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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 2, 1998
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
(State or Other (Commission (I.R.S. Employer
Jurisdiction of Incorporation) File Number) 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)
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<PAGE>
Item 5. Other Events
In connection with the offering of Mortgage Lenders Network Home Equity
Loan Trust 1998-1, Asset Backed Notes, Series 1998-1, described in a Prospectus
Supplement dated March 5, 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 1998-1
Registrant
By: /s/ Mary Alice Kohs
-------------------------------
Name: Mary Alice Kohs
Title: Vice President
Dated: March 2, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above).
EXHIBIT 99.1
Mortgage Lenders Network Home Equity Loan Trust 1998-1
Approximate Class Size
[$120,000,000] [ ] Class A-1 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 1998-1
Preliminary Marketing Memo
Title of Securities: Mortgage Lenders Network Fixed Rate Asset Backed Notes,
Series 1998-1
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 Class A-1 Notes.
Credit Enhancement
1. Excess Cash
2. Over-Collateralization
3. Insurance Policy
4. Demand Note
Servicing Fee: [50] bps
Trustee Fee: [2] bps
ERISA Considerations: The Class A-1 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: [TBD].
Settlement Date: [March 13, 1998].
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day beginning
April 25th.
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 1998-1
Preliminary Marketing Memo
Over-Collateralization: The credit enhancement provisions are intended to
provide for the limited acceleration of the Notes
relative to the amortization of the related collateral.
Accelerated amortization is achieved by applying excess
cash collected on the collateral to the payment of
principal of the Notes, resulting in the build up of
overcollateralization (O/C). By paying down the
principal balance of the 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 related Notes is created. Excess cash
will be directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event the
acceleration feature will cease, unless it is once again
necessary to maintain the required O/C level.
Demand Note: Mortgage Lenders Network USA, Inc. will issue a Demand
Note in favor of the Company which can be drawn against
by the Trustee for the benefit of the Noteholders, in
the event of the Note Insurer Default. The Demand Note
will initially equal 3.00% of the Aggregate Principal
Balance of the Mortgage Loans and will be decreased by
the related Overcollateralization Amount on each Payment
Date. On the Payment Date on which the
Overcollateralization Amount equals or exceeds the 3.0%
of the Aggregate Principal Balance of the Mortgage Loans
as of such Payment Date, the Demand Note will be
canceled and will no longer be available to make
payments on the Notes.
Cashflow priority: The Indenture Trustee will make the following
disbursements and transfers out of Available Funds in
the following order of priority:
First: To the Note Insurer, unreimbursed insured
payments (subject to the payment of 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: The sum of:
(i) all scheduled and unscheduled payments of
principal and interest and recoveries with respect
to the Mortgage Loans and due during the related
due period, including principal prepayments;
(ii) the amount of any monthly advances and
compensating interest made by the Servicer; and
(iii) the amounts deposited in the Note Account with
respect to the repurchase, release, removal or
substitution of Mortgage Loans or in connection
with the redemption of the Notes;
minus the sum of:
(iv) amounts received with respect to payments due on
or prior to the Cut-Off Date;
(v) Servicing Fee, Indenture Trustee Fee and Note
Insurer Premium;
(vi) Payments Ahead; and
(vii) reimbursements for certain monthly advances and
servicing advances.
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 1998-1
Preliminary Marketing Memo
Optional Redemption: The Class A-1 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 in the Mortgage Pool 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 Notes will step up by [50] bps.
Termination of
Mortgage Pool: After the Aggregate Principal Balance of the Mortgage
Loans 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 Notes in full. If
the sale is not consummated, the Indenture Trustee will
solicit bids on a quarterly basis.
Interest Accrual: Interest on the Class A-1 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 Note Interest Rate on the Note
Balance as of the preceding Payment Date.
Monthly Principal: 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.
