- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 16, 1997
Prudential Securities Secured Financing Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
- ---------------------------- ------------------- -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza
New York, New York 10292
--------------------------- -----------------------
(Address of Principal (Zip Code)
Executive Offices)
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
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
concurrently with or subsequent to the filing of this Current Report on Form
8-K, Prudential Securities Secured Financing Corporation is filing or will file
a Prospectus Supplement with the Securities and Exchange Commission relating to
an offering of Emergent Home Equity Loan Trust 1997-2, Emergent Home Equity Loan
PassThrough Certificates, Series 1997-2. In connection with such offering,
Prudential Securities Incorporated, as underwriter, has furnished to certain
prospective investors 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 (the "Related Computational
Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION,
as Depositor and on behalf of Emergent Home Equity
Loan Trust 1997-2
By:/s/ Norman Chaleff
------------------------------
Name: Norman Chaleff
Title: Vice President
Date: June 16, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational 6
Materials (as defined
in Item 5 above).
EXHIBIT 99.1
EMERGENT HOME EQUITY LOAN TRUST 1997-2 Home
Equity Loan Pass-Through Certificates, Series 1997-2
Class A Certificates
EMERGENT 1997-2 [$121,209,000]
---------------------------------------------
$[41,500,000] Class A-1 Fixed-Rate Certificates - [ . ]%
$[32,500,000] Class A-2 Fixed-Rate Certificates - [ . ]%
$[13,000,000] Class A-3 Fixed-Rate Certificates - [ . ]%
$[22,209,000] Class A-4 Fixed-Rate Certificates - [ . ]%
$[12,000,000] Class A-5 Fixed-Rate Certificates - [ . ]%
The information herein has been provided solely by Prudential Securities
Incorporated ("PSI") based on information with respect to the mortgage loans
provided by Emergent Mortgage Corp. and its affiliates ("EMERGENT"). Neither PSI
nor any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary
and will be superseded by the prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission ("SEC"). All
assumptions and information in this report reflect PSI's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PSI does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PSI (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, and
may, as principal or agent, buy or sell such securities, commodities or
derivative instruments. In addition, PSI may make a market in the securities
referred to herein. Neither the information nor the assumptions reflected herein
shall be construed to be, or constitute, an offer to sell or buy or a
solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Class A Certificates
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
CLASS A CERTIFICATES
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5
Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
Sequential Sequential Sequential Sequential NAS Lock-out*
---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Approximate
Face Amount: $[41,500,000] $[32,500,000] $[13,000,000] $[22,209,000] $[12,000,000]
Avg Life: [1.01]yrs [2.97]yrs [5.08]yrs [9.98]yrs [6.79]yrs
Avg Life
to Call: [1.01]yrs [2.97]yrs [5.08]]yrs [8.70]yrs [6.73]yrs
Coupon: [.%] [.%] [.%] [.%] [.%]
Price: [TBD] [TBD] [TBD] [TBD] [TBD]
Yield (CBE): [.%] [.%] [.%] [.%] [.%]
Spread: [TBD] [TBD] [TBD] [TBD] [TBD]
Pricing Spd: [18]% HEP [18]% HEP [18]% HEP [18]% HEP [18]% HEP
Settlement: [6/26/97] [6/26/97] [6/26/97] [6/26/97] [6/26/97]
1st Payment
(years): [0.053] [1.969] [4.303] [6.053] [3.053]
Exp. Mat: [6/15/99] [10/15/01] [7/15/03] [9/15/13] [5/15/12]
Exp. Mat
to Call: [6/15/99] [10/15/01] [7/15/03] [4/15/07] [4/15/07]
Final Mat: [8/15/08] [5/15/12] [5/15/12] [8/15/26] [5/15/12]
Day Count: 30/360 30/360 30/360 30/360 30/360
Pymt Delay: 14 days 14 days 14 days 14 days 14 days
Dated Date: [6/01/97] [6/01/97] [6/01/97] [6/01/97] [6/01/97]
Pymt Terms: Monthly Monthly Monthly Monthly Monthly
1st Pymt Date: [7/15/97] [7/15/97] [7/15/97] [7/15/97] [7/15/97]
</TABLE>
*Class A-5 Principal
Distribution Amount: Class A-5 is a Non-Accelerated Senior (NAS) class. The
Class A-5 Principal Distribution Amount is the applicable
Class A-5 Principal Percentage multiplied by the Class A-5
Pro Rata Distribution Amount for such Distribution Date.
