<PAGE>
<PAGE>
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) August 23, 1996
Cargill Financial Services Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-96500 41-1492786
- ------------------------------- ---------------- -------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
6000 Clearwater Drive
Minnetonka, Minnesota 55343
(Address of Principal ------------
Executive Offices) (Zip Code)
Registrant's telephone number, including area code (612) 984-0979
-------------
No Change
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
<PAGE>
Item 5. Other Events
In connection with the offering of Access Financial Mortgage Loan
Trust 1996-3 Mortgage Loan Pass-Through Certificates, Series 1996-3, described
in a Prospectus Supplement dated as of August 23, 1996, 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).
<PAGE>
<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.
CARGILL FINANCIAL SERVICES CORPORATION
--------------------------------------
as Sponsor and on behalf of Access Financial Mortgage
Loan Trust 1996-3 Registrant
By: /s/ Jeffrey A. Hilligoss
-------------------------------
Name: Jeffrey A. Hilligoss
Title: Vice President
Dated: August 28, 1996
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ---------- ----------- --------
99.1 Related Computational Materials 6
(as defined in Item 5 above).
<PAGE>
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3
Mortgage Loan Pass-Through Certificates, Series 1996-3
Class A Certificates
ACCESS 1996-3
---------------------------------------------
$[44,843,000] Class A-1 Variable-Rate Certificates - 1M LIBOR + [ 12 ]bp
$[28,572,000] Class A-2 Fixed-Rate Certificates - [ 6.900]%
$[13,552,000] Class A-3 Fixed-Rate Certificates - [ 7.250 ]%
$[10,000,000] Class A-4 Fixed-Rate Certificates - [ 7.500 ]%
$[10,744,000] Class A-5 Fixed-Rate Certificates - [ 7.600 ]%
$[98,886,000] Class A-6 Variable-Rate Certificates - 1M LIBOR + [ 31 ]bp
The information herein has been provided solely by PSI based on information with
respect to the mortgage loans provided by the Access Financial Lending Corp. and
its affiliates ("ACCESS"). Neither ACCESS 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>
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3
Mortgage Loan Pass-Through Certificates, Series 1996-3
Class A Certificates
- --------------------------------------------------------------------------------
GROUP I
CLASS A GROUP I CERTIFICATES
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5
Variable-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Approximate
Face Amount: $[44,843,000] $[28,572,000] $[13,552,000] $[10,000,000] $[10,744,000]
Avg Life: [1.05]yrs [3.05]yrs [5.10]yrs [7.13]yrs [11.02]yrs
Avg Life
to Call: [1.05]yrs [3.05]yrs [5.10]yrs [7.13]yrs [8.55]yrs
Coupon: 1M L +[12]bps* [6.90%] [7.25%] [7.50%] [7.60%] or [7.60%]+0.75%
after Clean-up Call Date
Price 100-00 99-31+ 100-00 99-30 99-30
Yield (CBE): 5.672 6.891 7.282 7.567 7.676
Spread: 12 73 92 108 110
Pricing Spd: [23]% HEP [23]% HEP [23]% HEP [23]% HEP [23]% HEP
Settlement: [8/27/96] [8/27/96] [8/27/96] [8/27/96] [8/27/96]
Exp Mat: [9/18/98] [11/18/00] [9/18/02] [1/18/05] [5/18/11]
Exp. Mat
to Call: [9/18/98] [11/18/00] [9/18/02] [1/18/05] [3/18/05]
Final Mat: [5/18/11] [5/18/11] [11/18/15] [6/18/22] [9/18/27]
Day Count: Actual/360 30/360 30/360 30/360 30/360
Pymt Delay: 0 days 16 days 16 days 16 days 16 days
Dated Date: [8//96] 8/02/96 8/02/96 8/02/96 8/02/96
Pymt Terms: Monthly Monthly Monthly Monthly Monthly
1st Pymt Date: 9/18/96 9/18/96 9/18/96 9/18/96 9/18/96
</TABLE>
*Pass-Through Rate is the least of:
1) One Month LIBOR + [12]bps
2) The Available Funds Cap
Available Funds Cap: A rate equal to the weighted average gross
coupon rate less [0.5975%] for servicing fees, trustee
fees and certificate insurer premiums for the Group I
fixed-rate mortgage loans for such Payment Date.
Coupon Step-Up: If the 10% Clean-Up Call or the Auction Call is not
exercised, the coupon on the Class A-5 Fixed-Rate
Certificates shall be [7.60%] + 0.75% per annum.
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>
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3
Mortgage Loan Pass-Through Certificates, Series 1996-3
Class A Certificates
- --------------------------------------------------------------------------------
GROUP II
CLASS A GROUP II CERTIFICATES
<TABLE>
<CAPTION>
Class A-6
Variable-Rate
-------------
<S> <C>
Approximate Face Amount: [$98,886,000]
Average Life to Mat: [3.65] years
Average Life to Call: [3.40] years
Pass-Through Rate: The lesser of:
1) One Month LIBOR + [31] bps
2) The Available Funds Cap
Price: [100-00]
Yield: Variable
Pricing Speed: [24%] HEP
Settlement: [8/28/96]
Exp Maturity: [10/18/13]
Exp Maturity to Call: [3/18/05]
Final Maturity: [1/18/27]
Day Count: actual/360
Payment Delay: 0 days.
Dated Date: [8//96]
Payment Terms: Monthly.
1st Payment Date: 9/18/96
Available Funds Cap: A rate equal to the weighted average gross coupon
rate minus the [0.5975%] for servicing fees,
trustee fees and certificate insurer premiums for
the Variable-Rate Group II mortgage loans for such
Payment Date.
Shortfall Reimbursement: If on any Payment Date the Class A-6 Certificate
interest distribution amount is less than the Pass-
Through Rate, the amount of such shortfall and the
aggregate of such shortfalls from previous payment
dates together with accrued interest at the Pass-
Through Rate will be carried forward to the next
Payment Date until paid. No interest carryforward
will be paid once the Class A-6 Certificate
principal balance has been reduced to zero. The
shortfall reimbursement feature will NOT be insured
by the FGIC guarantee.
</TABLE>
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>
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3
Mortgage Loan Pass-Through Certificates, Series 1996-3
Class A Certificates
<TABLE>
<S> <C>
Title of Securities: Access Financial Mortgage Loan Trust 1996-3,
Mortgage Loan Pass-Through Certificates, Series 1996-3
Group I: Class A-1, A-2, A-3, A-4 and A-5 (the "Group I
Certificates").
Group II: Class A-6 (the "Group II Certificates").
Seller/
Master Servicer: Access Financial Lending Corp.("Access").
Depositor: Prudential Securities Secured Financing Corp.
Sub-Servicer: LSI Financial Group
Master Servicer Fee: 45 bps per annum (if Access is not the Master Servicer,
then 50 bps per annum).****
Trustee: Norwest Bank Minnesota, N.A.
Aggregate
Certificate Balance: Group I$[107,711,000.00]
Group II $[ 98,886,000.00]
Pricing Date: [August 22, 1996]
Settlement Date: [August 27, 1996]
Payment Date: The 18th day of each month (or, if such date is not
a business day, the next succeeding business day)
commencing September 18, 1996.
