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 16, 1998
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) 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) 214-7435
No Change
(Former name or former address, if changed since last report)
1
<PAGE>
Item 5. Other Events
In connection with the offering of Emergent Home Equity Loan Trust 1998-1,
Emergent Home Equity Loan Pass-Through Certificates, Series 1998-1, Prudential
Securities Incorporated and First Union Capital Markets Group, as underwriters,
have 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).
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 Emergent Home Equity Loan Trust 1998-1
By: /s/ Norman Chaleff
------------------------------------
Name: Norman Chaleff
Title: Vice President
Date: March 16, 1998
3
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational Materials (as 6
defined in Item 5 above).
4
EXHIBIT 99.1
<PAGE>
*** PRELIMINARY INFORMATION ***
EMERGENT HOME EQUITY LOAN TRUST 1998-1 Home
Equity Loan Pass-Through Certificates, Series 1998-1
Class A Certificates
EMERGENT 1998-1 [$63,066,000]
---------------------------------------------
$[22,000,000] Class A-1 Floating-Rate Certificates - [1ML + TBD]%
$[16,000,000] Class A-2 Fixed-Rate Certificates - [TBD]%
$[11,000,000] Class A-3 Fixed-Rate Certificates - [TBD]%
$[14,066,000] Class A-4 Fixed-Rate Certificates - [TBD]%
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>
*** PRELIMINARY INFORMATION ***
EMERGENT HOME EQUITY LOAN TRUST
1998-1 Home Equity Loan Pass-Through Certificates, Series 1998-1
Class A Certificates
- --------------------------------------------------------------------------------
CLASS A CERTIFICATES
Class A-1 Class A-2 Class A-3 Class A-4
Floating-Rate Fixed-Rate Fixed-Rate Fixed-Rate
Sequential Sequential Sequential Sequential
---------- ---------- ---------- ----------
Approximate
Face Amount: $[22,000,000] $[16,000,000] $[11,000,000] $[14,066,000]
Avg Life: [1.047]yrs [2.991]yrs [5.252]yrs [9.984]yrs
Avg Life
to Call: [1.047]yrs [2.991]yrs [5.252]yrs [8.902]yrs
Coupon: 1ML + [TBD]bps [TBD ]% [TBD ]% [TBD ]% *
Price: [TBD] [TBD ] [TBD ] [TBD ]
Yield (CBE): [TBD]% [TBD ]% [TBD ]% [TBD ]%
Spread: [TBD]% [TBD ]% [TBD ]% [TBD ]%
Pricing Spd: [18]% HEP [18]% HEP [18]% HEP [18]% HEP
Settlement: [3/24/98] [3/24/98] [3/24/98] [3/24/98]
1st Payment
(years): [0.058]yrs [2.058]yrs [4.142]yrs [6.558]yrs
Exp. Mat
to Call
(years): [2.058]yrs [4.142]yrs [6.558]yrs [10.058]yrs
Exp. Mat: [4/15/00] [5/15/02] [10/15/04] [9/15/15]
Exp. Mat
to Call: [4/15/00] [5/15/02] [10/15/04] [4/15/08]
Final Mat: [11/15/08] [1/15/13] [3/15/13] [3/15/29]
Day Count: Actual/360 30/360 30/360 30/360
Pymt Delay: [0] days [14] days [14] days [14] days
Dated Date: [3/24/98] [3/01/98] [3/01/98] [3/01/98]
Pymt Terms: Monthly Monthly Monthly Monthly
1st Pymt Date: [4/15/98] [4/15/98] [4/15/98] [4/15/98]
* If the 10% Clean-up Call is not exercised, the coupon on the Class A-4
shall become [TBD]% + 0.50%.
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>
*** PRELIMINARY INFORMATION ***
EMERGENT HOME EQUITY LOAN TRUST 1998-1
Home Equity Loan Pass-Through Certificates, Series 1998-1
Class A Certificates
Title of Securities: Emergent Home Equity Loan Trust 1998-1, Home Equity Loan
Pass-Through Certificates, Series 1998-1
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.
Aggregate
Certificate Balance: Class A: $[63,066,000.00]
Pricing Date: [March [ ], 1998]
Settlement Date: [March 24, 1998]
Distribution Date: The 15th day of each month (or, if such date is not a
business day, the next succeeding business day)
commencing [April 15], 1998.
Record Date: For Class A-1 - the business day prior to the related
Distribution Date.
For Class A-2 through Class A-4 - the last day of the
calendar month immediately preceding the related
Distribution Date.
Interest Accrual: Class A-1 - The prior Distribution Date to the day
immediately preceding the related Distribution Date,
based on an actual/360 day count.
For Class A-2 through Class A-4 - 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.
Mortgage Loans: $[63,066,071.28]
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>
*** PRELIMINARY INFORMATION ***
EMERGENT HOME EQUITY LOAN TRUST 1998-1
Home Equity Loan Pass-Through Certificates, Series 1998-1
Class A Certificate
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 [65.46%] direct ("Retail Mortgage Loans")
Approximately [34.54%] 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
[70.27]% of the Mortgaged Properties with respect to the
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 Mortgage Loans is approximately [77.08]%.
The weighted-average combined Loan-to-Value Ratio of the
Mortgage Loans (when considering the additional liens on
the Piggy Back Mortgage Loans) is approximately
[93.92]%.
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.
Coupon Step up: If the 10% Clean-up Call is not exercised, the coupon on
the Class AF-4 Certificates shall increase by [50]bps.
