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) November 3, 1997
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) 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
1997-2, Mortgage Pass-Through Certificates, Series 1997-2, to be described in a
Prospectus Supplement, 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 Corporation Trust 1997-2 Registrant
By: /s/ Brendan Keane
---------------------------------
Name: Brendan Keane
Title: Vice President
Dated: November 3, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as
defined in Item 5 above).
EXHIBIT 99.1
Preliminary Information for Irwin Home Equity Corporation Trust 1997-2
Irwin Home Equity Corporation Trust 1997-2
[$70,000,000] Class A-1 Certificates 1M LIBOR + [TBD%]
[$24,500,000] Class A-2 Certificates [TBD%]
[$20,500,000] Class A-3 Certificates [TBD%]
[$15,000,000] Class A-4 Certificates [TBD%]
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 1997-2
Title of Securities: Irwin Home Equity Corporation, Series 1997-2 Mortgage
Pass-Through Certificates, Class A-1, Class A-2, Class
A-3 and Class A-4 (the "Certificates").
Description of
Transaction: This approximately [$130,000,000] 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, A-3 and A-4 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) Class A-4 (HELs)
------------------ ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Settlement Date: [November 18, 1997 November 18, 1997 November 18, 1997 November 18, 1997]
Dated Date: November 18, 1997 November 1, 1997 November 1, 1997 November 1, 1997
Prepayment Assumption: [26% CPR] [25% HEP] [25% HEP] [25% HEP]
Approximate Size: [$70,000,000] [$24,500,000] [$20,500,000] [$15,000,000]
Average Life to Call: [3.13] years [1.05] years [2.96] years [5.76] years
Average Life to Maturity: [3.42] years [1.05] years [2.96] years [6.45] years
Expected Maturity (to Call): [09/15/05] [10/15/99] [03/15/02] [05/15/04]
Expected Maturity (to Mat): [01/15/18] [10/15/99] [03/15/02] [01/15/13]
Stated Maturity: [01/15/19] [07/15/04] [05/15/07] [01/15/14]
Coupon: LIBOR + [TBD%]* [TBD %] [TBD %] [TBD %]
Coupon Day Count: Actual/360 30/360 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
[10.76%], (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 [17.67%].
Certificate Class A-4
Coupon Step-Up: If the Servicer does not exercise its option to call the
Group II HELs on the 10% cleanup call date, then the
coupon on the Class A-4 Certificates shall be raised by
[50] bps to [TBD%].
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO
HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED
FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND SHOULD NOT
BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS.
<PAGE>
Irwin Home Equity Corporation Trust 1997-2
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, Class A-3 and Class A-4
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 -- Target: [8.25%] of Original Class A-1
(Approximately) Collateral Balance.
Group II HELs -- Target: [7.00%] of Original Class A-2,
A-3 and A-4 Balance.
The Required Reserve level is subject to step downs
beginning in month 30 if certain tests are met.
Prefunding Account: Approximately [62%] of the HELOC collateral supporting
Certificate Class A-1 will be prefunded. Approximately
[62%] of the fixed-rate home equity collateral
supporting Certificate Class A-2, A-3 and A-4 will be
prefunded. Approximately [84%] of the HELOC and HEL will
be identified by the Settlement Date.
ERISA Consideration: The Class A Certificates will be ERISA eligible at the
end of the prefunding period (which is anticipated to be
in January, 1998). 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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO
HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED
FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND SHOULD NOT
BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS.
<PAGE>
Irwin Home Equity Corporation Trust 1997-2
Flow of Funds (cont.): Certificate Classes A-2, A-3 and A-4 (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, A-3 and A-4, 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 until retired, then to the Class A-4,
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.
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 December 15, 1997.
Payment Delay: Zero day delay for the Class A-1 Certificates and 14
days for the Class A-2, Class A-3 and Class A-4
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, A-3 and A-4, 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.
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.
Pool Statistical
Information: The statistical information presented herein concerning
the Group I HELOCs and the Group II HELs is based on the
characteristics of a portion of such loans expected to
be delivered on the Settlement Date and on one or more
subsequent transfer dates. As of September 30, 1997,
such portion aggregated $46,768,189.29 and
$42,036,315.04 for the Group I HELOCs and the Group II
HELs, respectively. Irwin Home Equity expects that the
actual aggregate principal balance of the Group I HELOCs
and Group II HELs delivered on the Settlement Date will
be approximately [$50,000,000].
The additional mortgage loans will represent loans
included in the statistical analysis set forth herein
and mortgage loans originated by Irwin Home Equity on or
prior to the subsequent transafer date. Certain mortgage
loans included as of the statistical calculation date
may prepay in full, or may be determined not to meet the
eligibility requirements for the loans, and thus not be
included in the mortgage loan pool. As a result of the
foregoing, the statistical distribution of the
characteristics as of the final funding date will vary
somewhat from the statistical distribution of such
characteristics as of the statistical caluculation date
as presented herein, although such variance will not be
material.
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 INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO
HEREIN. INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED
FOR INFORMATION ONLY, DOES NOT PURPORT TO BE COMPLETE AND SHOULD NOT
BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE THE
SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS.
