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) December 18, 1997
The Originators listed below under a Pooling and
Servicing Agreement, dated as of November 30, 1997,
providing for the issuance of The Money Store
Asset-Backed Certificates, Series 1997-D.
TMS Mortgage Inc.
The Money Store/D.C. Inc.
The Money Store/Minnesota Inc.
The Money Store Home Equity Corp.
The Money Store/Kentucky Inc.
- -------------------------------------------------------------------------------
Exact name of registrant as specified in its charter)
* 333-32775 *
- --------------------------- ---------------------- ----------------------
(State or other (Commission File (IRS Employer ID
jurisdiction of Number) Number)
incorporation)
-----------------------------
*--See Schedule A
2840 Morris Avenue, Union, New Jersey 07083
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrants' Telephone Number,
including area code: (908) 686-2000
N/A
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
SCHEDULE A
IRS
STATE EMPLOYER
OF IDENTIFICATION
REGISTRANT INCORPORATION NUMBER
------------ ------------- --------------
TMS Mortgage Inc. New Jersey 22-3217781
The Money Store/D.C. Inc. D.C. 22-2133027
The Money Store/Minnesota Inc. Minnesota 22-3003495
The Money Store Home Equity Corp. Kentucky 22-2522232
The Money Store/Kentucky Inc. Kentucky 22-2459832
<PAGE>
Item 5. OTHER EVENTS
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials (as defined below) of Merrill Lynch & Co. (the
"Underwriter") in connection with the issuance by TMS Mortgage Inc., The Money
Store/D.C. Inc., The Money Store/Kentucky Inc., The Money Store Home Equity
Corp. and The Money Store/Minnesota Inc., of The Money Store Asset-Backed
Certificates, Series 1997-D. The term "Computational Materials" shall have the
meanings given in the No-Action Letter of May 20, 1994 issued by the Securities
and Exchange Commission to Kidder, Peabody Acceptance Corporation I, Kidder,
Peabody & Co. Incorporated and Kidder Structured Asset Corporation, as
supplemented in the No-Action Letters of May 27, 1994 and February 17, 1995
issued by the SEC to the Public Securities Association.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS
EXHIBIT NO.
99.1 Computational Materials of Merrill Lynch & Co.
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
TMS MORTGAGE INC.
THE MONEY STORE/D.C. INC.
THE MONEY STORE/MINNESOTA INC.
THE MONEY STORE HOME EQUITY CORP.
THE MONEY STORE/KENTUCKY INC.
By: /s/ Michael H. Benoff
Name: Michael H. Benoff
Title: Senior Vice President
Dated: December 19, 1997
<PAGE>
EXHIBIT INDEX
EXHIBIT
99.1 Computational Materials of Merrill Lynch & Co.
EXHIBIT 99.1
ABS New Transaction
Computational Materials
$1,600,000,000
The Money Store Home Equity Trust 1997-D
Home Equity Loan ABS
$466,750,000 Adjustable Rate Offered by Merrill Lynch
The Money Store Inc.
Representative, Servicer & Claims Administrator
The Bank of New York
Trustee
Merrill Lynch, Pierce, Fenner & Smith
Sole Manager of Class A-1A
Adjustable Rate Certificates
$466,750,000 Class A-1A Certificates
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by
the issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these materials.
Neither Merrill Lynch, the issuer of the securities 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
applicable Prospectus Supplement and by any other information subsequently filed
with the Securities and Exchange Commission. The information herein may not be
provided by the addressees to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in any
particular context; or as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates assumed in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical assets used in preparing the Computational Materials. The
principal amount and designation of any security described in the Computational
Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of any offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Computational Materials on any matter discussed in this
communication. A final prospectus and prospectus supplement may be obtained by
contacting the Merrill Lynch Trading Desk at (212) 449-3659.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risk.
Investors should fully consider the risk of an investment in these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
<TABLE>
<CAPTION>
Bond Ratings
Class Amount (Mdy's/S&P) WAL Beg. Amort. End Amort. Legal Final
- --------------------------------------------------------------------------------------------
POOL II (ARMS)
- --------------
<S> <C> <C> <C> <C> <C> <C>
A-1A $466,750,000 Aaa/AAA 1.71 01/15/98 06/15/04 09/26
</TABLE>
ISSUER: The Money Store Trust 1997-D
REPRESENTATIVE,
SERVICER & CLAIMS
ADMINISTRATOR: The Money Store Inc.