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, Len Blum (212) 778-1397, John
Mawe (212) 778-1166, or Peter Cai (212) 778-2339 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>
*** PRELIMINARY INFORMATION ***
Deal ID/CUSIP EMC981 Coupon * Cap Flr 0.00
Class A1 FLT LIBOR-1M+TBA Accr 0.00000 1st Pmt 04/15/98
Collateral 100%WL (Real) Factor 1.000000000 on 03/24/98
N/GWAC (Orig) / (10.506/11.006) LIBOR-1M 5.68750
WAM (Orig) (21.099) Mat N/A Settle 03/24/98
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
HEP 18.00 HEP 5.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 25.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 41.108 25.517 32.077 37.933 43.105 47.706 51.852
99-23 39.574 24.804 31.018 36.565 41.464 45.823 49.751
99-23+ 38.039 24.091 29.960 35.198 39.825 43.940 47.650
99-24 36.505 23.379 28.902 33.831 38.185 42.058 45.549
99-24+ 34.971 22.666 27.843 32.465 36.546 40.177 43.449
99-25 33.437 21.954 26.786 31.098 34.907 38.296 41.350
99-25+ 31.904 21.242 25.728 29.732 33.269 36.415 39.250
99-26 30.371 20.530 24.670 28.366 31.630 34.534 37.152
99-26+ 28.838 19.818 23.613 27.001 29.993 32.654 35.053
99-27 27.306 19.107 22.556 25.636 28.355 30.775 32.955
99-27+ 25.774 18.395 21.500 24.271 26.718 28.896 30.858
99-28 24.242 17.684 20.443 22.906 25.081 27.017 28.761
99-28+ 22.710 16.973 19.387 21.542 23.445 25.138 26.664
99-29 21.179 16.262 18.331 20.178 21.809 23.260 24.568
99-29+ 19.649 15.551 17.275 18.814 20.173 21.382 22.472
99-30 18.118 14.841 16.220 17.451 18.538 19.505 20.377
99-30+ 16.588 14.130 15.164 16.088 16.903 17.628 18.282
99-31 15.058 13.420 14.109 14.725 15.268 15.752 16.188
99-31+ 13.529 12.710 13.055 13.362 13.634 13.876 14.094
100-00 12.000 12.000 12.000 12.000 12.000 12.000 12.000
100-00+ 10.471 11.290 10.946 10.638 10.366 10.125 9.907
100-01 8.943 10.581 9.892 9.276 8.733 8.250 7.814
100-01+ 7.415 9.871 8.838 7.915 7.100 6.375 5.722
100-02 5.887 9.162 7.784 6.554 5.468 4.501 3.630
100-02+ 4.359 8.453 6.731 5.193 3.835 2.627 1.539
100-03 2.832 7.744 5.677 3.833 2.203 0.754 -0.552
100-03+ 1.306 7.035 4.624 2.473 0.572 -1.119 -2.643
100-04 -0.221 6.326 3.572 1.113 -1.059 -2.992 -4.733
100-04+ -1.747 5.618 2.519 -0.247 -2.690 -4.864 -6.823
100-05 -3.273 4.910 1.467 -1.606 -4.321 -6.736 -8.912
100-05+ -4.798 4.202 0.415 -2.965 -5.951 -8.607 -11.001
100-06 -6.324 3.494 -0.637 -4.324 -7.581 -10.478 -13.089
100-06+ -7.848 2.786 -1.688 -5.682 -9.210 -12.349 -15.177
100-07 -9.373 2.078 -2.740 -7.041 -10.839 -14.219 -17.265
100-07+ -10.897 1.371 -3.791 -8.398 -12.468 -16.089 -19.352
100-08 -12.421 0.663 -4.841 -9.756 -14.097 -17.958 -21.438
100-08+ -13.945 -0.044 -5.892 -11.113 -15.725 -19.827 -23.524
100-09 -15.468 -0.751 -6.942 -12.470 -17.352 -21.696 -25.610
100-09+ -16.991 -1.458 -7.993 -13.827 -18.980 -23.564 -27.696
Avg. Life 1.047 2.389 1.551 1.182 0.976 0.846 0.755
1st Pmt. 0.058 0.058 0.058 0.058 0.058 0.058 0.058
Last Pmt. 2.058 5.142 3.225 2.392 1.892 1.558 1.308
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>
*** PRELIMINARY INFORMATION ***
Deal ID/CUSIP EMC981 Coupon N/A
Class A2 SEQ Accr 0.40793 1st Pmt 04/15/98
Collateral 100%WL (Real) Factor 1.000000000 on 03/24/98
N/GWAC (Orig) / (10.506/11.006) LIBOR-1M 5.68750
WAM (Orig) (21.099) Mat N/A Settle 03/24/98
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
HEP 18.00 HEP 5.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 25.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 6.489 6.479 6.483 6.487 6.490 6.494 6.498
99-23 6.483 6.476 6.479 6.481 6.484 6.487 6.489
99-23+ 6.477 6.474 6.475 6.476 6.478 6.479 6.480
99-24 6.471 6.471 6.471 6.471 6.471 6.471 6.471
99-24+ 6.465 6.468 6.467 6.466 6.465 6.464 6.462
99-25 6.459 6.465 6.463 6.461 6.458 6.456 6.453
