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 20, 1997
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 333-16511 13-3526694
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
ONE NEW YORK PLAZA, NEW YORK, NEW YORK 10292
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (212) 214-7435
NO CHANGE
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials (as defined below) of Prudential Securities
Incorporated, as representative of the underwriters (the "Underwriter") in
connection with the issuance by Life Financial Services Trust 1997-1A and
1997-1B of Mortgage-Backed Certificates, Series 1997-1A and 1997-1B. The term
"Computational Materials" shall have the meaning given in the No-Action Letter
of May 20, 1994 issued by the Securities and Exchange Commission (the "SEC") to
Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated and
Kidder Structured Asset Corporation, as made applicable to other issuers and
underwriters by the Commission in response to the request of the Public
Securities Association dated May 24, 1994, and the supplemented in the No-Action
Letter of February 17, 1995 issued by the SEC to the Public Securities
Association.
Item 7. EXHIBITS
EXHIBIT
NO.
99.1 Computational Materials of Prudential Securities
Incorporated.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED
FINANCING CORPORATION
By: /s/ Len Blum
Name: Len Blum
Title: Vice President
Dated: March 21, 1997
EXHIBIT 99.1
$[100,000,000]
Life Financial Services Trust 1997-1
Life Savings Bank, Federal Savings Bank
Seller and Servicer
$[38,500,000] (approximate) Class A-1 (Floating-Rate Certificates)
$[61,500,000] (approximate) Class A-2 (Fixed-Rate Certificates)
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by Life Savings Bank, Federal Savings Bank ("Life
Savings"). PSI makes no representations as to the accuracy of such information
provided to it by Life Savings. 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.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
Title of Securities: Life Financial Services Trust 1997-1A (the "Class A-1
Floating Rate Certificates") and Life Financial
Services Trust 1997-1B (the "Class A-2 Fixed Rate
Certificates"), together the "Class A Certificates"
Seller and Servicer: Life Savings Bank, Federal Savings Bank
Trustee and Back-up
Servicer: Norwest Bank Minnesota, N.A.
Depositor: Prudential Securities Secured Financing Corporation
Settlement Date: March [26], 1997
Principal Paydown: All Trust 1A principal is passed through to the Class
A-1 Floating-Rate Certificates All Trust 1B principal
is passed through to the Class A-2 Fixed-Rate
Certificates
Pricing Date: TBD
Cut-Off Date: The close of business on February 28, 1997, or with
respect to Mortgage Loans originated after February 28,
1997, the applicable date of origination.
Statistical
Calculation Date: February 28, 1997
Distribution Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on April 15, 1997.
Record Date: The last business day of the month preceding the month
in which the related Distribution Date occurs.
Pre-funding Accounts: The Pre-funding Amounts for Trust 1A and
Trust 1B will be used to acquire subsequent Mortgage
Loans for the related Trust during the Pre-Funding
Period which ends May 15, 1997. Any amount remaining in
the Pre-Funding Accounts at the end of Pre-Funding
Period will be used to prepay the Certificates of the
respective trust.
Credit Enhancement: A Combination of:
- On-going excess spread
- Cash reserve account
- Cross-collateralization
- Wrap from MBIA guaranteeing timely interest and
ultimate principal.
Certificate Ratings: The Class A Certificates will be rated AAA/Aaa by
Standard & Poor's ("S&P") and Moody's Investors Service
("Moody's").
Certificate Insurance: Timely payments of interest and ultimate
payment of principal on the Class A Certificates will
be guaranteed by MBIA subject to the limitations
described in the policies.
Certificate Insurer: MBIA Insurance Corporation ("MBIA").
Clean-up Call: The Servicer may repurchase the collateral and,
as a result, cause the Class A Certificates to be
called at par plus accrued interest after the remaining
aggregate balance of the loans in the Trusts is less
than [5]% of the Cut-Off Date Pool Principal Balance.
If the Servicer does not exercise its option to
repurchase, the Certificate Insurer has the option to
do so.
If neither the Servicer nor the Certificate Insurer
exercise their option to call the Certificates, the
coupon on the Class A-1 Certificates will step up to 2x
the Margin (subject to the Weighted Average Rate Cap)
and the coupon on the Class A-2 Certificates will step
up by 50 bps.
ERISA Considerations: The Class A-1 Certificates will NOT be
ERISA eligible during the Prefunding Period. At the end
of the Prefunding Period, the Class A-1 Certificates
may be ERISA eligible. 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.
The Class A-2 Certificates are NOT ERISA eligible.
SMMEA Considerations: The Class A Certificates are NOT SMMEA eligible.
Tax Status: Class A-1 Floating-Rate Certificates: REMIC
Class A-2 Fixed-Rate Certificates: Grantor Trust
Form of Certificates: Book entry form, same day funds (through DTC, CEDEL or
Euroclear).
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). 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: Call PSI's ABS trading desk at (212)
778-2741, Peter Austin (212) 778-1282, Mary Alice Kohs
(212) 778-1492, John Mawe (212) 778-1166 or Benito Leon
(212) 778-2458 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.
