- --------------------------------------------------------------------------------
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 4, 1998
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Incorporation) Identification No.)
One New York Plaza 10292
New York, New York (Zip Code)
(Address of Principal Executive Offices)
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 Mortgage Lenders Network Home Equity
Loan Trust 1998-2, Asset Backed Notes, Series 1998-2, described in a Prospectus
Supplement dated June 4, 1998, 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).
2
<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 Mortgage
Lenders Network Home Equity Loan
Trust 1998-2
Registrant
By: /s/ Mary Alice Kohs
----------------------------
Name: Mary Alice Kohs
Title: Vice President
Dated: June 16, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined
in Item 5 above).
Mortgage Lenders Network Home Equity Loan Trust 1998-2
Approximate Class Size
$93,325,000 6.605% Class A-1 Fixed Rate Notes
$60,000,000 6.585% Class A-2 Fixed Rate Notes
Preliminary Marketing Materials
The information herein has been provided solely by PSI based on information with
respect to the home equity loans provided by Mortgage Lenders Network USA, Inc.
("Mortgage Lenders"). Neither Mortgage Lenders 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 Commissions (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 consummated 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 INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
Mortgage Lenders Network Home Equity Loan Trust 1998-2
Preliminary Marketing Memo
Title of Securities: Mortgage Lenders Network Fixed Rate Asset Backed Notes,
Series 1998-2.
$93,325,000 6.605% Class A-1 Fixed Rate Notes
$60,000,000 6.585% Class A-2 Fixed Rate Notes
Seller: Mortgage Lenders Network USA, Inc.
Servicer: Mortgage Lenders Network USA, Inc.
Depositor: Prudential Securities Secured Financing Corporation
Indenture Trustee: Norwest Bank Minnesota
Owner Trustee: Wilmington Trust Company
Note Insurer: MBIA Insurance Corporation ("MBIA"). MBIAs
claims-paying ability is rated "AAA" by Standard
& Poors and "Aaa" by Moodys.
Note Insurance
Policy: The insurance policy of MBIA guarantees the timely
payment of interest and the ultimate payment of
principal for the Notes.
Credit Enhancement
1. Excess Cash
2. Over-Collateralization
3. Insurance Policy
The Notes will NOT be cross-collateralized. Funds from
one Group will NOT be available to the other Group for
any purpose.
Servicing Fee: 50 bps
Trustee Fee: 2 bps
ERISA Considerations: The Notes may be purchased with assets of ERISA
accounts. Investors should consult their counsel with
respect to the consequences under ERISA and the Code of
the Plans acquisition and ownership of the Notes.
SMMEA: The Notes will not constitute "mortgage related
securities" for purposed of the Secondary Mortgage
Market Enhancement Act of 1984 ("SMMEA").
Form of Notes and Book-Entry Form, delivered through the facilities of
Certificates: DTC, Cedel, and Euroclear against payment
in immediately available funds.
Pricing Date: [June 4, 1998].
Settlement Date: [June 17, 1998].
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day
beginning July 27th.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
Mortgage Lenders Network Home Equity Loan Trust 1998-2
Preliminary Marketing Memo
Over-Collateralization: The credit enhancement provisions are intended to
provide for the limited acceleration of each Class of
Notes relative to the amortization of the related
collateral. Accelerated amortization is achieved by
applying excess cash collected on the related collateral
to the payment of principal of the respective Notes,
resulting in the build up of overcollateralization
(O/C). By paying down the principal balance of the
respective Notes faster than the principal amortization
of the respective collateral pool, an O/C amount equal
to the excess of the aggregate principal balance of the
collateral pool over the principal balance of the Note
is created. Excess cash will be directed to build the
O/C amount for each Class until the pool reaches its
required respective O/C target. Upon this event the
acceleration feature will cease, unless it is once again
necessary to maintain the required O/C level.