99-25+ 6.453 6.462 6.459 6.456 6.452 6.448 6.444
99-26 6.447 6.460 6.455 6.450 6.445 6.440 6.435
99-26+ 6.441 6.457 6.451 6.445 6.439 6.433 6.426
99-27 6.436 6.454 6.447 6.440 6.433 6.425 6.418
99-27+ 6.430 6.451 6.443 6.435 6.426 6.417 6.409
99-28 6.424 6.449 6.440 6.430 6.420 6.410 6.400
99-28+ 6.418 6.446 6.436 6.425 6.413 6.402 6.391
99-29 6.412 6.443 6.432 6.419 6.407 6.394 6.382
99-29+ 6.406 6.440 6.428 6.414 6.400 6.387 6.373
99-30 6.400 6.438 6.424 6.409 6.394 6.379 6.364
99-30+ 6.394 6.435 6.420 6.404 6.388 6.371 6.355
99-31 6.388 6.432 6.416 6.399 6.381 6.363 6.346
99-31+ 6.382 6.429 6.412 6.394 6.375 6.356 6.337
100-00 6.376 6.427 6.408 6.388 6.368 6.348 6.328
100-00+ 6.370 6.424 6.404 6.383 6.362 6.340 6.319
100-01 6.365 6.421 6.400 6.378 6.355 6.333 6.310
100-01+ 6.359 6.418 6.397 6.373 6.349 6.325 6.301
100-02 6.353 6.416 6.393 6.368 6.343 6.317 6.292
100-02+ 6.347 6.413 6.389 6.363 6.336 6.310 6.283
100-03 6.341 6.410 6.385 6.358 6.330 6.302 6.274
100-03+ 6.335 6.407 6.381 6.352 6.323 6.294 6.265
100-04 6.329 6.405 6.377 6.347 6.317 6.287 6.256
100-04+ 6.323 6.402 6.373 6.342 6.311 6.279 6.247
100-05 6.317 6.399 6.369 6.337 6.304 6.271 6.239
100-05+ 6.311 6.396 6.365 6.332 6.298 6.264 6.230
100-06 6.306 6.394 6.361 6.327 6.291 6.256 6.221
100-06+ 6.300 6.391 6.357 6.322 6.285 6.248 6.212
100-07 6.294 6.388 6.354 6.316 6.279 6.241 6.203
100-07+ 6.288 6.385 6.350 6.311 6.272 6.233 6.194
100-08 6.282 6.383 6.346 6.306 6.266 6.225 6.185
100-08+ 6.276 6.380 6.342 6.301 6.259 6.218 6.176
100-09 6.270 6.377 6.338 6.296 6.253 6.210 6.167
100-09+ 6.264 6.374 6.334 6.291 6.247 6.202 6.158
Avg. Life 2.991 7.318 4.784 3.485 2.731 2.245 1.906
1st Pmt. 2.058 5.142 3.225 2.392 1.892 1.558 1.308
Last Pmt. 4.142 9.725 6.558 4.808 3.725 3.058 2.558
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>
*** PRELIMINARY INFORMATION ***
Deal ID/CUSIP EMC981 Coupon N/A
Class A3 SEQ Accr 0.42262 1st Pmt 04/15/98
Collateral 100%WL (Real) Factor 1.000000000 on 03/24/98
N/GWAC (Orig) / (10.506/11.006) LIBOR-1M 5.68750
WAM (Orig) (21.099) Mat N/A Settle 03/24/98
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
HEP 18.00 HEP 5.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 25.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 6.716 6.712 6.713 6.715 6.717 6.719 6.721
99-23 6.712 6.710 6.711 6.712 6.713 6.714 6.715
99-23+ 6.709 6.708 6.708 6.708 6.709 6.709 6.710
99-24 6.705 6.706 6.706 6.705 6.705 6.705 6.704
99-24+ 6.701 6.704 6.703 6.702 6.701 6.700 6.699
99-25 6.698 6.702 6.701 6.699 6.697 6.695 6.693
99-25+ 6.694 6.700 6.698 6.696 6.693 6.690 6.688
99-26 6.691 6.698 6.695 6.692 6.689 6.686 6.682
99-26+ 6.687 6.696 6.693 6.689 6.685 6.681 6.677
99-27 6.683 6.694 6.690 6.686 6.681 6.676 6.671
99-27+ 6.680 6.692 6.688 6.683 6.677 6.672 6.666
99-28 6.676 6.690 6.685 6.680 6.673 6.667 6.660
99-28+ 6.672 6.688 6.683 6.676 6.670 6.662 6.655
99-29 6.669 6.686 6.680 6.673 6.666 6.658 6.649
99-29+ 6.665 6.684 6.678 6.670 6.662 6.653 6.644
99-30 6.661 6.682 6.675 6.667 6.658 6.648 6.638
99-30+ 6.658 6.680 6.673 6.664 6.654 6.644 6.633
99-31 6.654 6.678 6.670 6.660 6.650 6.639 6.627
99-31+ 6.651 6.676 6.668 6.657 6.646 6.634 6.622
100-00 6.647 6.674 6.665 6.654 6.642 6.630 6.616
100-00+ 6.643 6.672 6.662 6.651 6.638 6.625 6.611
100-01 6.640 6.670 6.660 6.648 6.634 6.620 6.605
100-01+ 6.636 6.668 6.657 6.644 6.630 6.616 6.600
100-02 6.632 6.666 6.655 6.641 6.626 6.611 6.595
100-02+ 6.629 6.664 6.652 6.638 6.623 6.606 6.589
100-03 6.625 6.662 6.650 6.635 6.619 6.602 6.584
100-03+ 6.622 6.660 6.647 6.632 6.615 6.597 6.578
100-04 6.618 6.658 6.645 6.628 6.611 6.592 6.573
100-04+ 6.614 6.656 6.642 6.625 6.607 6.587 6.567
100-05 6.611 6.655 6.640 6.622 6.603 6.583 6.562