<PAGE>
Life Financial Services Trust 1997-1
Class A-1 Floating-Rate Certificates (Trust 1A)
-----------------------------------------------
Approximate Face Amount: $[38,500,000]
Trust 1A Collateral Pool: Adjustable-rate, closed
end, monthly pay, generally fully amortizing
home equity loans (the "ARMs") secured, in
either case, by first lien mortgages or deeds
of trust on residential one-to four- family
properties.
Statistical Calculation Date
Trust 1A Collateral Balance: [$32,047,551.27]
Expected Trust 1A Collateral
Delivery on Settlement Date: Approximately $[34,000,000]
Approx. Trust 1A Prefunded Amt: $[4,500,000]
Coupon: The least of 1) 1 Month LIBOR + [TBD] bps (2
times margin after eligble for call) 2)
Weighted Average Rate Cap (described below)
Weighted Average Rate Cap: A rate equal to the weighted
average net coupon rate (i.e. the weighted
average coupon rate less the sum of (i) 0.85%
for Trustee and back-up servicer fees,
certificate insurer premium and surety carve
out; and (ii) the Trust 1A Servicing Fee
(defined below)) for the Trust 1A collateral
for such Disbribution Date.
Trust 1A Servicing Fee: From the closing date until the Distribution
Date in March 1998, 0.65% per annum.
Thereafter, the Servicing Fee for Trust 1A
will be 1.00% per annum.
Price: TBD
Yield: TBD
Avg. Life to 5% Call Date: [3.34] years
Avg. Life to Maturity: [3.42] years
Exp. 1st Prin. Payment: [04/15/97]
Exp. Maturity to 5% Call Date: [05/15/09]
(at pricing speed)
Expected Maturity: [TBD]
(at pricing speed)
Stated Maturity: [TBD]
Expected Rating: AAA/Aaa
Settlement Date: March [26], 1997
Dated Date: March [26], 1997
Pricing Prepayment Assumption: [25]% CPR
**Actual prepayments may vary**
Coupon Day Count: Actual/360
Interest Carryover: If on any Distribution Date, the Pass-Through
Rate for the Class A-1 Certificates is based
upon the Weighted Average Rate Cap, the amount
of any interest shortfall will be paid (with
accured interest) to the Class A-1
Certificateholders on future Distribution
Dates, subject to the availability of excess
spread in amounts greater than needed to fund
the Reserve Accounts. Upon exercise of the
optional clean-up call, the A-1 Certificate
holders must be made whole on any unpaid
interest shortfall amounts.
The ratings of the Class A-1 Certificates do
not address the likelihood of payment of any
Interest Carryover and the Certificate
Insurance Policy does not guarantee payment of
such amount.
Interest Accrual Period: The initial interest accural
period on the Class A-1 Certificates will be
from the Settlement Date until April 14th. In
future periods, interest on the Class A-1
Certificates will accrue during the period
commencing on the 15th day of the preceding
month until the 14th day of the current month.
Payment Delay: 0 days
Payment Terms: Monthly
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
Class A-2 Fixed-Rate Certificates (Trust 1B)
---------------------------------------------
Approximate Face Amount: $[61,500,000]
Trust 1B Collateral Pool: Fixed-rate, closed end,
monthly pay, generally fully amortizing,
residential home equity loans (the "Home
Equity Loans") secured by first or second lien
mortgages or deeds of trust on residential
one-to four- family properties.
Statistical Calculation Date
Trust 1B Collateral Balance: $[38,949,571.27]
Expected Trust 1B Collateral
Delivery on Settlement Date: Approximately $[46,000,000]
Approx. Trust 1B Prefunded Amt: $[15,500,000]
Average Life to 5% Call Date: [4.71] years
Average Life to Maturity: [4.88] years
Coupon: [TBD]%(+50bps after optional termination date)
Price: TBD
Yield (CBE): TBD
Spread: TBD
Exp. 1st Prin. Payment: [04/15/97]
Exp. Maturity to 5% Call Date: [05/15/09]
(at pricing speed)
Expected Maturity: [05/15/27]
(at pricing speed)
Stated Maturity: [05/15/27]
Expected Rating: AAA/Aaa
Settlement Date: March [26], 1997
Dated Date: March 1, 1997
Pricing Prepayment Assumption: [17]% HEP
**Actual prepayments may vary**
Coupon Day Count: 30/360
Interest Accrual Period: Interest on the Class A-2 Certificates will
accrue from the first day of the preceding
month until the 30th day of the preceding
month.