Record Date: -Class A-2, A-3, A-4 and A-5 - The first day of the
calendar month of the related Payment Date.
-Class A-1 and A-6 - The day preceding the related Payment
Date.
Interest Accrual: -Class A-2, A-3, A-4 and A-5 - The second day of the
calendar month preceding the related Payment Date to the
first day of the calendar month of the related Payment
Date.
-Class A-1 and A-6 - The previous month's Payment Date to
the day preceding the related Payment Date.
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 Group I Certificates, [23]% HEP ([2.3]% CPR in
month 1 with monthly incremental increases of [2.3]% CPR
until the speed reaches [23]% CPR in month 10 based on
loan seasoning.)
For the Group II Certificates, [24]% HEP.
Flow of Funds: GROUP I AND GROUP II MONTHLY CASH FLOWS
1) to the Master Servicer, the Master Servicer Fee;
2) to the Master Servicer, any unreimbursed advanced on
a mortgage loan;
3) to the Trustee, the Trustee Fee;
4) to the Certificate Insurer, the Premium;
GROUP I MONTHLY CASH FLOWS
5) accrued monthly interest to the Class A Group I
Certificates, including any interest carryforward;
6) monthly principal to the Class A Group I Certificates
sequentially, including any principal carryforward;
7) to Class A-6 interest, if needed;
8) to the Surety Provider, any unreimbursed draws;
9) to Group I O/C up to its target amount as described
below;
10) to Group II O/C, if needed;
11) to the Class B Certificateholders;
12) to the Residual Certificate holder.
GROUP II MONTHLY CASH FLOWS
5) accrued monthly interest to the Class A Group II
Certificates, including any interest carryforward;
</TABLE>
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>
<PAGE>
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3
Mortgage Loan Pass-Through Certificates, Series 1996-3
Class A Certificates
<TABLE>
<S> <C>
Flow of Funds (cont'd):6) monthly principal to the Class A Group II
Certificates, including any principal carryforward;;
7) to Class A Group I Certificates interest, if needed;
8) to the Surety Provider, any unreimbursed draws;
9) to Group II O/C up to its target amount as described
below;
10) to Group I O/C, if needed;
11) to the Class B Certificateholders;
12) to the Residual Certificate holder.
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE CERTIFICATES - FLOW OF FUNDS AND
DISTRIBUTIONS ON THE CLASS A CERTIFICATES"
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Overcollateralization
- Cross-collateralization
- 100% wrap from FGIC guaranteeing timely interest and
ultimate principal.
Overcollateralization
Levels (Approx.): Initial Deposit: Group I Certificates -- [0.0%] I.B.
Group II Certificates -- [1.1%] I.B.
6 month O/C Target: Group I Certificates -- [$750,000]
24 month O/C Target: Group I Certificates -- [3.05%] I.B.
Group II Certificates -- [3.50%] I.B.
O/C Floor: [0.79%] I.B.
These O/C percentages are subject to step downs beginning
in month 24 if certain tests are met.
Certificate Insurer: Financial Guaranty Insurance Company ("FGIC"). FGIC'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.
10% Clean-up Call: The Seller has the option to excercise a call at par plus
accrued interest when the outstanding Pool Balance equals
10% or less of the original Pool Balance.
Auction Call: If the Seller does not exercise the 10% Clean-up Call,
the Trustee will hold an Auction Call and solicit bids to
purchase the mortgage loans when the outstanding Pool
Balance has declined to 10% of the original Pool Balance.
This call will be exercised at no less than par plus
accrued interest.
Coupon Step-up: If the Seller does not exercise the 10% Cleanup Call and
the Auction Call is not exercised, the coupon rate on the
Class A-5 Fixed Rate Certificates shall be [7.60%] +
0.75% per annum.
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 the ABS trading desk at (212) 778-2741,
Sean Low (212)778-2581, Sean Arnold (212)778-4921, Lina
Hsu (212) 778-1451 or Januar Laude at (212) 778-7176 with
any questions.
</TABLE>
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>
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $44,843,000.00 DATED DATE: 08/27/96
CURRENT COUPON: 5.526% afmlt63 FIRST PAYMENT: 09/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $44,843,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/27/96
ASSUMED CONSTANT LIBOR-1M 5.4063
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
23.0% 15.00% 18.00% 20.00% 26.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 36.421 29.523 32.194 33.917 38.827 41.880
99-24+ 34.892 28.426 30.929 32.545 37.148 40.010
99-25 33.363 27.329 29.666 31.173 35.469 38.140
99-25+ 31.835 26.232 28.402 29.802 33.790 36.270
99-26 30.308 25.136 27.139 28.431 32.112 34.401
99-26+ 28.780 24.040 25.876 27.060 30.434 32.532
99-27 27.253 22.944 24.613 25.689 28.756 30.663
99-27+ 25.726 21.849 23.350 24.319 27.079 28.795
99-28 24.200 20.754 22.088 22.949 25.402 26.928
99-28+ 22.674 19.658 20.826 21.579 23.726 25.060
99-29 21.148 18.564 19.564 20.210 22.049 23.193
99-29+ 19.622 17.469 18.303 18.841 20.374 21.327
99-30 18.097 16.375 17.042 17.472 18.698 19.461
99-30+ 16.572 15.281 15.781 16.104 17.023 17.595
99-31 15.048 14.187 14.520 14.735 15.348 15.730
99-31+ 13.524 13.093 13.260 13.368 13.674 13.865
100-00 12.000 12.000 12.000 12.000 12.000 12.000
100-00+ 10.476 10.907 10.740 10.633 10.326 10.136
100-01 8.953 9.814 9.481 9.266 8.653 8.272
100-01+ 7.430 8.721 8.222 7.899 6.980 6.409
100-02 5.908 7.629 6.963 6.533 5.308 5.546
100-02+ 4.386 6.537 5.704 5.166 3.635 2.683
100-03 2.864 5.445 4.446 3.801 1.963 0.821
100-03+ 1.342 4.353 3.187 2.435 0.292 -1.041
100-04 -0.179 3.262 1.930 1.070 -1.379 -2.902
100-04+ -1.700 2.171 0.672 -0.295 -3.050 -4.763