<PAGE>
CURRENT BALANCE: $70,000,000.00 DATED DATE: 11/18/97
CURRENT COUPON: TBD FIRST PAYMENT: 12/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $70,000,000.00 YIELD TABLE DATE: 11/18/97
BOND A1 DISCOUNT MARGIN ACT/360 TABLE
*************** PRICED TO 10% BOND CLEANUP CALL *************
ASSUMED CONSTANT LIBOR-1M 5.6563
<TABLE>
<CAPTION>
PRICING SPEED
HELOC 26.0% 15.00% 20.00% 24.00% 28.00% 30.00% 35.00%
PRICE CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 29.117 25.711 27.167 28.465 29.803 30.507 32.302
99-24+ 28.546 25.353 26.718 27.935 29.189 29.849 31.532
99-25 27.975 24.996 26.269 27.405 28.575 29.191 30.761
99-25+ 27.404 24.638 25.821 26.875 27.962 28.534 29.991
99-26 26.834 24.281 25.372 26.345 27.348 27.876 29.222
99-26+ 26.264 23.924 24.924 25.816 26.735 27.219 28.452
99-27 25.693 23.567 24.476 25.286 26.122 26.562 27.683
99-27+ 25.123 23.209 24.028 24.757 25.509 25.905 26.914
99-28 24.553 22.852 23.580 24.228 24.896 25.248 26.145
99-28+ 23.984 22.496 23.132 23.699 24.284 24.591 25.376
99-29 23.414 22.139 22.684 23.170 23.671 23.935 24.607
99-29+ 22.845 21.782 22.236 22.641 23.059 23.279 23.839
99-30 22.276 21.425 21.789 22.113 22.447 22.623 23.071
99-30+ 21.706 21.069 21.341 21.584 21.835 21.967 22.303
99-31 21.137 20.713 20.894 21.056 21.223 21.311 21.535
99-31+ 20.569 20.356 20.447 20.528 20.611 20.655 20.767
100-00 20.000 20.000 20.000 20.000 20.000 20.000 20.000
100-00+ 19.431 19.644 19.553 19.472 19.389 19.345 19.233
100-01 18.863 19.288 19.106 18.944 18.778 18.690 18.466
100-01+ 18.295 18.932 18.660 18.417 18.167 18.035 17.699
100-02 17.727 18.576 18.213 17.889 17.556 17.380 16.933
100-02+ 17.159 18.220 17.767 17.362 16.945 16.726 16.166
100-03 16.591 17.865 17.320 16.835 16.335 16.071 15.400
100-03+ 16.024 17.509 16.874 16.308 15.724 15.417 14.634
100-04 15.456 17.154 16.428 15.781 15.114 14.763 13.868
100-04+ 14.889 16.798 15.982 15.255 14.504 14.109 13.103
100-05 14.322 16.443 15.536 14.728 13.894 13.456 12.337
100-05+ 13.755 16.088 15.091 14.202 13.285 12.802 11.572
100-06 13.188 15.733 14.645 13.675 12.675 12.149 10.807
100-06+ 12.621 15.378 14.200 13.149 12.066 11.496 10.042
100-07 12.055 15.023 13.754 12.623 11.457 10.843 9.278
100-07+ 11.488 14.668 13.309 12.097 10.848 10.190 8.513
First Payment 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 3.131 5.500 4.165 3.413 2.878 2.659 2.228
Last Payment 7.825 13.075 10.408 8.492 7.158 6.575 5.492
Mod.Dur. @ 100-00 2.645 4.221 3.364 2.848 2.459 2.295 1.961
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>
CURRENT BALANCE: $24,500,000.00 DATED DATE: 11/01/97
COUPON: TBD FIRST PAYMENT: 12/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $24,500,000.00 YIELD TABLE DATE: 11/18/97
BOND A2 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
HEL 25.0% 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 6.536 6.537 6.537 6.536 6.536 6.536 6.536
99-24+ 6.520 6.526 6.524 6.523 6.522 6.521 6.519
99-25 6.504 6.516 6.512 6.510 6.507 6.505 6.502
99-25+ 6.488 6.505 6.500 6.497 6.492 6.490 6.485
99-26 6.472 6.495 6.488 6.484 6.477 6.474 6.468
99-26+ 6.456 6.485 6.476 6.471 6.463 6.458 6.451
99-27 6.441 6.474 6.463 6.458 6.448 6.443 6.433
99-27+ 6.425 6.464 6.451 6.445 6.433 6.427 6.416
99-28 6.409 6.453 6.439 6.432 6.418 6.412 6.399
99-28+ 6.393 6.443 6.427 6.419 6.404 6.396 6.382
99-29 6.377 6.433 6.415 6.406 6.389 6.381 6.365
99-29+ 6.361 6.422 6.402 6.393 6.374 6.365 6.348
99-30 6.345 6.412 6.390 6.380 6.359 6.350 6.331
99-30+ 6.329 6.401 6.378 6.367 6.345 6.334 6.314
99-31 6.313 6.391 6.366 6.354 6.330 6.319 6.297
99-31+ 6.297 6.381 6.354 6.341 6.315 6.303 6.280
100-00 6.281 6.370 6.341 6.328 6.301 6.288 6.263
100-00+ 6.265 6.360 6.329 6.314 6.286 6.272 6.245
100-01 6.249 6.350 6.317 6.301 6.271 6.257 6.228
100-01+ 6.234 6.339 6.305 6.288 6.256 6.241 6.211
100-02 6.218 6.329 6.293 6.275 6.242 6.226 6.194
100-02+ 6.202 6.318 6.281 6.262 6.227 6.210 6.177
100-03 6.186 6.308 6.269 6.249 6.212 6.195 6.160
100-03+ 6.170 6.298 6.256 6.236 6.198 6.179 6.143
100-04 6.154 6.287 6.244 6.223 6.183 6.164 6.126
100-04+ 6.138 6.277 6.232 6.210 6.168 6.148 6.109
100-05 6.122 6.267 6.220 6.197 6.154 6.133 6.092
100-05+ 6.106 6.256 6.208 6.184 6.139 6.117 6.075
100-06 6.091 6.246 6.196 6.171 6.124 6.102 6.058
100-06+ 6.075 6.236 6.184 6.158 6.110 6.086 6.041
100-07 6.059 6.225 6.171 6.145 6.095 6.071 6.024
100-07+ 6.043 6.215 6.159 6.132 6.080 6.055 6.007
First Payment 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 1.049 1.650 1.392 1.294 1.139 1.077 0.974
