880 6.861 6.849 6.832 6.803
100-00 6.784 6.860 6.812 6.784 6.766 6.739 6.695
100-04 6.707 6.808 6.744 6.707 6.682 6.646 6.587
100-08 6.630 6.757 6.677 6.630 6.599 6.554 6.480
100-12 6.553 6.706 6.609 6.553 6.516 6.462 6.373
100-16 6.476 6.655 6.542 6.476 6.433 6.370 6.266
100-20 6.400 6.604 6.475 6.400 6.350 6.278 6.160
100-24 6.323 6.553 6.408 6.323 6.268 6.186 6.053
100-28 6.247 6.502 6.341 6.247 6.185 6.095 5.947
101-00 6.171 6.451 6.275 6.171 6.103 6.004 5.841
Avg. Life 1.801 2.841 2.083 1.801 1.654 1.477 1.258
Mod. Dur. 1.610 2.417 1.837 1.610 1.490 1.342 1.156
Mac. Dur. 1.665 2.500 1.900 1.665 1.540 1.387 1.194
1st Pmt. 0.067 0.067 0.067 0.067 0.067 0.067 0.067
Last Pmt. 3.983 6.400 4.650 3.983 3.567 3.150 2.567
Class A2
================
Settle 03/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-03 7.543 7.502 7.527 7.543 7.554 7.570 7.599
99-07 7.511 7.481 7.499 7.511 7.520 7.532 7.554
99-11 7.480 7.459 7.472 7.480 7.486 7.494 7.509
99-15 7.449 7.437 7.444 7.449 7.452 7.456 7.464
99-19 7.417 7.416 7.416 7.417 7.418 7.418 7.419
99-23 7.386 7.394 7.389 7.386 7.384 7.380 7.375
99-27 7.354 7.372 7.361 7.354 7.350 7.342 7.330
99-31 7.323 7.351 7.334 7.323 7.316 7.305 7.285
100-03 7.292 7.329 7.306 7.292 7.282 7.267 7.241
100-07 7.261 7.308 7.279 7.261 7.248 7.229 7.196
100-11 7.230 7.286 7.252 7.230 7.215 7.192 7.152
100-15 7.199 7.265 7.224 7.199 7.181 7.154 7.107
100-19 7.168 7.243 7.197 7.168 7.148 7.117 7.063
100-23 7.137 7.222 7.170 7.137 7.114 7.079 7.019
100-27 7.106 7.201 7.143 7.106 7.081 7.042 6.975
100-31 7.075 7.179 7.116 7.075 7.047 7.005 6.931
101-03 7.044 7.158 7.089 7.044 7.014 6.967 6.887
Avg. Life 4.912 7.854 5.749 4.912 4.468 3.925 3.245
Mod. Dur. 3.984 5.769 4.531 3.984 3.681 3.296 2.790
Mac. Dur. 4.130 5.981 4.698 4.130 3.815 3.416 2.892
1st Pmt. 3.983 6.400 4.650 3.983 3.567 3.150 2.567
Last Pmt. 5.983 9.483 6.983 5.983 5.483 4.817 3.983
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A3
================
Settle 03/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
98-31+ 7.946 7.927 7.938 7.946 7.951 7.960 7.976
99-03+ 7.926 7.911 7.920 7.926 7.930 7.937 7.950
99-07+ 7.906 7.895 7.902 7.906 7.910 7.915 7.924
99-11+ 7.887 7.880 7.884 7.887 7.889 7.892 7.898
99-15+ 7.867 7.864 7.866 7.867 7.868 7.870 7.873
99-19+ 7.848 7.848 7.848 7.848 7.848 7.847 7.847
99-23+ 7.828 7.833 7.830 7.828 7.827 7.825 7.821
99-27+ 7.809 7.817 7.812 7.809 7.806 7.803 7.796
99-31+ 7.789 7.801 7.794 7.789 7.786 7.780 7.770
100-03+ 7.770 7.786 7.777 7.770 7.765 7.758 7.745
100-07+ 7.751 7.770 7.759 7.751 7.745 7.736 7.719
100-11+ 7.731 7.755 7.741 7.731 7.725 7.714 7.694
100-15+ 7.712 7.739 7.723 7.712 7.704 7.691 7.668
100-19+ 7.693 7.724 7.706 7.693 7.684 7.669 7.643
100-23+ 7.674 7.709 7.688 7.674 7.663 7.647 7.618
100-27+ 7.655 7.693 7.670 7.655 7.643 7.625 7.592
100-31+ 7.635 7.678 7.653 7.635 7.623 7.603 7.567
Avg. Life 9.600 13.464 10.865 9.600 8.863 7.896 6.576
Mod. Dur. 6.416 7.996 6.981 6.416 6.065 5.579 4.871
Mac. Dur. 6.666 8.308 7.254 6.666 6.301 5.796 5.060
1st Pmt. 5.983 9.483 6.983 5.983 5.483 4.817 3.983