Class A-5 Principal Percentage:
-------------------------------
Months 0 - 36: 0%
Months 37 - 60: 45%
Months 61 - 72: 80%
Months 73 - 84: 100%
Months 85 - end: 300%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-2 Home
Equity Loan Pass-Through Certificates, Series 1997-2
Class A Certificates
Title of Securities: Emergent Home Equity Loan Trust 1997-2,
Home Equity Loan Pass-Through Certificates,
Series 1997-2
Originator/
Servicer: Emergent Mortgage Corp. ("EMC").
Parent: Emergent Group, Inc. ("Emergent").
Seller: Emergent Mortgage Holdings Corporation.
Depositor: Prudential Securities Secured Financing Corp.
Servicer Fee: 50 bps per annum.
Trustee: First Union National Bank of North Carolina.
Aggregate
Certificate Balance: Class A: $[121,209,000.00]
Pricing Date: [June [], 1997]
Settlement Date: [June [26], 1997]
Distribution Date: The 15th day of each month (or, if such date is not a
business day, the next succeeding business day)
commencing July 15, 1997.
Record Date: -Class A - The last day of the calendar month
immediately preceding the related Distribution Date.
Interest Accrual: -Class A - The calendar month preceding the related
Distribution Date, based on a 30/360 day count.
Form of Certificates: Book-entry only through the same-day funds facilities
of DTC, Euroclear and CEDEL.
Denominations: Minimum denominations of $1,000 and integral multiples
of $1,000 in excess thereof.
Prepayment
Assumption: For the Class A Certificates, [18]% HEP ([1.8]% CPR in
month 1 with monthly incremental increases of [1.8]% CPR
until the speed reaches [18]% CPR in month 10 based on
loan seasoning.)
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Overcollateralization
- 100% wrap from FSA guaranteeing timely interest and
ultimate principal.
Initial
Mortgage Loans: $[109,634,678.61]
Expected Additional
Mortgage Loans: $[11,575,315.36]
Redemption Account: On the Closing Date, it is expected that the Additional
Mortgage Loans will be transferred to the Trust Fund. In
the event that less than such amount is transferred, an
aggregate cash amount equal to the excess of the
Expected Additional Mortgage Loans amount over the
actual Additional Mortgage Loans amount (as of their
respective Cut-Off Dates) will be deposited by the
Originator in the Redemption Account. Any amounts in the
Redemption Account will be paid to Certificateholders as
a principal prepayment on the first Distribution Date.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-2 Home
Equity Loan Pass-Through Certificates, Series 1997-2
Class A Certificates
<TABLE>
<S> <C>
Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard &
Poor's ("S&P") and Moody's Investors Service
("Moody's"), respectively.
Certificate Ratings: The Class A Certificates will be rated AAA by S&P and
Aaa by Moody's.
Compensating
Interest: The Servicer will be obligated to offset any Prepayment
Interest Shortfall on any Distribution Date to the
extent of the Servicing Fee for such Distribution Date.
Origination
Channels: Approximately [58.87%] direct ("Retail Mortgage Loans")
Approximately [41.13%] wholesale ("Wholesale Mortgage
Loans")
Piggy Back
Mortgage Loans: While all of the Mortgage Loans are secured by first
liens on the related Mortgaged Properties, approximately
[60]% of the Mortgaged Properties with respect to the
Initial Mortgage Loans are also encumbered by second
liens originated or acquired by the Originator (the
"Piggy Back Mortage Loans"). The weighted-average
Loan-to-Value Ratio of the Initial Mortgage Loans is
approximately [75.9]%. The weighted-average combined
Loan-to-Value Ratio of the Initial Mortgage Loans (when
considering the additional liens on the Piggy Back
Mortgage Loans) is approximately [90.7]%.
10% Clean-up Call: The Holder of the Subordinated Certificates has the
option to exercise a call at par plus accrued interest
when the outstanding Pool Balance equals 10% or less of
the original Pool Balance.