Last Payment 1.908 3.158 2.658 2.408 2.075 1.992 1.742
Mod.Dur. @ 100-00 0.979 1.501 1.280 1.195 1.059 1.004 0.913
Accrued Interest 0.305 0.305 0.305 0.305 0.305 0.305 0.305
</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: $20,500,000.00 DATED DATE: 11/01/97
COUPON: TBD FIRST PAYMENT: 12/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $20,500,000.00 YIELD TABLE DATE: 11/18/97
BOND A3 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
HEL 25.0% 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 6.572 6.573 6.573 6.573 6.572 6.572 6.572
99-24+ 6.566 6.569 6.568 6.568 6.567 6.567 6.566
99-25 6.560 6.565 6.564 6.563 6.561 6.561 6.559
99-25+ 6.554 6.561 6.559 6.558 6.556 6.555 6.553
99-26 6.548 6.557 6.555 6.553 6.550 6.549 6.546
99-26+ 6.542 6.553 6.550 6.548 6.545 6.543 6.540
99-27 6.536 6.549 6.545 6.544 6.539 6.537 6.533
99-27+ 6.530 6.545 6.541 6.539 6.534 6.532 6.527
99-28 6.524 6.541 6.536 6.534 6.529 6.526 6.520
99-28+ 6.518 6.537 6.532 6.529 6.523 6.520 6.514
99-29 6.512 6.534 6.527 6.524 6.518 6.514 6.507
99-29+ 6.506 6.530 6.523 6.519 6.512 6.508 6.501
99-30 6.500 6.526 6.518 6.515 6.507 6.502 6.494
99-30+ 6.494 6.522 6.514 6.510 6.501 6.497 6.488
99-31 6.488 6.518 6.509 6.505 6.496 6.491 6.481
99-31+ 6.482 6.514 6.505 6.500 6.490 6.485 6.475
100-00 6.476 6.510 6.500 6.495 6.485 6.479 6.468
100-00+ 6.470 6.506 6.496 6.490 6.479 6.473 6.462
100-01 6.464 6.502 6.491 6.486 6.474 6.468 6.455
100-01+ 6.458 6.498 6.487 6.481 6.468 6.462 6.449
100-02 6.452 6.495 6.482 6.476 6.463 6.456 6.442
100-02+ 6.447 6.491 6.478 6.471 6.457 6.450 6.436
100-03 6.441 6.487 6.473 6.466 6.452 6.444 6.429
100-03+ 6.435 6.483 6.469 6.462 6.446 6.439 6.423
100-04 6.429 6.479 6.464 6.457 6.441 6.433 6.416
100-04+ 6.423 6.475 6.460 6.452 6.435 6.427 6.410
100-05 6.417 6.471 6.455 6.447 6.430 6.421 6.403
100-05+ 6.411 6.467 6.451 6.442 6.425 6.415 6.397
100-06 6.405 6.463 6.446 6.438 6.419 6.410 6.390
100-06+ 6.399 6.459 6.442 6.433 6.414 6.404 6.384
100-07 6.393 6.456 6.438 6.428 6.408 6.398 6.377
100-07+ 6.387 6.452 6.433 6.423 6.403 6.392 6.371
First Payment 1.908 3.158 2.658 2.408 2.075 1.992 1.742
Average Life 2.958 4.813 4.078 3.773 3.267 3.055 2.698
Last Payment 4.325 6.742 5.825 5.408 4.742 4.408 3.908
Mod.Dur. @ 100-00 2.602 3.992 3.460 3.233 2.845 2.679 2.394
Accrued Interest 0.306 0.306 0.306 0.306 0.306 0.306 0.306
</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: $15,000,000.00 DATED DATE: 11/01/97
COUPON: TBD FIRST PAYMENT: 12/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $15,000,000.00 YIELD TABLE DATE: 11/18/97
BOND A4 BE-YIELD TABLE
*************** AVERAGE LIFE TO MATURITY *************
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
HEL 25.0% 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>
First Payment 4.325 6.742 5.825 5.408 4.742 4.408 3.908
Average Life 6.454 8.889 8.089 7.702 6.965 6.620 5.981
Last Payment 15.158 15.158 15.158 15.158 15.158 15.158 15.158
</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: $15,000,000.00 DATED DATE: 11/01/97
COUPON: TBD FIRST PAYMENT: 12/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $15,000,000.00 YIELD TABLE DATE: 11/18/97
BOND A4 BE-YIELD TABLE
*************** TO 10% BOND CLEANUP CALL *************
PREPAYMENT SPEED
<TABLE>
<CAPTION>
PRICING SPEED
HEL 25.0% 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>
99-23 6.901 6.900 6.900 6.900 6.900 6.901 6.901
99-23+ 6.897 6.897 6.897 6.897 6.897 6.897 6.897
99-24 6.894 6.895 6.894 6.894 6.894 6.894 6.894
99-24+ 6.891 6.892 6.892 6.891 6.891 6.891 6.890
99-25 6.887 6.890 6.889 6.889 6.888 6.887 6.886
99-25+ 6.884 6.887 6.886 6.886 6.885 6.884 6.883
99-26 6.880 6.884 6.883 6.883 6.882 6.881 6.879
99-26+ 6.877 6.882 6.881 6.880 6.878 6.877 6.876
99-27 6.874 6.879 6.878 6.877 6.875 6.874 6.872
99-27+ 6.870 6.877 6.875 6.874 6.872 6.871 6.868
99-28 6.867 6.874 6.872 6.871 6.869 6.867 6.865
99-28+ 6.863 6.872 6.870 6.868 6.866 6.864 6.861
99-29 6.860 6.869 6.867 6.866 6.863 6.861 6.857
99-29+ 6.857 6.867 6.864 6.863 6.859 6.858 6.854
99-30 6.853 6.864 6.861 6.860 6.856 6.854 6.850
99-30+ 6.850 6.861 6.859 6.857 6.853 6.851 6.846
99-31 6.847 6.859 6.856 6.854 6.850 6.848 6.843
99-31+ 6.843 6.856 6.853 6.851 6.847 6.844 6.839
100-00 6.840 6.854 6.850 6.848 6.844 6.841 6.836
100-00+ 6.836 6.851 6.848 6.845 6.841 6.838 6.832
100-01 6.833 6.849 6.845 6.843 6.837 6.834 6.828
100-01+ 6.830 6.846 6.842 6.840 6.834 6.831 6.825
100-02 6.826 6.844 6.839 6.837 6.831 6.828 6.821
100-02+ 6.823 6.841 6.837 6.834 6.828 6.825 6.817