100-05+ 6.607 6.653 6.637 6.619 6.599 6.578 6.556
100-06 6.603 6.651 6.635 6.616 6.595 6.573 6.551
100-06+ 6.600 6.649 6.632 6.613 6.591 6.569 6.545
100-07 6.596 6.647 6.630 6.609 6.587 6.564 6.540
100-07+ 6.593 6.645 6.627 6.606 6.583 6.559 6.534
100-08 6.589 6.643 6.625 6.603 6.579 6.555 6.529
100-08+ 6.585 6.641 6.622 6.600 6.576 6.550 6.524
100-09 6.582 6.639 6.619 6.597 6.572 6.545 6.518
100-09+ 6.578 6.637 6.617 6.593 6.568 6.541 6.513
Avg. Life 5.252 11.696 8.234 6.119 4.787 3.898 3.265
1st Pmt. 4.142 9.725 6.558 4.808 3.725 3.058 2.558
Last Pmt. 6.558 13.725 10.142 7.642 5.975 4.892 4.058
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>
*** PRELIMINARY INFORMATION ***
Deal ID/CUSIP EMC981 Coupon N/A
Class A4 SEQ Accr 0.45393 1st Pmt 04/15/98
Collateral 100%WL (Real) Factor 1.000000000 on 03/24/98
N/GWAC (Orig) / (10.506/11.006) LIBOR-1M 5.68750
WAM (Orig) (21.099) Mat N/A Settle 03/24/98
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
**** TO CALL ****
HEP 18.00 HEP 5.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 25.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.214 7.213 7.213 7.214 7.214 7.215 7.216
99-23 7.212 7.212 7.212 7.212 7.212 7.212 7.212
99-23+ 7.209 7.210 7.210 7.209 7.209 7.209 7.209
99-24 7.207 7.208 7.208 7.207 7.207 7.206 7.205
99-24+ 7.204 7.206 7.206 7.205 7.204 7.203 7.201
99-25 7.202 7.204 7.204 7.203 7.201 7.200 7.198
99-25+ 7.199 7.203 7.202 7.201 7.199 7.197 7.194
99-26 7.197 7.201 7.200 7.198 7.196 7.194 7.191
99-26+ 7.195 7.199 7.198 7.196 7.193 7.191 7.187
99-27 7.192 7.197 7.196 7.194 7.191 7.188 7.184
99-27+ 7.190 7.196 7.194 7.192 7.188 7.184 7.180
99-28 7.187 7.194 7.193 7.189 7.186 7.181 7.177
99-28+ 7.185 7.192 7.191 7.187 7.183 7.178 7.173
99-29 7.182 7.190 7.189 7.185 7.180 7.175 7.170
99-29+ 7.180 7.189 7.187 7.183 7.178 7.172 7.166
99-30 7.177 7.187 7.185 7.180 7.175 7.169 7.163
99-30+ 7.175 7.185 7.183 7.178 7.173 7.166 7.159
99-31 7.172 7.183 7.181 7.176 7.170 7.163 7.156
99-31+ 7.170 7.182 7.179 7.174 7.167 7.160 7.152
100-00 7.168 7.180 7.177 7.172 7.165 7.157 7.149
100-00+ 7.165 7.178 7.175 7.169 7.162 7.154 7.145
100-01 7.163 7.176 7.174 7.167 7.160 7.151 7.142
100-01+ 7.160 7.175 7.172 7.165 7.157 7.148 7.138
100-02 7.158 7.173 7.170 7.163 7.154 7.145 7.135
100-02+ 7.155 7.171 7.168 7.160 7.152 7.142 7.131
100-03 7.153 7.169 7.166 7.158 7.149 7.139 7.128
100-03+ 7.150 7.168 7.164 7.156 7.147 7.136 7.124
100-04 7.148 7.166 7.162 7.154 7.144 7.133 7.121
100-04+ 7.146 7.164 7.160 7.152 7.141 7.130 7.117
100-05 7.143 7.162 7.158 7.149 7.139 7.127 7.114
100-05+ 7.141 7.161 7.156 7.147 7.136 7.124 7.110
100-06 7.138 7.159 7.155 7.145 7.133 7.121 7.107
100-06+ 7.136 7.157 7.153 7.143 7.131 7.118 7.103
100-07 7.133 7.155 7.151 7.141 7.128 7.115 7.100
100-07+ 7.131 7.154 7.149 7.138 7.126 7.112 7.096
100-08 7.129 7.152 7.147 7.136 7.123 7.109 7.093
100-08+ 7.126 7.150 7.145 7.134 7.120 7.106 7.089
100-09 7.124 7.148 7.143 7.132 7.118 7.103 7.086
100-09+ 7.121 7.147 7.141 7.129 7.115 7.100 7.082
Avg. Life 8.902 14.823 13.008 10.216 8.155 6.671 5.576
1st Pmt. 6.558 13.725 10.142 7.642 5.975 4.892 4.058
Last Pmt. 04/15/08 03/15/13 07/15/12 09/15/09 06/15/07 10/15/05 07/15/04
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>
*** PRELIMINARY INFORMATION ***
Deal ID/CUSIP EMC981 Coupon N/A
Class A4 SEQ Accr 0.45393 1st Pmt 04/15/98
Collateral 100%WL (Real) Factor 1.000000000 on 03/24/98
N/GWAC (Orig) / (10.506/11.006) LIBOR-1M 5.68750
WAM (Orig) (21.099) Mat N/A Settle 03/24/98
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
**** TO MATURITY ****
HEP 18.00 HEP 5.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 25.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.248 7.239 7.228 7.241 7.252 7.260 7.265