ERISA Consideration: The Class A Certificates will be ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such Certificates.
SMMEA Considerations: The Class A Certificates will not be SMMEA eligible.
Taxation: REMIC.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
Further Information: Call PSI's ABS trading desk at (212) 778-2741, Sean
Arnold (212) 778-4921, Glen Stein (212) 778-2012, Jacqui
Galdieri (212) 778-2612 or Mike Corddry at (212)
778-2840 with any questions.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- Emergent - Deal ID "EMC72"
- Cut Off Date of Tape is 05/31/97
- Fixed Rate Loans
- $109,634,678.61
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,735
Lien Status: First Lien Loans
Aggregate Unpaid Principal Balance: $109,634,678.61
Aggregate Original Principal Balance: $109,752,528.51
Weighted Average Gross Coupon: 10.800%
Gross Coupon Range: 7.750% - 15.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $63,190.02
Average Original Principal Balance: $63,257.94
Maximum Unpaid Principal Balance: $492,000.00
Minimum Unpaid Principal Balance: $10,000.00
Maximum Original Principal Balance: $492,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat/Bln Date): 198.777
Stated Rem Term Range: 47.000 - 360.000
Weighted Avg. Stated Rem. Term (PTD to Mat/Amor Date): 244.285
Stated Rem Term Range: 47.000 - 361.000
Weighted Avg. Amortized Rem. Term: 244.212
Amortized Rem Term Range: 47.000 - 360.017
Weighted Average Age (First Pay thru Paid Thru Date): 0.914
Age Range: 0.000 - 3.000
Weighted Average Original Term (to Mat/Bln Date): 199.692
Original Term Range: 49.000 - 361.000
Weighted Average Original Term (to Mat/Amor Date): 245.200
Original Term Range: 49.000 - 361.000
Weighted Average Original LTV: 75.941
Original LTV Range: 13.913% - 90.359%
Weighted Average Combined LTV: 90.645 *
Combined LTV Range: 22.000% - 136.000%
- --------------------------------------------------------------------------------
Earliest Origination Date 3/18/97
Latest Maturity Date 6/1/27
* All of the loans being securitized are 1st liens, however, 60% of these 1st
lien loans have a 2nd lien behind them and this Combined LTV reflects that.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.50% < Gross Coupon <= 7.75% 1 23,054.45 0.02
8.25% < Gross Coupon <= 8.50% 8 564,422.77 0.51
8.50% < Gross Coupon <= 8.75% 2 111,210.74 0.10
8.75% < Gross Coupon <= 9.00% 137 8,318,585.23 7.59
9.00% < Gross Coupon <= 9.25% 3 208,015.11 0.19
9.25% < Gross Coupon <= 9.50% 178 11,379,827.50 10.38
9.50% < Gross Coupon <= 9.75% 35 2,336,462.33 2.13
9.75% < Gross Coupon <= 10.00% 127 8,852,357.13 8.07
10.00% < Gross Coupon <= 10.25% 40 2,220,961.41 2.03
10.25% < Gross Coupon <= 10.50% 175 10,968,171.22 10.00
10.50% < Gross Coupon <= 10.75% 175 10,286,255.16 9.38
10.75% < Gross Coupon <= 11.00% 154 9,341,961.10 8.52
11.00% < Gross Coupon <= 11.25% 159 9,779,760.22 8.92
11.25% < Gross Coupon <= 11.50% 122 8,600,605.62 7.84
11.50% < Gross Coupon <= 11.75% 100 6,834,587.71 6.23
11.75% < Gross Coupon <= 12.00% 78 5,135,102.35 4.68
12.00% < Gross Coupon <= 12.25% 48 3,374,256.23 3.08
12.25% < Gross Coupon <= 12.50% 60 3,595,341.28 3.28