Payment Delay: 14 days
Payment Terms: Monthly
Trust 1B Servicing Fee: 1.00% per annum.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $38,500,000.00 DATED DATE: 03/26/97
CURRENT COUPON: TBA% life71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $38,500,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 03/26/97
ASSUMED CONSTANT LIBOR-1M 5.5000
*** ALL TABLES TO 5% CALL ***
PRICING SPEED
ARM GR (CPR) 25.00% 15.00% 18.00% 22.00% 28.00% 32.00% 34.00%
FIX GR (HEP) 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00%
PRICE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 29.742 26.810 27.656 28.825 30.696 32.041 32.745
99-24+ 29.194 26.446 27.239 28.335 30.089 31.349 32.009
99-25 28.647 26.082 26.822 27.845 29.482 30.658 31.274
99-25+ 28.099 25.718 26.406 27.355 28.875 29.966 30.539
99-26 27.552 25.355 25.989 26.865 28.268 29.275 29.803
99-26+ 27.005 24.991 25.573 26.376 27.661 28.585 29.069
99-27 26.459 24.628 25.156 25.886 27.055 27.894 28.334
99-27+ 25.912 24.265 24.740 25.397 26.448 27.204 27.600
99-28 25.366 23.902 24.324 24.908 25.842 26.514 26.865
99-28+ 24.819 23.538 23.908 24.419 25.236 25.824 26.131
99-29 24.273 23.176 23.492 23.930 24.631 25.134 25.398
99-29+ 23.727 22.813 23.077 23.441 24.025 24.444 24.664
99-30 23.181 22.450 22.661 22.953 23.420 23.755 23.931
99-30+ 22.636 22.087 22.246 22.464 22.814 23.066 23.198
99-31 22.090 21.725 21.830 21.976 22.209 22.377 22.465
99-31+ 21.545 21.362 21.415 21.488 21.605 21.688 21.732
100-00 21.000 21.000 21.000 21.000 21.000 21.000 21.000
100-00+ 20.455 20.638 20.585 20.512 20.396 20.312 20.268
100-01 19.910 20.276 20.170 20.024 19.791 19.624 19.536
100-01+ 19.366 19.914 19.755 19.537 19.187 18.936 18.804
100-02 18.821 19.552 19.341 19.050 18.583 18.248 18.073
100-02+ 18.277 19.190 18.926 18.562 17.980 17.561 17.341
100-03 17.733 18.828 18.512 18.075 17.376 16.874 16.610
100-03+ 17.189 18.467 18.098 17.588 16.773 16.187 15.880
100-04 16.645 18.105 17.683 17.101 16.169 15.500 15.149
100-04+ 16.101 17.744 17.269 16.615 15.566 14.813 14.419
100-05 15.558 17.382 16.855 16.128 14.964 14.127 13.689
100-05+ 15.014 17.021 16.442 15.642 14.361 13.441 12.959
100-06 14.471 16.660 16.028 15.155 13.759 12.755 12.229
100-06+ 13.928 16.299 15.614 14.669 13.156 12.069 11.500
100-07 13.385 15.938 15.201 14.183 12.554 11.384 10.770
100-07+ 12.843 15.577 14.788 13.698 11.952 10.698 10.041
First Payment 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Average Life 3.337 5.413 4.592 3.794 2.963 2.557 2.385
Last Payment 12.136 14.386 13.386 12.553 11.886 11.636 11.553
Mod.Dur. @ 100-00 2.755 4.147 3.619 3.078 2.484 2.181 2.050
Accrued Interest 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>
Life Financial Services Trust 1997-1
AVAILABLE FUNDS CAP
===================
05/97 8.010
06/97 8.010 Available Funds Cap = Weighted Average Loan Rate for the
07/97 8.216 Adjustable Rate Group less 85 bps fees, less normal
08/97 8.216 servicing of 100 bps (65 for year 1).
09/97 8.216
10/97 8.472
11/97 8.738
12/97 8.738
01/98 9.200
02/98 9.200
03/98 9.384
04/98 9.214
05/98 9.214
06/98 9.258
07/98 9.380
08/98 9.380
09/98 9.380
10/98 9.380
11/98 9.396
12/98 9.396
01/99 9.470
02/99 9.470
03/99 9.470
04/99 9.470
05/99 9.470
06/99 9.470
07/99 9.470
08/99 9.470
09/99 9.471
10/99 9.471
11/99 9.471
12/99 9.471
01/00 9.603
02/00 9.603
03/00 9.603
04/00 9.603
05/00 9.603
06/00 9.603
07/00 9.639
08/00 9.639 and thereafter
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $61,500,000.00 DATED DATE: 03/01/97
COUPON: TBA% life71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $61,500,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 03/26/97
PREPAYMENT SPEED
*** ALL TABLES TO 5% CALL ***
PRICING SPEED
ARM GR (CPR) 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
FIX GR (HEP) 17.00% 10.00% 13.00% 15.00% 20.00% 25.00% 30.00%
PRICE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.499 7.502 7.501 7.500 7.498 7.496 7.494
99-24+ 7.495 7.498 7.497 7.496 7.493 7.490 7.488
99-25 7.490 7.495 7.493 7.492 7.488 7.485 7.481
99-25+ 7.486 7.492 7.489 7.488 7.483 7.479 7.475
99-26 7.482 7.488 7.485 7.484 7.479 7.474 7.468
99-26+ 7.477 7.485 7.482 7.479 7.474 7.468 7.462