99-23 7.246 7.237 7.226 7.239 7.250 7.257 7.262
99-23+ 7.243 7.235 7.224 7.237 7.247 7.254 7.259
99-24 7.241 7.234 7.222 7.235 7.245 7.252 7.256
99-24+ 7.239 7.232 7.220 7.233 7.242 7.249 7.253
99-25 7.237 7.230 7.218 7.231 7.240 7.246 7.250
99-25+ 7.234 7.229 7.216 7.228 7.238 7.243 7.246
99-26 7.232 7.227 7.215 7.226 7.235 7.240 7.243
99-26+ 7.230 7.225 7.213 7.224 7.233 7.238 7.240
99-27 7.227 7.224 7.211 7.222 7.230 7.235 7.237
99-27+ 7.225 7.222 7.209 7.220 7.228 7.232 7.234
99-28 7.223 7.220 7.207 7.218 7.225 7.229 7.231
99-28+ 7.220 7.219 7.205 7.216 7.223 7.227 7.227
99-29 7.218 7.217 7.203 7.214 7.221 7.224 7.224
99-29+ 7.216 7.215 7.202 7.212 7.218 7.221 7.221
99-30 7.214 7.214 7.200 7.209 7.216 7.218 7.218
99-30+ 7.211 7.212 7.198 7.207 7.213 7.216 7.215
99-31 7.209 7.210 7.196 7.205 7.211 7.213 7.212
99-31+ 7.207 7.209 7.194 7.203 7.209 7.210 7.208
100-00 7.205 7.207 7.192 7.201 7.206 7.207 7.205
100-00+ 7.202 7.205 7.191 7.199 7.204 7.204 7.202
100-01 7.200 7.204 7.189 7.197 7.201 7.202 7.199
100-01+ 7.198 7.202 7.187 7.195 7.199 7.199 7.196
100-02 7.195 7.200 7.185 7.193 7.197 7.196 7.193
100-02+ 7.193 7.199 7.183 7.191 7.194 7.193 7.189
100-03 7.191 7.197 7.181 7.188 7.192 7.191 7.186
100-03+ 7.189 7.195 7.179 7.186 7.189 7.188 7.183
100-04 7.186 7.194 7.178 7.184 7.187 7.185 7.180
100-04+ 7.184 7.192 7.176 7.182 7.184 7.182 7.177
100-05 7.182 7.190 7.174 7.180 7.182 7.180 7.174
100-05+ 7.179 7.189 7.172 7.178 7.180 7.177 7.171
100-06 7.177 7.187 7.170 7.176 7.177 7.174 7.167
100-06+ 7.175 7.185 7.168 7.174 7.175 7.171 7.164
100-07 7.173 7.184 7.167 7.172 7.172 7.169 7.161
100-07+ 7.170 7.182 7.165 7.170 7.170 7.166 7.158
100-08 7.168 7.180 7.163 7.168 7.168 7.163 7.155
100-08+ 7.166 7.179 7.161 7.165 7.165 7.160 7.152
100-09 7.163 7.177 7.159 7.163 7.163 7.158 7.149
100-09+ 7.161 7.175 7.157 7.161 7.160 7.155 7.145
Avg. Life 9.984 16.573 13.768 11.253 9.237 7.671 6.451
1st Pmt. 6.558 13.725 10.142 7.642 5.975 4.892 4.058
Last Pmt. 17.475 27.475 24.142 19.308 16.225 14.975 13.308
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>
*** PRELIMINARY INFORMATION ***
- --------------------------------------------------------------------------------
- EMERGENT 81
- Cut Off Date of Tape is 2/28/98
- FIX
- $63,066,071.28
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 969
Aggregate Unpaid Principal Balance: $63,066,071.28
Aggregate Original Principal Balance: $63,108,918.41
Weighted Average Gross Coupon: 11.006%
Gross Coupon Range: 8.440% - 15.954%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $65,083.66
Average Original Principal Balance: $65,127.88
Maximum Unpaid Principal Balance: $468,000.00
Minimum Unpaid Principal Balance: $9,850.00
Maximum Original Principal Balance: $468,000.00
Minimum Original Principal Balance: $9,850.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
208.483
Stated Rem Term Range: 48.000 - 360.000
Weighted Avg. Amortized Rem. Term: 252.613
Amortized Rem Term Range: 47.999 - 360.298
Weighted Average Age (Original Term - Rem Term): 0.704
Age Range: 0.000 - 10.000
Weighted Average Original Term: 209.186
Original Term Range: 48.000 - 361.000
Weighted Average Original LTV: 77.077
Original LTV Range: 12.000% - 90.000%
Weighted Average Current LTV: 77.051
Current LTV Range: 12.000% - 90.000%
Weighted Average Combined LTV: 93.923
Combined LTV Range: 11.900% - 125.100%
Weighted Average FICO Score 603.669 * excluding 5
Fico Range 342 - 781 loans with
missing
fico scores
Weighted Average Debt to Income 40.573
Debt to Income Range 9.00 - 60.00
1) The loans we are securitizing are all first liens, however, the majority
of these loans have a second lien behind it. The scond lien mortgage
balances is incorporated into the CLTV calculation.