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Class A-1
Amount: [120,000,000]
Coupon: [TBD]
Approximate Price: [100-00]
Spread: [TBD]
Avg. Life (at 25% HEP): [3.366]
(to maturity)
Avg. Life (at 25% HEP): [3.130]
(to 10% Call)
Interest rate basis: [30/360]
Expected maturity: [02/25/13]
(to maturity)
Expected maturity: [01/25/06]
(to 10% Call)
Stated Maturity: [08/25/29]
Rating (S&P/Moodys): [Aaa/AAA]
For more information contact our desk (778-2741), Mary Alice Kohs (778-1492),
Mike Mattera (778-4459), Katya Sverdlov (778-8038), Joe Astorina (778-2667) or
Mike Corddry (778-2840)
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>
CURRENT BALANCE: $120,000,000.00 DATED DATE: 03/01/98
COUPON: TBD FIRST PAYMENT: 04/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 1
ORIGINAL BALANCE: $120,000,000.00 YIELD TABLE DATE: 03/13/98
BOND A1 BE-YIELD TABLE
*********** TO 10% CLEAN-UP CALL ***********
PREPAYMENT SPEED
PRICING SPEED
25.0% 19.00% 21.00% 25.00% 29.00% 31.00%
PRICE HEP HEP HEP HEP HEP HEP
98-00 7.416 7.304 7.342 7.416 7.492 7.532
98-04 7.367 7.264 7.298 7.367 7.437 7.473
98-08 7.318 7.224 7.255 7.318 7.381 7.414
98-12 7.268 7.184 7.212 7.268 7.326 7.355
98-16 7.219 7.144 7.169 7.219 7.270 7.297
98-20 7.170 7.104 7.126 7.170 7.215 7.239
98-24 7.121 7.064 7.083 7.121 7.160 7.180
98-28 7.072 7.024 7.040 7.072 7.105 7.122
99-00 7.024 6.984 6.997 7.024 7.051 7.064
99-04 6.975 6.945 6.955 6.975 6.996 7.007
99-08 6.927 6.905 6.912 6.927 6.941 6.949
99-12 6.878 6.866 6.870 6.878 6.887 6.891
99-16 6.830 6.826 6.828 6.830 6.833 6.834
99-20 6.782 6.787 6.785 6.782 6.779 6.777
99-24 6.734 6.748 6.743 6.734 6.725 6.720
99-28 6.686 6.709 6.701 6.686 6.671 6.663
100-00 6.638 6.670 6.659 6.638 6.617 6.606
100-04 6.591 6.631 6.618 6.591 6.563 6.549
100-08 6.543 6.592 6.576 6.543 6.510 6.492
100-12 6.496 6.554 6.534 6.496 6.456 6.436
100-16 6.448 6.515 6.493 6.448 6.403 6.380
100-20 6.401 6.476 6.451 6.401 6.350 6.323
100-24 6.354 6.438 6.410 6.354 6.297 6.267
100-28 6.307 6.400 6.369 6.307 6.244 6.211
101-00 6.260 6.361 6.328 6.260 6.191 6.155
101-04 6.213 6.323 6.287 6.213 6.138 6.100
101-08 6.166 6.285 6.246 6.166 6.086 6.044
101-12 6.120 6.247 6.205 6.120 6.033 5.988
101-16 6.073 6.209 6.164 6.073 5.981 5.933
101-20 6.027 6.171 6.123 6.027 5.929 5.878
101-24 5.980 6.134 6.083 5.980 5.877 5.823
101-28 5.934 6.096 6.042 5.934 5.825 5.768
First Payment 0.117 0.117 0.117 0.117 0.117 0.117
Average Life 3.130 4.014 3.669 3.130 2.724 2.552
Last Payment 7.867 10.200 9.283 7.867 6.783 6.283
Mod.Dur. @ 100-00 2.612 3.204 2.980 2.612 2.322 2.195
Accrued Interest 0.224 0.224 0.224 0.224 0.224 0.224
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover` information will not change
prior to final pricing. Any formal offer or solicitation will be made by a
prospectus (or offering memo` by a written confirmation.
