- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 11, 1996
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement,
dated as of June 1, 1996, providing for the issuance of AFC Mortgage Loan
Asset Backed Certificates, Series 1996-2)
Superior Bank FSB
-----------------
(Exact name of registrant as specified in its charter)
United States 333-4492 36-1414142
------------- -------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ---------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
<PAGE>
-2-
Item 5. OTHER EVENTS.
On or about June 19, 1996, the Registrant will cause the issuance and sale
of approximately $225,000,000 initial principal amount of AFC Mortgage Loan
Asset Backed Certificates, Series 1996-2, Class 1A-1, Class 1A-2, Class 1A-3,
Class 1A-4, Class 1A-5, Class 1A-6, Class 2A and Class R (collectively, the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
June 1, 1996, among the Registrant, Lee Servicing Company, a division of the
Registrant, as servicer and LaSalle National Bank as trustee.
In connection with the sale of AFC Mortgage Loan Asset Backed Certificates,
Series 1996-2, Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class
1A-6 and Class 2A (collectively, the "Underwritten Certificates"), the
Registrant has been advised by Merrill Lynch, Pierce, Fenner & Smith
Incorporated and J.P. Morgan Securities Inc. (together, the "Underwriters") that
the Underwriters have furnished to prospective investors certain yield tables
and other computational materials, collateral term sheets and structural term
sheets (the "Computational Materials") with respect to the Underwritten
Certificates following the effective date of Registration Statement No.
333-4492, which Computational Materials are being filed as exhibits to this
report.
The information in the Computational Materials will be superseded by the
Prospectus Supplement relating to the Certificates and by any other information
subsequently filed with the Securities and Exchange Commission.
The Computational Materials were prepared by the Underwriters at the
request of certain prospective investors, based on assumptions provided by, and
satisfying the special requirements of, such prospective investors. The
Computational Materials may be based on assumptions that differ from the
assumptions set forth in the Prospectus Supplement. The Computational Materials
may not include, and do not purport to include, information based on assumptions
representing a complete set of possible scenarios. Accordingly, the
Computational Materials may not be relevant to or appropriate for investors
other than those specifically requesting them.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Underwritten Certificates (the "Mortgage Loans") may differ
from the assumptions used in the Computational Materials, which are hypothetical
in nature and which were provided to certain investors only to give a general
sense of how the yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of a particular class of Underwritten
Certificates might vary under varying prepayment and other scenarios. Any
difference between such assumptions and the actual characteristics and
performance of the Mortgage Loans will affect the actual yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of the Underwritten Certificates.
<PAGE>
-3-
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) FINANCIAL STATEMENTS.
Not Applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not Applicable.
(c) EXHIBITS
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
- ----------- -------------- -----------
1 99 Computational Materials
<PAGE>
-4-
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.
SUPERIOR BANK FSB
By:/s/ WILLIAM C. BRACKEN
----------------------------------
Name: William C. Bracken
Title: Senior Vice President
and Chief Financial Officer
Dated: June 12, 1996
<PAGE>
-5-
EXHIBIT INDEX
Exhibit No. Description Page
- ---------- ----------- ----
1 Computational Materials 6
COMPUTATIONAL MATERIALS, COLLATERAL TERM SHEET AND STRUCTURAL
TERM SHEET DATED JUNE 11, 1996
AFC Mortgage Loan Asset Backed Certificates, Series 1996-2
$225,000,000 (Approximate)
Subject to Revision
DEPOSITOR: Superior Bank FSB, will deposit into the Trust Fund
mortgages loans originated or purchased by the Alliance
Funding Division, the Centennial Mortgage Division, or the
Statewide Capital Division.
SERVICER: The Lee Servicing Company division of the Depositor
TRUSTEE: LaSalle National Bank
UNDERWRITER: Merrill Lynch & Co. (Lead) and JP Morgan & Co. (Co.)
<TABLE>
<CAPTION>
Ratings Beg. Amort. End Amort.