Combined LTV for only those loans which have 2nd lien behind the first is
100.801
- --------------------------------------------------------------------------------
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>
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
8.25% < Gross Coupon <= 8.50% 8 516,153.03 0.82
8.75% < Gross Coupon <= 9.00% 70 4,301,450.91 6.82
9.00% < Gross Coupon <= 9.25% 5 355,863.22 0.56
9.25% < Gross Coupon <= 9.50% 112 6,962,499.09 11.04
9.50% < Gross Coupon <= 9.75% 38 3,245,223.37 5.15
9.75% < Gross Coupon <= 10.00% 39 3,749,679.74 5.95
10.00% < Gross Coupon <= 10.25% 17 1,269,379.85 2.01
10.25% < Gross Coupon <= 10.50% 65 4,025,096.31 6.38
10.50% < Gross Coupon <= 10.75% 41 2,789,337.08 4.42
10.75% < Gross Coupon <= 11.00% 53 4,107,309.76 6.51
11.00% < Gross Coupon <= 11.25% 115 6,567,258.08 10.41
11.25% < Gross Coupon <= 11.50% 43 2,885,087.96 4.57
11.50% < Gross Coupon <= 11.75% 43 3,180,105.50 5.04
11.75% < Gross Coupon <= 12.00% 73 4,539,261.50 7.20
12.00% < Gross Coupon <= 12.25% 49 2,870,922.76 4.55
12.25% < Gross Coupon <= 12.50% 46 2,892,914.73 4.59
12.50% < Gross Coupon <= 12.75% 35 1,799,388.00 2.85
12.75% < Gross Coupon <= 13.00% 30 2,300,530.50 3.65
13.00% < Gross Coupon <= 13.25% 14 652,919.97 1.04
13.25% < Gross Coupon <= 13.50% 17 1,081,845.93 1.72
13.50% < Gross Coupon <= 13.75% 18 918,909.38 1.46
13.75% < Gross Coupon <= 14.00% 13 646,024.13 1.02
14.00% < Gross Coupon <= 14.25% 4 190,252.06 0.30
14.25% < Gross Coupon <= 14.50% 10 607,464.52 0.96
14.50% < Gross Coupon <= 14.75% 4 214,300.79 0.34
14.75% < Gross Coupon <= 15.00% 3 218,791.62 0.35
15.25% < Gross Coupon <= 15.50% 2 94,232.27 0.15
15.50% < Gross Coupon <= 15.75% 1 40,002.00 0.06
15.75% < Gross Coupon <= 16.00% 1 43,867.22 0.07
- --------------------------------------------------------------------------------
Total.......... 969 $ 63,066,071.28 100.00%
================================================================================
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 27,999.30 0.04%
48 < Rem Term <= 60 7 229,465.47 0.36%
60 < Rem Term <= 72 2 123,102.92 0.20%
72 < Rem Term <= 84 4 124,878.99 0.20%
84 < Rem Term <= 96 3 72,935.13 0.12%
96 < Rem Term <= 108 1 88,511.24 0.14%
108 < Rem Term <= 120 58 2,649,083.08 4.20%
120 < Rem Term <= 132 3 241,077.76 0.38%
132 < Rem Term <= 144 16 937,471.20 1.49%
144 < Rem Term <= 156 1 45,427.57 0.07%
156 < Rem Term <= 168 2 178,476.37 0.28%
168 < Rem Term <= 180 601 39,399,587.65 62.47%
180 < Rem Term <= 192 6 303,680.49 0.48%
192 < Rem Term <= 204 3 184,310.77 0.29%
228 < Rem Term <= 240 138 9,132,881.27 14.48%
240 < Rem Term <= 252 3 427,471.09 0.68%
264 < Rem Term <= 276 1 68,249.68 0.11%
288 < Rem Term <= 300 13 1,274,472.59 2.02%
300 < Rem Term <= 312 1 100,844.10 0.16%
348 < Rem Term <= 360 105 7,456,144.61 11.82%
- -------------------------------------------------------------------
Total............ 969 63,066,071.28 100.00%
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1997 42 2,940,076.88 4.66
1998 927 60,125,994.40 95.34
- --------------------------------------------------------------------------
Total................. 969 $ 63,066,071.28 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LAST PAYMENT DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
01/13/98 1 59,502.49 0.09
01/14/98 1 51,567.90 0.08
01/15/98 1 58,400.00 0.09
01/19/98 3 306,386.99 0.49
01/20/98 2 121,400.00 0.19
01/21/98 5 301,000.00 0.48
01/22/98 9 437,584.22 0.69
01/23/98 11 1,300,827.87 2.06
01/25/98 1 76,800.00 0.12
01/26/98 1 120,600.00 0.19
01/27/98 2 175,239.10 0.28
02/01/98 140 9,968,584.66 15.81
02/02/98 20 1,264,215.86 2.00
02/03/98 23 1,377,149.07 2.18
02/04/98 28 1,895,247.37 3.01
02/05/98 13 1,003,732.23 1.59
02/06/98 29 1,546,455.79 2.45
02/08/98 2 334,042.34 0.53
02/09/98 62 3,369,648.91 5.34
02/10/98 21 1,493,207.50 2.37
02/11/98 41 2,686,755.20 4.26
02/12/98 26 1,522,113.32 2.41
02/13/98 30 2,117,866.81 3.36
02/14/98 2 146,860.92 0.23
02/15/98 3 214,826.43 0.34
02/16/98 60 4,416,679.60 7.00
02/17/98 27 1,722,386.70 2.73
02/18/98 35 1,966,202.85 3.12
02/19/98 28 1,601,643.31 2.54
02/20/98 39 2,186,731.77 3.47
02/21/98 3 142,548.52 0.23
02/22/98 3 270,997.65 0.43
02/23/98 95 5,534,279.07 8.78
02/24/98 26 1,557,639.58 2.47
02/25/98 35 2,090,033.00 3.31
02/26/98 16 954,556.68 1.51
02/27/98 22 1,435,822.71 2.28
02/28/98 6 410,940.91 0.65
03/01/98 90 6,294,887.56 9.98
03/02/98 4 302,860.11 0.48
03/03/98 1 68,000.00 0.11
03/04/98 1 130,500.00 0.21
03/14/98 1 29,346.28 0.05
- --------------------------------------------------------------------------
Total.................. 969 $ 63,066,071.28 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<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
10.00 < LTV <= 15.00 1 9,850.00 0.02