100-05 -3.220 1.080 -0.585 -1.660 -4.721 -6.624
100-05+ -4.741 -0.011 -1.842 -3.024 -6.391 -8.484
100-06 -6.261 -1.101 -3.099 -4.388 -8.060 -10.344
100-06+ -7.780 -2.192 -4.356 -5.752 -9.730 -12.203
100-07 -9.299 -3.282 -5.612 -7.115 -11.399 -14.063
100-07+ -10.818 -4.371 -6.868 -8.479 -13.068 -15.921
First Payment 0.058 0.058 0.058 0.058 0.058 0.058
Average Life 1.051 1.491 1.283 1.177 0.953 0.852
Last Payment 2.058 3.142 2.642 2.392 1.892 1.642
</TABLE>
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>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $28,572,000.00 DATED DATE: 08/02/96
COUPON: 6.900% afmlt63 FIRST PAYMENT: 09/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $28,572,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 08/27/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
23.0% 15.00% 18.00% 20.00% 26.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 6.979 6.985 6.983 6.981 6.976 6.973
99-24+ 6.973 6.981 6.978 6.976 6.969 6.965
99-25 6.967 6.977 6.973 6.971 6.963 6.958
99-25+ 6.961 6.973 6.968 6.965 6.956 6.950
99-26 6.955 6.969 6.964 6.960 6.950 6.943
99-26+ 6.949 6.964 6.959 6.955 6.943 6.935
99-27 6.943 6.960 6.954 6.950 6.937 6.928
99-27+ 6.937 6.956 6.949 6.945 6.930 6.920
99-28 6.932 6.952 6.945 6.939 6.924 6.913
99-28+ 6.926 6.948 6.940 6.934 6.917 6.905
99-29 6.920 6.944 6.935 6.929 6.911 6.898
99-29+ 6.914 6.940 6.930 6.924 6.904 6.891
99-30 6.908 6.936 6.926 6.919 6.897 6.883
99-30+ 6.902 6.932 6.921 6.913 6.891 6.876
99-31 6.896 6.928 6.916 6.908 6.884 6.868
99-31+ 6.891 6.924 6.911 6.903 6.878 6.861
100-00 6.885 6.919 6.907 6.898 6.871 6.853
100-00+ 6.879 6.915 6.902 6.893 6.865 6.846
100-01 6.873 6.911 6.897 6.888 6.858 6.838
100-01+ 6.867 6.907 6.892 6.882 6.852 6.831
100-02 6.861 6.903 6.888 6.877 6.845 6.823
100-02+ 6.855 6.899 6.883 6.872 6.839 6.816
100-03 6.850 6.895 6.878 6.867 6.832 6.809
100-03+ 6.844 6.891 6.873 6.862 6.826 6.801
100-04 6.838 6.887 6.869 6.856 6.819 6.794
100-04+ 6.832 6.883 6.864 6.851 6.813 6.786
100-05 6.826 6.879 6.859 6.846 6.806 6.779
100-05+ 6.820 6.875 6.854 6.841 6.800 6.771
100-06 6.815 6.871 6.850 6.836 6.793 6.764
100-06+ 6.809 6.866 6.845 6.831 6.786 6.757
100-07 6.803 6.862 6.840 6.825 6.780 6.749
100-07+ 6.797 6.858 6.836 6.820 6.773 6.742
First Payment 2.058 3.142 2.642 2.392 1.892 1.642
Average Life 3.054 4.614 3.879 3.503 2.703 2.340
Last Payment 4.225 6.475 5.475 4.892 3.725 3.225
</TABLE>
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>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $13,552,000.00 DATED DATE: 08/02/96
COUPON: 7.250% afmlt63 FIRST PAYMENT: 09/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $13,552,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 08/27/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
23.0% 15.00% 18.00% 20.00% 26.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<C> <C> <C> <C> <C> <C> <C>
99-24 7.343 7.348 7.346 7.345 7.341 7.338
99-24+ 7.339 7.345 7.343 7.341 7.337 7.333
99-25 7.335 7.342 7.340 7.338 7.332 7.329
99-25+ 7.331 7.340 7.337 7.335 7.328 7.324
99-26 7.328 7.337 7.333 7.331 7.324 7.319
99-26+ 7.324 7.334 7.330 7.328 7.320 7.314
99-27 7.320 7.331 7.327 7.324 7.316 7.309
99-27+ 7.316 7.329 7.324 7.321 7.311 7.305
99-28 7.313 7.326 7.321 7.318 7.307 7.300
99-28+ 7.309 7.323 7.318 7.314 7.303 7.295
99-29 7.305 7.320 7.315 7.311 7.299 7.290
99-29+ 7.301 7.318 7.312 7.308 7.295 7.285
99-30 7.297 7.315 7.309 7.304 7.290 7.281
99-30+ 7.294 7.312 7.306 7.301 7.286 7.276
99-31 7.290 7.310 7.302 7.297 7.282 7.271
99-31+ 7.286 7.307 7.299 7.294 7.278 7.266
100-00 7.282 7.304 7.296 7.291 7.274 7.262
100-00+ 7.279 7.301 7.293 7.287 7.269 7.257
100-01 7.275 7.299 7.290 7.284 7.265 7.252
100-01+ 7.271 7.296 7.287 7.281 7.261 7.247
100-02 7.267 7.293 7.284 7.277 7.257 7.243
100-02+ 7.263 7.291 7.281 7.274 7.253 7.238
100-03 7.260 7.288 7.278 7.271 7.248 7.233
100-03+ 7.256 7.285 7.275 7.267 7.244 7.228
100-04 7.252 7.282 7.271 7.264 7.240 7.223
100-04+ 7.248 7.280 7.268 7.260 7.236 7.219
100-05 7.245 7.277 7.265 7.257 7.232 7.214
100-05+ 7.241 7.274 7.262 7.254 7.227 7.209
100-06 7.237 7.272 7.259 7.250 7.223 7.204
100-06+ 7.233 7.269 7.256 7.247 7.219 7.200
100-07 7.230 7.266 7.253 7.244 7.215 7.195
100-07+ 7.226 7.264 7.250 7.240 7.211 7.190
First Payment 4.225 6.475 5.475 4.892 3.725 3.225
Average Life 5.104 7.751 6.516 5.875 4.498 3.867
Last Payment 6.058 9.225 7.808 6.975 5.392 4.642
</TABLE>
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>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $10,000,000.00 DATED DATE: 08/02/96
COUPON: 7.500% afmlt63 FIRST PAYMENT: 09/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $10,000,000.00 BOND A4 PRICE-YIELD TABLE YIELD TABLE DATE: 08/27/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
23.0% 15.00% 18.00% 20.00% 26.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-22 7.614 7.615 7.615 7.615 7.614 7.613
99-22+ 7.611 7.613 7.612 7.612 7.611 7.610
99-23 7.608 7.611 7.610 7.609 7.607 7.606
99-23+ 7.605 7.609 7.607 7.607 7.604 7.602
99-24 7.602 7.606 7.605 7.604 7.601 7.599
99-24+ 7.600 7.604 7.603 7.601 7.598 7.595
99-25 7.597 7.602 7.600 7.599 7.594 7.591
99-25+ 7.594 7.600 7.598 7.596 7.591 7.588
99-26 7.591 7.598 7.595 7.593 7.588 7.584
99-26+ 7.588 7.595 7.593 7.591 7.585 7.580
99-27 7.585 7.593 7.590 7.588 7.582 7.577
99-27+ 7.582 7.591 7.588 7.586 7.578 7.573
99-28 7.579 7.589 7.585 7.583 7.575 7.569
99-28+ 7.576 7.587 7.583 7.580 7.572 7.566
99-29 7.573 7.585 7.581 7.578 7.569 7.562
99-29+ 7.570 7.582 7.578 7.575 7.565 7.559
99-30 7.567 7.580 7.576 7.572 7.562 7.555
99-30+ 7.564 7.578 7.573 7.570 7.559 7.551
99-31 7.562 7.576 7.571 7.567 7.556 7.548
99-31+ 7.559 7.574 7.568 7.565 7.553 7.544