100-03 6.819 6.838 6.834 6.831 6.825 6.821 6.814
100-03+ 6.816 6.836 6.831 6.828 6.822 6.818 6.810
100-04 6.813 6.833 6.828 6.825 6.819 6.815 6.807
100-04+ 6.809 6.831 6.826 6.822 6.815 6.811 6.803
100-05 6.806 6.828 6.823 6.820 6.812 6.808 6.799
100-05+ 6.803 6.826 6.820 6.817 6.809 6.805 6.796
100-06 6.799 6.823 6.817 6.814 6.806 6.801 6.792
100-06+ 6.796 6.821 6.815 6.811 6.803 6.798 6.789
First Payment 4.325 6.742 5.825 5.408 4.742 4.408 3.908
Average Life 5.759 8.220 7.451 7.042 6.292 5.922 5.292
Last Payment 6.492 8.908 8.242 7.825 7.075 6.658 5.992
Mod.Dur. @ 99-31 4.608 6.098 5.657 5.414 4.951 4.715 4.298
Accrued Interest 0.321 0.321 0.321 0.321 0.321 0.321 0.321
</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 09/30/97
- ADJUSTABLE RATE HELOCS
- $46,768,189.29
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,273
Index: PRIME RATE
Aggregate Unpaid Drawn Balance: $46,768,189.29
Aggregate Max Line Of Credit: $50,206,100.00
Weighted Average Coupon (Net): 11.965%
Net Coupon Range: 8.500% - 20.400%
Weighted Average Coupon (Gross): 12.965%
Gross Coupon Range: 9.500% - 21.400%
Weighted Average Margin (Net): 3.456%
Net Margin Range: 0.000% - 6.900%
Weighted Average Life Cap (Net): 18.881%
Net Life Cap Range: 9.400% - 23.400%
Weighted Average Life Floor (Net): 9.928%
Net Life Floor Range: 6.500% - 13.400%
Weighted Average Margin (Gross): 4.456%
Gross Margin Range: 1.000% - 7.900%
Weighted Average Life Cap (Gross): 19.881%
Gross Life Cap Range: 10.400% - 24.400%
Weighted Average Life Floor (Gross): 10.928%
Gross Life Floor Range: 7.500% - 14.400%
- --------------------------------------------------------------------------------
Weighted Average Utilization Rate: 96.376%
Utilization Rate Range: 2.138% - 100.000%
Average Unpaid Drawn Balance: $36,738.56
Average Max Line Of Credit: $39,439.20
Maximum Unpaid Drawn Balance: $209,156.64
Minimum Unpaid Drawn Balance: $1,069.16
Maximum Line of Credit: $216,500.00
Minimum Line of Credit: $10,000.00
Weighted Avg. Rem. Term (PTD thru Mat. Date): 237.924
Stated Rem Term Range: 219.000 - 240.000
Weighted Average Age (First Pay thru Paid Thru Date): 2.076
Age Range: 0.000 - 21.000
Weighted Average Original Term (Draw + Amor. Period): 240.000
Original Term Range: 240.000 - 240.000
Weighted Average Combined LTV: 89.796%
Combined LTV Range: 13.964% - 100.000%
Weighted Average Second Mortgage Ratio: 29.307%
Second Mortgage Ratio Range: 3.925% - 100.000%
Weighted Average FICO Score: 660.269
FICO Score Range: 521.000 - 803.000
Weighted Average Interest Roll Frequency: 1.000
Interest Frequency Range: 1 - 1
Average utilization rate computed by: [amount drawn/line amout]
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 = 21042 % Pool = 0.68% State = MD
Earliest First Payment Date = 1/15/96
Latest Maturity Date = 9/15/17
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% 1 100,000.00 0.21
9.75% < Gross Coupon <= 10.00% 1 130,000.00 0.28
10.00% < Gross Coupon <= 10.25% 2 159,471.78 0.34
10.25% < Gross Coupon <= 10.50% 151 6,909,372.25 14.77
10.50% < Gross Coupon <= 10.75% 2 155,399.50 0.33
10.75% < Gross Coupon <= 11.00% 6 441,417.42 0.94
11.00% < Gross Coupon <= 11.25% 2 100,979.32 0.22
11.25% < Gross Coupon <= 11.50% 134 5,436,948.92 11.63
11.50% < Gross Coupon <= 11.75% 2 104,344.49 0.22
11.75% < Gross Coupon <= 12.00% 6 190,500.02 0.41
12.25% < Gross Coupon <= 12.50% 172 6,758,962.33 14.45
12.75% < Gross Coupon <= 13.00% 12 650,417.93 1.39
13.25% < Gross Coupon <= 13.50% 202 7,508,458.71 16.05
13.50% < Gross Coupon <= 13.75% 1 24,879.79 0.05
13.75% < Gross Coupon <= 14.00% 1 22,368.20 0.05
14.25% < Gross Coupon <= 14.50% 419 14,720,288.45 31.48
14.75% < Gross Coupon <= 15.00% 2 124,065.64 0.27
15.25% < Gross Coupon <= 15.50% 141 2,962,904.12 6.34
16.25% < Gross Coupon <= 16.50% 15 222,810.42 0.48
21.00% < Gross Coupon <= 21.50% 1 44,600.00 0.10
- --------------------------------------------------------------------------------
Total.......... 1,273 $46,768,189.29 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
216 < Rem Term <= 228 5 183,223.73 0.39
228 < Rem Term <= 240 1,268 46,584,965.56 99.61
- -------------------------------------------------------------------
Total............ 1,273 $46,768,189.29 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1995 2 97,125.03 0.21
1996 11 381,262.72 0.82
1997 1,260 46,289,801.54 98.98
- --------------------------------------------------------------------------
Total................. 1,273 $46,768,189.29 100.00%