Cashflow priority: The Indenture Trustee will make the following
disbursements and transfers with respect to each Class
of Notes out of the related Group's Available Funds in
the following order of priority:
First: To the Note Insurer, unreimbursed insured
payments (subject to the payment of related
Note Interest to the Noteholders and any
O/C deficit);
Second: To the Noteholders, Note Interest;
Third: To the Noteholders, Monthly Principal;
Fourth: To the Noteholders, the amount necessary to
maintain required levels of O/C (subject to
the availability of excess cash); and
Fifth: Any remaining funds to the holders of the
Residual Interest.
Available Funds: With respect to each Mortgage Loan Group and any Payment
Date, the sum of:
(i) all scheduled and unscheduled payments of
principal and interest and recoveries with
respect to the Mortgage Loans in such Group and
due during the related due period, including
principal prepayments;
(ii) the amount of any monthly advances and
compensating interest made by the Servicer with
respect to the related Mortgage Loan Group; and
(iii) the amounts deposited in the Note Account with
respect to the repurchase, release, removal or
substitution of Mortgage Loans in such Group or
in connection with the redemption of the related
Notes;
minus the sum of:
(iv) amounts received with respect to payments due on
or prior to the Cut-Off Date with respect to the
related Mortgage Loan Group;
(v) Servicing Fee, Indenture Trustee Fee and Note
Insurer Premium;
(vi) Payments Ahead with respect to the related
Mortgage Loan Group; and
(vii) reimbursements for certain monthly advances and
servicing advances made with respect to the
related Mortgage Loan Group.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
Mortgage Lenders Network Home Equity Loan Trust 1998-2
Preliminary Marketing Memo
Optional Redemption: The Notes may be redeemed, in full but not in part, at
the option of the Servicer, or if not exercised, at the
option of the Note Insurer on or after the first Payment
Date on which the Aggregate Principal Balance of the
Mortgage Loans has declined to 10% or less of the
Original Pool Balance.
Coupon Step-up: If the 10% Clean-up Call is not exercised, the coupon on
the both A-1 and A-2 Notes will step up by [50] bps.
Termination of
Mortgage Pool: After the Aggregate Principal Balance of the Mortgage
Loans of both Groups is less than 20% of the Original
Pool Balance, the Indenture Trustee is required to
solicit competitive bids for the purchase of the
Mortgage Loans for fair market value. If satisfactory
bids are received, the proceeds shall be used to redeem
the related Notes in full. If the sale is not
consummated, the Indenture Trustee will solicit bids on
a quarterly basis.
Interest Accrual: Interest on the Notes will be calculated on the basis of
a 360 day year consisting of twelve 30 day months.
Interest will accrue during the calendar month
immediately preceding the month which the Payment Date
occurs.
Note Interest: An amount equal to interest accrued during the related
interest period at the related Note Interest Rate on the
related Note Balance as of the preceding Payment Date.
Monthly Principal: With respect to a Mortgage Loan Group and for each Class
of Notes, an amount equal to the sum of (i) aggregate
scheduled and unscheduled principal payments received in
respect to the related due date, including Principal
Prepayments and (ii) amounts allocable to principal
deposited in the Note Account in connection with a
repurchase, release, removal or substitution of any
Mortgage Loan, minus (iii) the amount of any
Overcollateralization Surplus with respect to such
Payment Date.
- --------------------------------------------------------------------------------
Class A-1 Class A-2
Amount: [93,325,000] [60,000,000]
Coupon: [6.605] [6.585]
Approximate Price: [100-00] [100-00]
Spread: [90] [88]
Avg. Life (at 25% HEP): [3.3] [3.4]
(to maturity)
Avg. Life (at 25% HEP): [3.1] [3.2]
(to 10% Call)
Interest rate basis: [30/360] [30/360]
Expected maturity: [05/25/13] [05/25/13]
(to maturity)
Expected maturity: [04/25/06] [04/25/06]
(to 10% Call)
Stated Maturity: [07/25/29] [07/25/29]
Rating (Moodys/S&P): [Aaa/AAA] [Aaa/AAA]
For more information contact our desk (778-2741), Mary Alice Kohs (778-1492),
Mike Mattera (778-4459), Katya Sverdlov (778-8038), Januar Laude (778-7176),
Mike Corrdry (778-2840) or James Chuchman (778-4540).