100-00 7.556 7.571 7.566 7.562 7.549 7.540
100-00+ 7.553 7.569 7.563 7.559 7.546 7.537
100-01 7.550 7.567 7.561 7.557 7.543 7.533
100-01+ 7.547 7.565 7.558 7.554 7.540 7.529
100-02 7.544 7.563 7.556 7.551 7.536 7.526
100-02+ 7.541 7.561 7.554 7.549 7.533 7.522
100-03 7.538 7.558 7.551 7.546 7.530 7.519
100-03+ 7.535 7.556 7.549 7.543 7.527 7.515
100-04 7.532 7.554 7.546 7.541 7.524 7.511
100-04+ 7.529 7.552 7.544 7.538 7.520 7.508
100-05 7.527 7.550 7.541 7.536 7.517 7.504
100-05+ 7.524 7.547 7.539 7.533 7.514 7.500
First Payment 6.058 9.225 7.808 6.975 5.392 4.642
Average Life 7.134 10.762 9.092 8.209 6.282 5.391
Last Payment 8.392 12.558 10.642 9.642 7.392 6.308
</TABLE>
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>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $10,744,000.00 DATED DATE: 08/02/96
COUPON: 7.600% afmlt63 FIRST PAYMENT: 09/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $10,744,000.00 BOND A5 PRICE-YIELD TABLE YIELD TABLE DATE: 08/27/96
</TABLE>
<TABLE>
<CAPTION>
TO CALL
=======
PREPAYMENT SPEED
PRICING SPEED
23.0% 15.00% 18.00% 20.00% 26.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-22 7.717 7.718 7.718 7.718 7.717 7.716
99-22+ 7.715 7.716 7.716 7.715 7.714 7.713
99-23 7.712 7.714 7.714 7.713 7.711 7.710
99-23+ 7.709 7.712 7.711 7.711 7.708 7.707
99-24 7.707 7.710 7.709 7.708 7.706 7.704
99-24+ 7.704 7.709 7.707 7.706 7.703 7.701
99-25 7.702 7.707 7.705 7.704 7.700 7.698
99-25+ 7.699 7.705 7.703 7.702 7.697 7.695
99-26 7.697 7.703 7.701 7.699 7.695 7.691
99-26+ 7.694 7.701 7.699 7.697 7.692 7.688
99-27 7.691 7.699 7.696 7.695 7.689 7.685
99-27+ 7.689 7.697 7.694 7.692 7.686 7.682
99-28 7.686 7.695 7.692 7.690 7.684 7.679
99-28+ 7.684 7.693 7.690 7.688 7.681 7.676
99-29 7.681 7.691 7.688 7.686 7.678 7.673
99-29+ 7.679 7.689 7.686 7.683 7.675 7.670
99-30 7.676 7.687 7.684 7.681 7.673 7.667
99-30+ 7.674 7.685 7.681 7.679 7.670 7.664
99-31 7.671 7.683 7.679 7.676 7.667 7.660
99-31+ 7.668 7.682 7.677 7.674 7.664 7.657
100-00 7.666 7.680 7.675 7.672 7.661 7.654
100-00+ 7.663 7.678 7.673 7.670 7.659 7.651
100-01 7.661 7.676 7.671 7.667 7.656 7.648
100-01+ 7.658 7.674 7.669 7.665 7.653 7.645
100-02 7.656 7.672 7.667 7.663 7.650 7.642
100-02+ 7.653 7.670 7.664 7.660 7.648 7.639
100-03 7.651 7.668 7.662 7.658 7.645 7.636
100-03+ 7.648 7.666 7.660 7.656 7.642 7.633
100-04 7.645 7.664 7.658 7.654 7.639 7.630
100-04+ 7.643 7.662 7.656 7.651 7.637 7.626
100-05 7.640 7.660 7.654 7.649 7.634 7.623
100-05+ 7.638 7.658 7.652 7.647 7.631 7.620
First Payment 8.392 12.558 10.642 9.642 7.392 6.308
Average Life 8.554 13.252 11.188 10.109 7.706 6.624
Last Payment 8.558 13.308 11.225 10.142 7.725 6.642
</TABLE>
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>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $98,886,000.00 DATED DATE: 08/27/96
CURRENT COUPON: 5.716% afmlt63 FIRST PAYMENT: 09/18/96
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $98,886,000.00 BOND A6 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DAT E: 08/27/96
</TABLE>
<TABLE>
<CAPTION>
TO CALL
=======
ASSUMED CONSTANT LIBOR-1M 5.4063
PRICING SPEED
23 HEP GRP I 24 HEP GRP II 15.00% 18.00% 20.00% 26.00% 30.00%
PRICE HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 39.469 36.843 37.712 38.298 40.100 41.321
99-24+ 38.938 36.477 37.291 37.841 39.530 40.674
99-25 38.408 36.111 36.871 37.384 38.961 40.028
99-25+ 37.878 35.745 36.451 36.927 38.391 39.382
99-26 37.348 35.380 36.031 36.470 37.822 38.736
99-26+ 36.818 35.014 35.611 36.014 37.252 38.091
99-27 36.289 34.649 35.191 35.557 36.683 37.445
99-27+ 35.759 34.283 34.772 35.101 36.114 36.800
99-28 35.230 33.918 34.352 34.645 35.545 36.155
99-28+ 34.701 33.553 33.933 34.189 34.977 35.510
99-29 34.172 33.188 33.513 33.733 34.408 34.865
99-29+ 33.643 32.823 33.094 33.277 33.840 34.221
99-30 33.114 32.458 32.675 32.821 33.271 33.576
99-30+ 32.585 32.094 32.256 32.366 32.703 32.932
99-31 32.057 31.729 31.837 31.910 32.135 32.288
99-31+ 31.528 31.364 31.419 31.455 31.568 31.644
100-00 31.000 31.000 31.000 31.000 31.000 31.000
100-00+ 30.472 30.636 30.581 30.545 30.433 30.356
100-01 29.944 30.271 30.163 30.090 29.865 29.713
100-01+ 29.416 29.907 29.745 29.635 29.298 29.070
100-02 28.888 29.543 29.327 29.180 28.731 28.427
100-02+ 28.361 29.179 28.909 28.726 28.164 27.784
100-03 27.833 28.816 28.491 28.271 27.597 27.141
100-03+ 27.306 28.452 28.073 27.817 27.031 26.498
100-04 26.779 28.088 27.655 27.363 26.464 25.856
100-04+ 26.252 27.725 27.238 26.909 25.898 25.213
100-05 25.725 27.361 26.820 26.455 25.332 24.571
100-05+ 25.199 26.998 26.403 26.001 24.766 23.929
100-06 24.672 26.635 25.985 25.547 24.200 23.288
100-06+ 24.146 26.271 25.568 25.094 23.634 22.646
100-07 23.619 25.908 25.151 24.640 23.069 22.004
100-07+ 23.093 25.545 24.734 24.187 22.503 21.363
First Payment 0.058 0.058 0.058 0.058 0.058 0.058
Average Life 3.392 5.335 4.484 4.048 3.116 2.696
Last Payment 8.558 13.308 11.225 10.142 7.725 6.642
</TABLE>
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>
<PAGE>
A6 Bonds Available Funds Cap
============================
* 30/360 day count
Gross WAC - 0.4875 % (Service + Trustee) - 0.11 % (Surety)
DATE COUPON
- ----------------
09/96 9.191
10/96 9.197
11/96 9.231
12/96 9.424
01/97 9.727
02/97 10.013
03/97 10.124
04/97 10.129
05/97 10.162
06/97 10.349
07/97 10.652
08/97 10.940
09/97 11.052
10/97 11.055
11/97 11.061
12/97 11.106
01/98 11.228
02/98 11.372
03/98 11.424
04/98 11.424
05/98 11.424
06/98 11.453
07/98 11.500
08/98 11.500
09/98 11.500
10/98 11.501
11/98 11.530
12/98 11.557
01/99 11.588
02/99 11.588
03/99 11.588
04/99 11.588
05/99 11.591
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>
<PAGE>