Class Amount (Moody's/S&P) WAL (Mo./Date) (Mo./Date)
<S> <C> <C> <C> <C> <C>
To Maturity:
1A-1 $64,000,000 Aaa/AAA 1.56 1 (7/96) 34 (4/99)
1A-2 $10,000,000 Aaa/AAA 3.05 34 (4/99) 39 (9/99)
1A-3 $24,000,000 Aaa/AAA 4.03 39 (9/99) 59 (5/01)
1A-4 $9,000,000 Aaa/AAA 5.31 59 (5/01) 69 (3/02)
1A-5 $25,000,000 Aaa/AAA 7.53 69 (3/02) 121 (7/06)
1A-6 $11,000,000 Aaa/AAA 12.78 121 (7/06) 206 (8/13)
To Maturity:
2A-1 $82,000,000 Aaa/AAA 4.23 1 (7/96) 362 (8/26)
To Call:
1A-6 $11,000,000 Aaa/AAA 11.54 121 (7/06) 143 (5/08)
2A-1 $82,000,000 Aaa/AAA 4.05 1 (7/96) 156 (6/09)
</TABLE>
CUT-OFF DATE: June 1, 1996
EXP. PRICING: Week of June 10, 1996
EXP. SETTLEMENT: Week of June 17, 1996
STATED FINAL
MATURITY: September 25, 2027
INTEREST/
PRINCIPAL: The 25th day of each month (or if such 25th day is not a
business day, the next succeeding business day), commencing
on July 25, 1996.
SMMEA: The Class 1A Certificates will not be SMMEA eligible.
The Class 2A Certificates will not be SMMEA eligible until
such time as the balance of the Adjustable Rate Pool
Pre-Funding Account is reduced to zero.
<PAGE>
ERISA: The Class 1A and 2A Certificates will not be ERISA eligible
until such time as the balance of each respective Sub Pool
Pre-Funding Account is reduced to zero.
TAX STATUS: A REMIC election will be made with respect to certain assets
of the Trust.
COLLATERAL: Sub Pool 1: conventional, fixed-rate mortgage loans secured
by first or second liens on one- to four-family residential
properties ("Single Family Properties") or residential
properties consisting of five or more dwelling units
including mixed residential and commercial structures
("Multi-Family Properties") plus Sub-Pool 1 pre-funding
account.
Sub Pool 2: conventional, adjustable rate mortgage loans
secured by first liens on one- to four-family residential
properties indexed to 1-Year CMT and 6 Month LIBOR plus
Sub-Pool 2 pre-funding account.
CREDIT
ENHANCEMENT: Overcollateralization including Cross Collateralization of
the sub pools, plus 100% FGIC Guarantee of timely receipt of
interest on the Class A Certificates and ultimate receipt of
principal on the Class A Certificates.
INITIAL
OVERCOLLATERAL-
IZATION: Credit Enhancement with respect to the Class 1A and 2A
Certificates will be provided in part by the Initial
Overcollateralization Amount for Sub-Pool 1 and Sub-Pool 2
resulting from the sum of each respective Original Sub-Pool
Principal Balance and the Original Sub-Pool Pre-Funded
Amount exceeding the initial Class A Certificate Principal
Balance as of the Closing Date.
CROSS
COLLATERAL-
IZATION: On any Remittance Date prior to the Cross-Over Date on which
the Overcollateralization Amount for a Sub-Pool is less than
the Required Overcollateralization Amount for such Sub-Pool,
the Excess Spread for such Sub-Pool plus the Excess Spread
and Excess Principal from the other Sub-Pool, if any, will
be used to make additional distributions of principal on the
Related Class of Class A Certificates until such
Overcollateralization Amount equals the related Required
Overcollateralization Amount for such Sub-Pool.