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
- --------------------------------------------------------------------------------
- MLEND GROUP1
- Cut Off Date of Tape is 06/02/98
- FIXED RATE COLLATERAL
- $93,325,934.77
- Home Equity Loans Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,796
Aggregate Unpaid Principal Balance: $93,325,934.77
Aggregate Original Principal Balance: $93,513,834.34
Weighted Average Gross Coupon: 10.168%
Gross Coupon Range: 7.050% - 18.250%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $51,963.22
Average Original Principal Balance: $52,067.84
Maximum Unpaid Principal Balance: $411,856.26
Minimum Unpaid Principal Balance: $10,334.68
Maximum Original Principal Balance: $412,000.00
Minimum Original Principal Balance: $10,400.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 219.257
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 1.066
Age Range: 0.000 - 13.000
Weighted Average Original Term: 220.323
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 68.203
Original LTV Range: 9.440% - 99.670%
Weighted Average Combined LTV: 77.602
Combined LTV Range: 14.660% - 125.130%
Weighted Average Debt to Income Ratio: 36.525
Debt to Income Ratio Range: 3.110% - 95.160%
- --------------------------------------------------------------------------------
ZIP STATE % of Pool
Max Zip concentration: 37303 TN 0.638
Earliest Maturity date: 03/09/03
Latest Maturity date: 06/01/28
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
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% 25 1,784,634.96 1.91
7.50% < Gross Coupon <= 7.75% 29 1,555,514.53 1.67
7.75% < Gross Coupon <= 8.00% 39 2,209,300.22 2.37
8.00% < Gross Coupon <= 8.25% 77 4,679,025.75 5.01
8.25% < Gross Coupon <= 8.50% 123 6,324,552.53 6.78
8.50% < Gross Coupon <= 8.75% 92 4,920,293.28 5.27
8.75% < Gross Coupon <= 9.00% 119 6,712,187.71 7.19
9.00% < Gross Coupon <= 9.25% 74 4,040,389.05 4.33
9.25% < Gross Coupon <= 9.50% 95 5,321,229.55 5.70
9.50% < Gross Coupon <= 9.75% 106 5,973,081.54 6.40
9.75% < Gross Coupon <= 10.00% 136 8,202,037.11 8.79
10.00% < Gross Coupon <= 10.25% 87 4,577,087.89 4.90
10.25% < Gross Coupon <= 10.50% 112 5,747,276.84 6.16
10.50% < Gross Coupon <= 10.75% 119 6,331,707.97 6.78
10.75% < Gross Coupon <= 11.00% 92 4,958,764.79 5.31
11.00% < Gross Coupon <= 11.25% 50 2,850,274.11 3.05
11.25% < Gross Coupon <= 11.50% 50 2,171,200.41 2.33
11.50% < Gross Coupon <= 11.75% 49 2,542,741.18 2.72
11.75% < Gross Coupon <= 12.00% 26 1,286,299.51 1.38
12.00% < Gross Coupon <= 12.25% 33 1,681,025.08 1.80
12.25% < Gross Coupon <= 12.50% 13 591,042.56 0.63
12.50% < Gross Coupon <= 12.75% 16 559,866.17 0.60
12.75% < Gross Coupon <= 13.00% 9 355,731.39 0.38
13.00% < Gross Coupon <= 13.25% 14 428,968.09 0.46
13.25% < Gross Coupon <= 13.50% 17 737,227.82 0.79
13.50% < Gross Coupon <= 13.75% 9 369,480.59 0.40
13.75% < Gross Coupon <= 14.00% 27 1,126,432.57 1.21
14.00% < Gross Coupon <= 14.25% 5 140,500.52 0.15
14.25% < Gross Coupon <= 14.50% 18 736,298.38 0.79
14.50% < Gross Coupon <= 14.75% 8 269,255.47 0.29
14.75% < Gross Coupon <= 15.00% 13 488,754.61 0.52
15.00% < Gross Coupon <= 15.25% 46 1,502,540.64 1.61
15.25% < Gross Coupon <= 15.50% 7 238,431.12 0.26
15.50% < Gross Coupon <= 15.75% 13 453,742.81 0.49
15.75% < Gross Coupon <= 16.00% 5 184,713.31 0.20
16.00% < Gross Coupon <= 16.25% 28 820,393.75 0.88
16.25% < Gross Coupon <= 16.50% 3 88,053.69 0.09
16.50% < Gross Coupon <= 16.75% 2 68,123.22 0.07
17.00% < Gross Coupon <= 17.25% 3 120,465.57 0.13
17.25% < Gross Coupon <= 17.50% 3 58,022.40 0.06
17.50% < Gross Coupon <= 18.00% 3 92,788.39 0.10