15.00 < LTV <= 20.00 1 21,435.27 0.03
20.00 < LTV <= 25.00 2 69,676.00 0.11
25.00 < LTV <= 30.00 2 55,355.93 0.09
30.00 < LTV <= 35.00 1 10,000.00 0.02
35.00 < LTV <= 40.00 4 97,683.26 0.15
40.00 < LTV <= 45.00 5 170,570.47 0.27
45.00 < LTV <= 50.00 8 222,020.32 0.35
50.00 < LTV <= 55.00 10 399,399.55 0.63
55.00 < LTV <= 60.00 22 902,596.16 1.43
60.00 < LTV <= 65.00 34 2,044,101.64 3.24
65.00 < LTV <= 70.00 203 11,127,907.33 17.64
70.00 < LTV <= 75.00 223 13,879,280.22 22.01
75.00 < LTV <= 80.00 277 18,742,703.76 29.72
80.00 < LTV <= 85.00 95 7,015,041.48 11.12
85.00 < LTV <= 90.00 81 8,298,449.89 13.16
- --------------------------------------------------------------------------
Total.................... 969 $ 63,066,071.28 100.00%
==========================================================================
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
10.000 <Comb LTV<= 15.000 1 9,850.00 0.02
15.000 <Comb LTV<= 20.000 1 21,435.27 0.03
20.000 <Comb LTV<= 25.000 1 53,995.00 0.09
25.000 <Comb LTV<= 30.000 3 71,036.93 0.11
30.000 <Comb LTV<= 35.000 1 10,000.00 0.02
35.000 <Comb LTV<= 40.000 4 97,683.26 0.15
40.000 <Comb LTV<= 45.000 4 119,370.47 0.19
45.000 <Comb LTV<= 50.000 7 207,622.56 0.33
50.000 <Comb LTV<= 55.000 7 244,386.18 0.39
55.000 <Comb LTV<= 60.000 18 742,345.62 1.18
60.000 <Comb LTV<= 65.000 20 1,411,059.57 2.24
65.000 <Comb LTV<= 70.000 38 1,831,685.43 2.90
70.000 <Comb LTV<= 75.000 51 2,549,023.67 4.04
75.000 <Comb LTV<= 80.000 123 7,365,905.55 11.68
80.000 <Comb LTV<= 85.000 61 3,837,072.59 6.08
85.000 <Comb LTV<= 90.000 91 7,593,254.62 12.04
90.000 <Comb LTV<= 95.000 49 3,449,234.46 5.47
95.000 <Comb LTV<= 100.000 360 23,967,112.36 38.00
100.000 <Comb LTV<= 105.000 7 432,046.61 0.69
105.000 <Comb LTV<= 110.000 5 375,769.05 0.60
110.000 <Comb LTV<= 115.000 8 675,189.86 1.07
115.000 <Comb LTV<= 120.000 11 933,403.53 1.48
120.000 <Comb LTV<= 125.000 97 7,026,338.80 11.14
125.000 <Comb LTV<= 130.000 1 41,249.89 0.07
- --------------------------------------------------------------------------
Total.................... 969 $ 63,066,071.28 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<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 2 19,850.00 0.03
10,000 < Balance <= 15,000 6 82,097.76 0.13
15,000 < Balance <= 20,000 16 285,036.73 0.45
20,000 < Balance <= 25,000 29 657,457.98 1.04
25,000 < Balance <= 30,000 41 1,139,768.77 1.81
30,000 < Balance <= 35,000 51 1,666,269.08 2.64
35,000 < Balance <= 40,000 81 3,074,619.14 4.88
40,000 < Balance <= 45,000 90 3,845,380.72 6.10
45,000 < Balance <= 50,000 70 3,320,444.49 5.27
50,000 < Balance <= 55,000 80 4,186,419.62 6.64
55,000 < Balance <= 60,000 90 5,170,016.50 8.20
60,000 < Balance <= 65,000 53 3,339,700.72 5.30
65,000 < Balance <= 70,000 50 3,366,965.50 5.34
70,000 < Balance <= 75,000 63 4,568,139.61 7.24
75,000 < Balance <= 80,000 34 2,623,642.79 4.16
80,000 < Balance <= 85,000 33 2,724,767.31 4.32
85,000 < Balance <= 90,000 23 2,017,414.36 3.20
90,000 < Balance <= 95,000 14 1,294,788.00 2.05
95,000 < Balance <= 100,000 19 1,852,936.06 2.94
100,000 < Balance <= 105,000 18 1,852,315.75 2.94
105,000 < Balance <= 110,000 12 1,287,024.75 2.04
110,000 < Balance <= 115,000 11 1,232,659.19 1.95
115,000 < Balance <= 120,000 10 1,180,372.36 1.87
120,000 < Balance <= 125,000 11 1,349,469.06 2.14
125,000 < Balance <= 130,000 8 1,022,853.37 1.62
130,000 < Balance <= 135,000 6 791,049.94 1.25
135,000 < Balance <= 140,000 6 822,979.06 1.30
140,000 < Balance <= 145,000 6 853,098.38 1.35
145,000 < Balance <= 150,000 1 146,400.00 0.23
150,000 < Balance <= 155,000 4 608,869.00 0.97
155,000 < Balance <= 160,000 5 780,737.04 1.24
160,000 < Balance <= 165,000 2 328,856.26 0.52
Balance > 165,000 24 5,573,671.98 8.84
- --------------------------------------------------------------------------
Total.................... 969 $ 63,066,071.28 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arkansas 1 30,798.75 0.05
Arizona 5 350,829.42 0.56
Colorado 4 267,317.74 0.42
Dist of Col 3 294,507.18 0.47
Florida 94 5,425,671.91 8.60
Georgia 87 6,225,761.45 9.87
Iowa 13 581,101.66 0.92
Idaho 6 508,104.55 0.81
Illinois 26 1,794,555.67 2.85
Indiana 34 1,916,898.12 3.04
Kansas 7 765,050.26 1.21
Kentucky 14 617,603.28 0.98
Louisiana 58 3,494,505.30 5.54
Maryland 12 1,238,089.19 1.96
Michigan 55 3,583,912.48 5.68
Minnesota 7 544,346.68 0.86
Missouri 15 771,774.79 1.22
Mississippi 53 3,011,547.05 4.78
Montana 7 366,476.26 0.58
North Carolina 131 8,500,170.74 13.48
North Dakota 4 230,512.19 0.37
Nebraska 4 200,842.52 0.32
New Mexico 8 370,712.01 0.59
Ohio 19 1,538,937.77 2.44
Oklahoma 6 307,573.09 0.49
Oregon 5 305,542.98 0.48
Pennsylvania 53 3,751,051.25 5.95
Puerto Rico 1 39,868.75 0.06
Rhode Island 4 437,375.49 0.69