2
<PAGE>
PRE-FUNDING ACCOUNTS:
Original Sub-Pool 1 Pre-Funding Amount: $53,510,393.37 (approximate)
Original Sub-Pool 2 Pre-Funding Amount: $31,641,122.34 (approximate)
The Original Sub-Pool 1 and Original Sub-Pool 2 Pre-Funding Amounts will be
reduced during the funding period (approx. 2 months) by the amounts thereof used
to purchase the related Subsequent Mortgage Loans. Any amount remaining at the
end of the Funding Period in Sub-Pool 1 and Sub-Pool 2 Pre-Funding Accounts will
be used to prepay principal pro rata to the Class 1 A and Class 2 A
Certificates, respectively.
SUPPLEMENTAL INTEREST:
On any Remittance Date through January 25, 1997 or such other date as specified
in the Prospectus, Holders of the Class 2A Certificates will be entitled to
supplemental payments of interest (the "Supplemental Interest"), pursuant to a
Cap Agreement in an amount equal to the excess of (1) the amount of interest
calculated at the Class 2A Pass-Through Rate without giving effect to the
Available Funds Cap Rate, over (2) the amount of interest otherwise due to the
Holders of the Class 2A Certificates calculated at the Class 2A Pass-Through
Rate after giving effect to the Available Funds Cap Rate.
INTEREST DISTRIBUTIONS:
Class 1A Certificates:
On each Remittance Date, interest will be paid on each class of the Class 1A
Certificates in an amount equal to 30 days' interest at the related Class 1A
Pass-Through Rate on the related Class 1A Principal Balance thereof.
Class 1A Interest
Certificate Accrual P-T Rate Settlement
1A-1 Actual/360 Variable(1) W/O Accrued
1A-2 30/360 Fixed W/ Accrued
1A-3 30/360 Fixed W/ Accrued
1A-4 30/360 Fixed W/ Accrued
1A-5 30/360 Fixed W/ Accrued
1A-6(2) 30/360 Fixed W/ Accrued
(1) Interest will accrue at the Class 1A-1 Pass-Through Rate from the preceding
Remittance Date (or from the Closing Date in the case of the first Remittance
Date) to and including the day prior to the current Remittance Date on the
outstanding principal balance of the Class 1A-1 Certificates. The Class 1A-1
Pass Through Rate will be equal to the lesser of (1) One-Month LIBOR plus [ ]%,
(2) the weighted average of the Sub-Pool 1 Mortgage Rates minus the sum of,
3
<PAGE>
with respect to Sub-Pool 1, (a) the Servicing Fee Rate, (b) the rate at which
the Annual Trustee Expense Amount is calculated and (c) the rate at which
premiums are payable to the Certificate Insurer (approximately 0.81%), and (3)
10% or such other rate as specified in the Prospectus.
(2) Interest will accrue at the lesser of the Class 1A-6 Pass-Through Rate and
the weighted average of the Sub-Pool 1 Mortgage Rates minus the sum of, with
respect to Sub-Pool 1, (a) the Servicing Fee Rate, (b) the rate at which the
Annual Trustee Expense Amount is calculated, and (c) the rate at which premiums
are payable to the Certificate Insurer (approximately 0.81%).
Class 2A-1 Certificates:
Prior to the availability of the 5% clean-up call:
On each Remittance Date, interest will accrue at the Class 2A-1 Pass-Through
Rate from the preceding Remittance Date (or from the Closing Date in the case of
the first Remittance Date) to and including the day prior to the current
Remittance Date on the outstanding principal balance of the Class 2A-1
Certificates. All calculations of interest on the Class 2A-1 Certificates will
be computed on the basis of the actual number of days elapsed in the related
interest period and in a year of 360 days. The Class 2A-1 Pass-Through Rate will
be equal to the least of (1) [ ]% (the "Class 2A-1 Cap Rate"), (2) One-Month
LIBOR plus [ ]% and (3) the weighted average of the Sub-Pool 2 Mortgage Rates
minus the sum of, with respect to Sub-Pool 2, (a) the Servicing Fee Rate, (b)
the rate at which the Annual Trustee Expense Amount is calculated, (c) the rate
at which premiums are payable to the Certificate Insurer and (d) with respect to
Remittance Dates occurring on the twelfth Remittance Date, 0.65% per annum, the
thirteenth Remittance Date, 0.70% and thereafter, 0.85% (the "Available Net
Funds Cap Rate").