18.00% < Gross Coupon <= 18.50% 1 26,477.69 0.03
- -------------------------------------------------------------------------------
Total.......... 1,796 $93,325,934.77 100.00%
===============================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
48 < Orig. Term <= 60 8 200,899.82 0.22%
72 < Orig. Term <= 84 2 47,690.92 0.05%
108 < Orig. Term <= 120 64 2,278,314.35 2.44%
120 < Orig. Term <= 132 1 52,244.43 0.06%
132 < Orig. Term <= 144 4 203,866.52 0.22%
144 < Orig. Term <= 156 1 73,217.29 0.08%
168 < Orig. Term <= 180 1,023 53,828,257.07 57.68%
228 < Orig. Term <= 240 421 19,854,086.93 21.27%
288 < Orig. Term <= 300 74 4,546,801.67 4.87%
348 < Orig. Term <= 360 198 12,240,555.77 13.12%
- -----------------------------------------------------------------------------
Total............ 1,796 93,325,934.77 100.00%
=============================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 < Rem Term <= 60 8 200,899.82 0.22%
72 < Rem Term <= 84 2 47,690.92 0.05%
108 < Rem Term <= 120 64 2,278,314.35 2.44%
120 < Rem Term <= 132 1 52,244.43 0.06%
132 < Rem Term <= 144 4 203,866.52 0.22%
144 < Rem Term <= 156 1 73,217.29 0.08%
156 < Rem Term <= 168 1 44,892.70 0.05%
168 < Rem Term <= 180 1,022 53,783,364.37 57.63%
228 < Rem Term <= 240 421 19,854,086.93 21.27%
288 < Rem Term <= 300 74 4,546,801.67 4.87%
348 < Rem Term <= 360 198 12,240,555.77 13.12%
- -------------------------------------------------------------------
Total............ 1,796 93,325,934.77 100.00%
===================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
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 <Comb LTV<= 15.000 1 29,687.99 0.03
15.000 <Comb LTV<= 20.000 4 89,638.37 0.10
20.000 <Comb LTV<= 25.000 7 296,332.40 0.32
25.000 <Comb LTV<= 30.000 5 158,256.94 0.17
30.000 <Comb LTV<= 35.000 16 572,028.40 0.61
35.000 <Comb LTV<= 40.000 23 900,522.55 0.96
40.000 <Comb LTV<= 45.000 26 905,242.44 0.97
45.000 <Comb LTV<= 50.000 31 1,137,691.73 1.22
50.000 <Comb LTV<= 55.000 26 1,164,238.90 1.25
55.000 <Comb LTV<= 60.000 73 3,490,132.90 3.74
60.000 <Comb LTV<= 65.000 111 5,779,056.39 6.19
65.000 <Comb LTV<= 70.000 183 9,737,656.79 10.43
70.000 <Comb LTV<= 75.000 259 14,216,994.79 15.23
75.000 <Comb LTV<= 80.000 563 32,169,888.51 34.47
80.000 <Comb LTV<= 85.000 197 11,841,263.89 12.69
85.000 <Comb LTV<= 90.000 53 3,530,199.18 3.78
90.000 <Comb LTV<= 95.000 2 82,827.22 0.09
95.000 <Comb LTV<= 100.000 34 925,623.41 0.99
100.000 <Comb LTV<= 105.000 15 445,614.55 0.48
105.000 <Comb LTV<= 110.000 22 759,513.62 0.81
110.000 <Comb LTV<= 115.000 31 998,259.27 1.07
115.000 <Comb LTV<= 120.000 31 1,157,162.04 1.24
120.000 <Comb LTV<= 125.000 81 2,840,126.91 3.04
125.000 <Comb LTV<= 130.000 2 97,975.58 0.10
- --------------------------------------------------------------------------
Total.................... 1,796 $ 93,325,934.77 100.00%
==========================================================================
AGE OF LOAN
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Age Loans Balance Balance
Age = 0 597 32,049,651.43 34.34%
0 < Age <= 12 1,198 61,231,390.64 65.61%
12 < Age <= 24 1 44,892.70 0.05%
- -------------------------------------------------------------------
Total............ 1,796 93,325,934.77 100.00%
===================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
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
Balance <= 25,000 176 3,481,269 3.73
25,000 < Balance <= 50,000 786 30,175,630 32.33
50,000 < Balance <= 75,000 669 40,895,599 43.82
75,000 < Balance <= 100,000 131 10,361,139 11.10