99-27 7.473 7.482 7.478 7.475 7.469 7.462 7.456
99-27+ 7.468 7.478 7.474 7.471 7.464 7.457 7.449
99-28 7.464 7.475 7.470 7.467 7.459 7.451 7.443
99-28+ 7.460 7.471 7.467 7.463 7.454 7.445 7.436
99-29 7.455 7.468 7.463 7.459 7.450 7.440 7.430
99-29+ 7.451 7.465 7.459 7.455 7.445 7.434 7.423
99-30 7.447 7.461 7.455 7.451 7.440 7.429 7.417
99-30+ 7.442 7.458 7.451 7.447 7.435 7.423 7.411
99-31 7.438 7.455 7.448 7.443 7.430 7.417 7.404
99-31+ 7.433 7.451 7.444 7.439 7.425 7.412 7.398
100-00 7.429 7.448 7.440 7.435 7.421 7.406 7.391
100-00+ 7.425 7.445 7.436 7.431 7.416 7.400 7.385
100-01 7.420 7.441 7.433 7.427 7.411 7.395 7.379
100-01+ 7.416 7.438 7.429 7.422 7.406 7.389 7.372
100-02 7.412 7.435 7.425 7.418 7.401 7.384 7.366
100-02+ 7.407 7.431 7.421 7.414 7.396 7.378 7.359
100-03 7.403 7.428 7.417 7.410 7.392 7.372 7.353
100-03+ 7.398 7.425 7.414 7.406 7.387 7.367 7.347
100-04 7.394 7.421 7.410 7.402 7.382 7.361 7.340
100-04+ 7.390 7.418 7.406 7.398 7.377 7.356 7.334
100-05 7.385 7.415 7.402 7.394 7.372 7.350 7.327
100-05+ 7.381 7.411 7.399 7.390 7.367 7.344 7.321
100-06 7.377 7.408 7.395 7.386 7.363 7.339 7.315
100-06+ 7.372 7.405 7.391 7.382 7.358 7.333 7.308
100-07 7.368 7.401 7.387 7.378 7.353 7.328 7.302
100-07+ 7.364 7.398 7.384 7.374 7.348 7.322 7.295
First Payment 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Average Life 4.710 6.637 5.685 5.158 4.153 3.457 2.951
Last Payment 12.136 14.886 13.719 12.886 11.136 9.886 8.969
Mod.Dur. @ 100-00 3.555 4.644 4.119 3.819 3.216 2.768 2.425
Accrued Interest 0.514 0.514 0.514 0.514 0.514 0.514 0.514
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
- -------------------------------------------------------------------------------
- LIFE SAVINGS
- Cut Off Date of Tape is 2/28/97
- Trust 1997-1A ARM COLLATERAL
- $32,047,551.27
- ------------------------------------------------------------------------------
Number of Mortgage Loans: 271
Aggregate Unpaid Principal Balance: $32,047,551.27
Aggregate Original Principal Balance: $32,097,250.73
- -------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 9.500%
Gross Coupon Range: 7.500% - 13.418%
Weighted Average Margin (Gross): 5.770%
Gross Margin Range: 2.000% - 9.600%
Weighted Average Life Cap (Gross): 15.657%
Gross Life Cap Range: 10.000% - 19.700%
- ------------------------------------------------------------------------------
Average Unpaid Principal Balance: $118,256.65
Average Original Principal Balance: $118,440.04
Maximum Unpaid Principal Balance: $647,790.05
Minimum Unpaid Principal Balance: $13,928.56
Maximum Original Principal Balance: $650,000.00
Minimum Original Principal Balance: $13,950.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 357.437
Stated Rem Term Range: 166.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 2.271
Age Range: 0.000 - 17.000
Weighted Average Original Term: 359.708
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 73.421
Original LTV Range: 19.060% - 90.000%
Weighted Average Periodic Interest Cap: 1.618%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.622 * calculated
from 3/97
to next
rolldate
Months to Interest Roll Range: 1 - 36
Weighted Average Interest Roll Frequency: 8.819
Interest Frequency Range: 6 - 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>
Life Financial Services Trust 1997-1
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 7 636,021.59 1.98
AZ 1 174,193.76 0.54
CA 60 9,303,824.76 29.03
CO 18 2,238,708.78 6.99
DC 2 183,408.07 0.57
FL 11 1,129,074.01 3.52
GA 2 92,689.79 0.29
HI 8 1,499,180.04 4.68
ID 4 259,155.11 0.81
IL 14 1,897,807.77 5.92
IN 18 849,001.22 2.65
MD 14 1,862,877.65 5.81
MI 6 578,510.75 1.81
MO 1 23,908.43 0.07
MT 1 55,000.00 0.17
NC 5 476,947.48 1.49
NJ 3 399,546.11 1.25
NM 1 165,000.00 0.51
NV 1 64,200.00 0.20
NY 3 356,943.30 1.11
OH 1 370,475.40 1.16
OR 6 535,512.25 1.67
PA 5 421,940.55 1.32
SC 1 42,690.95 0.13
TX 8 592,173.36 1.85
UT 48 6,195,483.26 19.33
VA 4 302,637.91 0.94
VT 7 455,388.06 1.42
WA 9 761,283.58 2.38
WY 2 123,967.33 0.39
- --------------------------------------------------------------------------
Total............... 271 $ 32,047,551.27 100.00%
==========================================================================
LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
15.000 * LTV*= 20.000 1 17,155.00 0.05
30.000 * LTV*= 35.000 1 66,000.00 0.21
35.000 * LTV*= 40.000 2 138,001.81 0.43
40.000 * LTV*= 45.000 2 107,983.07 0.34
45.000 * LTV*= 50.000 8 1,662,126.46 5.19
50.000 * LTV*= 55.000 15 1,630,162.38 5.09
55.000 * LTV*= 60.000 25 2,172,559.86 6.78
60.000 * LTV*= 65.000 33 3,533,345.85 11.03
65.000 * LTV*= 70.000 39 5,551,656.08 17.32
70.000 * LTV*= 75.000 42 4,348,353.13 13.57
75.000 * LTV*= 80.000 22 2,338,687.22 7.30
80.000 * LTV*= 85.000 16 2,304,775.01 7.19
85.000 * LTV*= 90.000 65 8,176,745.40 25.51
- --------------------------------------------------------------------------
Total.................... 271 $ 32,047,551.27 100.00%
==========================================================================
*= LESS THAN
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
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
7.00% * Gross Coupon *= 7.50% 1 56,000.00 0.17
7.75% * Gross Coupon *= 8.00% 12 2,177,324.61 6.79
8.00% * Gross Coupon *= 8.25% 12 2,120,542.02 6.62
8.25% * Gross Coupon *= 8.50% 15 1,788,012.47 5.58
8.50% * Gross Coupon *= 8.75% 28 3,990,162.40 12.45
8.75% * Gross Coupon *= 9.00% 25 3,740,002.37 11.67
9.00% * Gross Coupon *= 9.25% 15 2,036,051.66 6.35
9.25% * Gross Coupon *= 9.50% 19 2,125,221.63 6.63
9.50% * Gross Coupon *= 9.75% 23 3,014,975.41 9.41
9.75% * Gross Coupon *= 10.00% 25 2,374,809.81 7.41
10.00% * Gross Coupon *= 10.25% 15 1,171,129.60 3.65
10.25% * Gross Coupon *= 10.50% 20 1,851,005.55 5.78
10.50% * Gross Coupon *= 10.75% 14 1,475,496.34 4.60
10.75% * Gross Coupon *= 11.00% 12 1,226,963.06 3.83
11.00% * Gross Coupon *= 11.25% 5 297,153.75 0.93
11.25% * Gross Coupon *= 11.50% 6 673,924.89 2.10
11.50% * Gross Coupon *= 11.75% 5 637,204.37 1.99
11.75% * Gross Coupon *= 12.00% 4 276,688.18 0.86
12.00% * Gross Coupon *= 12.25% 3 159,994.52 0.50
12.50% * Gross Coupon *= 12.75% 3 343,648.48 1.07
12.75% * Gross Coupon *= 13.00% 3 282,152.49 0.88
13.00% * Gross Coupon *= 13.25% 1 63,941.73 0.20
13.25% * Gross Coupon *= 13.50% 5 165,145.93 0.52
- ----------------------------------------------------------------------------
Total.......... 271 $ 32,047,551.27 100.00%
============================================================================
*=LESS THAN
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Number of Mortgage Principal Principal
Months Loans Balance Balance
166 1 51,899.71 0.16
343 4 552,638.86 1.72
344 3 488,988.00 1.53
345 1 92,837.58 0.29
347 1 39,756.78 0.12
350 5 159,810.50 0.50
353 3 296,332.56 0.92
354 1 104,217.04 0.33
355 7 1,354,468.62 4.23
356 24 2,900,644.31 9.05
357 30 3,629,099.52 11.32
358 59 6,632,467.90 20.70
359 47 6,108,459.89 19.06
360 85 9,635,930.00 30.07
- -------------------------------------------------------------------
Total............ 271 $ 32,047,551.27 100.00%
===================================================================
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>
Life Financial Services Trust 1997-1
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
Balance *= 25,000 4 77,741.99 0.24
25,000 * Balance *= 50,000 35 1,343,401.80 4.19
50,000 * Balance *= 75,000 53 3,353,166.81 10.46
75,000 * Balance *= 100,000 48 4,285,028.63 13.37
100,000 * Balance *= 150,000 71 8,679,923.06 27.08
150,000 * Balance *= 200,000 31 5,406,204.86 16.87
200,000 * Balance *= 250,000 13 2,958,639.22 9.23
250,000 * Balance *= 300,000 6 1,721,113.11 5.37
300,000 * Balance *= 350,000 4 1,300,669.07 4.06
350,000 * Balance *= 400,000 1 370,475.40 1.16
400,000 * Balance *= 450,000 1 425,000.00 1.33
450,000 * Balance *= 500,000 2 954,408.51 2.98
500,000 * Balance *= 550,000 1 523,988.76 1.64
600,000 * Balance *= 650,000 1 647,790.05 2.02
- --------------------------------------------------------------------------
Total.................... 271 $ 32,047,551.27 100.00%
==========================================================================
*=LESS THAN
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 232 28,489,016.97 88.90
Non Owner Occ. 39 3,558,534.30 11.10
- --------------------------------------------------------------------------