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>
CURRENT BALANCE: $120,000,000.00 DATED DATE: 03/01/98
COUPON: TBD FIRST PAYMENT: 04/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 1
ORIGINAL BALANCE: $120,000,000.00 YIELD TABLE DATE: 03/13/98
BOND A1 BE-YIELD TABLE
*********** TO 20% AUCTION CALL *************
PREPAYMENT SPEED
PRICING SPEED
25.0% 19.00% 21.00% 25.00% 29.00% 31.00%
PRICE HEP HEP HEP HEP HEP HEP
98-00 7.460 7.338 7.379 7.460 7.544 7.587
98-04 7.407 7.295 7.332 7.407 7.485 7.524
98-08 7.354 7.252 7.286 7.354 7.425 7.460
98-12 7.301 7.209 7.240 7.301 7.365 7.397
98-16 7.249 7.166 7.194 7.249 7.306 7.334
98-20 7.196 7.123 7.148 7.196 7.246 7.272
98-24 7.144 7.081 7.102 7.144 7.187 7.209
98-28 7.091 7.038 7.056 7.091 7.128 7.147
99-00 7.039 6.996 7.011 7.039 7.069 7.084
99-04 6.987 6.954 6.965 6.987 7.010 7.022
99-08 6.935 6.912 6.920 6.935 6.952 6.960
99-12 6.883 6.869 6.874 6.883 6.893 6.898
99-16 6.832 6.827 6.829 6.832 6.834 6.836
99-20 6.780 6.786 6.784 6.780 6.776 6.774
99-24 6.729 6.744 6.739 6.729 6.718 6.713
99-28 6.677 6.702 6.694 6.677 6.660 6.651
100-00 6.626 6.660 6.649 6.626 6.602 6.590
100-04 6.575 6.619 6.604 6.575 6.544 6.529
100-08 6.524 6.577 6.559 6.524 6.486 6.468
100-12 6.473 6.536 6.515 6.473 6.429 6.407
100-16 6.422 6.495 6.470 6.422 6.371 6.346
100-20 6.371 6.454 6.426 6.371 6.314 6.285
100-24 6.320 6.412 6.381 6.320 6.257 6.225
100-28 6.270 6.371 6.337 6.270 6.199 6.164
101-00 6.219 6.330 6.293 6.219 6.142 6.104
101-04 6.169 6.290 6.249 6.169 6.085 6.044
101-08 6.119 6.249 6.205 6.119 6.029 5.984
101-12 6.069 6.208 6.161 6.069 5.972 5.924
101-16 6.019 6.168 6.117 6.019 5.916 5.864
101-20 5.969 6.127 6.074 5.969 5.859 5.804
101-24 5.919 6.087 6.030 5.919 5.803 5.745
101-28 5.869 6.046 5.987 5.869 5.747 5.685
First Payment 0.117 0.117 0.117 0.117 0.117 0.117
Average Life 2.847 3.642 3.329 2.847 2.473 2.320
Last Payment 5.700 7.367 6.700 5.700 4.867 4.533
Mod.Dur. @ 100-00 2.434 2.998 2.782 2.434 2.153 2.036
Accrued Interest 0.224 0.224 0.224 0.224 0.224 0.224
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover` information will not change
prior to final pricing. Any formal offer or solicitation will be made by a
prospectus (or offering memo` by a written confirmation.
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
- Cut Off Date of Tape is 02/17/98
- FIXED RATE COLLATERal
- $91,963,685.88
- Home Equity Loans Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,481
Aggregate Unpaid Principal Balance: $91,963,685.88
Aggregate Original Principal Balance: $92,067,052.23
Weighted Average Gross Coupon: 10.287%
Gross Coupon Range: 7.200% - 15.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $62,095.67
Average Original Principal Balance: $62,165.46
Maximum Unpaid Principal Balance: $344,845.74
Minimum Unpaid Principal Balance: $9,981.36
Maximum Original Principal Balance: $345,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 226.728
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.961
Age Range: 0.000 - 10.000
Weighted Average Original Term: 227.688
Original Term Range: 60.000 - 360.000
Weighted Average Combined LTV: 75.920
Combined LTV Range: 10.840% - 100.000%
- --------------------------------------------------------------------------------
ZIP State % of Pool
Max Zip Code Concentration : 60901 IL 0.821%
EARLIEST MATURITY DATE: 11/26/02
LATEST MATURITY DATE: 02/13/28
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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
7.00% < Gross Coupon <= 7.50% 5 384,417.05 0.42
7.50% < Gross Coupon <= 7.75% 12 855,874.03 0.93
7.75% < Gross Coupon <= 8.00% 15 1,058,253.09 1.15
8.00% < Gross Coupon <= 8.25% 9 774,062.57 0.84