==========================================================================
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
10.000 < LTV <= 15.000 1 62,000.00 0.13
15.000 < LTV <= 20.000 1 21,000.00 0.04
20.000 < LTV <= 25.000 1 38,800.00 0.08
25.000 < LTV <= 30.000 1 42,735.64 0.09
30.000 < LTV <= 35.000 1 48,931.45 0.10
35.000 < LTV <= 40.000 3 92,330.20 0.20
40.000 < LTV <= 45.000 4 222,616.32 0.48
45.000 < LTV <= 50.000 6 277,485.42 0.59
50.000 < LTV <= 55.000 5 256,534.46 0.55
55.000 < LTV <= 60.000 12 592,760.16 1.27
60.000 < LTV <= 65.000 20 1,086,962.90 2.32
65.000 < LTV <= 70.000 24 1,147,522.36 2.45
70.000 < LTV <= 75.000 20 1,084,706.68 2.32
75.000 < LTV <= 80.000 105 3,745,423.04 8.01
80.000 < LTV <= 85.000 131 4,886,449.92 10.45
85.000 < LTV <= 90.000 198 6,991,948.32 14.95
90.000 < LTV <= 95.000 152 6,390,116.72 13.66
95.000 < LTV <=100.000 588 19,779,865.70 42.29
- --------------------------------------------------------------------------
Total.................... 1,273 $46,768,189.29 100.00%
==========================================================================
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 1 100,000.00 0.21
1.000 < Margin <= 1.500 1 130,000.00 0.28
1.500 < Margin <= 2.000 154 7,088,686.71 15.16
2.000 < Margin <= 2.500 8 596,816.92 1.28
2.500 < Margin <= 3.000 136 5,537,928.24 11.84
3.000 < Margin <= 3.500 8 294,844.51 0.63
3.500 < Margin <= 4.000 171 6,739,119.65 14.41
4.000 < Margin <= 4.500 12 650,417.93 1.39
4.500 < Margin <= 5.000 203 7,553,058.71 16.15
5.000 < Margin <= 5.500 2 47,247.99 0.10
5.500 < Margin <= 6.000 419 14,720,288.45 31.48
6.000 < Margin <= 6.500 2 124,065.64 0.27
6.500 < Margin <= 7.000 141 2,962,904.12 6.34
7.500 < Margin <= 8.000 15 222,810.42 0.48
- --------------------------------------------------------------------------
Total................. 1,273 $46,768,189.29 100.00%
==========================================================================
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
10.000 < LIFE CAP <= 10.500 1 34,949.18 0.07
12.500 < LIFE CAP <= 13.000 1 41,000.00 0.09
13.000 < LIFE CAP <= 13.500 1 25,000.00 0.05
14.000 < LIFE CAP <= 14.500 3 102,016.93 0.22
15.500 < LIFE CAP <= 16.000 61 1,831,393.61 3.92
17.000 < LIFE CAP <= 17.500 1 100,000.00 0.21
17.500 < LIFE CAP <= 18.000 287 10,577,962.01 22.62
18.000 < LIFE CAP <= 18.500 109 5,176,860.79 11.07
18.500 < LIFE CAP <= 19.000 7 521,161.52 1.11
19.000 < LIFE CAP <= 19.500 101 4,231,978.14 9.05
19.500 < LIFE CAP <= 20.000 69 2,201,631.29 4.71
20.000 < LIFE CAP <= 20.500 98 3,783,083.16 8.09
20.500 < LIFE CAP <= 21.000 142 4,579,520.88 9.79
21.000 < LIFE CAP <= 21.500 100 3,847,291.03 8.23
21.500 < LIFE CAP <= 22.000 1 24,879.79 0.05
22.000 < LIFE CAP <= 22.500 223 8,106,706.24 17.33
22.500 < LIFE CAP <= 23.000 2 150,000.00 0.32
23.000 < LIFE CAP <= 23.500 60 1,345,606.89 2.88
24.000 < LIFE CAP <= 24.500 6 87,147.83 0.19
- --------------------------------------------------------------------------
Total................. 1,273 $46,768,189.29 100.00%
==========================================================================
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 1 100,000.00 0.21
7.500 < Life Floor <= 8.000 1 130,000.00 0.28
8.000 < Life Floor <= 8.500 152 6,963,619.00 14.89
8.500 < Life Floor <= 9.000 9 601,905.03 1.29
9.000 < Life Floor <= 9.500 138 5,620,133.92 12.02
9.500 < Life Floor <= 10.000 7 286,575.75 0.61
10.000 < Life Floor <= 10.500 169 6,775,410.48 14.49
10.500 < Life Floor <= 11.000 12 633,494.43 1.35
11.000 < Life Floor <= 11.500 200 7,465,929.10 15.96
11.500 < Life Floor <= 12.000 2 47,247.99 0.10
12.000 < Life Floor <= 12.500 423 14,759,419.83 31.56
12.500 < Life Floor <= 13.000 139 2,949,495.60 6.31
13.000 < Life Floor <= 13.500 16 384,680.33 0.82
14.000 < Life Floor <= 14.500 4 50,277.83 0.11
- --------------------------------------------------------------------------
Total................. 1,273 $46,768,189.29 100.00%
==========================================================================
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
5,000 < Balance <= 10,000 4 31,586.35 0.07
10,000 < Balance <= 15,000 52 637,365.26 1.36
15,000 < Balance <= 20,000 130 2,267,923.24 4.85
20,000 < Balance <= 25,000 188 4,168,929.10 8.91
25,000 < Balance <= 30,000 171 4,557,852.90 9.75
30,000 < Balance <= 35,000 180 5,617,844.43 12.01
35,000 < Balance <= 40,000 98 3,396,993.19 7.26
40,000 < Balance <= 45,000 99 4,034,523.69 8.63
45,000 < Balance <= 50,000 94 4,226,504.58 9.04