100,000 < Balance <= 150,000 6 744,095 0.80
150,000 < Balance <= 191,250 1 162,400 0.17
200,000 < Balance <= 250,000 11 2,602,747 2.79
250,000 < Balance <= 300,000 9 2,448,057 2.62
300,000 < Balance <= 350,000 4 1,277,134 1.37
350,000 < Balance <= 400,000 1 364,773 0.39
400,000 < Balance <= 450,000 2 813,092 0.87
- --------------------------------------------------------------------------
Total.................... 1796 $ 93,325,935 100.00%
==========================================================================
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
Balance <= 25,000 177 3,506,178.82 3.76
25,000 < Balance <= 50,000 787 30,243,859.52 32.41
50,000 < Balance <= 75,000 668 40,877,215.88 43.80
75,000 < Balance <= 100,000 130 10,286,382.70 11.02
100,000 < Balance <= 150,000 6 744,094.78 0.80
150,000 < Balance <= 191,250 1 162,400.00 0.17
200,000 < Balance <= 250,000 12 2,851,889.19 3.06
250,000 < Balance <= 300,000 8 2,198,914.76 2.36
300,000 < Balance <= 350,000 4 1,277,134.15 1.37
350,000 < Balance <= 400,000 1 364,773.19 0.39
400,000 < Balance <= 450,000 2 813,091.78 0.87
- --------------------------------------------------------------------------
Total.................... 1,796 $ 93,325,934.77 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 5 205,492.59 0.22
Arizona 44 2,704,111.94 2.90
California 1 31,931.89 0.03
Colorado 17 941,413.24 1.01
Connecticut 18 1,832,051.89 1.96
Dist of Col 3 157,268.02 0.17
Delaware 9 500,365.37 0.54
Florida 44 2,184,464.61 2.34
Georgia 100 5,082,177.74 5.45
Iowa 11 405,270.68 0.43
Idaho 1 34,130.91 0.04
Illinois 162 8,559,323.12 9.17
Indiana 62 2,824,729.35 3.03
Kansas 6 285,601.12 0.31
Kentucky 109 5,094,425.18 5.46
Louisiana 7 288,841.76 0.31
Massachsetts 52 2,826,231.43 3.03
Maryland 102 5,722,592.97 6.13
Maine 2 117,752.51 0.13
Michigan 33 1,493,804.92 1.60
Minnesota 4 111,069.11 0.12
Missouri 94 4,154,917.41 4.45
Mississippi 4 170,018.20 0.18
North Carolina 97 5,367,997.81 5.75
New Hampshire 3 163,384.85 0.18
New Jersey 13 873,233.11 0.94
New Mexico 42 1,955,712.73 2.10
Nevada 1 29,870.52 0.03
New York 47 3,362,648.30 3.60
Ohio 237 12,068,399.89 12.93
Pennsylvania 82 3,732,753.68 4.00
Rhode Island 16 746,134.03 0.80
South Carolina 165 7,709,291.01 8.26
Tennessee 132 7,835,255.54 8.40
Texas 2 139,687.45 0.15
Utah 1 65,365.54 0.07
Virginia 39 2,053,019.99 2.20
Vermont 2 89,846.23 0.10
Washington 2 123,229.40 0.13
Wisconsin 23 1,191,344.20 1.28
West Virgina 2 90,774.53 0.10
- --------------------------------------------------------------------------
Total............... 1,796 $93,325,934.77 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 119 6,654,525.67 7.13
Refinance/No ETO 12 548,872.90 0.59
Refinance/ETO 1618 84,188,630.54 90.21
Refi/Prop. Impr. 47 1,933,905.66 2.07
- ----------------------------------------------------------------------------
Total.................. 1,796 $93,325,934.77 100.00%
============================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 1518 76,212,037.23 81.66
Stated Documentation 141 7,521,040.16 8.06
Limited Documentation 137 9,592,857.38 10.28
- -----------------------------------------------------------------------------
Total.................. 1796 $93,325,934.77 100.00%
=============================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1593 82,206,692.17 88.09
Manufactured Housing 59 3,093,779.81 3.32
PUD 11 1,019,290.03 1.09
Condominiums 23 1,234,912.35 1.32
2-4 Family 110 5,771,260.41 6.18
- --------------------------------------------------------------------------