8.25% < Gross Coupon <= 8.50% 44 3,568,339.55 3.88
8.50% < Gross Coupon <= 8.75% 43 3,214,616.73 3.50
8.75% < Gross Coupon <= 9.00% 71 4,734,549.68 5.15
9.00% < Gross Coupon <= 9.25% 64 4,076,540.90 4.43
9.25% < Gross Coupon <= 9.50% 79 4,991,596.63 5.43
9.50% < Gross Coupon <= 9.75% 111 7,225,091.41 7.86
9.75% < Gross Coupon <= 10.00% 165 11,652,073.11 12.67
10.00% < Gross Coupon <= 10.25% 93 5,682,673.41 6.18
10.25% < Gross Coupon <= 10.50% 119 6,701,391.41 7.29
10.50% < Gross Coupon <= 10.75% 99 6,586,406.66 7.16
10.75% < Gross Coupon <= 11.00% 133 8,978,317.72 9.76
11.00% < Gross Coupon <= 11.25% 72 4,510,709.04 4.90
11.25% < Gross Coupon <= 11.50% 64 3,411,543.65 3.71
11.50% < Gross Coupon <= 11.75% 67 4,023,566.66 4.38
11.75% < Gross Coupon <= 12.00% 46 2,284,548.06 2.48
12.00% < Gross Coupon <= 12.25% 30 1,592,448.24 1.73
12.25% < Gross Coupon <= 12.50% 24 1,020,671.28 1.11
12.50% < Gross Coupon <= 12.75% 50 1,546,150.21 1.68
12.75% < Gross Coupon <= 13.00% 10 689,374.64 0.75
13.00% < Gross Coupon <= 13.25% 8 427,024.76 0.46
13.25% < Gross Coupon <= 13.50% 12 733,275.94 0.80
13.50% < Gross Coupon <= 13.75% 24 685,771.62 0.75
13.75% < Gross Coupon <= 14.00% 4 205,783.28 0.22
14.00% < Gross Coupon <= 14.25% 3 73,663.84 0.08
14.25% < Gross Coupon <= 14.50% 1 75,384.04 0.08
14.50% < Gross Coupon <= 14.75% 1 41,343.34 0.04
14.75% < Gross Coupon <= 15.00% 2 133,255.41 0.14
15.50% < Gross Coupon <= 15.75% 1 24,967.92 0.03
- --------------------------------------------------------------------------------
Total.......... 1481 $ 91,963,685.88 100.00%
================================================================================
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
48 < Orig. Term <= 60 4 82,634.86 0.09%
72 < Orig. Term <= 84 1 28,986.28 0.03%
84 < Orig. Term <= 96 2 51,580.73 0.06%
108 < Orig. Term <= 120 35 1,220,177.63 1.33%
132 < Orig. Term <= 144 2 111,073.88 0.12%
168 < Orig. Term <= 180 853 51,949,036.01 56.49%
228 < Orig. Term <= 240 308 17,002,028.23 18.49%
288 < Orig. Term <= 300 83 6,816,701.06 7.41%
312 < Orig. Term <= 324 1 126,692.66 0.14%
348 < Orig. Term <= 360 192 14,574,774.54 15.85%
- -------------------------------------------------------------------
Total............ 1,481 91,963,685.88 100.00%
===================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
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 4 82,634.86 0.09%
72 < Rem Term <= 84 1 28,986.28 0.03%
84 < Rem Term <= 96 2 51,580.73 0.06%
108 < Rem Term <= 120 35 1,220,177.63 1.33%
132 < Rem Term <= 144 2 111,073.88 0.12%
168 < Rem Term <= 180 853 51,949,036.01 56.49%
228 < Rem Term <= 240 308 17,002,028.23 18.49%
288 < Rem Term <= 300 83 6,816,701.06 7.41%
312 < Rem Term <= 324 1 126,692.66 0.14%
348 < Rem Term <= 360 192 14,574,774.54 15.85%
- -------------------------------------------------------------------
Total............ 1,481 91,963,685.88 100.00%
===================================================================
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
10.000 < CLTV <= 15.000 4 76,716.37 0.08
15.000 < CLTV <= 20.000 1 40,970.46 0.04
20.000 < CLTV <= 25.000 9 205,775.71 0.22
25.000 < CLTV <= 30.000 13 626,933.86 0.68
30.000 < CLTV <= 35.000 16 509,627.60 0.55
35.000 < CLTV <= 40.000 19 711,182.30 0.77
40.000 < CLTV <= 45.000 23 1,266,897.33 1.38
45.000 < CLTV <= 50.000 25 875,582.66 0.95
50.000 < CLTV <= 55.000 28 1,172,380.80 1.27
55.000 < CLTV <= 60.000 48 2,123,284.25 2.31
60.000 < CLTV <= 65.000 105 6,030,755.58 6.56
65.000 < CLTV <= 70.000 146 9,122,695.56 9.92
70.000 < CLTV <= 75.000 249 15,863,837.86 17.25
75.000 < CLTV <= 80.000 409 28,187,236.28 30.65
80.000 < CLTV <= 85.000 212 14,816,743.67 16.11
85.000 < CLTV <= 90.000 109 8,881,883.06 9.66