12.50% < Gross Coupon <= 12.75% 24 1,339,215.55 1.22
12.75% < Gross Coupon <= 13.00% 37 2,334,192.45 2.13
13.00% < Gross Coupon <= 13.25% 13 1,052,386.20 0.96
13.25% < Gross Coupon <= 13.50% 27 1,273,820.19 1.16
13.50% < Gross Coupon <= 13.75% 8 339,232.61 0.31
13.75% < Gross Coupon <= 14.00% 10 578,637.33 0.53
14.00% < Gross Coupon <= 14.25% 4 249,066.48 0.23
14.25% < Gross Coupon <= 14.50% 5 318,421.32 0.29
14.50% < Gross Coupon <= 14.75% 3 157,372.86 0.14
14.75% < Gross Coupon <= 15.00% 1 46,500.00 0.04
15.75% < Gross Coupon <= 16.00% 1 14,896.06 0.01
- --------------------------------------------------------------------------------
Total.......... 1735 $109,634,678.61 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
36 < Rem Term <= 48 1 35,003.46 0.03%
48 < Rem Term <= 60 9 273,791.54 0.25%
60 < Rem Term <= 72 5 135,852.20 0.12%
72 < Rem Term <= 84 13 410,331.56 0.37%
84 < Rem Term <= 96 9 323,212.54 0.29%
96 < Rem Term <= 108 4 206,511.08 0.19%
108 < Rem Term <= 120 138 6,466,469.15 5.90%
132 < Rem Term <= 144 13 824,251.40 0.75%
144 < Rem Term <= 156 2 119,679.05 0.11%
156 < Rem Term <= 168 2 71,295.17 0.07%
168 < Rem Term <= 180 1,209 77,615,315.54 70.79%
180 < Rem Term <= 192 2 130,350.00 0.12%
192 < Rem Term <= 204 4 218,585.30 0.20%
204 < Rem Term <= 216 1 61,578.36 0.06%
228 < Rem Term <= 240 170 10,942,656.88 9.98%
252 < Rem Term <= 264 3 360,969.28 0.33%
276 < Rem Term <= 288 1 35,096.75 0.03%
288 < Rem Term <= 300 10 1,253,633.60 1.14%
348 < Rem Term <= 360 139 10,150,095.75 9.26%
- -------------------------------------------------------------------
Total............ 1,735 109,634,678.61 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1997 1735 109,634,678.61 100.00
- --------------------------------------------------------------------------
Total................. 1735 $109,634,678.61 100.00%
==========================================================================
<PAGE>
LOAN SUMMARY STRATIFIED BY
LAST PAYMENT DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
04/07/97 1 56,269.85 0.05
04/08/97 1 41,251.56 0.04
04/09/97 1 63,920.00 0.06
04/11/97 2 176,720.00 0.16
04/14/97 2 62,629.24 0.06
04/16/97 6 295,719.78 0.27
04/18/97 3 168,654.70 0.15
04/19/97 4 265,676.54 0.24
04/21/97 14 879,815.46 0.80
04/22/97 1 18,000.00 0.02
04/23/97 8 544,025.83 0.50
04/24/97 15 901,324.83 0.82
04/25/97 23 1,459,158.46 1.33
05/01/97 261 17,456,064.20 15.92
05/02/97 35 2,214,414.66 2.02
05/03/97 4 227,775.02 0.21
05/04/97 27 1,324,528.41 1.21
05/05/97 52 3,306,316.98 3.02
05/06/97 27 1,614,990.60 1.47
05/07/97 56 4,149,940.21 3.79
05/08/97 16 916,429.10 0.84
05/09/97 55 2,869,005.22 2.62
05/10/97 1 65,723.39 0.06
05/11/97 30 1,884,753.86 1.72
05/12/97 49 3,007,804.40 2.74
05/13/97 32 1,770,641.06 1.62
05/14/97 80 4,722,307.74 4.31
05/15/97 36 2,365,504.52 2.16
05/16/97 75 4,449,131.40 4.06
05/17/97 4 198,905.43 0.18
05/18/97 37 2,265,890.19 2.07
05/19/97 79 4,662,329.04 4.25
05/20/97 33 2,741,239.31 2.50
05/21/97 108 6,691,465.91 6.10
05/22/97 21 1,366,945.32 1.25
05/23/97 76 4,919,125.39 4.49
05/24/97 33 2,480,057.99 2.26
05/25/97 36 2,203,422.65 2.01
05/28/97 1 84,750.00 0.08