Total............... 1,796 $93,325,934.77 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1,592 83,707,737.24 89.69
Investor 201 9,492,502.80 10.17
Non Owner Occ. 3 125,694.73 0.13
- --------------------------------------------------------------------------
Total.................. 1,796 $93,325,934.77 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 1414 79,382,892.41 85.06
2 382 13,943,042.36 14.94
- --------------------------------------------------------------------------
Total............... 1,796 $93,325,934.77 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 1216 57,844,797.09 61.98
Partially Amortizing 580 35,481,137.68 38.02
- -------------------------------------------------------------------------
Total.................. 1796 $93,325,934.77 100.00%
=========================================================================
CREDIT GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
A+ 861 43,636,502.05 46.76
A 184 10,999,702.98 11.79
B+ 169 8,948,922.61 9.59
B 180 9,796,543.97 10.50
C 285 13,895,327.68 14.89
C- 82 4,153,234.26 4.45
D 35 1,895,701.22 2.03
- --------------------------------------------------------------------------
Total............... 1,796 $ 93,325,934.77 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
- --------------------------------------------------------------------------------
- MLEND GROUP2
- Cut Off Date of Tape is 06/02/98
- FIXED RATE COLLATERAL
- $60,000,122.17
- Home Equity Loans Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 512
Aggregate Unpaid Principal Balance: $60,000,122.17
Aggregate Original Principal Balance: $60,065,083.00
Weighted Average Gross Coupon: 9.487%
Gross Coupon Range: 6.750% - 13.625%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $117,187.74
Average Original Principal Balance: $117,314.62
Maximum Unpaid Principal Balance: $225,000.00
Minimum Unpaid Principal Balance: $54,900.00
Maximum Original Principal Balance: $225,000.00
Minimum Original Principal Balance: $54,900.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 244.745
Stated Rem Term Range: 119.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.977
Age Range: 0.000 - 8.000
Weighted Average Original Term: 245.722
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 77.805
Original LTV Range: 39.060% - 90.000%
Weighted Average Debt to Income Ratio: 38.363
Debt to Income Ratio Range: 0.870% - 54.880%
- --------------------------------------------------------------------------------
ZIP State %of Pool
Max Zip concentration: 21122 MD 1.347
Earliest Maturity date: 03/30/08
Latest Maturity date: 06/01/28
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
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% 2 200,520.79 0.33
7.00% < Gross Coupon <= 7.50% 7 699,792.82 1.17
7.50% < Gross Coupon <= 7.75% 14 1,558,868.05 2.60
7.75% < Gross Coupon <= 8.00% 21 2,314,885.40 3.86
8.00% < Gross Coupon <= 8.25% 17 1,987,583.31 3.31
8.25% < Gross Coupon <= 8.50% 63 7,223,040.63 12.04
8.50% < Gross Coupon <= 8.75% 46 5,410,701.88 9.02
8.75% < Gross Coupon <= 9.00% 54 6,475,104.03 10.79
9.00% < Gross Coupon <= 9.25% 42 4,552,601.76 7.59
9.25% < Gross Coupon <= 9.50% 24 2,805,602.78 4.68
9.50% < Gross Coupon <= 9.75% 33 3,591,008.53 5.99
9.75% < Gross Coupon <= 10.00% 46 5,872,125.60 9.79
10.00% < Gross Coupon <= 10.25% 21 2,537,493.46 4.23
10.25% < Gross Coupon <= 10.50% 24 2,969,239.83 4.95
10.50% < Gross Coupon <= 10.75% 29 3,635,874.07 6.06
10.75% < Gross Coupon <= 11.00% 20 2,494,949.49 4.16
11.00% < Gross Coupon <= 11.25% 12 1,335,668.43 2.23
11.25% < Gross Coupon <= 11.50% 11 1,213,755.15 2.02
11.50% < Gross Coupon <= 11.75% 8 907,359.46 1.51