South Carolina 109 6,905,865.22 10.95
South Dakota 6 246,775.43 0.39
Tennessee 40 2,655,431.22 4.21
Texas 6 467,167.16 0.74
Utah 3 231,859.62 0.37
Virginia 32 2,575,664.66 4.08
Vermont 3 235,492.15 0.37
West Virginia 32 2,144,429.40 3.40
Wyoming 2 131,947.89 0.21
- --------------------------------------------------------------------------
Total............... 969 $ 63,066,071.28 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
PROPERTY TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Investor/Rental Property 26 1,320,256.49 2.09
Mobile Homes Over 5 Acres 5 375,976.00 0.60
Mobile/Manufactured Homes 149 7,820,448.81 12.40
Residential Property 789 53,549,389.98 84.91
- --------------------------------------------------------------------------
Total............... 969 $ 63,066,071.28 100.00%
==========================================================================
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Completed Construction 5 515,641.70 0.82
Debt Consol/ETO 280 17,705,393.94 28.07
Debt Consol/No ETO 246 16,564,253.06 26.26
Home Improv/ETO 5 335,077.57 0.53
Home Improv/No ETO 16 801,153.12 1.27
Multi-P Refi/ETO 81 4,754,895.65 7.54
Multi_P Refi/No ETO 30 1,571,809.64 2.49
Purch Money/ETO 3 165,370.04 0.26
Purch Money/No ETO 86 5,765,264.53 9.14
Refinance/ETO 118 8,302,560.23 13.16
Refinance/No ETO 99 6,584,651.80 10.44
- --------------------------------------------------------------------------
Total............... 969 $ 63,066,071.28 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 943 61,745,814.79 97.91
Non Owner Occ. 26 1,320,256.49 2.09
- --------------------------------------------------------------------------
Total.................. 969 $ 63,066,071.28 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 934 60,070,026.54 95.25
Stated Documentation 17 1,689,879.52 2.68
Lite Documentation 18 1,306,165.22 2.07
- --------------------------------------------------------------------------
Total.................. 969 $ 63,066,071.28 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
CREDIT GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Type of Loan Loans Balance Balance
A 543 37,166,678.94 58.933
AA 118 7,704,757.09 12.217
B 184 11,405,403.32 18.085
C 100 5,737,160.11 9.097
D 24 1,052,071.82 1.668
- -----------------------------------------------------------------
Total.......... 969 $ 63,066,071.28 100.00%
=================================================================
ORIGINATION SOURCE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Greenville 97 6,623,486.73 10.50
Houston Home 94 5,954,283.31 9.44
Indiana Home 183 11,259,419.11 17.85
Phoenix Home 164 10,795,186.73 17.12
Sterling 122 6,650,566.76 10.55
Wholesale 309 21,783,128.64 34.54
- --------------------------------------------------------------------------
Total............... 969 $ 63,066,071.28 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 761 47,467,640.80 75.27
Partially Amortizing 208 15,598,430.48 24.73
- --------------------------------------------------------------------------
Total.................. 969 $ 63,066,071.28 100.00%
==========================================================================
2ND LIEN BEHIND 1ST LIEN
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
N 318 18,752,457.07 29.73
Y 651 44,313,614.21 70.27
- --------------------------------------------------------------------------
Total............... 969 $ 63,066,071.28 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
FICO
- --------------------------------------------------------------------------------
Total
# % Current
Fico Scores Loan Pool Balance
* 5 .26 $166,300.00
300 < Fico <= 350 1 .07 $42,500.00
400 < Fico <= 450 1 .16 $100,887.50
450 < Fico <= 500 29 3.03 $1,912,581.05
500 < Fico <= 550 158 15.79 $9,959,202.06
550 < Fico <= 600 274 28.48 $17,961,712.25
600 < Fico <= 650 273 28.84 $18,189,980.52
650 < Fico <= 700 179 18.96 $11,959,963.21
700 < Fico <= 750 39 3.55 $2,241,696.18
750 < Fico <= 800 10 .84 $531,248.51
- -------------------------------------------------------------------
Total..... 969 100.00% $63,066,071.28
===================================================================
* missing
DEBT TO INCOME RATIO
- --------------------------------------------------------------------------------
Total
# % Current
Debt to Income Loan Pool Balance
0 < DBT <= 10 2 .19 $120,999.30
10 < DBT <= 20 43 3.10 $1,956,312.33
20 < DBT <= 30 150 12.67 $7,993,198.60
30 < DBT <= 40 257 26.16 $16,499,256.68
40 < DBT <= 50 415 46.22 $29,152,041.25
50 < DBT <= 60 102 11.65 $7,344,263.12
- ------------------------------------------------------------------
Total..... 969 100.00% $63,066,071.28
==================================================================
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.