Total.................. 271 $ 32,047,551.27 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 236 28,104,912.65 87.70
PUD 8 1,089,625.92 3.40
Condominiums 9 910,353.95 2.84
Apartment 2-4 Units 18 1,942,658.75 6.06
- --------------------------------------------------------------------------
Total............... 271 $ 32,047,551.27 100.00%
==========================================================================
AGE OF LOAN
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 85 9,635,930.00 30.07%
0 * Age *= 12 176 21,185,500.34 66.11%
12 * Age *= 24 10 1,226,120.93 3.83%
- -------------------------------------------------------------------
Total............ 271 32,047,551.27 100.00%
===================================================================
*=LESS THAN
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
DISTRIBUTION OF MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
1.5 * Margin *= 2.0 1 146,058.47 0.46
2.5 * Margin *= 3.0 1 79,916.72 0.25
3.0 * Margin *= 3.5 3 292,574.37 0.91
3.5 * Margin *= 4.0 4 1,040,140.05 3.25
4.0 * Margin *= 4.5 17 2,660,576.52 8.30
4.5 * Margin *= 5.0 42 5,947,413.19 18.56
5.0 * Margin *= 5.5 40 4,349,516.00 13.57
5.5 * Margin *= 6.0 57 6,180,770.58 19.29
6.0 * Margin *= 6.5 33 3,050,144.67 9.52
6.5 * Margin *= 7.0 30 3,865,459.42 12.06
7.0 * Margin *= 7.5 15 1,981,454.75 6.18
7.5 * Margin *= 8.0 16 1,425,776.86 4.45
8.0 * Margin *= 8.5 8 584,260.96 1.82
8.5 * Margin *= 9.0 2 104,720.78 0.33
9.0 * Margin *= 9.5 1 285,784.86 0.89
9.5 * Margin *= 10.0 1 52,983.07 0.17
- --------------------------------------------------------------------------
Total................. 271 $ 32,047,551.27 100.00%
==========================================================================
*=LESS THAN
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
9.500 * LIFE CAP *= 10.00 1 157,150.00 0.49
12.500 * LIFE CAP *= 13.00 1 46,750.00 0.15
13.500 * LIFE CAP *= 14.00 6 1,596,173.06 4.98
14.000 * LIFE CAP *= 14.50 17 2,133,760.84 6.66
14.500 * LIFE CAP *= 15.00 47 6,815,257.08 21.27
15.000 * LIFE CAP *= 15.50 35 4,165,169.11 13.00
15.500 * LIFE CAP *= 16.00 61 7,370,366.85 23.00
16.000 * LIFE CAP *= 16.50 40 4,095,425.56 12.78
16.500 * LIFE CAP *= 17.00 25 2,733,591.90 8.53
17.000 * LIFE CAP *= 17.50 11 895,002.00 2.79
17.500 * LIFE CAP *= 18.00 8 798,971.46 2.49
18.000 * LIFE CAP *= 18.50 4 173,923.08 0.54
18.500 * LIFE CAP *= 19.00 7 516,024.19 1.61
19.000 * LIFE CAP *= 19.50 6 229,087.66 0.71
19.500 * LIFE CAP *= 20.00 2 320,898.48 1.00
- --------------------------------------------------------------------------
Total................. 271 $ 32,047,551.27 100.00%
==========================================================================
*=LESS THAN
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
04/01/97 10 $1,012,070.42 03.16
05/01/97 7 $1,235,357.26 03.85
06/01/97 10 $1,287,551.82 04.02
07/01/97 19 $1,911,958.63 05.97
08/01/97 27 $3,335,001.32 10.41
09/01/97 26 $3,727,399.12 11.63
10/01/97 22 $2,762,546.01 08.62
11/01/97 21 $2,048,579.22 06.39
12/01/97 33 $3,843,471.75 11.99
01/01/98 24 $2,764,206.53 08.63
02/01/98 15 $2,386,996.42 07.45
03/01/98 11 $1,178,650.00 03.68
04/01/98 1 $39,000.00 00.12
11/01/98 2 $200,889.31 00.63
12/01/98 1 $64,960.49 00.20
08/01/99 1 $98,245.03 00.31
09/01/99 1 $123,986.36 00.39
10/01/99 2 $207,621.68 00.65
11/01/99 4 $613,913.45 01.92
12/01/99 11 $1,237,760.30 03.86
01/01/00 7 $682,869.32 02.13
02/01/00 11 $825,466.83 02.58
03/01/00 5 $459,050.00 01.43
- --------------------------------------------------------------------------
Total........ 271 $32,047,551.27 100.00%
==========================================================================
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>
Life Financial Services Trust 1997-1
- -------------------------------------------------------------------------------
- LIFE SAVINGS
- Cut Off Date of Tape is 2/28/97
- Trust 1997-1B FIXED-RATE COLLATERAL
- $38,949,571.27
- Mortgage Summary Report
- ------------------------------------------------------------------------------
Number of Mortgage Loans: 1,082
Aggregate Unpaid Principal Balance: $38,949,571.27
Aggregate Original Principal Balance: $39,009,184.00