05/29/97 1 45,600.00 0.04
06/01/97 356 22,740,582.58 20.74
06/02/97 16 966,034.36 0.88
06/03/97 2 119,584.05 0.11
06/04/97 1 58,245.06 0.05
06/05/97 6 377,359.72 0.34
06/06/97 1 53,863.48 0.05
06/07/97 2 149,404.01 0.14
06/09/97 1 29,490.76 0.03
06/18/97 1 24,893.29 0.02
07/01/97 1 82,251.70 0.08
07/07/97 1 46,195.82 0.04
07/13/97 1 48,545.53 0.04
- --------------------------------------------------------------------------
Total.................. 1735 $109,634,678.61 100.00%
==========================================================================
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
10.000 < LTV <= 15.000 1 320,000.62 0.29
20.000 < LTV <= 25.000 4 96,804.79 0.09
25.000 < LTV <= 30.000 3 50,483.45 0.05
30.000 < LTV <= 35.000 1 30,000.00 0.03
35.000 < LTV <= 40.000 1 24,942.34 0.02
40.000 < LTV <= 45.000 3 85,928.06 0.08
45.000 < LTV <= 50.000 17 677,667.77 0.62
50.000 < LTV <= 55.000 21 787,697.86 0.72
55.000 < LTV <= 60.000 36 2,055,092.68 1.87
60.000 < LTV <= 65.000 91 4,352,652.88 3.97
65.000 < LTV <= 70.000 142 8,356,473.18 7.62
70.000 < LTV <= 75.000 598 35,232,068.72 32.14
75.000 < LTV <= 80.000 584 38,364,957.57 34.99
80.000 < LTV <= 85.000 162 12,678,203.45 11.56
85.000 < LTV <= 90.000 68 6,220,029.79 5.67
90.000 < LTV <= 95.000 3 301,675.45 0.28
- --------------------------------------------------------------------------
Total.................... 1735 $109,634,678.61 100.00%
==========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 < Balance <= 10,000 1 10,000.00 0.01
10,000 < Balance <= 15,000 6 74,918.53 0.07
15,000 < Balance <= 20,000 22 389,311.66 0.36
20,000 < Balance <= 25,000 48 1,097,530.39 1.00
25,000 < Balance <= 30,000 77 2,137,452.47 1.95
30,000 < Balance <= 35,000 105 3,431,666.22 3.13
35,000 < Balance <= 40,000 133 5,032,247.50 4.59
40,000 < Balance <= 45,000 148 6,339,185.03 5.78
45,000 < Balance <= 50,000 176 8,336,085.21 7.60
50,000 < Balance <= 55,000 148 7,764,419.28 7.08
55,000 < Balance <= 60,000 168 9,692,741.48 8.84
60,000 < Balance <= 65,000 105 6,573,935.35 6.00
65,000 < Balance <= 70,000 93 6,247,648.24 5.70
70,000 < Balance <= 75,000 85 6,155,218.37 5.61
75,000 < Balance <= 80,000 65 5,051,662.24 4.61
80,000 < Balance <= 85,000 54 4,460,000.02 4.07
85,000 < Balance <= 90,000 46 4,041,315.20 3.69
90,000 < Balance <= 95,000 27 2,494,398.44 2.28
95,000 < Balance <= 100,000 38 3,714,292.80 3.39
100,000 < Balance <= 150,000 147 17,761,805.14 16.20
150,000 < Balance <= 200,000 30 5,051,176.53 4.61
200,000 < Balance <= 250,000 7 1,536,892.49 1.40
250,000 < Balance <= 300,000 1 269,704.90 0.25
300,000 < Balance <= 350,000 3 992,634.04 0.91
450,000 < Balance <= 500,000 2 978,437.08 0.89
- --------------------------------------------------------------------------
Total.................... 1735 $109,634,678.61 100.00%
==========================================================================
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 57 4,030,222.32 3.68
CO 24 1,908,998.18 1.74
DE 2 259,851.00 0.24
FL 196 11,154,966.79 10.17
GA 139 10,082,931.07 9.20
IA 3 86,916.18 0.08
ID 8 676,644.48 0.62
IL 3 283,500.00 0.26
IN 96 5,977,825.70 5.45
KY 49 2,483,134.49 2.26