11.75% < Gross Coupon <= 12.00% 3 437,027.98 0.73
12.00% < Gross Coupon <= 12.25% 4 465,065.39 0.78
12.25% < Gross Coupon <= 12.50% 4 434,257.64 0.72
12.50% < Gross Coupon <= 12.75% 3 421,447.40 0.70
12.75% < Gross Coupon <= 13.00% 2 190,412.46 0.32
13.00% < Gross Coupon <= 13.25% 1 84,500.00 0.14
13.50% < Gross Coupon <= 13.75% 1 181,235.83 0.30
- --------------------------------------------------------------------------------
Total.......... 512 $60,000,122.17 100.00%
================================================================================
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
108 < Orig. Term <= 120 1 98,102.83 0.16%
168 < Orig. Term <= 180 263 31,356,426.28 52.26%
228 < Orig. Term <= 240 71 7,909,555.73 13.18%
288 < Orig. Term <= 300 35 3,997,812.04 6.66%
348 < Orig. Term <= 360 142 16,638,225.29 27.73%
- --------------------------------------------------------------------------------
Total............ 512 60,000,122.17 100.00%
================================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 1 98,102.83 0.16%
168 < Rem Term <= 180 263 31,356,426.28 52.26%
228 < Rem Term <= 240 71 7,909,555.73 13.18%
288 < Rem Term <= 300 35 3,997,812.04 6.66%
348 < Rem Term <= 360 142 16,638,225.29 27.73%
- -----------------------------------------------------------------------
Total............ 512 60,000,122.17 100.00%
=======================================================================
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
35.000 <Comb LTV<= 40.000 1 87,374.82 0.15
40.000 <Comb LTV<= 45.000 1 90,446.28 0.15
45.000 <Comb LTV<= 50.000 5 547,683.32 0.91
50.000 <Comb LTV<= 55.000 10 1,162,586.52 1.94
55.000 <Comb LTV<= 60.000 9 955,146.17 1.59
60.000 <Comb LTV<= 65.000 18 1,971,067.04 3.29
65.000 <Comb LTV<= 70.000 46 5,584,571.13 9.31
70.000 <Comb LTV<= 75.000 71 8,318,938.59 13.86
75.000 <Comb LTV<= 80.000 225 25,839,451.02 43.07
80.000 <Comb LTV<= 85.000 94 11,648,483.11 19.41
85.000 <Comb LTV<= 90.000 32 3,794,374.17 6.32
- --------------------------------------------------------------------------
Total.................... 512 $ 60,000,122.17 100.00%
==========================================================================
AGE OF LOAN
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Age Loans Balance Balance
Age = 0 168 19,696,772.40 32.83%
0 < Age <= 12 344 40,303,349.77 67.17%
- -------------------------------------------------------------------
Total............ 512 60,000,122.17 100.00%
===================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
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
50,000 < Balance <= 75,000 2 109,933 0.18
75,000 < Balance <= 100,000 190 17,255,297 28.76
100,000 < Balance <= 150,000 247 29,646,963 49.41
150,000 < Balance <= 191,250 56 9,471,812 15.79
191,250 < Balance <= 200,000 6 1,177,519 1.96
200,000 < Balance <= 250,000 11 2,338,598 3.90
- ----------------------------------------------------------------------------
Total.................... 512 $ 60,000,122 100.00%
============================================================================
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
50,000 < Balance <= 75,000 2 109,933.28 0.18
75,000 < Balance <= 100,000 190 17,255,297.05 28.76
100,000 < Balance <= 150,000 247 29,646,962.84 49.41
150,000 < Balance <= 191,250 56 9,471,811.93 15.79
191,250 < Balance <= 200,000 6 1,177,518.98 1.96
200,000 < Balance <= 250,000 11 2,338,598.09 3.90
- --------------------------------------------------------------------------