Weighted Average Gross Coupon: 13.019%
Gross Coupon Range: 7.000% - 16.750%
- ------------------------------------------------------------------------------
Average Unpaid Principal Balance: $35,997.76
Average Original Principal Balance: $36,052.85
Maximum Unpaid Principal Balance: $524,377.81
Minimum Unpaid Principal Balance: $8,193.16
Maximum Original Principal Balance: $525,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 224.673
Stated Rem Term Range: 92.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 0.654
Age Range: 0.000 - 268.000
Weighted Average Original Term: 225.328
Original Term Range: 120.000 - 360.000
Weighted Average Combined LTV: 98.578
Combined LTV Range: 23.410% - 125.000%
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 59 1,969,712.06 5.06
AR 2 57,967.33 0.15
AZ 1 46,182.24 0.12
CA 263 9,678,682.32 24.85
CO 26 922,170.86 2.37
DC 2 48,952.85 0.13
DE 3 82,771.41 0.21
FL 46 1,331,583.65 3.42
GA 18 559,696.62 1.44
HI 11 969,299.99 2.49
ID 19 744,035.75 1.91
IL 16 596,676.06 1.53
IN 11 393,201.73 1.01
KS 2 59,977.64 0.15
KY 5 117,000.00 0.30
MA 2 64,873.16 0.17
MD 66 2,355,326.48 6.05
MI 6 171,819.70 0.44
MN 2 85,350.07 0.22
MO 5 152,950.00 0.39
MS 2 38,848.66 0.10
MT 3 104,563.81 0.27
NC 112 3,586,284.54 9.21
NJ 1 31,000.00 0.08
NM 6 236,096.91 0.61
NV 6 402,000.00 1.03
NY 2 176,300.00 0.45
OH 18 617,759.76 1.59
OK 51 1,349,768.19 3.47
OR 21 908,659.30 2.33
PA 44 1,329,471.52 3.41
RI 1 33,479.16 0.09
SC 18 516,499.92 1.33
TN 17 539,438.88 1.38
TX 5 426,613.06 1.10
UT 64 2,782,543.38 7.14
VA 110 3,595,315.16 9.23
WA 29 1,590,123.72 4.08
WI 1 19,000.00 0.05
WY 6 257,575.38 0.66
- --------------------------------------------------------------------------
Total............... 1082 $ 38,949,571.27 100.00%
==========================================================================
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 *Comb LTV*= 25.000 3 57,541.65 0.15
30.000 *Comb LTV*= 35.000 1 60,000.00 0.15
35.000 *Comb LTV*= 40.000 4 170,125.00 0.44
40.000 *Comb LTV*= 45.000 5 230,538.98 0.59
45.000 *Comb LTV*= 50.000 6 273,074.50 0.70
50.000 *Comb LTV*= 55.000 10 399,810.03 1.03
55.000 *Comb LTV*= 60.000 12 717,419.76 1.84
60.000 *Comb LTV*= 65.000 17 788,167.47 2.02
65.000 *Comb LTV*= 70.000 19 1,394,442.24 3.58
70.000 *Comb LTV*= 75.000 27 2,700,163.40 6.93
75.000 *Comb LTV*= 80.000 20 989,991.25 2.54
80.000 *Comb LTV*= 85.000 15 431,251.46 1.11
85.000 *Comb LTV*= 90.000 63 2,987,739.28 7.67
90.000 *Comb LTV*= 95.000 67 1,955,342.17 5.02
95.000 *Comb LTV*= 100.000 329 9,925,066.38 25.48
100.000 *Comb LTV*= 105.000 35 1,002,117.11 2.57
105.000 *Comb LTV*= 110.000 69 2,095,033.81 5.38
110.000 *Comb LTV*= 115.000 86 2,728,430.11 7.01
115.000 *Comb LTV*= 120.000 91 3,136,029.24 8.05
120.000 *Comb LTV*= 125.000 203 6,907,287.43 17.73
- --------------------------------------------------------------------------
Total.................... 1082 $ 38,949,571.27 100.00%
==========================================================================
*=LESS THAN
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Life Financial Services Trust 1997-1
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
6.50% * Gross Coupon *= 7.00% 1 8,193.16 0.02
7.75% * Gross Coupon *= 8.00% 1 30,655.50 0.08
8.50% * Gross Coupon *= 8.75% 2 557,577.81 1.43
8.75% * Gross Coupon *= 9.00% 2 236,121.37 0.61
9.00% * Gross Coupon *= 9.25% 2 389,625.00 1.00
9.25% * Gross Coupon *= 9.50% 4 319,444.57 0.82
9.50% * Gross Coupon *= 9.75% 4 329,972.52 0.85
9.75% * Gross Coupon *= 10.00% 10 903,172.46 2.32
10.00% * Gross Coupon *= 10.25% 7 630,910.41 1.62
10.25% * Gross Coupon *= 10.50% 16 1,141,359.75 2.93
10.50% * Gross Coupon *= 10.75% 14 938,525.17 2.41
10.75% * Gross Coupon *= 11.00% 10 508,154.62 1.30
11.00% * Gross Coupon *= 11.25% 19 840,016.55 2.16
11.25% * Gross Coupon *= 11.50% 12 496,492.59 1.27
11.50% * Gross Coupon *= 11.75% 22 704,301.75 1.81
11.75% * Gross Coupon *= 12.00% 32 1,575,211.01 4.04
12.00% * Gross Coupon *= 12.25% 42 1,264,727.84 3.25
12.25% * Gross Coupon *= 12.50% 37 1,264,919.66 3.25
12.50% * Gross Coupon *= 12.75% 88 2,953,297.24 7.58
12.75% * Gross Coupon *= 13.00% 62 2,013,614.40 5.17