The Class 2A-1 Pass-Through Rate will increase on and after the date on which
the 5% clean-up call becomes available but is not exercised, subject to the
Available Net Funds Cap Rate.
PRINCIPAL DISTRIBUTIONS:
The Class 1A Certificates:
The Class 1A Certificates will receive payments of principal from the Sub Pool 1
Mortgage Loans as follows: first to the Class 1A-1 Certificates until their
respective Certificate Balance has been reduced to zero; second to the Class
1A-2 Certificates until their respective Certificate Balance has been reduced to
zero; third to the Class 1A-3 Certificates until their respective Certificate
Balance has been reduced to zero; fourth to the Class 1A-4 Certificates until
their respective Certificate Balance has been reduced to zero; fifth to the
Class 1A-5 Certificates until their respective Certificate Balance has been
reduced to zero; sixth to the Class 1A-6
4
<PAGE>
Certificates until their respective Certificate Balance has been reduced to
zero.
The Class 2A-1 Certificates will receive payments of principal from Sub Pool 2
Mortgage Loans concurrently with the Class 1A Certificates' receipt of payments
of principal from Sub Pool 1.
Excess Spread from each Sub Pool will be allocated first to the respective Sub
Pool's Certificates and second to the other Sub Pool's Certificates to reach and
maintain each respective Sub Pool's Required Overcollateralization Amount.
Excess Principal from one Sub Pool may be allocated to the other Sub Pool to
maintain the Required Overcollateralization Amount.
OPTIONAL TERMINATION:
On any Distribution Date on which the outstanding aggregate principal balance of
the Mortgage Loans in a Sub-Pool is less than 5% of the aggregate principal
balance of the Mortgage Loans as of the Cut-off Date.
5
<PAGE>
MORTGAGE POOL CHARACTERISTICS
Sub Pool 1 (Fixed Rate as of June 1, 1996):
Initial Home Equity Loan Principal Balance: $91,623,068.53
Properties secured by 1st/2nd Liens: 69.87%/30.13%
Weighted Average Coupon: 11.15%
Weighted Average CLTV: 75.54%
Weighted Average Rem. Term: 221 mos
Weighted Average Original Term: 223 mos
Geographic Distribution: 24 States and D.C.
States w/ >5% Concentrations: NY-27.62%, CO-
11.99%, UT-9.16%,
NJ 7.57%,IL-6.16%,
FL-5.73%
Balloons (30's due in 15): 42.75%
Occupancy-
Owner Occupied: 91.99%
Investor Owned: 8.01%
Property Type-
Condominium: 0.87%
Mixed use: 3.16%
Multi Family: 4.68%
Single Family: 82.77%
2-4 Family: 8.52%
Loan Purpose-
Purchase: 13.20%
Refinance: 9.68%
Cashout: 77.12%
6
<PAGE>
Sub Pool 2 (Adjustable Rate as of June 1, 1996):
Initial Home Equity Loan Principal Balance: $53,157,223.06
Weighted Average Coupon: 9.48%
Weighted Average Lifetime Cap: 15.45%
Weighted Average Lifetime Floor: 9.45%
Weighted Average Gross Margin: 6.12%
Negative Amortization: None
Weighted Average Rem. Term: 359 mos.
Weighted Average Original Term: 360 mos
Properties secured by 1st Liens: 100.00%
Weighted Average CLTV: 78.13%
Geographic Distribution: 22 States and D.C.