TRUSTEE: The Bank of New York
LEAD UNDERWRITER: Pool I (FRM HEL): Morgan Stanley Dean Witter
Pool II (ARM HEL): Merrill Lynch, Pierce, Fenner &
Smith (Salomon Smith
Barney will sell Classes A-2A,
M-1A,M-2A, B-1A)
Pool III (HIL): Lehman Brothers
Pool IV (Multifamily): Nomura
EXPECTED PRICING: WEEK of 12/15/97
EXPECTED
SETTLEMENT: 12/31/97
CUT-OFF DATE: 12/01/97
ERISA: Subject to the conditions set forth in the prospectus, it
is believed that the Class A-1A Certificates from Pool II
would be ERISA eligible. Prospective purchasers should
consult their counsel.
SMMEA: The Class A-1A Certificates from Pool II will not be SMMEA
eligible.
TAX STATUS: REMIC
COLLATERAL: POOL II: Conventional adjustable rate home equity loans
secured by first and second liens on one- to four-family
("single family") residential properties, units in
planned unit developments and units in condominium
developments indexed to 1 Month LIBOR, 6 Month LIBOR, 1
Year LIBOR and 1-Year CMT plus the Pre-Funding Account
allocated to Pool II.
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
DISTRIBUTION: The 15th day (or the next business day if 15th is not
a business day) of each month beginning 1/15/98.
CREDIT ENHANCEMENT FOR ADJUSTABLE RATE CLASSES:
(i) Excess Spread
(ii) Overcollateralization
initial - 0%
target - 2.50% of Original Loan Balance
stepdown - 5.00% of Current Loan Balance (at Month 30)
floor - 0.50% of Original Loan Balance
(iii) Subordination of 16.5% of Subordinated Certificates (for a total of 19%
credit enhancement including 2.5% overcollateralization)
(iv) Cross-Collateralization of all of the Pools (only in the event of losses).
THE FLOATING RATE CERTIFICATES WILL NOT BE GUARANTEED BY MBIA. MERRILL LYNCH
WILL NOT BE INVOLVED IN THE SALE OF THE CLASS A-2A, M-1A, M-2A OR B-1A
CERTIFICATES.
POOL II PREFUNDING: $126,000,000 (Approx. 20% of Pool II)
SERVICER
CLEANUP CALL: The Servicer, and in certain circumstances, the Insurer, will
have the right to purchase all the Pool I and Pool II Home
Equity Loans, Pool III Home Improvement Loans and Pool IV
Multifamily Loans (collectively, the "Loans") on any Monthly
Remittance Date when the aggregate principal balances of the
Loans have declined to less than 10% of the sum of (i) the
aggregate principal balances of the "Initial Loans" as of the
Cut-Off Date and (ii) the original Pre-Funded Amount.
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS:
Pool II (as of 12/01/97):
Initial Current Principal Balance: $238,938,145
Average Principal Balance: $86,447
Number of Loans: 2,764
Properties secured by First Liens: 99.86%
Weighted Average Coupon: 10.144%
Weighted Average LTV: 80.59
Weighted Average Rem. Term: 355.2 mos.
Weighted Average Orig. Term: 359.9 mos.