Total.................... 512 $ 60,000,122.17 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 12 1,526,924.97 2.54
California 1 118,832.07 0.20
Colorado 9 1,257,177.82 2.10
Connecticut 16 2,365,422.97 3.94
Dist of Col 2 205,804.48 0.34
Delaware 6 798,553.11 1.33
Florida 8 788,009.09 1.31
Georgia 12 1,334,819.77 2.22
Iowa 3 353,245.09 0.59
Illinois 52 6,127,629.99 10.21
Indiana 3 264,014.90 0.44
Kansas 1 117,816.48 0.20
Kentucky 21 2,315,521.24 3.86
Massachsetts 49 6,168,323.19 10.28
Maryland 61 7,051,492.35 11.75
Michigan 6 602,078.97 1.00
Minnesota 1 91,200.00 0.15
Missouri 11 1,204,359.67 2.01
Mississippi 2 211,427.38 0.35
North Carolina 24 2,709,359.79 4.52
New Hampshire 6 706,094.06 1.18
New Jersey 14 1,862,558.42 3.10
New Mexico 8 969,012.12 1.62
New York 7 687,087.73 1.15
Ohio 55 6,524,536.20 10.87
Pennsylvania 26 2,733,746.94 4.56
Rhode Island 5 701,781.94 1.17
South Carolina 21 2,188,125.93 3.65
Tennessee 35 3,950,470.86 6.58
Utah 2 192,357.69 0.32
Virginia 29 3,407,801.68 5.68
Washington 1 157,460.14 0.26
Wisconsin 3 307,075.13 0.51
- --------------------------------------------------------------------------
Total............... 512 $60,000,122.17 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 31 3,894,892.65 6.49
Refinance/No ETO 7 735,182.12 1.23
Refinance/ETO 466 54,461,286.04 90.77
Refi/Prop. Impr. 8 908,761.36 1.51
- ----------------------------------------------------------------------------
Total.................. 512 $60,000,122.17 100.00%
============================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 393 45,383,918.93 75.64
Stated Documentation 46 5,745,206.86 9.58
Limited Documentation 73 8,870,996.38 14.78
- -----------------------------------------------------------------------------
Total.................. 512 $60,000,122.17 100.00%
=============================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 469 54,942,223.68 91.57
Manufactured Housing 6 555,017.94 0.93
PUD 5 628,573.80 1.05
Condominiums 7 704,374.44 1.17
2-4 Family 25 3,169,932.31 5.28
- ------------------------------------------------------------------------------
Total............... 512 $60,000,122.17 100.00%
==============================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 490 57,280,432.08 95.47
Investor 22 2,719,690.09 4.53
- --------------------------------------------------------------------------------
Total.................. 512 $60,000,122.17 100.00%
================================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 512 60,000,122.17 100.00
- ------------------------------------------------------------------------------
Total............... 512 $60,000,122.17 100.00%
==============================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 282 32,122,272.28 53.54
Partially Amortizing 230 27,877,849.89 46.46
- --------------------------------------------------------------------------------
Total.................. 512 $60,000,122.17 100.00%
================================================================================
CREDIT GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
A+ 256 30,185,675.16 50.31
A 71 8,573,153.07 14.29
B+ 52 5,714,220.83 9.52
B 44 5,190,883.36 8.65
C 62 6,991,562.74 11.65
C- 27 3,344,627.01 5.57
- --------------------------------------------------------------------------
Total............... 512 $ 60,000,122.17 100.00%
==========================================================================
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION 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 AND ACCOMPANYING 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.