States w/ >5% Concentrations: NY-19.58%, IL-
14.80%,
CO-11.86%, MI-
9.82%, NJ-9.52%,
CT-5.44%
Balloons: 0%
Occupancy-
Owner Occupied: 95.31%
Investor: 4.69%
Property Type-
Condominium: 0.46%
Single Family: 90.72%
2-4 Family: 8.82%
Loan Purpose-
Purchase: 39.13%
Refinance: 6.73%
Cashout: 54.14%
7
<PAGE>
ALLIANCE 1996-2
CURRENT BALANCE REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
CURBAL Balance Balance Loans
=======================================================
$ 1 - $10,000 23,357.47 0.03 3
$10,001 - $20,000 3,285,449.69 3.59 210
$20,001 - $30,000 6,367,988.66 6.95 254
$30,001 - $40,000 6,490,908.35 7.08 185
$40,001 - $50,000 6,817,335.50 7.44 149
$50,001 - $60,000 6,078,970.54 6.63 109
$60,001 - $70,000 6,403,864.66 6.99 98
$70,001 - $80,000 6,638,123.14 7.25 89
$80,001 - $90,000 4,955,675.91 5.41 58
$90,001 - $100,000 5,206,350.95 5.68 54
$100,001 - $110,000 3,789,853.44 4.14 36
$110,001 - $120,000 5,053,021.44 5.52 44
$120,001 - $130,000 4,487,832.14 4.90 36
$130,001 - $140,000 3,503,863.56 3.82 26
$140,001 - $150,000 2,751,592.22 3.00 19
$150,001 - $160,000 2,953,383.69 3.22 19
$160,001 - $170,000 2,311,180.84 2.52 14
$170,001 - $180,000 1,749,443.35 1.91 10
$180,001 - $190,000 911,468.51 1.00 5
$190,001 - $200,000 1,561,933.32 1.70 8
$200,001 - $250,000 5,379,504.29 5.87 24
$250,001 - $300,000 1,655,065.90 1.81 6
$300,001 - $350,000 973,288.31 1.06 3
$350,001 - $400,000 1,127,942.92 1.23 3
$400,001 - $450,000 430,237.28 0.47 1
$700,001 - $750,000 715,432.45 0.78 1
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
STATE REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
STATE Balance Balance Loans
=======================================================
ARIZONA 2,064,989.54 2.25 42
CALIFORNIA 2,410,072.45 2.63 33
COLORADO 10,988,459.21 11.99 195
CONNECTICUT 2,529,122.30 2.76 43
DELAWARE 331,109.08 0.36 4
DIST OF COLOMBIA 389,404.86 0.43 5
FLORIDA 5,249,160.46 5.73 110
GEORGIA 1,173,387.95 1.28 22
ILLINOIS 5,644,800.40 6.16 87
INDIANA 971,619.66 1.06 16
KENTUCKY 126,700.00 0.14 1
MARYLAND 3,966,091.28 4.33 59
MASSACHUSETTS 100,000.00 0.11 1
MICHIGAN 1,195,085.55 1.30 15
NEVADA 671,413.68 0.73 8
NEW JERSEY 6,939,970.73 7.57 82
NEW MEXICO 1,854,990.87 2.03 25
NEW YORK 25,310,053.46 27.62 285
NORTH CAROLINA 1,154,483.42 1.26 21
OHIO 1,247,092.74 1.36 24
OREGON 1,682,593.36 1.84 28
PENNSYLVANIA 5,907,599.69 6.45 99
UTAH 8,391,050.66 9.16 238
VIRGINIA 109,185.22 0.12 3
WASHINGTON 1,214,631.96 1.33 18
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
LOAN TO VALUE REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
LTOV2 Balance Balance Loans
=======================================================
5.01% - 10.00% 11,216.68 0.01 1
10.01% - 15.00% 49,719.65 0.05 2
15.01% - 20.00% 192,407.18 0.21 5
20.01% - 25.00% 203,904.73 0.22 6
25.01% - 30.00% 502,416.97 0.55 8
30.01% - 35.00% 495,223.79 0.54 8
35.01% - 40.00% 766,229.58 0.84 14
40.01% - 45.00% 1,479,329.39 1.62 20