Weighted Average Gross Margin: 5.905%
Weighted Average Lifetime Cap: 16.076%
Weighted Average Lifetime Floor: 9.862%
Occupancy-
Owner Occupied: 90.10%
Investor Owned: 3.40%
Second Homes: 0.33%
Property Type-
Single Family Detached: 87.12%
Manufactured: 1.64%
2-4 Family: 6.21%
Townhouse: 1.33%
PUD: 1.74%
Condominium: 1.90%
Other: 0.08%
Geographic Distribution (*5%): IL-8.82%, CA-8.47%,
OH-6.39%, MI-5.71%
- --------------
* Less than
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES:
CURRENT % BY
# OF PRINCIPAL CURRENT
CURRENT PRINCIPAL BALANCE LOANS BALANCE BALANCE
- ------------------------- ----- -------- -------
=* 25,000.00 57 $1,211,421.74 0.51%
25,000.01 - 50,000.00 593 23,244,120.28 9.73
50,000.01 - 75,000.00 807 50,083,357.96 20.96
75,000.01 - 100,000.00 514 44,481,687.60 18.62
100,000.01 - 125,000.00 307 34,252,760.21 14.34
125,000.01 - 150,000.00 191 25,964,721.70 10.87
150,000.01 - 175,000.00 117 18,907,061.88 7.91
175,000.01 - 200,000.00 69 12,907,725.94 5.40
200,000.01 - 300,000.00 91 21,333,939.96 8.93
300,000.01 - 400,000.00 15 5,199,309.20 2.18
400,000.01 - 500,000.00 3 1,352,038.46 0.57
- ------------- -----
Total: 2,764 $238,938,144.93 100.00%
Min: 8,800.00
Max: 499506
Average: 86,446.51
Total: 238,938,144.93
- -------------
* Less than.
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
# OF PRINCIPAL CURRENT
CURRENT COUPON LOANS BALANCE BALANCE
- -------------- ----- -------- -------
=* 7.000 3 $355,389.34 0.15%
7.001 - 7.500 70 8,149,325.16 3.41
7.501 - 8.000 47 4,941,657.63 2.07
8.001 - 8.500 104 9,894,852.01 4.14
8.501 - 9.000 195 20,033,290.99 8.38
9.001 - 9.500 222 21,762,043.66 9.11
9.501 - 10.000 405 40,674,143.31 17.02
10.001 - 10.500 512 39,304,478.71 16.45
10.501 - 11.000 612 53,418,892.60 22.36
11.001 - 11.500 338 22,818,715.59 9.55
11.501 - 12.000 140 10,521,183.53 4.40
12.001 - 13.000 97 5,771,438.01 2.42
13.001 - 14.000 16 1,185,413.52 0.50
14.001 - 15.000 3 107,320.87 0.04
- ---------- ----
Total: 2,764 $238,938,144.93 100.00%
Min: 7.00
Max: 14.50
Weighted Average: 10.14
- -----------
* Less than.
CURRENT % BY
# OF PRINCIPAL CURRENT
ORIGINAL TERM LOANS BALANCE BALANCE
- ------------- ----- -------- -------
169 - 180 1 $97,709.44 0.04%
349 - 360 2,763 238,840,435.49 99.96
----- -------------- ------
Total: 2,764 $238,938,144.93 100.00%
Min: 180
Max: 360
Weighted Average: 360
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
STATED # OF PRINCIPAL CURRENT
REMAINING TERM LOANS BALANCE BALANCE
- --------------- ----- -------- --------
145 - 156 1 $97,709.44 0.04%
325 - 336 265 27,016,422.58 11.31
337 - 348 7 461,486.13 0.19
349 - 360 2,491 211,362,526.78 88.46
----- -------------- ------
Total: 2,764 $238,938,144.93 100.00%
Min: 149
Max: 360
Weighted Average: 355
CURRENT % BY
ORIGINAL # OF PRINCIPAL CURRENT
COMBINED LTC LOANS BALANCE BALANCE
- ------------- ----- -------- -------
5.001 - 10.000 2 $97,585.05 0.04%
10.001 - 15.000 4 128,882.88 0.05
15.001 - 20.000 6 212,109.11 0.09
20.001 - 25.000 10 426,744.19 0.18
25.001 - 30.000 13 836,742.04 0.35
30.001 - 35.000 9 427,181.84 0.18
35.001 - 40.000 24 1,290,657.69 0.54
40.001 - 45.000 37 2,050,005.28 0.86
45.001 - 50.000 38 2,353,038.03 0.98
50.001 - 55.000 43 2,585,067.97 1.08
55.001 - 60.000 58 3,892,119.40 1.63
60.001 - 65.000 136 9,361,182.46 3.92