13.00% * Gross Coupon *= 13.25% 92 3,012,452.32 7.73
13.25% * Gross Coupon *= 13.50% 79 2,515,333.78 6.46
13.50% * Gross Coupon *= 13.75% 92 2,911,489.79 7.48
13.75% * Gross Coupon *= 14.00% 73 2,199,539.68 5.65
14.00% * Gross Coupon *= 14.25% 59 1,916,139.39 4.92
14.25% * Gross Coupon *= 14.50% 57 1,841,711.71 4.73
14.50% * Gross Coupon *= 14.75% 75 2,343,077.52 6.02
14.75% * Gross Coupon *= 15.00% 57 1,794,698.03 4.61
15.00% * Gross Coupon *= 15.25% 14 404,606.49 1.04
15.25% * Gross Coupon *= 15.50% 49 1,570,025.75 4.03
15.50% * Gross Coupon *= 15.75% 17 447,342.50 1.15
15.75% * Gross Coupon *= 16.00% 25 759,875.33 1.95
16.00% * Gross Coupon *= 16.25% 3 61,180.67 0.16
16.25% * Gross Coupon *= 16.50% 1 27,754.93 0.07
16.50% * Gross Coupon *= 16.75% 2 38,050.00 0.10
- ----------------------------------------------------------------------------
Total.......... 1082 $ 38,949,571.27 100.00%
============================================================================
*=LESS THAN
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Number of Mortgage Principal Principal
Months Loans Balance Balance
92 1 8,193.16 0.02
118 1 24,800.00 0.06
123 1 30,655.50 0.08
169 1 14,408.06 0.04
170 1 24,348.49 0.06
176 4 160,621.28 0.41
177 8 259,826.58 0.67
178 33 1,399,142.41 3.59
179 115 3,784,625.74 9.72
180 458 14,828,271.73 38.07
233 1 39,562.07 0.10
235 1 17,911.78 0.05
236 1 24,934.28 0.06
237 7 295,028.96 0.76
238 16 611,189.36 1.57
239 52 1,915,763.94 4.92
240 274 9,042,485.04 23.22
300 56 2,017,675.00 5.18
354 1 82,601.26 0.21
355 1 56,015.83 0.14
357 2 95,378.72 0.24
358 4 666,203.50 1.71
359 8 671,903.54 1.73
360 35 2,878,025.04 7.39
- -------------------------------------------------------------------
Total............ 1082 $ 38,949,571.27 100.00%
===================================================================
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>
Life Financial Services Trust 1997-1
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance *= 25,000 337 7,100,448.84 18.23
25,000 * Balance *= 50,000 643 22,832,139.23 58.62
50,000 * Balance *= 75,000 62 3,681,281.24 9.45
75,000 * Balance *= 100,000 15 1,334,767.01 3.43
100,000 * Balance *= 150,000 17 2,078,922.51 5.34
150,000 * Balance *= 200,000 5 854,259.63 2.19
200,000 * Balance *= 250,000 1 217,500.00 0.56
300,000 * Balance *= 350,000 1 325,875.00 0.84
500,000 * Balance *= 550,000 1 524,377.81 1.35
- --------------------------------------------------------------------------
Total.................... 1082 $ 38,949,571.27 100.00%
==========================================================================
*=LESS THAN
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
1 Owner Occ. 85 6,907,733.36 17.74
1 Non Owner Occ. 15 1,043,109.42 2.68
2 Owner Occ. 974 30,744,147.33 78.93
2 Non Owner Occ. 8 254,581.16 0.65
- --------------------------------------------------------------------------
Total.................. 1082 $ 38,949,571.27 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 967 34,956,637.05 89.75
PUD 23 747,476.02 1.92
Condominiums 78 2,382,850.37 6.12
Apartment 2-4 Units 14 862,607.83 2.21
- --------------------------------------------------------------------------
Total............... 1082 $ 38,949,571.27 100.00%
==========================================================================
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>
Life Financial Services Trust 1997-1
AGE OF LOAN
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 823 28,766,456.81 73.86%
0 * Age *= 12 257 10,144,265.80 26.04%
228 * Age *= 240 1 30,655.50 0.08%
264 * Age *= 276 1 8,193.16 0.02%
- -------------------------------------------------------------------
Total............ 1,082 38,949,571.27 100.00%
===================================================================
Life savings
*=LESS THAN
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 1036 35,951,991.44 92.30
Partially Amortizing 46 2,997,579.83 7.70
- --------------------------------------------------------------------------
Total.................. 1082 $ 38,949,571.27 100.00%
==========================================================================
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.