- --------------------------------------------------------------------------------
- ACCESS FIX COLLATERAL
- Cut Off Date of Tape is 8/1/96
- $107,711,655.82
- Mortgage Summary Report
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Number of Mortgage Loans: 1,670
Aggregate Unpaid Principal Balance: $107,711,655.82
Aggregate Original Principal Balance: $107,821,227.03
Weighted Average Net Coupon: 11.085% (gross rate - service fee - trustee fee)
Net Coupon Range: 6.512% - 17.012%
Weighted Average Gross Coupon: 11.572%
Gross Coupon Range: 7.000% - 17.500%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $64,498.00
Average Original Principal Balance: $64,563.61
Maximum Unpaid Principal Balance: $342,000.00
Minimum Unpaid Principal Balance: $9,909.11
Maximum Original Principal Balance: $342,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 228.221
Stated Rem Term Range: 21.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.538
Age Range: 0.000 - 39.000
Weighted Average Original/Bln Term: 229.759
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 72.954
Original LTV Range: 9.000% - 90.000%
Weighted Average Current LTV: 72.886
Current LTV Range: 8.918% - 90.000%
Weighted Average Combined LTV: 75.092
Combined LTV Range: 9.000% - 90.000%
Following Terms Are to Amortized Maturity
=========================================
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 326.991
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Original Term: 328.529
Original Term Range: 60.000 - 360.000
</TABLE>
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>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
AL 81 3,968,287.29 3.68
AZ 20 1,307,440.14 1.21
CA 53 4,636,456.84 4.30
CO 18 1,048,901.68 0.97
CT 5 858,458.77 0.80
DC 7 442,860.16 0.41
DE 2 199,870.29 0.19
FL 189 13,225,805.82 12.28
GA 178 12,086,444.58 11.22
HI 4 503,689.50 0.47
IA 3 213,291.92 0.20
ID 7 406,470.75 0.38
IL 65 5,476,187.12 5.08
IN 65 3,372,369.99 3.13
KS 5 232,512.39 0.22
KY 13 552,492.56 0.51
LA 3 138,628.58 0.13
MA 27 2,442,341.75 2.27
MD 35 3,303,409.50 3.07
MI 291 16,419,057.50 15.24
MN 44 2,562,458.38 2.38
MO 24 1,201,204.61 1.12
MS 10 573,444.35 0.53
MT 2 169,589.08 0.16
NC 48 2,706,985.80 2.51
NH 3 212,320.93 0.20
NJ 49 3,958,770.65 3.68
NM 1 103,851.95 0.10
NV 8 651,203.81 0.60
NY 7 592,272.80 0.55
OH 141 8,469,292.37 7.86
OK 1 27,098.13 0.03
OR 24 1,750,550.69 1.63
PA 21 1,331,757.31 1.24
RI 17 955,239.38 0.89
SC 54 2,806,641.22 2.61
SD 1 35,940.71 0.03
TN 39 2,313,526.11 2.15
TX 26 2,373,203.99 2.20
UT 34 1,576,698.91 1.46
VA 3 269,027.80 0.25
VT 2 60,100.00 0.06
WA 6 357,199.27 0.33
WI 28 1,455,950.44 1.35
WV 5 272,350.00 0.25
WY 1 90,000.00 0.08
- --------------------------------------------------------------------------
Total............... 1670 $107,711,655.82 100.00%
==========================================================================
</TABLE>
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>
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aggregate Percent of
Combined Unpaid Aggregate
Loan-To-Value Number of Percent of Principal Principal
Ratio Loans Loan Count Balance Balance
<S> <C> <C> <C> <C>
5.000 < CLTV <= 10.000 1 .06 9,909.11 0.01
15.000 < CLTV <= 20.000 3 .18 49,882.37 0.05
20.000 < CLTV <= 25.000 15 .90 451,122.54 0.42
25.000 < CLTV <= 30.000 12 .72 351,796.27 0.33
30.000 < CLTV <= 35.000 17 1.02 601,900.02 0.56
35.000 < CLTV <= 40.000 21 1.26 609,827.82 0.57
40.000 < CLTV <= 45.000 23 1.38 1,066,312.76 0.99
45.000 < CLTV <= 50.000 41 2.46 1,460,077.34 1.36
50.000 < CLTV <= 55.000 48 2.87 2,083,272.51 1.93
55.000 < CLTV <= 60.000 71 4.25 3,723,279.70 3.46
60.000 < CLTV <= 65.000 128 7.66 6,962,102.63 6.46
65.000 < CLTV <= 70.000 218 13.05 11,984,838.34 11.13
70.000 < CLTV <= 75.000 284 17.01 19,138,828.96 17.77
75.000 < CLTV <= 80.000 530 31.74 36,648,655.58 34.02
80.000 < CLTV <= 85.000 145 8.68 11,773,539.87 10.93
85.000 < CLTV <= 90.000 113 6.77 10,796,310.00 10.02
- -------------------------------------------------------------------------------------
Total.................... 1,670 100.00% 107,711,655.82 100.00%
=====================================================================================
</TABLE>
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
6.50% < Gross Coupon <= 7.00% 1 136,661.91 0.13
7.00% < Gross Coupon <= 7.50% 1 143,384.44 0.13
7.50% < Gross Coupon <= 8.00% 1 334,525.58 0.31
8.00% < Gross Coupon <= 8.50% 1 43,245.99 0.04
8.50% < Gross Coupon <= 9.00% 12 1,164,531.13 1.08
9.00% < Gross Coupon <= 9.50% 44 3,600,969.90 3.34
9.50% < Gross Coupon <= 10.00% 115 9,028,307.70 8.38
10.00% < Gross Coupon <= 10.50% 147 9,937,413.56 9.23
10.50% < Gross Coupon <= 11.00% 255 18,026,777.39 16.74
11.00% < Gross Coupon <= 11.50% 184 13,297,802.44 12.35
11.50% < Gross Coupon <= 12.00% 253 15,875,262.55 14.74
12.00% < Gross Coupon <= 12.50% 190 11,253,114.42 10.45
12.50% < Gross Coupon <= 13.00% 191 11,183,445.31 10.38
13.00% < Gross Coupon <= 13.50% 94 4,984,702.80 4.63
13.50% < Gross Coupon <= 14.00% 73 4,058,102.92 3.77
14.00% < Gross Coupon <= 14.50% 56 2,588,844.66 2.40
14.50% < Gross Coupon <= 15.00% 19 763,316.29 0.71
15.00% < Gross Coupon <= 15.50% 11 533,256.06 0.50
15.50% < Gross Coupon <= 16.00% 12 503,286.12 0.47
16.00% < Gross Coupon <= 16.50% 7 190,346.22 0.18
17.00% < Gross Coupon <= 17.50% 3 64,358.43 0.06
- ----------------------------------------------------------------------------
Total.......... 1670 $107,711,655.82 100.00%
============================================================================
</TABLE>
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>
<PAGE>
Distribution of Outstanding Loan Balances
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aggregate Unpaid % of Aggr