65.001 - 70.000 203 13,683,801.64 5.73
70.001 - 75.000 258 20,446,944.52 8.56
75.001 - 80.000 579 47,944,468.33 20.07
80.001 - 85.000 534 47,221,574.59 19.76
85.001 - 90.000 630 68,206,379.21 28.55
90.001 - 95.000 70 6,541,660.79 2.74
95.001 - 100.000 110 11,231,999.91 4.70
--- ------------- ----
Total: 2,764 $238,938,144.93 100.00%
Min: 8.00
Max: 100.00
Weighted Average: 80.59
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
# OF PRINCIPAL CURRENT
PAID THRU DATE LOANS BALANCE BALANCE
- -------------- ----- -------- -------
1997-09 61 $5,587,961.95 2.34%
1997-10 302 31,173,043.79 13.05
1997-11 1,453 130,052,315.28 54.43
1997-12 909 68,983,989.94 28.87
1998-01 37 2,974,313.05 1.24
1998-02 1 130,500.00 0.05
1999-10 1 36,020.92 0.02
- ---------- ----
Total: 2,764 $238,938,144.93 100.00%
Min: 1997-09-02
Max: 1999-10-01
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
GEOGRAPHICAL # OF PRINCIPAL CURRENT
DISTRIBUTION LOANS BALANCE BALANCE
- -------------- ----- -------- -------
Illinois 202 $21,074,814.76 8.82%
Ohio 213 15,262,649.29 6.39
Michigan 179 13,637,447.32 5.71
New York 120 11,669,284.63 4.88
Florida 143 11,303,373.23 4.73
Pennsylvania 147 11,020,074.05 4.61
Georgia 136 10,882,726.73 4.55
California-Northern 75 10,407,370.29 4.36
California-Southern 64 9,826,937.74 4.11
Washington 99 9,084,819.88 3.80
New Jersey 74 8,257,669.95 3.46
Indiana 133 8,084,942.28 3.38
Maryland 74 7,928,729.47 3.32
Connecticut 54 6,824,022.78 2.86
Missouri 96 6,652,584.53 2.78
North Carolina 83 6,304,731.55 2.64
Texas 66 6,158,992.72 2.58
Tennessee 74 5,889,202.82 2.46
Massachusetts 52 5,694,302.25 2.38
Colorado 50 5,249,744.57 2.20
Minnesota 64 4,788,458.22 2.00
Kentucky 59 3,892,121.28 1.63
Wisconsin 60 3,850,467.23 1.61
Virginia 43 3,817,545.52 1.60
Arizona 42 3,748,852.93 1.57
Utah 27 2,641,743.95 1.11
Nevada 23 2,271,290.35 0.95
Oregon 28 2,247,699.95 0.94
Louisiana 30 1,991,315.12 0.83
District of Columbia 17 1,984,232.90 0.83
Idaho 25 1,974,873.84 0.83
New Mexico 26 1,903,613.82 0.80
Maine 28 1,877,729.48 0.79
South Carolina 23 1,385,766.19 0.58
Delaware 14 1,226,187.56 0.51
Kansas 22 1,198,006.95 0.50
New Hampshire 12 1,049,779.77 0.44
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
GEOGRAPHICAL # OF PRINCIPAL CURRENT
DISTRIBUTION LOANS BALANCE BALANCE
- -------------- ----- -------- -------
Oklahoma 17 943,448.58 0.39
Mississippi 15 811,100.00 0.34
Rhode Island 8 759,656.41 0.32
Iowa 10 668,982.53 0.28
Wyoming 8 585,939.41 0.25
Nebraska 7 463,775.69 0.19
Montana 6 433,450.00 0.18
Vermont 5 392,959.73 0.16
Hawaii 1 231,792.69 0.10
West Virginia 4 196,303.55 0.08
Arkansas 3 193,735.85 0.08
Alaska 1 95,200.00 0.04
South Dakota 1 79,000.00 0.03
North Dakota 1 18,694.59 0.01
- --------- ----
Total: 2,764 $238,938,144.93 100.00%
CURRENT % BY
# OF PRINCIPAL CURRENT
CREDIT RATING LOANS BALANCE BALANCE
- -------------- ----- -------- -------
A 455 43,486,648.58 18.20
A- 766 74,725,841.77 31.27
B 580 42,746,619.31 17.89
B- 254 17,835,441.99 7.46
B+ 604 53,555,916.34 22.41
C 86 4,885,710.39 2.04
C- 3 119,871.84 0.05
C+ 10 931,690.89 0.39
Unknown 6 $650,403.82 0.27%
- ----------- -----
Total: 2,764 $238,938,144.93 100.00%
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
# OF PRINCIPAL CURRENT
MARGIN LOANS BALANCE BALANCE