45.01% - 50.00% 2,211,605.44 2.41 32
50.01% - 55.00% 3,540,305.31 3.86 46
55.01% - 60.00% 2,960,253.27 3.23 42
60.01% - 65.00% 6,069,299.87 6.62 83
65.01% - 70.00% 7,551,799.56 8.24 118
70.01% - 75.00% 9,011,253.02 9.84 127
75.01% - 80.00% 19,841,003.49 21.66 285
80.01% - 85.00% 18,962,584.42 20.70 330
85.01% - 90.00% 17,774,516.18 19.40 337
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
COUPON REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
COUPON Balance Balance Loans
=======================================================
8.00-8.24 388,378.49 0.42 3
8.25-8.49 138,804.75 0.15 3
8.50-8.74 395,757.28 0.43 6
8.75-8.99 1,960,092.36 2.14 29
9.00-9.24 931,912.31 1.02 13
9.25-9.49 4,423,703.70 4.83 48
9.50-9.74 2,841,536.93 3.10 41
9.75- 9.99 7,967,925.93 8.70 106
10.00-10.24 5,916,601.43 6.46 73
10.25-10.49 4,906,228.30 5.35 64
10.50-10.74 7,486,327.21 8.17 111
10.75-10.99 6,510,366.02 7.11 93
11.00-11.24 6,253,543.27 6.82 109
11.25-11.49 5,195,535.39 5.67 81
11.50-11.74 6,910,188.37 7.54 114
11.75-11.99 7,323,021.14 7.99 115
12.00-12.24 3,879,051.34 4.23 84
12.25-12.49 4,467,309.57 4.88 108
12.50-12.74 4,423,036.21 4.83 59
12.75-12.99 2,821,295.38 3.08 58
13.00-13.24 1,326,762.04 1.45 25
13.25-13.49 1,584,967.60 1.73 33
13.50-13.74 1,103,849.37 1.20 20
13.75-13.99 978,865.29 1.07 27
14.00-14.24 410,136.66 0.45 10
14.25-14.49 98,194.38 0.11 2
14.50-14.74 165,719.82 0.18 5
14.75-14.99 258,534.17 0.28 12
15.00-15.24 209,185.17 0.23 8
15.50-15.740 247,238.65 0.27 3
16.00-16.24 99,000.00 0.11 1
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
STATED REMAINING TERM REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
STDRTM2 Balance Balance Loans
=======================================================
108.01 - 120.00 619,746.67 0.67 20
132.01 - 144.00 44,900.00 0.05 2
156.01 - 168.00 879,351.92 0.96 8
168.01 - 180.00 61,854,178.86 67.51 1076
180.01 - 182.00 70,926.62 0.08 3
231.01 - 240.00 8,747,365.98 9.55 164
354.01 - 360.00 19,406,598.48 21.18 191
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
LOAN STATUS REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
LOANSTATUS Balance Balance Loans
=======================================================
LOAN STATUS I 24,976,934.74 27.26 426
LOAN STATUS II 8,566,307.13 9.35 161
LOAN STATUS III 7,532,670.94 8.22 97
LOAN STATUS IIISE 4,382,128.07 4.78 59
LOAN STATUS IV 9,051,269.57 9.88 174
LOAN STATUS V 1,006,571.25 1.10 19
AA 14,121,771.90 15.41 212
IVPI 1,940,253.28 2.12 29
ANIV 20,045,161.65 21.88 287
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
LOAN PURPOSE REPORT
FIXED RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
LOANPURP Balance Balance Loans
=======================================================
PURCHASE 12,092,455.55 13.20 116
REFINANCE 8,870,085.15 9.68 110
CASHOUT 70,660,527.83 77.12 1238
=======================================================
TOTALS: 91,623,068.53 100.00 1464