LA 74 4,214,301.36 3.84
MD 33 3,388,818.78 3.09
MI 98 6,467,052.59 5.90
MS 80 3,803,620.87 3.47
MT 21 1,310,921.43 1.20
NC 236 14,086,210.71 12.85
NE 57 3,162,753.88 2.88
NJ 1 73,773.04 0.07
NM 35 2,451,033.68 2.24
OH 1 95,950.00 0.09
OK 35 1,577,234.63 1.44
OR 35 2,932,255.97 2.67
SC 253 14,877,388.27 13.57
SD 29 1,752,698.78 1.60
TN 90 5,899,666.85 5.38
UT 14 1,499,692.06 1.37
VA 53 4,276,309.98 3.90
WY 13 820,005.52 0.75
- --------------------------------------------------------------------------
Total............... 1735 $109,634,678.61 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Investor/Rental Property 22 1,106,918.27 1.01
Mobile/Manufactured Homes 217 10,714,389.73 9.77
Residential Property 1496 97,813,370.61 89.22
- --------------------------------------------------------------------------
Total............... 1735 $109,634,678.61 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1709 108,314,062.81 98.80
Non Owner Occ. 26 1,320,615.80 1.20
- --------------------------------------------------------------------------
Total.................. 1735 $109,634,678.61 100.00%
==========================================================================
<PAGE>
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 1680 105,183,293.19 95.94
Stated Documentation 24 1,836,401.06 1.68
Lite Documentation 31 2,614,984.36 2.39
- --------------------------------------------------------------------------------
Total.................. 1735 $109,634,678.61 100.00%
================================================================================
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase Money/No ETO 198 12,920,781.60 11.79
Purchase Money/ETO 19 1,372,548.20 1.25
Refinance/No ETO 237 15,272,965.19 13.93
Refinance/ETO 233 14,740,282.65 13.44
Home Improvement/No ETO 7 258,510.52 0.24
Home Improvement/ETO 2 359,567.96 0.33
Multi-Purpose REFI/No ETO 126 8,361,408.10 7.63
Multi_Purpose REFI/ETO 370 23,014,891.81 20.99
Debt Consolidation/ETO 305 18,040,280.33 16.45
Debt Consolidation/No ETO 238 15,293,442.25 13.95
- --------------------------------------------------------------------------
Total.................. 1735 $109,634,678.61 100.00%
==========================================================================
LOAN GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
AA 197 12,769,902.30 11.65
A 1123 72,872,035.45 66.47
B 301 17,850,427.92 16.28
C 114 6,142,312.94 5.60
- --------------------------------------------------------------------------
Total............... 1735 $109,634,678.61 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 1345 81,916,576.12 74.72
Partially Amortizing 390 27,718,102.49 25.28
- --------------------------------------------------------------------------
Total.................. 1735 $109,634,678.61 100.00%
==========================================================================
ORIGINATOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
County Loans Balance Balance
Greenville 238 14,147,163.90 12.90
Indiana Home 464 28,872,299.80 26.34
Phoenix Home 259 17,669,866.96 16.12
Sterling 79 3,847,958.59 3.51
Wholesale 695 45,097,389.36 41.13