Loan Balance Unpaid Loan
Range of Number of As of the Balance as of
Loan Balances Loans Cut-Off Date the Cut-Off Date
<S> <C> <C> <C> <C>
0 < Balance <= 50,000 767 26,175,276.39 24.30
50,000 < Balance <= 100,000 651 45,796,057.28 42.52
100,000 < Balance <= 150,000 189 22,888,484.71 21.25
150,000 < Balance <= 200,000 37 6,294,108.71 5.84
200,000 < Balance <= 250,000 14 3,061,446.45 2.84
250,000 < Balance <= 300,000 6 1,567,800.14 1.46
300,000 < Balance <= 350,000 6 1,928,482.14 1.79
- ---------------------------------------------------------------------------
Total.................... 1,670 107,711,655.82 100.00%
===========================================================================
</TABLE>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
<S> <C> <C> <C>
1 Owner Occ. 1412 95,849,164.26 88.99
1 Non Owner Occ. 119 6,401,911.45 5.94
2 Owner Occ. 130 5,089,766.51 4.73
2 Non Owner Occ. 9 370,813.60 0.34
- -----------------------------------------------------------------------------
Total.................. 1670 $107,711,655.82 100.00%
=============================================================================
</TABLE>
AGE OF LOAN
<TABLE>
<CAPTION>
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
<S> <C> <C> <C>
Age = 0 407 27,825,318.00 25.83%
0 < Age <= 12 1,261 79,813,725.36 74.10%
24 < Age <= 36 1 58,180.60 0.05%
36 < Age <= 48 1 14,431.86 0.01%
- -------------------------------------------------------------------
Total............ 1,670 107,711,655.82 100.00%
===================================================================
</TABLE>
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>
<PAGE>
PROPERTY TYPE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total
# Current %
Loan Feature Loan Balance Pool
<S> <C> <C> <C> <C>
3/4 (3-4 Family) 13 $928,255.91 .86
CDO (Condo) 35 $2,020,910.66 1.88
DUP (Duplex) 60 $3,470,957.39 3.22
DWH (Double Wide) 44 $1,778,138.43 1.65
MOD (Man.House) 4 $248,046.55 .23
PUD 2 $243,758.07 .23
ROW (Row.Hse) 17 $773,773.21 .72
SFR (Single Fam.) 1,476 $97,087,690.39 90.14
TWN (TownHse) 19 $1,160,125.21 1.08
- --------------------------------------------------------------------------------
Total..... 1,670 $107,711,655.82 100.00%
================================================================================
</TABLE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
12 < Rem Term <= 24 1 14,431.86 0.01%
48 < Rem Term <= 60 2 98,866.83 0.09%
60 < Rem Term <= 72 1 12,500.00 0.01%
72 < Rem Term <= 84 2 184,784.44 0.17%
108 < Rem Term <= 120 25 599,340.95 0.56%
168 < Rem Term <= 180 1,140 72,611,942.36 67.41%
204 < Rem Term <= 216 1 58,180.60 0.05%
228 < Rem Term <= 240 114 5,991,514.38 5.56%
348 < Rem Term <= 360 384 28,140,094.40 26.13%
- -------------------------------------------------------------------
Total............ 1,670 107,711,655.82 100.00%
===================================================================
</TABLE>
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>
<PAGE>
- --------------------------------------------------------------------------------
- ACCESS ARMs COLLATERAL
- Cut Off Date of Tape is 8/1/96
- 6mo LIBORs
- $99,885,343.08
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Number of Mortgage Loans: 1,031
Aggregate Unpaid Principal Balance: $99,885,343.08
Aggregate Original Principal Balance: $99,945,739.08
- --------------------------------------------------------------------------------
Weighted Average Coupon (Net): 9.301% (gross rate - service fee - trustee fee)
Net Coupon Range: 6.737% - 13.462%
Weighted Average Coupon (Gross): 9.789%
Gross Coupon Range: 7.225% - 13.950%
- --------------------------------------------------------------------------------
Weighted Average Margin (Net): 6.012% (gross margin - service fee - trustee fee)
Net Margin Range: 2.513% - 10.013%
Weighted Average Life Cap (Net): 15.939% (gross life cap - service fee - trustee fee)
Net Life Cap Range: 13.394% - 20.013%
Weighted Average Life Floor (Net): 9.094% (gross life floor - service fee - trustee fee)
Net Life Floor Range: 4.638% - 13.463%
Weighted Average Margin (Gross): 6.500%
Gross Margin Range: 3.000% - 10.500%
Weighted Average Life Cap (Gross): 16.427%
Gross Life Cap Range: 13.881% - 20.500%
Weighted Average Life Floor (Gross): 9.581%
Gross Life Floor Range: 5.125% - 13.950%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $96,882.00
Average Original Principal Balance: $96,940.58
Maximum Unpaid Principal Balance: $400,000.00
Minimum Unpaid Principal Balance: $9,947.40
Maximum Original Principal Balance: $400,000.00
Minimum Original Principal Balance: $9,996.17
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 356.328
Stated Rem Term Range: 118.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.091
Age Range: 0.000 - 8.000
Weighted Average Original Term to Mat/Bln Date 357.420
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 76.026
Original LTV Range: 10.000% - 90.000%
Weighted Average Current LTV: 75.982
Current LTV Range: 10.000% - 90.000%
Weighted Average Combined LTV: 76.080
Current LTV Range: 16.000% - 90.000%
Weighted Average Periodic Interest Cap: 1.039%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 6.935
Months to Interest Roll Range: 1 - 36
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
FOLLOWING TERMS ARE TO AMORTIZED MATURITY
=========================================
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 357.944
Stated Rem Term Range: 118.000 - 360.000
Weighted Average Original Term: 359.035
Original Term Range: 120.000 - 360.000
</TABLE>
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>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
AL 14 1,014,198.42 1.02
AZ 16 1,710,435.30 1.71