Last Pmt. 17.317 24.900 19.567 17.317 15.900 14.900 14.400
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN
THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- EMERGENT 1997-1 HEL
- Cut Off Date of Tape is 2/28/97
- FIXED RATE COLLATERAL
- $64,553,830.89
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,020
Lien Status: First Lien Loans
Aggregate Unpaid Principal Balance: $64,553,830.89
Aggregate Original Principal Balance: $64,656,450.95
Weighted Average Gross Coupon: 11.006%
Gross Coupon Range: 7.640% - 15.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $63,288.07
Average Original Principal Balance: $63,388.68
Maximum Unpaid Principal Balance: $376,250.00
Minimum Unpaid Principal Balance: $4,405.31
Maximum Original Principal Balance: $376,250.00
Minimum Original Principal Balance: $7,800.00
Weighted Avg. Stated Rem. Term (PTD to Mat/Bln Date): 208.498
Stated Rem Term Range: 58.000 - 360.000
Weighted Avg. Stated Rem. Term (PTD to Mat/Amor Date): 271.499
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 0.766
Age Range: 0.000 - 3.000
Weighted Average Original Term (to Mat/Bln Date): 209.264
Original Term Range: 60.000 - 361.000
Weighted Average Original Term (to Mat/Amor Date): 272.265
Original Term Range: 60.000 - 361.000
Weighted Average Original LTV: 80.618
Original LTV Range: 30.000% - 95.000%
- --------------------------------------------------------------------------------
Earliest Origination Date: 12/2/96
Latest Maturity Date: 3/1/27
<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
7.50% < Gross Coupon <= 7.75% 1 33,870.06 0.05
7.75% < Gross Coupon <= 8.00% 2 132,565.42 0.21
8.00% < Gross Coupon <= 8.25% 1 64,800.00 0.10
8.25% < Gross Coupon <= 8.50% 10 959,092.66 1.49
8.50% < Gross Coupon <= 8.75% 8 493,594.22 0.76
8.75% < Gross Coupon <= 9.00% 54 3,421,822.59 5.30
9.00% < Gross Coupon <= 9.25% 6 460,039.70 0.71
9.25% < Gross Coupon <= 9.50% 70 4,765,911.01 7.38
9.50% < Gross Coupon <= 9.75% 19 1,119,294.22 1.73
9.75% < Gross Coupon <= 10.00% 79 5,645,658.57 8.75
10.00% < Gross Coupon <= 10.25% 47 2,962,494.78 4.59
10.25% < Gross Coupon <= 10.50% 106 7,113,082.73 11.02
10.50% < Gross Coupon <= 10.75% 83 5,429,258.47 8.41
10.75% < Gross Coupon <= 11.00% 82 5,514,135.11 8.54
11.00% < Gross Coupon <= 11.25% 42 2,867,615.74 4.44
11.25% < Gross Coupon <= 11.50% 58 3,731,547.32 5.78
11.50% < Gross Coupon <= 11.75% 32 2,568,009.58 3.98
11.75% < Gross Coupon <= 12.00% 50 2,953,344.64 4.58
12.00% < Gross Coupon <= 12.25% 11 723,049.76 1.12
12.25% < Gross Coupon <= 12.50% 64 3,435,101.71 5.32
12.50% < Gross Coupon <= 12.75% 7 413,494.58 0.64
12.75% < Gross Coupon <= 13.00% 81 4,025,195.88 6.24
13.00% < Gross Coupon <= 13.25% 5 415,867.33 0.64
13.25% < Gross Coupon <= 13.50% 55 2,652,065.99 4.11
13.50% < Gross Coupon <= 13.75% 3 187,577.84 0.29
13.75% < Gross Coupon <= 14.00% 31 1,774,140.33 2.75
14.25% < Gross Coupon <= 14.50% 7 418,230.38 0.65
14.75% < Gross Coupon <= 15.00% 4 134,808.73 0.21
15.25% < Gross Coupon <= 15.50% 1 44,244.29 0.07
15.75% < Gross Coupon <= 16.00% 1 93,917.25 0.15