<PAGE>
ALLIANCE 1996-2
CURRENT BALANCE REPORT
ADJUSTABLE RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
CURBAL Balance Balance Loans
=======================================================
$10,001 - $20,000 14,400.00 0.03 1
$20,001 - $30,000 223,574.79 0.42 8
$30,001 - $40,000 524,397.79 0.99 15
$40,001 - $50,000 964,547.27 1.81 21
$50,001 - $60,000 1,760,696.31 3.31 32
$60,001 - $70,000 1,655,831.31 3.11 25
$70,001 - $80,000 2,340,743.52 4.40 31
$80,001 - $90,000 2,278,891.64 4.29 27
$90,001 - $100,000 3,759,057.64 7.07 39
$100,001 - $110,000 3,766,964.06 7.09 36
$110,001 - $120,000 3,326,307.90 6.26 29
$120,001 - $130,000 3,404,157.24 6.40 27
$130,001 - $140,000 3,001,530.29 5.65 22
$140,001 - $150,000 1,736,270.39 3.27 12
$150,001 - $160,000 2,957,227.72 5.56 19
$160,001 - $170,000 3,136,572.19 5.90 19
$170,001 - $180,000 2,108,145.96 3.97 12
$180,001 - $190,000 2,021,074.61 3.80 11
$190,001 - $200,000 1,753,687.55 3.30 9
$200,001 - $250,000 5,140,248.90 9.67 23
$250,001 - $300,000 3,248,175.71 6.11 12
$300,001 - $350,000 1,676,467.43 3.15 5
$350,001 - $400,000 1,928,564.06 3.63 5
$400,001 - $450,000 429,688.78 0.81 1
=======================================================
TOTALS: 53,157,223.06 100.00 441
<PAGE>
ALLIANCE 1996-2
STATE REPORT
ADJUSTABLE RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
STATE Balance Balance Loans
=======================================================
ARIZONA 1,303,281.02 2.45 12
CALIFORNIA 395,400.00 0.74 2
COLORADO 6,301,633.63 11.86 38
CONNECTICUT 2,893,556.97 5.44 18
DIST OF COLOMBIA 70,000.00 0.13 1
FLORIDA 206,548.87 0.39 3
GEORGIA 1,738,592.76 3.27 16
ILLINOIS 7,868,326.50 14.80 76
INDIANA 645,231.49 1.21 6
MARYLAND 924,244.58 1.74 7
MICHIGAN 5,220,531.17 9.82 61
NEVADA 345,000.00 0.65 1
NEW JERSEY 5,062,438.97 9.52 41
NEW MEXICO 95,000.00 0.18 1
NEW YORK 10,410,409.90 19.58 70
NORTH CAROLINA 702,631.45 1.32 6
OHIO 1,969,346.76 3.71 27
OREGON 403,333.26 0.76 3
PENNSYLVANIA 1,640,912.66 3.09 15
UTAH 2,172,528.20 4.09 18
VIRGINIA 160,741.00 0.30 1
WASHINGTON 2,385,247.50 4.49 15
WISCONSIN 242,286.37 0.46 3
=======================================================
TOTALS: 53,157,223.06 100.00 441
<PAGE>
ALLIANCE 1996-2
LOAN TO VALUE REPORT
ADJUSTABLE RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
LTOV2 Balance Balance Loans
=======================================================
15.01% - 20.00% 21,653.54 0.04 1
20.01% - 25.00% 50,000.00 0.09 1
25.01% - 30.00% 24,773.21 0.05 1
30.01% - 35.00% 401,847.81 0.76 4
35.01% - 40.00% 228,854.50 0.43 5
40.01% - 45.00% 274,864.82 0.52 4
45.01% - 50.00% 565,682.83 1.06 8
50.01% - 55.00% 192,245.49 0.36 3
55.01% - 60.00% 955,321.24 1.80 13
60.01% - 65.00% 2,718,101.18 5.11 24
65.01% - 70.00% 4,695,029.57 8.83 40
70.01% - 75.00% 7,201,710.49 13.55 60
75.01% - 80.00% 14,371,938.86 27.04 114
80.01% - 85.00% 13,698,862.67 25.77 101
85.01% - 90.00% 7,756,336.85 14.59 62