50,000 < Balance <= 55,000 38 1,931,141.90 4.13
55,000 < Balance <= 60,000 41 2,272,435.64 4.86
60,000 < Balance <= 65,000 28 1,660,250.40 3.55
65,000 < Balance <= 70,000 21 1,316,674.83 2.82
70,000 < Balance <= 75,000 27 1,790,784.61 3.83
75,000 < Balance <= 80,000 13 989,903.29 2.12
80,000 < Balance <= 85,000 15 1,076,546.18 2.30
85,000 < Balance <= 90,000 6 464,529.15 0.99
90,000 < Balance <= 95,000 6 479,219.12 1.02
95,000 < Balance <= 100,000 53 4,686,445.79 10.02
105,000 < Balance <= 110,000 1 86,133.00 0.18
120,000 < Balance <= 125,000 2 247,000.00 0.53
125,000 < Balance <= 130,000 2 260,000.00 0.56
145,000 < Balance <= 150,000 1 150,000.00 0.32
150,000 < Balance <= 200,000 2 208,446.00 0.45
200,000 < Balance <= 250,000 1 209,156.64 0.45
- --------------------------------------------------------------------------
Total.................... 1,273 $46,768,189.29 100.00%
==========================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
CA 174 8,238,940.90 17.62
CO 36 1,313,096.36 2.81
CT 90 3,160,274.86 6.76
FL 80 2,857,253.85 6.11
GA 82 2,625,019.28 5.61
IL 83 2,907,997.02 6.22
IN 32 860,260.70 1.84
LA 50 1,547,802.80 3.31
MA 108 4,058,289.13 8.68
MD 55 2,191,715.77 4.69
MI 141 4,978,457.37 10.64
NC 64 2,003,453.61 4.28
NY 36 1,565,782.02 3.35
OH 64 2,265,858.62 4.84
OR 65 2,217,494.11 4.74
PA 61 1,974,514.87 4.22
UT 16 600,249.67 1.28
VA 36 1,401,728.35 3.00
- --------------------------------------------------------------------------
Total............... 1,273 $46,768,189.29 100.00%
==========================================================================
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 1,106 40,697,871.24 87.02
PUD 102 4,126,314.50 8.82
Condominiums 50 1,464,875.46 3.13
Multi-Family/Apt. 15 479,128.09 1.02
- --------------------------------------------------------------------------
Total............... 1,273 $46,768,189.29 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1,259 46,228,121.89 98.85
Non Owner Occ. 14 540,067.40 1.15
- --------------------------------------------------------------------------
Total.................. 1,273 $46,768,189.29 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 24 1,297,467.72 2.77
2 1,249 45,470,721.57 97.23
- --------------------------------------------------------------------------
Total............... 1,273 $46,768,189.29 100.00%
==========================================================================
FICO SCORE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
520 < FICO <= 540 13 555,876.78 1.19
540 < FICO <= 560 24 764,623.56 1.63
560 < FICO <= 580 32 1,084,905.72 2.32
580 < FICO <= 600 58 2,155,301.24 4.61
600 < FICO <= 620 87 3,367,223.35 7.20
620 < FICO <= 640 160 6,068,079.09 12.97
640 < FICO <= 660 212 8,835,775.37 18.89
660 < FICO <= 680 246 9,424,687.52 20.15
680 < FICO <= 700 200 6,726,481.40 14.38
700 < FICO <= 720 115 3,746,050.21 8.01
720 < FICO <= 740 68 2,021,551.59 4.32
740 < FICO <= 760 36 1,158,025.63 2.48
760 < FICO <= 780 14 532,213.70 1.14
780 < FICO <= 800 6 220,195.45 .47
800 < FICO <= 820 2 107,198.68 .23
----------------------------------------------------------------------
Total..... 1,273 $46,768,189.29 100.00%
======================================================================
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
Number of Unpaid Aggregate
Mortgage Principal Principal
Utilization Ratio Loans Balance Balance
0.000 < Ratio <= 5.000 3 5,132.23 0.01
5.000 < Ratio <= 10.000 2 10,068.76 0.02
10.000 < Ratio <= 15.000 2 8,760.43 0.02
15.000 < Ratio <= 20.000 4 57,070.09 0.12
20.000 < Ratio <= 25.000 4 46,262.00 0.10
25.000 < Ratio <= 30.000 5 58,618.51 0.13
30.000 < Ratio <= 35.000 4 83,792.21 0.18
35.000 < Ratio <= 40.000 10 161,925.64 0.35
40.000 < Ratio <= 45.000 6 120,886.66 0.26
45.000 < Ratio <= 50.000 6 167,981.56 0.36
50.000 < Ratio <= 55.000 15 253,275.46 0.54
55.000 < Ratio <= 60.000 13 358,548.99 0.77
60.000 < Ratio <= 65.000 11 317,911.26 0.68
65.000 < Ratio <= 70.000 10 303,873.72 0.65
70.000 < Ratio <= 75.000 19 532,223.47 1.14
75.000 < Ratio <= 80.000 24 795,933.46 1.70
80.000 < Ratio <= 85.000 18 740,953.43 1.58
85.000 < Ratio <= 90.000 21 793,720.70 1.70
90.000 < Ratio <= 95.000 19 770,765.10 1.65
95.000 < Ratio <= 100.000 1,077 41,180,485.61 88.05
- --------------------------------------------------------------------------
Total.................... 1,273 $46,768,189.29 100.00%
==========================================================================