- ----------------------------------------------------------------------------
Total.......... 1020 $ 64,553,830.89 100.00%
============================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 < Rem Term <= 60 7 264,359.58 0.41%
60 < Rem Term <= 72 4 160,923.00 0.25%
72 < Rem Term <= 84 3 171,337.16 0.27%
84 < Rem Term <= 96 5 233,093.97 0.36%
108 < Rem Term <= 120 47 2,207,759.87 3.42%
132 < Rem Term <= 144 14 865,913.23 1.34%
144 < Rem Term <= 156 7 342,521.85 0.53%
156 < Rem Term <= 168 1 58,763.49 0.09%
168 < Rem Term <= 180 725 44,871,154.05 69.51%
180 < Rem Term <= 192 1 76,541.66 0.12%
228 < Rem Term <= 240 73 4,961,783.76 7.69%
288 < Rem Term <= 300 7 463,069.74 0.72%
312 < Rem Term <= 324 1 35,219.71 0.05%
348 < Rem Term <= 360 125 9,841,389.82 15.25%
- -------------------------------------------------------------------
Total............ 1,020 64,553,830.89 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1996 253 14,974,681.29 23.20
1997 767 49,579,149.60 76.80
- --------------------------------------------------------------------------
Total................. 1020 $ 64,553,830.89 100.00%
==========================================================================
<PAGE>
LOAN SUMMARY STRATIFIED BY
PAID THROUGH DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
01/01/97 4 248,270.83 0.38
01/03/97 1 38,391.86 0.06
01/04/97 1 73,139.23 0.11
01/06/97 1 120,720.00 0.19
01/07/97 1 34,000.00 0.05
01/09/97 2 88,122.90 0.14
01/10/97 3 184,347.22 0.29
01/11/97 4 146,485.82 0.23
01/12/97 1 63,577.27 0.10
01/13/97 8 464,346.25 0.72
01/15/97 1 70,400.00 0.11
01/16/97 4 217,253.49 0.34
01/17/97 10 426,844.44 0.66
01/18/97 8 439,200.41 0.68
01/19/97 4 212,964.77 0.33
01/20/97 14 787,126.55 1.22
01/21/97 1 96,000.00 0.15
01/22/97 6 449,659.12 0.70
01/23/97 20 1,331,073.50 2.06
01/24/97 17 1,153,590.78 1.79
01/25/97 1 59,978.08 0.09
01/26/97 1 125,563.92 0.19
01/27/97 1 200,128.69 0.31
01/30/97 6 385,753.13 0.60
02/01/97 173 12,086,370.25 18.72
02/02/97 15 946,750.91 1.47
02/03/97 31 1,750,871.96 2.71
02/04/97 21 1,180,424.54 1.83
02/05/97 24 1,515,824.50 2.35
02/06/97 32 2,098,789.07 3.25
02/07/97 23 1,616,026.44 2.50
02/08/97 13 842,424.98 1.30
02/09/97 4 236,057.36 0.37
02/10/97 45 2,752,157.60 4.26
02/11/97 17 957,082.40 1.48
02/12/97 26 1,634,431.13 2.53
02/13/97 31 2,130,699.20 3.30
02/14/97 32 2,104,678.85 3.26
02/15/97 10 686,758.91 1.06
02/16/97 8 485,429.04 0.75
02/17/97 36 2,140,994.91 3.32
02/18/97 33 1,985,352.29 3.08
02/19/97 38 2,265,699.33 3.51
02/20/97 50 3,222,072.74 4.99
02/21/97 33 1,648,271.26 2.55
02/22/97 11 455,010.90 0.70
02/23/97 29 1,907,806.38 2.96
02/24/97 60 4,094,961.41 6.34
02/25/97 33 1,962,074.27 3.04
03/01/97 62 3,867,846.71 5.99
03/02/97 2 101,278.71 0.16
03/03/97 3 147,406.66 0.23
03/05/97 2 174,073.99 0.27
03/07/97 1 46,705.77 0.07
03/16/97 1 52,736.25 0.08
03/20/97 1 39,823.91 0.06
- --------------------------------------------------------------------------
Total.................. 1020 $ 64,553,830.89 100.00%
==========================================================================