- ------ ----- -------- -------
2.501 - 3.000 3 $484,565.84 0.20%
3.001 - 3.500 3 318,682.97 0.13
3.501 - 4.000 15 1,364,461.77 0.57
4.001 - 4.500 24 2,149,847.67 0.90
4.501 - 5.000 415 40,895,839.58 17.12
5.001 - 5.500 610 51,527,728.50 21.57
5.501 - 6.000 313 29,339,351.02 12.28
6.001 - 6.500 810 63,249,138.03 26.47
6.501 - 7.000 356 30,355,796.27 12.70
7.001 - 7.500 93 8,175,841.94 3.42
7.501 - 8.000 69 6,395,244.27 2.68
8.001 - 8.500 25 2,398,762.20 1.00
8.501 - 9.000 14 1,401,576.07 0.59
9.001 - 9.500 7 451,291.23 0.19
9.501 - 10.000 6 408,317.57 0.17
10.001 - 10.500 1 21,700.00 0.01
- --------- ----
Total: 2,764 $238,938,144.93 100.00%
Min: 2.750
Max: 10.350
Weighted Average: 5.905
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
# OF PRINCIPAL CURRENT
MAXIMUM RATE LOANS BALANCE BALANCE
- ------------ ----- -------- -------
5.001 - 6.000 1 $94,385.31 0.04%
10.001 - 11.000 3 435,044.92 0.18
11.001 - 12.000 4 277,446.36 0.12
12.001 - 13.000 5 603,810.61 0.25
13.001 - 14.000 129 14,177,508.47 5.93
14.001 - 15.000 360 35,901,605.39 15.03
15.001 - 16.000 688 66,344,416.34 27.77
16.001 - 17.000 919 74,526,426.58 31.19
17.001 - 18.000 501 35,945,194.09 15.04
18.001 - 19.000 128 8,614,629.91 3.61
19.001 - 20.000 22 1,864,234.67 0.78
20.001 - 21.000 4 153,442.28 0.06
- ---------- -----
Total: 2,764 $238,938,144.93 100.00%
Min: 6.000
Max: 20.500
Weighted Average: 16.076
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
# OF PRINCIPAL CURRENT
MINIMUM RATE LOANS BALANCE BALANCE
- ------------ ----- -------- -------
2.001 - 3.000 3 $484,565.84 0.20%
3.001 - 4.000 1 173,845.71 0.07
4.001 - 5.000 7 694,698.76 0.29
5.001 - 6.000 17 1,739,580.90 0.73
6.001 - 7.000 22 2,644,708.10 1.11
7.001 - 8.000 140 15,197,577.94 6.36
8.001 - 9.000 371 37,155,017.98 15.55
9.001 - 10.000 760 75,335,550.53 31.53
10.001 - 11.000 898 69,762,927.29 29.20
11.001 - 12.000 438 29,436,856.61 12.32
12.001 - 13.000 89 5,104,970.86 2.14
13.001 - 14.000 15 1,100,523.54 0.46
14.001 - 15.000 3 107,320.87 0.04
- ---------- ----
Total: 2,764 $238,938,144.93 100.00%
Min: 2.750
Max: 14.500
Weighted Average: 9.862
SUBSEQUENT CURRENT % BY
PERIODIC # OF PRINCIPAL CURRENT
RATE CAP LOANS BALANCE BALANCE
- ------------ ----- -------- -------
1.000 2,423 $204,387,453.44 85.54%
1.500 131 14,725,328.26 6.16
2.000 207 19,591,361.37 8.20
3.000 3 234,001.86 0.10
- ---------- -----
Total: 2,764 $238,938,144.93 100.00%
Min: 1.000
Max: 3.000
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
NET RATE CURRENT % BY
ADJUSTMENT # OF PRINCIPAL CURRENT
DATE LOANS BALANCE BALANCE
- ------------ ----- -------- -------
1997-12 1 $147,738.48 0.06%
1998-01 66 6,110,977.49 2.56
1998-02 27 3,045,457.42 1.27
1998-03 81 8,387,116.80 3.51
1998-04 160 17,698,239.98 7.41
1998-05 429 38,235,161.39 16.00
1998-06 215 18,908,006.71 7.91
1998-07 2 122,053.18 0.05
1998-08 3 351,848.20 0.15
1998-09 6 727,907.11 0.30
1998-10 7 886,433.74 0.37
1998-11 2 131,829.34 0.06
1998-12 2 239,094.44 0.10
1999-04 1 188,238.43 0.08
1999-05 4 516,411.63 0.22
1999-06 5 517,597.84 0.22
1999-07 14 1,287,151.98 0.54
1999-08 45 5,063,246.40 2.12
1999-09 199 21,613,658.52 9.05
1999-10 344 31,676,221.70 13.26
1999-11 194 16,367,744.41 6.85
1999-12 13 1,009,350.00 0.42
2000-04 1 64,855.97 0.03