90.000 < CLTV <= 95.000 5 148,403.90 0.16
95.000 < CLTV <= 100.000 60 1,302,778.63 1.42
- --------------------------------------------------------------------------
Total.................... 1,481 $91,963,685.88 100.00%
==========================================================================
AGE OF LOAN
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Age Loans Balance Balance
Age = 0 533 34,309,784.23 37.31%
0 < Age <= 12 948 57,653,901.65 62.69%
- -------------------------------------------------------------------
Total............ 1,481 91,963,685.88 100.00%
===================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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
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 3 29,962.72 0.03
10,000 < Balance <= 15,000 33 448,892.39 0.49
15,000 < Balance <= 20,000 58 1,027,484.50 1.12
20,000 < Balance <= 25,000 69 1,583,522.91 1.72
25,000 < Balance <= 30,000 88 2,441,391.49 2.65
30,000 < Balance <= 35,000 95 3,133,558.08 3.41
35,000 < Balance <= 40,000 111 4,191,676.36 4.56
40,000 < Balance <= 45,000 110 4,702,332.26 5.11
45,000 < Balance <= 50,000 115 5,503,130.82 5.98
50,000 < Balance <= 55,000 91 4,782,363.35 5.20
55,000 < Balance <= 60,000 110 6,353,890.35 6.91
60,000 < Balance <= 65,000 71 4,458,337.59 4.85
65,000 < Balance <= 70,000 74 5,008,588.25 5.45
70,000 < Balance <= 75,000 79 5,715,160.57 6.21
75,000 < Balance <= 80,000 51 3,956,238.31 4.30
80,000 < Balance <= 85,000 29 2,411,180.20 2.62
85,000 < Balance <= 90,000 32 2,822,895.05 3.07
90,000 < Balance <= 95,000 34 3,156,240.86 3.43
95,000 < Balance <= 100,000 27 2,643,112.40 2.87
100,000 < Balance <= 105,000 25 2,573,353.93 2.80
105,000 < Balance <= 110,000 25 2,679,606.56 2.91
110,000 < Balance <= 115,000 18 2,022,599.94 2.20
115,000 < Balance <= 120,000 20 2,350,976.15 2.56
120,000 < Balance <= 125,000 12 1,473,651.74 1.60
125,000 < Balance <= 130,000 19 2,421,466.04 2.63
130,000 < Balance <= 135,000 12 1,591,258.55 1.73
135,000 < Balance <= 140,000 11 1,517,677.78 1.65
140,000 < Balance <= 145,000 6 861,189.77 0.94
145,000 < Balance <= 150,000 10 1,487,444.99 1.62
150,000 < Balance <= 200,000 27 4,602,805.08 5.01
200,000 < Balance <= 250,000 7 1,483,684.84 1.61
250,000 < Balance <= 300,000 8 2,183,166.31 2.37
300,000 < Balance <= 350,000 1 344,845.74 0.37
- --------------------------------------------------------------------------
Total.................... 1481 $91,963,685.88 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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 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 3 29,962.72 0.03
10,000 < Balance <= 15,000 33 448,892.39 0.49
15,000 < Balance <= 20,000 58 1,027,484.50 1.12
20,000 < Balance <= 25,000 71 1,633,308.13 1.78
25,000 < Balance <= 30,000 87 2,421,569.46 2.63
30,000 < Balance <= 35,000 95 3,136,844.63 3.41
35,000 < Balance <= 40,000 111 4,198,122.67 4.56
40,000 < Balance <= 45,000 109 4,662,636.21 5.07
45,000 < Balance <= 50,000 116 5,552,771.72 6.04
50,000 < Balance <= 55,000 91 4,787,704.46 5.21
55,000 < Balance <= 60,000 109 6,298,908.34 6.85
60,000 < Balance <= 65,000 72 4,523,184.39 4.92
65,000 < Balance <= 70,000 73 4,943,741.45 5.38
70,000 < Balance <= 75,000 79 5,715,160.57 6.21
75,000 < Balance <= 80,000 51 3,956,238.31 4.30
80,000 < Balance <= 85,000 29 2,411,180.20 2.62
85,000 < Balance <= 90,000 33 2,912,883.88 3.17
90,000 < Balance <= 95,000 33 3,066,252.03 3.33
95,000 < Balance <= 100,000 27 2,643,112.40 2.87
100,000 < Balance <= 105,000 25 2,573,353.93 2.80
105,000 < Balance <= 110,000 25 2,679,606.56 2.91
110,000 < Balance <= 115,000 18 2,022,599.94 2.20
115,000 < Balance <= 120,000 20 2,350,976.15 2.56