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
25.000 < LTV <= 30.000 1 7,800.00 0.01
30.000 < LTV <= 35.000 1 35,000.00 0.05
40.000 < LTV <= 45.000 1 36,971.00 0.06
45.000 < LTV <= 50.000 1 35,000.00 0.05
50.000 < LTV <= 55.000 5 264,420.13 0.41
55.000 < LTV <= 60.000 8 286,794.14 0.44
60.000 < LTV <= 65.000 21 1,083,668.20 1.68
65.000 < LTV <= 70.000 38 1,978,789.77 3.07
70.000 < LTV <= 75.000 123 7,143,678.32 11.07
75.000 < LTV <= 80.000 520 31,060,533.21 48.12
80.000 < LTV <= 85.000 151 10,408,679.47 16.12
85.000 < LTV <= 90.000 146 11,842,329.53 18.34
90.000 < LTV <= 95.000 4 370,167.12 0.57
- --------------------------------------------------------------------------
Total.................... 1020 $ 64,553,830.89 100.00%
==========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
0 < Balance <= 5,000 1 4,405.31 0.01
5,000 < Balance <= 10,000 1 7,800.00 0.01
10,000 < Balance <= 15,000 1 12,350.26 0.02
15,000 < Balance <= 20,000 7 124,282.55 0.19
20,000 < Balance <= 25,000 22 500,634.93 0.78
25,000 < Balance <= 30,000 28 778,282.33 1.21
30,000 < Balance <= 35,000 75 2,459,260.49 3.81
35,000 < Balance <= 40,000 94 3,545,965.73 5.49
40,000 < Balance <= 45,000 73 3,129,293.34 4.85
45,000 < Balance <= 50,000 96 4,566,618.90 7.07
50,000 < Balance <= 55,000 95 4,968,620.76 7.70
55,000 < Balance <= 60,000 99 5,732,123.72 8.88
60,000 < Balance <= 65,000 86 5,408,101.19 8.38
65,000 < Balance <= 70,000 47 3,169,507.41 4.91
70,000 < Balance <= 75,000 54 3,904,540.48 6.05
75,000 < Balance <= 80,000 52 4,031,845.13 6.25
80,000 < Balance <= 85,000 28 2,305,565.90 3.57
85,000 < Balance <= 90,000 28 2,466,837.88 3.82
90,000 < Balance <= 95,000 20 1,850,318.21 2.87
95,000 < Balance <= 100,000 19 1,841,544.81 2.85
100,000 < Balance <= 105,000 13 1,334,108.87 2.07
105,000 < Balance <= 110,000 9 966,630.27 1.50
110,000 < Balance <= 115,000 12 1,352,658.68 2.10
115,000 < Balance <= 120,000 6 708,966.84 1.10
120,000 < Balance <= 125,000 9 1,102,904.65 1.71
125,000 < Balance <= 130,000 4 509,444.75 0.79
130,000 < Balance <= 135,000 4 529,806.23 0.82
135,000 < Balance <= 140,000 6 825,425.65 1.28
140,000 < Balance <= 145,000 3 427,202.67 0.66
145,000 < Balance <= 150,000 2 293,796.92 0.46
150,000 < Balance <= 200,000 12 2,079,291.18 3.22
200,000 < Balance <= 250,000 5 1,067,503.90 1.65
250,000 < Balance <= 300,000 8 2,171,940.95 3.36
350,000 < Balance <= 400,000 1 376,250.00 0.58
- --------------------------------------------------------------------------
Total.................... 1020 $ 64,553,830.89 100.00%
==========================================================================
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 1 50,154.06 0.08
CO 11 971,743.60 1.51
DC 1 29,814.91 0.05
FL 110 7,167,797.69 11.10
GA 94 6,773,972.61 10.49
ID 4 360,724.28 0.56
IL 1 35,980.28 0.06
IN 67 3,865,014.64 5.99
KY 37 1,929,566.51 2.99
LA 64 3,655,009.12 5.66
MD 11 1,208,834.18 1.87
MI 24 1,905,671.19 2.95
MO 1 34,459.75 0.05
MS 35 1,970,030.42 3.05
MT 5 338,061.47 0.52
NC 188 12,608,777.85 19.53