- --------------------------------------------------------------------------
Total.................. 1735 $109,634,678.61 100.00%
==========================================================================
<PAGE>
Class A1
================
Settle 06/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-00 7.383 7.138 7.297 7.383 7.438 7.515 7.632
99-04 7.249 7.045 7.177 7.249 7.294 7.358 7.455
99-08 7.115 6.952 7.057 7.115 7.150 7.202 7.279
99-12 6.981 6.859 6.938 6.981 7.007 7.046 7.104
99-16 6.847 6.766 6.818 6.847 6.865 6.890 6.929
99-20 6.713 6.674 6.699 6.713 6.722 6.735 6.754
99-24 6.580 6.581 6.581 6.580 6.580 6.580 6.579
99-28 6.448 6.489 6.462 6.448 6.438 6.425 6.406
100-00 6.315 6.397 6.344 6.315 6.297 6.271 6.232
100-04 6.183 6.306 6.226 6.183 6.156 6.117 6.059
100-08 6.051 6.214 6.108 6.051 6.015 5.964 5.886
100-12 5.919 6.123 5.991 5.919 5.875 5.811 5.714
100-16 5.788 6.031 5.874 5.788 5.734 5.658 5.542
100-20 5.657 5.941 5.757 5.657 5.595 5.505 5.371
100-24 5.526 5.850 5.640 5.526 5.455 5.353 5.200
100-28 5.396 5.759 5.524 5.396 5.316 5.201 5.029
101-00 5.266 5.669 5.408 5.266 5.177 5.050 4.859
Avg. Life 1.009 1.486 1.137 1.009 0.942 0.861 0.762
Mod. Dur. 0.940 1.355 1.054 0.940 0.881 0.808 0.718
Mac. Dur. 0.970 1.398 1.087 0.970 0.908 0.833 0.740
1st Pmt. 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Last Pmt. 1.969 3.053 2.219 1.969 1.803 1.636 1.386
Class A2
================
Settle 06/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-00 7.263 7.164 7.225 7.263 7.288 7.326 7.388
99-04 7.214 7.132 7.183 7.214 7.235 7.266 7.318
99-08 7.166 7.101 7.141 7.166 7.182 7.207 7.248
99-12 7.117 7.069 7.099 7.117 7.130 7.148 7.178
99-16 7.069 7.038 7.057 7.069 7.077 7.089 7.108
99-20 7.021 7.006 7.015 7.021 7.024 7.030 7.039
99-24 6.972 6.975 6.973 6.972 6.972 6.971 6.969
99-28 6.924 6.944 6.932 6.924 6.919 6.912 6.900
100-00 6.876 6.912 6.890 6.876 6.867 6.853 6.831
100-04 6.828 6.881 6.848 6.828 6.815 6.795 6.762
100-08 6.780 6.850 6.807 6.780 6.763 6.736 6.693
100-12 6.733 6.819 6.765 6.733 6.711 6.678 6.624
100-16 6.685 6.788 6.724 6.685 6.659 6.620 6.555
100-20 6.637 6.757 6.682 6.637 6.607 6.561 6.487
100-24 6.589 6.726 6.641 6.589 6.555 6.503 6.418
100-28 6.542 6.695 6.600 6.542 6.503 6.445 6.350
101-00 6.494 6.664 6.559 6.494 6.451 6.387 6.282
Avg. Life 2.972 4.884 3.488 2.972 2.704 2.384 1.994
Mod. Dur. 2.590 3.984 2.986 2.590 2.379 2.122 1.799
Mac. Dur. 2.679 4.122 3.089 2.679 2.461 2.194 1.861
1st Pmt. 1.969 3.053 2.219 1.969 1.803 1.636 1.386
Last Pmt. 4.303 7.303 5.053 4.303 3.886 3.386 2.803
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A3
================
Settle 06/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-00+ 7.440 7.378 7.417 7.440 7.456 7.479 7.521
99-04+ 7.409 7.359 7.390 7.409 7.422 7.442 7.476
99-08+ 7.379 7.339 7.364 7.379 7.389 7.404 7.431
99-12+ 7.348 7.319 7.337 7.348 7.355 7.367 7.386
99-16+ 7.318 7.300 7.311 7.318 7.322 7.329 7.341
99-20+ 7.287 7.280 7.285 7.287 7.289 7.292 7.296
99-24+ 7.257 7.261 7.258 7.257 7.256 7.254 7.252
99-28+ 7.227 7.241 7.232 7.227 7.223 7.217 7.207
100-00+ 7.196 7.222 7.206 7.196 7.190 7.180 7.162
100-04+ 7.166 7.202 7.180 7.166 7.157 7.143 7.118