CA 90 13,087,934.05 13.10
CO 23 2,007,013.60 2.01
CT 35 4,786,208.18 4.79
DC 1 74,961.15 0.08
DE 3 279,250.00 0.28
FL 41 3,569,846.83 3.57
GA 11 1,288,421.36 1.29
IA 13 662,261.91 0.66
ID 8 516,600.00 0.52
IL 10 1,172,094.35 1.17
IN 6 376,768.83 0.38
KS 3 293,164.71 0.29
MA 23 2,440,308.69 2.44
MD 40 4,844,476.56 4.85
MI 215 15,136,234.08 15.15
MN 58 4,816,928.13 4.82
MO 9 703,528.32 0.70
MT 3 207,568.67 0.21
NC 2 124,000.00 0.12
NE 1 46,500.00 0.05
NH 5 446,734.44 0.45
NJ 37 4,432,805.25 4.44
NM 1 92,705.42 0.09
NV 12 1,133,192.26 1.13
NY 4 766,173.31 0.77
OH 21 1,543,694.37 1.55
OR 38 4,310,359.77 4.32
PA 35 3,689,662.41 3.69
RI 27 2,471,205.59 2.47
SC 7 457,724.32 0.46
SD 2 82,791.00 0.08
TN 2 377,564.05 0.38
TX 67 7,987,930.13 8.00
UT 37 3,689,271.79 3.69
VA 5 779,319.48 0.78
WA 31 3,472,345.26 3.48
WI 68 4,642,190.99 4.65
WV 7 350,970.10 0.35
- --------------------------------------------------------------------------
Total............... 1031 $ 99,885,343.08 100.00%
==========================================================================
</TABLE>
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>
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aggregate Percent of
Combined Unpaid Aggregate
Loan-To-Value Number of Percent of Principal Principal
Ratio Loans Loan Count Balance Balance
<C> <C> <C> <C> <C>
15.000 < CLTV <= 20.000 4 .39 144,900.55 0.15
20.000 < CLTV <= 25.000 1 .10 24,853.89 0.02
25.000 < CLTV <= 30.000 4 .39 143,972.86 0.14
30.000 < CLTV <= 35.000 1 .10 35,984.84 0.04
35.000 < CLTV <= 40.000 13 1.26 818,545.89 0.82
40.000 < CLTV <= 45.000 13 1.26 958,290.23 0.96
45.000 < CLTV <= 50.000 19 1.84 1,153,006.98 1.15
50.000 < CLTV <= 55.000 25 2.42 1,942,287.80 1.94
55.000 < CLTV <= 60.000 36 3.49 2,458,421.61 2.46
60.000 < CLTV <= 65.000 66 6.40 5,080,486.97 5.09
65.000 < CLTV <= 70.000 117 11.35 10,409,424.68 10.42
70.000 < CLTV <= 75.000 158 15.32 15,538,777.95 15.56
75.000 < CLTV <= 80.000 411 39.86 41,284,114.59 41.33
80.000 < CLTV <= 85.000 102 9.89 11,425,502.86 11.44
85.000 < CLTV <= 90.000 61 5.92 8,466,771.38 8.48
- -------------------------------------------------------------------------------------
Total.................... 1,031 100.00% 99,885,343.08 100.00%
=====================================================================================
</TABLE>
Distribution of Outstanding Loan Balances as of the Cut-Off Date
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aggregate Unpaid % of Aggr
Percent of Loan Balance Unpaid Loan
Range of Number of Number As of the Balance as of
Loan Balances Loans of Loans Cut-Off Date the Cut-Off Date
<S> <C> <C> <C> <C> <C>
0 < Balance <= 50,000 212 20.56 7,963,346.85 7.97
50,000 < Balance <= 100,000 454 44.03 34,502,519.58 34.54
100,000 < Balance <= 150,000 215 20.85 26,117,395.87 26.15
150,000 < Balance <= 200,000 86 8.34 14,963,078.09 14.98
200,000 < Balance <= 250,000 37 3.59 8,496,017.14 8.51
250,000 < Balance <= 300,000 19 1.84 5,143,866.03 5.15
300,000 < Balance <= 350,000 6 .58 1,918,106.87 1.92
350,000 < Balance <= 400,000 2 .19 781,012.65 0.78
- --------------------------------------------------------------------------------------
Total.................... 1,031 100.00% 99,885,343.08 100.00%
======================================================================================
</TABLE>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
<S> <C> <C> <C>
1 Owner Occ. 982 96,499,317.69 96.61
1 Non Owner Occ. 45 3,241,237.57 3.24
2 Owner Occ. 3 103,159.59 0.10
2 Non Owner Occ. 1 41,628.23 0.04
- ----------------------------------------------------------------------------
Total.................. 1031 $ 99,885,343.08 100.00%
============================================================================
</TABLE>
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>
<PAGE>
AGE IN MONTHS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aggregate Percent of
Unpaid Aggregate
Number of Percent of Principal Principal
Age Loans Loan Count Balance Balance
<S> <C> <C> <C> <C>
0 < Age <= 6 1,028 99.71 99,815,295.13 99.93
6 < Age <= 12 3 .29 70,047.95 .07
- ------------------------------------------------------------------------------------
Total.................... 1,031 100.00% 99,885,343.08 100.00%
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
PROPERTY TYPE
- --------------------------------------------------------------------------------
Total
# Current %
Loan Feature Loan Balance Pool
<S> <C> <C> <C> <C>
3/4 3-4 Fam. 7 $935,607.10 .94
CDO Condo. 16 $1,242,045.17 1.24
DUP Duplex 27 $1,999,623.69 2.00
DWH Double Wide (Man.House) 8 $581,748.55 .58
MOD Modular (Man.House) 4 $203,300.00 .20
PUD PUD 3 $359,350.00 .36
ROW Row House 9 $709,492.06 .71
SFR Single Family 946 $92,906,226.23 93.01
TWN Town House 11 $947,950.28 .95
- --------------------------------------------------------------------------------
Total..... 1,031 $99,885,343.08 100.00%
================================================================================
</TABLE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
108 < Rem Term <= 120 2 21,826.94 0.02%
168 < Rem Term <= 180 18 1,350,528.35 1.35%
228 < Rem Term <= 240 2 78,378.83 0.08%
348 < Rem Term <= 360 1,009 98,434,608.96 98.55%
- -------------------------------------------------------------------
Total............ 1,031 99,885,343.08 100.00%
===================================================================
</TABLE>
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>
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
7.00% < Gross Coupon <= 7.50% 4 510,162.54 0.51
7.50% < Gross Coupon <= 8.00% 33 3,309,357.10 3.31
8.00% < Gross Coupon <= 8.50% 55 5,370,541.03 5.38
8.50% < Gross Coupon <= 9.00% 150 17,497,168.07 17.52