2000-08 4 424,154.23 0.18
2000-09 16 1,328,795.50 0.56
2000-10 4 276,019.13 0.12
2000-11 5 377,756.56 0.16
2000-12 2 113,750.00 0.05
2001-07 2 171,112.18 0.07
2001-10 48 3,722,626.51 1.56
2001-11 532 37,909,869.59 15.87
2001-12 330 21,317,720.07 8.92
--- ------------ ----
Total: 2,764 $238,938,144.93 100.00%
Min: 1997-12-07
Max: 2001-12-01
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
DOCUMENTATION # OF PRINCIPAL CURRENT
LEVEL LOANS BALANCE BALANCE
- ------------ ----- -------- -------
Full Documentation 2,764 $238,938,144.93 100.00%
----- --------------- -------
Total: 2,764 $238,938,144.93 100.00%
CURRENT % BY
OWNER # OF PRINCIPAL CURRENT
OCCUPANCY LOANS BALANCE BALANCE
- ------------ ----- -------- -------
Primary 2,496 $215,284,916.04 90.10%
Unknown 143 14,733,306.83 6.17
Investment 117 8,132,298.61 3.40
Second Home 8 787,623.45 0.33
- ---------- ----
Total: 2,764 $238,938,144.93 100.00%
CURRENT % BY
# OF PRINCIPAL CURRENT
LOAN PURPOSE LOANS BALANCE BALANCE
- ------------ ----- -------- -------
Rate/Term Refinance 1,948 $169,767,960.96 71.05%
Purchase Money 340 36,470,808.73 15.26
Unknown 143 14,733,306.83 6.17
Debt Consolidation 171 10,170,824.22 4.26
Cashout 161 7,750,978.21 3.24
Home Improvement 1 44,265.98 0.02
- ---------- ----
Total: 2,764 $238,938,144.93 100.00%
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
INITIAL ADJUSTABLE RATE HOME EQUITY LOANS - COLLATERAL TABLES (CONTINUED):
CURRENT % BY
# OF PRINCIPAL CURRENT
PROPERTY TYPE LOANS BALANCE BALANCE
- ------------- ----- -------- -------
Detached single family 2,416 208,157,818.32 87.12
Detached PUD 27 3,668,403.35 1.54
Manufactured single wide 37 2,235,265.71 0.94
Attached PUD 8 482,647.20 0.20
Attached townhouse 36 3,178,274.87 1.33
Attached condo 56 4,533,053.38 1.90
2-4 Family 151 14,827,884.98 6.21
Manufactured double wide 30 1,575,752.93 0.66
Unknown 2 $185,244.19 0.08%
Manufactured triple wide 1 93,800.00 0.04
- --------- ----
Total: 2,764 $238,938,144.93 100.00%
CURRENT % BY
# OF PRINCIPAL CURRENT
LIEN POSITION LOANS BALANCE BALANCE
- ------------- ----- -------- -------
1 2,761 $238,612,172.47 99.86%
2 3 325,972.46 0.14
- ---------- ----
Total: 2,764 $238,938,144.93 100.00%
CURRENT % BY
# OF PRINCIPAL CURRENT
ADJUSTMENT TYPE LOANS BALANCE BALANCE
- --------------- ----- -------- -------
ARM 2,764 $238,938,144.93 100.00%
Total: 2,764 $238,938,144.93 100.00%
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
FOR ADDITIONAL INFORMATION PLEASE CALL:
ASSET BACKED SECURITIES GROUP
Rob DiOrio (212) 449-1646
Michael Murphy (212) 449-0843
Ted Hsueh (212) 449-9177
Scott Henderson (212) 449-3780
ABS TRADING
Carlos Valle (212) 449-3659
Scott Soltas (212) 449-3659
Terrence Mack (212) 449-3659
Brian Kane (212) 449-3659
MBS TRADING
Vince Mora (212) 449-5320
Dan Pace (212) 449-5320
ASSET BACKED RESEARCH
Chris Flanigan (212) 449-1655
Ralph Diserio (212) 449-1629
Ryan Asato (212) 449-9622
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do
not use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
ABS NEW TRANSACTION
ADDITIONAL COMPUTATIONAL MATERIALS
CLASS AV-1 CERTIFICATE PREPAYMENT SENSITIVITY ANALYSIS
$1,600,000,000
THE MONEY STORE HOME EQUITY TRUST 1997-D
HOME EQUITY LOAN ABS
$466,750,000 ADJUSTABLE RATE OFFERED BY MERRILL LYNCH
THE MONEY STORE INC.