100-08+ 7.136 7.183 7.153 7.136 7.124 7.106 7.073
100-12+ 7.106 7.164 7.127 7.106 7.091 7.068 7.029
100-16+ 7.076 7.144 7.101 7.076 7.058 7.031 6.985
100-20+ 7.045 7.125 7.075 7.045 7.025 6.995 6.940
100-24+ 7.015 7.106 7.049 7.015 6.992 6.958 6.896
100-28+ 6.985 7.086 7.023 6.985 6.960 6.921 6.852
101-00+ 6.956 7.067 6.997 6.956 6.927 6.884 6.808
Avg. Life 5.075 8.982 6.060 5.075 4.573 3.977 3.236
Mod. Dur. 4.108 6.392 4.745 4.108 3.766 3.343 2.790
Mac. Dur. 4.256 6.623 4.916 4.256 3.901 3.463 2.890
1st Pmt. 4.303 7.303 5.053 4.303 3.886 3.386 2.803
Last Pmt. 6.053 10.636 7.469 6.053 5.386 4.636 3.803
Class A4
================
Settle 06/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-00+ 7.707 7.687 7.698 7.707 7.714 7.727 7.751
99-04+ 7.688 7.671 7.680 7.688 7.694 7.704 7.724
99-08+ 7.669 7.656 7.663 7.669 7.674 7.682 7.697
99-12+ 7.650 7.641 7.646 7.650 7.654 7.659 7.670
99-16+ 7.632 7.626 7.629 7.632 7.634 7.637 7.644
99-20+ 7.613 7.611 7.612 7.613 7.614 7.615 7.617
99-24+ 7.594 7.596 7.595 7.594 7.594 7.593 7.591
99-28+ 7.575 7.581 7.578 7.575 7.574 7.570 7.564
100-00+ 7.557 7.566 7.561 7.557 7.554 7.548 7.537
100-04+ 7.538 7.551 7.544 7.538 7.534 7.526 7.511
100-08+ 7.519 7.536 7.527 7.519 7.514 7.504 7.485
100-12+ 7.501 7.521 7.510 7.501 7.494 7.482 7.458
100-16+ 7.482 7.506 7.493 7.482 7.474 7.460 7.432
100-20+ 7.464 7.491 7.477 7.464 7.454 7.438 7.406
100-24+ 7.445 7.476 7.460 7.445 7.434 7.416 7.379
100-28+ 7.427 7.461 7.443 7.427 7.415 7.394 7.353
101-00+ 7.408 7.447 7.426 7.408 7.395 7.372 7.327
Avg. Life 9.983 13.873 11.440 9.983 9.098 7.906 6.252
Mod. Dur. 6.662 8.289 7.331 6.662 6.228 5.611 4.693
Mac. Dur. 6.914 8.603 7.609 6.914 6.463 5.823 4.870
1st Pmt. 6.053 10.636 7.469 6.053 5.386 4.636 3.803
Last Pmt. 16.219 22.553 18.053 16.219 15.136 14.886 13.886
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A5
================
Settle 06/26/97
Run To Maturity
HEP 18.00 HEP 10.00 HEP 15.00 HEP 18.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-00 7.342 7.330 7.338 7.342 7.345 7.348 7.354
99-04 7.318 7.307 7.314 7.318 7.320 7.323 7.327
99-08 7.293 7.285 7.290 7.293 7.295 7.297 7.301
99-12 7.269 7.263 7.267 7.269 7.270 7.272 7.274
99-16 7.244 7.240 7.243 7.244 7.245 7.246 7.248
99-20 7.220 7.218 7.219 7.220 7.220 7.221 7.222
99-24 7.196 7.196 7.196 7.196 7.195 7.195 7.195
99-28 7.171 7.174 7.172 7.171 7.171 7.170 7.169
100-00 7.147 7.152 7.149 7.147 7.146 7.145 7.143
100-04 7.123 7.130 7.125 7.123 7.121 7.119 7.116
100-08 7.099 7.108 7.102 7.099 7.097 7.094 7.090
100-12 7.075 7.086 7.078 7.075 7.072 7.069 7.064
100-16 7.051 7.064 7.055 7.051 7.048 7.044 7.038
100-20 7.026 7.042 7.032 7.026 7.023 7.019 7.012
100-24 7.002 7.020 7.008 7.002 6.999 6.994 6.986
100-28 6.978 6.998 6.985 6.978 6.974 6.969 6.960
101-00 6.955 6.976 6.962 6.955 6.950 6.944 6.934
Avg. Life 6.790 7.672 7.067 6.790 6.631 6.412 6.114
Mod. Dur. 5.136 5.623 5.292 5.136 5.044 4.916 4.736
Mac. Dur. 5.319 5.824 5.481 5.319 5.224 5.091 4.905
1st Pmt. 3.053 3.053 3.053 3.053 3.053 3.053 3.053
Last Pmt. 14.886 14.886 14.886 14.886 14.886 14.886 13.719
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
</TABLE>