120,000 < Balance <= 125,000 12 1,473,651.74 1.60
125,000 < Balance <= 130,000 19 2,421,466.04 2.63
130,000 < Balance <= 135,000 12 1,591,258.55 1.73
135,000 < Balance <= 140,000 11 1,517,677.78 1.65
140,000 < Balance <= 145,000 6 861,189.77 0.94
145,000 < Balance <= 150,000 10 1,487,444.99 1.62
150,000 < Balance <= 200,000 27 4,602,805.08 5.01
200,000 < Balance <= 250,000 7 1,483,684.84 1.61
250,000 < Balance <= 300,000 8 2,183,166.31 2.37
300,000 < Balance <= 350,000 1 344,845.74 0.37
- --------------------------------------------------------------------------
Total.................... 1481 $91,963,685.88 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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
Arizona 21 1,273,235.64 1.38
Colorado 9 335,131.02 0.36
Connecticut 13 1,134,993.64 1.23
Dist of Col 7 497,229.39 0.54
Delaware 14 893,122.31 0.97
Florida 20 1,343,357.97 1.46
Georgia 62 2,799,179.04 3.04
Iowa 3 204,737.04 0.22
Illinois 143 9,692,178.15 10.54
Indiana 31 1,634,458.80 1.78
Kansas 2 104,331.85 0.11
Kentucky 100 5,755,421.03 6.26
Massachsetts 60 5,169,149.93 5.62
Maryland 131 8,974,453.69 9.76
Maine 1 89,917.44 0.10
Michigan 10 520,329.28 0.57
Minnesota 4 154,749.24 0.17
Missouri 48 2,930,903.28 3.19
Mississippi 5 190,737.17 0.21
North Carolina 81 4,653,453.06 5.06
Nebraska 1 16,225.00 0.02
New Hampshire 5 416,878.00 0.45
New Jersey 18 1,603,007.93 1.74
New Mexico 60 3,528,797.07 3.84
New York 29 2,307,609.86 2.51
Ohio 187 11,066,532.66 12.03
Pennsylvania 69 4,555,450.25 4.95
Rhode Island 9 704,321.47 0.77
South Carolina 153 7,245,789.26 7.88
Tennessee 92 5,486,772.20 5.97
Utah 4 182,939.44 0.20
Virginia 72 5,625,907.55 6.12
Wisconsin 12 660,501.36 0.72
West Virgina 5 211,884.86 0.23
- --------------------------------------------------------------------------
Total............... 1481 $91,963,685.88 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 49 3,010,640.05 3.27
Refinance/No ETO 8 718,821.33 0.78
Refinance/ETO 1375 85,855,230.40 93.36
Refi/Prop. Impr. 49 2,378,994.10 2.59
- --------------------------------------------------------------------------
Total.................. 1481 $91,963,685.88 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 1307 79,795,640.74 86.77
Limited Documentation 69 5,409,654.15 5.88
Stated Documentation 105 6,758,390.99 7.35
- ----------------------------------------------------------------------------
Total.................. 1481 $91,963,685.88 100.00%
============================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1369 83,865,764.08 91.19
Manufactured Housing 11 757,773.61 0.82
PUD 5 416,040.30 0.45
Condominiums 19 1,044,243.95 1.14
2-4 Family 73 5,535,405.09 6.02
Mixed Use 4 344,458.85 0.37
- --------------------------------------------------------------------------
Total............... 1481 $91,963,685.88 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1369 86,265,802.18 93.80
Investor 107 5,368,998.12 5.84
Non Owner Occ. 5 328,885.58 0.36
- --------------------------------------------------------------------------
Total.................. 1481 $91,963,685.88 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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 1262 85,393,977.01 92.86
2 219 6,569,708.87 7.14
- --------------------------------------------------------------------------
Total............... 1481 $91,963,685.88 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 987 55,254,700.95 60.08
Partially Amortizing 494 36,708,984.93 39.92
- --------------------------------------------------------------------------
Total.................. 1481 $91,963,685.88 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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.