REPRESENTATIVE, SERVICER & CLAIMS ADMINISTRATOR
THE BANK OF NEW YORK
TRUSTEE
MERRILL LYNCH, PIERCE, FENNER & SMITH
SOLE MANAGER OF CLASS AV-1
ADJUSTABLE RATE CERTIFICATES
$466,750,000 CLASS AV-1 CERTIFICATES
- ------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by
the issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these materials.
Neither Merrill Lynch, the issuer of the securities 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
applicable Prospectus Supplement and by any other information subsequently filed
with the Securities and Exchange Commission. The information herein may not be
provided by the addressees to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in any
particular context; or as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates assumed in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical assets used in preparing the Computational Materials. The
principal amount and designation of any security described in the Computational
Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of any offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Computational Materials on any matter discussed in this
communication. A final prospectus and prospectus supplement may be obtained by
contacting the Merrill Lynch Trading Desk at (212) 449-3659.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risk.
Investors should fully consider the risk of an investment in these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
<PAGE>
EXPECTED POOL PRICING PREPAYMENT ASSUMPTION:
POOL II (ADJUSTABLE RATE HOME EQUITY LOANS)
The prepayment assumption for Pool II assumes a constant CPR of 26% per annum.
PREPAYMENT SCENARIOS:
SCENARIO 1 SCENARIO 2 SCENARIO 3(1) SCENARIO 4 SCENARIO 5
---------- ---------- ------------- ---------- ----------
Pool II(2) 0% 75% 100% 125% 150%
(1) Pricing Assumption.
(2) Percentage of Prepayment Assumption.
<TABLE>
<CAPTION>
CLASS AV-1 CERTIFICATE PREPAYMENT SENSITIVITY ANALYSIS:
(assuming 0 bps losses):
1 2 3 4 5
- - - - -
<S> <C> <C> <C> <C> <C>
Class AV-1 WAL (yrs.) 21.77 2.658 1.710 1.198 0.964
Class AV-1 Exp. Beg. Am. 1 1 1 1 1
Class AV-1 Exp. End. Am. 345 108 78 36 29
Class AV-1 Exp. Maturity 9/15/26 12/15/06 6/15/04 12/15/00 5/15/00
</TABLE>
FOR ADDITIONAL INFORMATION PLEASE CALL:
ASSET BACKED SECURITIES GROUP
Rob DiOrio (212) 449-1646
Michael Murphy (212) 449-0843
Ted Hsueh (212) 449-9177
Scott Henderson (212) 449-3780
ABS TRADING
Carlos Valle (212) 449-3659
Scott Soltas (212) 449-3659
Terrence Mack (212) 449-3659
Brian Kane (212) 449-3659
MBS TRADING
Vince Mora (212) 449-5320
Dan Pace (212) 449-5320
ASSET BACKED RESEARCH
Chris Flanigan (212) 449-1655
Ralph Diserio (212) 449-1629
Ryan Asato (212) 449-9622
- ------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received or reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy. The collateral information set forth in the
Computational Materials supersedes any previously distributed collateral
information relating to the securities discussed in this communication and will
be superseded by the information set forth in the final prospectus supplement.