NJ 1 148,446.92 0.23
NY 1 61,750.00 0.10
OR 8 779,397.44 1.21
PA 2 65,088.26 0.10
SC 227 11,907,019.49 18.45
TN 89 5,937,443.82 9.20
UT 1 50,901.08 0.08
VA 37 2,698,171.32 4.18
- --------------------------------------------------------------------------
Total............... 1020 $ 64,553,830.89 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 980 62,519,544.54 96.85
Manufacuted/Mobile Home 26 1,381,618.64 2.14
Rental/Investor Property 14 652,667.71 1.01
- --------------------------------------------------------------------------
Total............... 1020 $ 64,553,830.89 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1003 63,650,730.84 98.60
Non Owner Occ. 17 903,100.05 1.40
- --------------------------------------------------------------------------
Total.................. 1020 $ 64,553,830.89 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 906 57,530,833.52 89.12
Stated Documentation 28 1,657,245.61 2.57
Lite Documentation 86 5,365,751.76 8.31
- --------------------------------------------------------------------------------
Total.................. 1020 $ 64,553,830.89 100.00%
================================================================================
<PAGE>
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Debt Consol. ETO 167 10,586,822.59 16.40
Debt Consol. no ETO 154 10,483,885.29 16.24
Home Improv. no ETO 3 171,803.45 0.27
Multi-pupose REFI ETO 120 7,898,016.84 12.23
Multi-pupose REFI no ETO 62 4,260,070.26 6.60
Purchase ETO 94 5,070,096.37 7.85
Purchase no ETO 169 9,454,344.32 14.65
REFI ETO 103 6,601,587.25 10.23
REFI no ETO 148 10,027,204.52 15.53
- --------------------------------------------------------------------------
Total............... 1020 $ 64,553,830.89 100.00%
==========================================================================
LOAN GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
AA 82 5,703,666.92 8.84
A 553 37,868,375.49 58.66
B 284 15,405,451.77 23.86
C 101 5,576,336.71 8.64
- --------------------------------------------------------------------------
Total............... 1020 $ 64,553,830.89 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
Amortization
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 648 41,930,880.57 64.95
Partially Amortizing 372 22,622,950.32 35.05
- --------------------------------------------------------------------------
Total.................. 1020 $ 64,553,830.89 100.00%
==========================================================================
ORIGINATOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
ALLIED 1 34,459.75 0.05
CENTRAL CREDIT 270 17,695,234.93 27.41
CHASE 65 4,202,768.52 6.51
CONSUMER 4 305,035.98 0.47
DIRECT 15 987,334.00 1.53
GREENVILLE HOMEGOLD 9 586,131.44 0.91
INDIANAPOLIS RETAIL 323 22,206,357.94 34.40
PHOENIX RETAIL 120 7,769,851.20 12.04
PRIME/EAGLE 203 10,359,698.42 16.05
STERLING RETAIL 10 406,958.71 0.63
- --------------------------------------------------------------------------
Total............... 1020 $ 64,553,830.89 100.00%
==========================================================================