9.00% < Gross Coupon <= 9.50% 162 16,438,497.46 16.46
9.50% < Gross Coupon <= 10.00% 203 20,965,186.51 20.99
10.00% < Gross Coupon <= 10.50% 141 12,567,287.19 12.58
10.50% < Gross Coupon <= 11.00% 121 11,505,505.56 11.52
11.00% < Gross Coupon <= 11.50% 67 5,281,321.15 5.29
11.50% < Gross Coupon <= 12.00% 58 4,281,056.14 4.29
12.00% < Gross Coupon <= 12.50% 16 983,839.71 0.98
12.50% < Gross Coupon <= 13.00% 12 820,387.82 0.82
13.00% < Gross Coupon <= 13.50% 8 325,032.80 0.33
13.50% < Gross Coupon <= 14.00% 1 30,000.00 0.03
- ----------------------------------------------------------------------------
Total.......... 1031 $ 99,885,343.08 100.00%
============================================================================
</TABLE>
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
<S> <C> <C> <C>
13.50 < Life Cap <= 14.00 3 250,377.88 0.25
14.00 < Life Cap <= 14.50 13 1,419,068.10 1.42
14.50 < Life Cap <= 15.00 56 6,350,341.97 6.36
15.00 < Life Cap <= 15.50 104 9,767,620.46 9.78
15.50 < Life Cap <= 16.00 208 22,906,206.57 22.93
16.00 < Life Cap <= 16.50 166 16,136,790.67 16.16
16.50 < Life Cap <= 17.00 188 18,168,102.30 18.19
17.00 < Life Cap <= 17.50 114 9,756,400.32 9.77
17.50 < Life Cap <= 18.00 90 8,300,731.78 8.31
18.00 < Life Cap <= 18.50 47 3,982,978.71 3.99
18.50 < Life Cap <= 19.00 31 2,363,364.79 2.37
19.00 < Life Cap <= 19.50 8 303,349.89 0.30
19.50 < Life Cap <= 20.00 2 100,000.00 0.10
20.00 < Life Cap <= 20.50 1 80,009.64 0.08
- --------------------------------------------------------------------------
Total................. 1,031 $ 99,885,343.08 100.00%
==========================================================================
</TABLE>
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>
<PAGE>
GROSS MARGIN
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate Number of
Principal Principal Mortgage Percent of
Gross Margin Balance Balance Loans Loan Count
<S> <C> <C> <C> <C>
10.00% < Margin <= 10.25% 41,036.79 .04 2 .19
10.25% < Margin <= 10.50% 26,000.00 .03 1 .10
2.75% < Margin <= 3.00% 83,744.63 .08 1 .10
3.25% < Margin <= 3.50% 100,500.00 .10 1 .10
4.00% < Margin <= 4.25% 494,477.08 .50 4 .39
4.25% < Margin <= 4.50% 233,690.91 .23 2 .19
4.50% < Margin <= 4.75% 1,720,151.64 1.72 13 1.26
4.75% < Margin <= 5.00% 2,757,492.93 2.76 20 1.94
5.00% < Margin <= 5.25% 3,683,846.71 3.69 29 2.81
5.25% < Margin <= 5.50% 5,985,548.63 5.99 61 5.92
5.50% < Margin <= 5.75% 5,604,540.78 5.61 48 4.66
5.75% < Margin <= 6.00% 10,481,902.15 10.49 99 9.60
6.00% < Margin <= 6.25% 14,246,596.96 14.26 135 13.09
6.25% < Margin <= 6.50% 12,767,307.71 12.78 121 11.74
6.50% < Margin <= 6.75% 5,595,285.80 5.60 69 6.69
6.75% < Margin <= 7.00% 9,509,995.65 9.52 106 10.28
7.00% < Margin <= 7.25% 6,684,732.48 6.69 74 7.18
7.25% < Margin <= 7.50% 6,560,661.64 6.57 73 7.08
7.50% < Margin <= 7.75% 3,906,475.79 3.91 51 4.95
7.75% < Margin <= 8.00% 4,203,533.47 4.21 41 3.98
8.00% < Margin <= 8.25% 1,166,936.44 1.17 18 1.75
8.25% < Margin <= 8.50% 1,162,483.51 1.16 15 1.45
8.50% < Margin <= 8.75% 719,981.16 .72 11 1.07
8.75% < Margin <= 9.00% 1,224,662.14 1.23 20 1.94
9.00% < Margin <= 9.25% 340,624.63 .34 5 .48
9.25% < Margin <= 9.50% 365,701.17 .37 6 .58
9.50% < Margin <= 9.75% 135,552.07 .14 3 .29
9.75% < Margin <= 10.00% 81,880.21 .08 2 .19
- -------------------------------------------------------------------------------------
Total.................... 99,885,343.08 100.00 1,031 100.00
=====================================================================================
</TABLE>
NEXT INTEREST ROLLDATE DATE
<TABLE>
<CAPTION>
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate Weighted
Roll Mortgage Principal Principal Average
Date Loans Balance Balance Coupon
<S> <C> <C> <C> <C>
09/01/96 10 $913,389.24 00.91 9.813
10/01/96 29 $3,163,711.46 03.17 9.855
11/01/96 175 $17,231,204.78 17.25 9.743
12/01/96 331 $29,391,019.29 29.42 9.744
01/01/97 279 $27,788,444.05 27.82 9.789
02/01/97 121 $10,712,082.36 10.72 9.541
03/01/97 1 $95,200.00 00.10 8.225
05/01/98 20 $2,867,454.78 02.87 9.821
06/01/98 39 $4,814,160.11 04.82 10.100
07/01/98 15 $1,722,129.30 01.72 10.624
08/01/98 3 $543,500.00 00.54 10.873
05/01/99 4 $272,000.00 00.27 12.031
06/01/99 1 $117,499.18 00.12 11.700
07/01/99 3 $253,548.53 00.25 10.538
- --------------------------------------------------------------------------
Total........ 1031 $99,885,343.08 100.00% 9.789
==========================================================================
</TABLE>
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>
<PAGE>
DISTRIBUTION OF
MINIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
<S> <C> <C> <C>
5.00 < Life Floor <= 5.50 1 198,000.00 0.20
6.00 < Life Floor <= 6.50 4 591,823.38 0.59
6.50 < Life Floor <= 7.00 8 1,055,624.68 1.06
7.00 < Life Floor <= 7.50 12 1,362,512.54 1.36
7.50 < Life Floor <= 8.00 45 4,946,015.91 4.95
8.00 < Life Floor <= 8.50 74 7,321,171.46 7.33
8.50 < Life Floor <= 9.00 160 17,890,020.11 17.91
9.00 < Life Floor <= 9.50 163 16,019,948.67 16.04
9.50 < Life Floor <= 10.00 193 19,727,036.04 19.75
10.00 < Life Floor <= 10.50 121 10,670,327.53 10.68
10.50 < Life Floor <= 11.00 116 10,505,136.45 10.52
11.00 < Life Floor <= 11.50 60 4,528,710.34 4.53
11.50 < Life Floor <= 12.00 43 3,248,378.24 3.25
12.00 < Life Floor <= 12.50 14 788,470.17 0.79
12.50 < Life Floor <= 13.00 11 783,189.64 0.78
13.00 < Life Floor <= 13.50 5 218,977.92 0.22
13.50 < Life Floor <= 14.00 1 30,000.00 0.03
- --------------------------------------------------------------------------
Total................. 1,031 $ 99,885,343.08 100.00%
==========================================================================
</TABLE>
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.