SECOND MORTGAGE RATIO
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Second Mortgage Ratio Loans Balance Balance
0.000 < Ratio <= 5.000 1 3,040.74 0.01
5.000 < Ratio <= 10.000 58 1,127,675.45 2.41
10.000 < Ratio <= 15.000 212 5,768,022.67 12.33
15.000 < Ratio <= 20.000 253 8,853,047.11 18.93
20.000 < Ratio <= 25.000 250 9,215,458.44 19.70
25.000 < Ratio <= 30.000 150 5,921,157.90 12.66
30.000 < Ratio <= 35.000 107 4,585,184.26 9.80
35.000 < Ratio <= 40.000 73 2,883,408.86 6.17
40.000 < Ratio <= 45.000 58 2,599,696.79 5.56
45.000 < Ratio <= 50.000 21 1,028,772.95 2.20
50.000 < Ratio <= 55.000 23 1,111,782.53 2.38
55.000 < Ratio <= 60.000 8 537,695.74 1.15
60.000 < Ratio <= 65.000 11 581,517.13 1.24
65.000 < Ratio <= 70.000 7 300,596.94 0.64
70.000 < Ratio <= 75.000 6 407,970.25 0.87
75.000 < Ratio <= 80.000 4 161,410.67 0.35
80.000 < Ratio <= 85.000 3 168,862.65 0.36
85.000 < Ratio <= 90.000 2 115,730.78 0.25
90.000 < Ratio <= 95.000 2 99,689.71 0.21
95.000 < Ratio <= 100.000 24 1,297,467.72 2.77
- --------------------------------------------------------------------------
Total.................... 1,273 $46,768,189.29 100.00%
==========================================================================
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 09/30/97
- FIXED RATE HELS
- $42,036,315.04
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,309
Lien Status First Liens: 32
Second Liens: 1,277
Aggregate Unpaid Principal Balance: $42,036,315.04
Aggregate Original Principal Balance: $42,273,000.00
Weighted Average Net Coupon: 13.032%
Net Coupon Range: 8.850% - 16.900%
Weighted Average Gross Coupon: 14.032%
Gross Coupon Range: 9.850% - 17.900%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $32,113.30
Average Original Principal Balance: $32,294.12
Maximum Unpaid Principal Balance: $100,000.00
Minimum Unpaid Principal Balance: $6,871.88
Maximum Original Principal Balance: $100,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 132.781
Stated Rem Term Range: 103.000 - 180.000
Weighted Average Age (First Pay thru Paid Thru Date): 2.086
Age Range: 0.000 - 17.000
Weighted Average Original Term: 134.867
Original Term Range: 120.000 - 180.000
Weighted Average Current Combined LTV: 89.246
Current Combined LTV Range: 6.385% - 100.000%
Weighted Average FICO Score: 663.778
FICO Score Range: 496.000 - 800.000
- --------------------------------------------------------------------------------
Max ZIP Code = 94539 % Pool = 0.72% State = CA
Earliest First Payment Date = 4/15/96
Latest Maturity Date = 9/15/12
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
9.75% < Gross Coupon <= 10.00% 3 239,628.96 0.57
10.25% < Gross Coupon <= 10.50% 2 73,500.00 0.17
10.75% < Gross Coupon <= 11.00% 3 98,600.00 0.23
11.25% < Gross Coupon <= 11.50% 120 4,462,618.80 10.62
11.50% < Gross Coupon <= 11.75% 4 251,300.00 0.60
11.75% < Gross Coupon <= 12.00% 71 2,451,881.06 5.83
12.25% < Gross Coupon <= 12.50% 89 3,118,468.31 7.42
12.75% < Gross Coupon <= 13.00% 51 1,999,607.61 4.76
13.25% < Gross Coupon <= 13.50% 144 5,018,715.53 11.94
13.75% < Gross Coupon <= 14.00% 80 2,872,690.84 6.83
14.25% < Gross Coupon <= 14.50% 125 4,070,185.18 9.68
14.50% < Gross Coupon <= 14.75% 1 40,300.00 0.10
14.75% < Gross Coupon <= 15.00% 63 1,956,110.56 4.65
15.25% < Gross Coupon <= 15.50% 273 8,187,005.79 19.48
15.75% < Gross Coupon <= 16.00% 143 4,423,133.27 10.52
16.25% < Gross Coupon <= 16.50% 80 1,743,443.99 4.15
16.75% < Gross Coupon <= 17.00% 40 762,749.99 1.81
17.25% < Gross Coupon <= 17.50% 12 177,768.96 0.42
17.50% < Gross Coupon <= 18.00% 5 88,606.19 0.21
- --------------------------------------------------------------------------------
Total.......... 1,309 $42,036,315.04 100.00%
================================================================================
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 3 93,534.87 0.22
108 < Rem Term <= 120 1,042 31,526,849.84 75.00
168 < Rem Term <= 180 264 10,415,930.33 24.78
- -------------------------------------------------------------------
Total............ 1,309 $42,036,315.04 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1996 6 184,343.00 0.44
1997 1,303 41,851,972.04 99.56
- --------------------------------------------------------------------------
Total................. 1,309 $42,036,315.04 100.00%
==========================================================================
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
Current Number of Unpaid Aggregate
LTV Mortgage Principal Principal
Ratio Loans Balance Balance
5.000 < CURR LTV <= 10.0 2 65,457.72 0.16
15.000 < CURR LTV <= 20.0 1 24,836.13 0.06
20.000 < CURR LTV <= 25.0 2 46,212.72 0.11
25.000 < CURR LTV <= 30.0 4 125,106.20 0.30
30.000 < CURR LTV <= 35.0 3 80,053.45 0.19
35.000 < CURR LTV <= 40.0 2 70,000.00 0.17
40.000 < CURR LTV <= 45.0 7 208,453.46 0.50
45.000 < CURR LTV <= 50.0 10 386,034.15 0.92
50.000 < CURR LTV <= 55.0 7 205,706.15 0.49
55.000 < CURR LTV <= 60.0 12 496,216.43 1.18
60.000 < CURR LTV <= 65.0 21 844,751.32 2.01
65.000 < CURR LTV <= 70.0 27 928,801.13 2.21
70.000 < CURR LTV <= 75.0 33 1,167,208.42 2.78
75.000 < CURR LTV <= 80.0 99 3,489,747.04 8.30
80.000 < CURR LTV <= 85.0 127 4,146,609.40 9.86
85.000 < CURR LTV <= 90.0 217 6,988,223.16 16.62
90.000 < CURR LTV <= 95.0 160 5,111,682.65 12.16
95.000 < CURR LTV <=100.0 575 17,651,215.51 41.99
- --------------------------------------------------------------------------
Total.................... 1,309 $42,036,315.04 100.00%
==========================================================================
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 5 46,558.53 0.11
10,000 < Balance <= 15,000 62 826,070.91 1.97
15,000 < Balance <= 20,000 137 2,542,357.52 6.05
20,000 < Balance <= 25,000 281 6,428,722.40 15.29
25,000 < Balance <= 30,000 247 6,840,942.91 16.27
30,000 < Balance <= 35,000 197 6,491,501.04 15.44
35,000 < Balance <= 40,000 110 4,134,646.05 9.84
40,000 < Balance <= 45,000 77 3,307,334.33 7.87
45,000 < Balance <= 50,000 84 4,080,542.72 9.71
50,000 < Balance <= 55,000 27 1,420,116.39 3.38
55,000 < Balance <= 60,000 20 1,167,001.26 2.78
60,000 < Balance <= 65,000 14 874,294.88 2.08
65,000 < Balance <= 70,000 13 891,411.94 2.12
70,000 < Balance <= 75,000 8 579,252.13 1.38
75,000 < Balance <= 80,000 6 471,603.49 1.12
80,000 < Balance <= 85,000 4 324,333.00 0.77
85,000 < Balance <= 90,000 5 441,821.34 1.05
90,000 < Balance <= 95,000 4 373,737.27 0.89
95,000 < Balance <= 100,000 8 794,066.93 1.89
- --------------------------------------------------------------------------
Total.................... 1,309 $42,036,315.04 100.00%
==========================================================================
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 162 6,293,443.74 14.97
CO 38 1,286,934.76 3.06
FL 91 2,602,392.34 6.19
GA 99 2,892,939.72 6.88
IL 123 3,973,750.10 9.45
LA 82 2,297,086.61 5.46
MA 176 5,936,173.74 14.12
MD 52 1,654,526.25 3.94
MI 132 3,961,923.20 9.43
NC 86 2,585,176.37 6.15
NY 1 52,918.59 0.13
OH 119 3,643,921.76 8.67
OR 27 1,066,021.70 2.54
PA 66 1,843,096.32 4.38
UT 9 382,197.16 0.91
VA 46 1,563,812.68 3.72
- --------------------------------------------------------------------------
Total............... 1,309 $42,036,315.04 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1,189 37,866,635.00 90.08
PUD 61 2,251,393.05 5.36
Condominiums 45 1,358,065.15 3.23
Multi-Family/Apt. 14 560,221.84 1.33
- --------------------------------------------------------------------------
Total............... 1,309 $42,036,315.04 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1,299 41,692,519.07 99.18
Non Owner Occ. 10 343,795.97 0.82
- --------------------------------------------------------------------------
Total.................. 1,309 $42,036,315.04 100.00%
==========================================================================
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 32 1,242,713.51 2.96
2 1,277 40,793,601.53 97.04
- --------------------------------------------------------------------------
Total............... 1,309 $42,036,315.04 100.00%
==========================================================================
FICO SCORE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
480 < FICO <= 500 2 45,970.39 .11
520 < FICO <= 540 2 53,048.91 .13
540 < FICO <= 560 11 394,004.30 .94
560 < FICO <= 580 33 1,085,657.48 2.58
580 < FICO <= 600 62 1,902,487.29 4.53
600 < FICO <= 620 106 3,447,140.20 8.20
620 < FICO <= 640 166 5,345,470.87 12.72
640 < FICO <= 660 216 7,024,827.87 16.71
660 < FICO <= 680 242 8,172,206.82 19.44
680 < FICO <= 700 181 5,461,911.85 12.99
700 < FICO <= 720 178 5,638,027.99 13.41
720 < FICO <= 740 65 2,061,353.37 4.90
740 < FICO <= 760 26 755,798.06 1.80
760 < FICO <= 780 13 430,271.16 1.02
780 < FICO <= 800 6 218,138.48 .52
-----------------------------------------------------------------
Total..... 1,309 $42,036,315.04 100.00%
=================================================================
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.