=======================================================
TOTALS: 53,157,223.06 100.00 441
<PAGE>
ALLIANCE 1996-2
COUPON REPORT
ADJUSTABLE RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
COUPON Balance Balance Loans
=======================================================
6.50-6.74 92,518.30 0.17 1
7.00-7.24 550,364.03 1.04 5
7.25-7.49 765,320.92 1.44 7
7.50-7.74 634,829.87 1.19 3
7.75-7.99 1,573,335.57 2.96 13
8.00-8.24 2,325,258.13 4.37 19
8.25-8.49 3,261,947.90 6.14 23
8.50-8.74 3,998,968.83 7.52 32
8.75-8.99 4,947,596.89 9.31 33
9.00-9.24 4,527,080.13 8.52 37
9.25-9.49 4,933,266.25 9.27 49
9.50-9.74 4,846,316.55 9.12 46
9.75-9.99 3,832,130.74 7.21 30
10.00-10.24 4,070,061.71 7.66 31
10.25-10.49 1,853,701.44 3.49 17
10.50-10.74 2,223,538.45 4.18 19
10.75-10.99 3,516,900.05 6.62 31
11.00-11.24 2,497,082.08 4.69 26
11.25-11.49 880,673.43 1.66 5
11.50-11.74 584,959.74 1.10 3
11.75-11.99 908,243.08 1.71 7
12.00-12.24 333,128.97 0.63 4
=======================================================
TOTALS: 53,157,223.06 100.00 441
<PAGE>
ALLIANCE 1996-2
STATED REMAINING TERM REPORT
ADJUSTABLE RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
STDRTM4 Balance Balance Loans
=======================================================
357 AND BELOW 5,029,437.91 9.46 38
358 13,210,991.27 24.85 111
359 25,027,253.88 47.08 211
360 9,889,540.00 18.67 81
=======================================================
TOTALS: 53,157,223.06 100.00 441
<PAGE>
ALLIANCE 1996-2
NEXT RATE ADJUSTMENT DATE
1 YEAR CMT
=======================================================
Total
Outstanding Percent Number
Principal of of
NRADATE Balance Balance Loans
=======================================================
96/08 201,866.73 0.71 2
96/09 648,719.74 2.28 5
96/10 8,169,130.85 28.65 68
96/11 13,482,627.60 47.29 121
96/12 5,303,290.00 18.60 45
97/01 50,636.90 0.18 1
97/03 59,806.05 0.21 1
97/04 80,520.77 0.28 1
97/05 244,995.16 0.86 2
97/06 268,959.74 0.94 1
=======================================================
TOTALS: 28,510,553.54 100.00 247
<PAGE>
ALLIANCE 1996-2
NEXT RATE ADJUSTMENT DATE
6 MONTH LIBOR
=======================================================
Total
Outstanding Percent Number
Principal of of
NRADATE Balance Balance Loans
=======================================================
96/07 282,896.24 1.15 2
96/08 1,293,425.17 5.25 9
96/09 1,603,680.57 6.51 12
96/10 5,041,860.42 20.45 43
96/11 11,404,722.63 46.27 89
96/12 5,020,084.49 20.37 39
=======================================================
TOTALS: 24,646,669.52 100.00 194
<PAGE>
ALLIANCE 1996-2
MARGIN REPORT
1 YEAR CMT
=======================================================
Total
Outstanding Percent Number
Principal of of
MARGIN Balance Balance Loans
=======================================================
3.75 - 3.99 912,414.03 3.20 8
4.25 - 4.49 30,079.28 0.11 1
4.50 - 4.74 1,907,512.42 6.69 15
4.75 - 4.99 146,898.84 0.51 1
5.00 - 5.24 1,406,681.48 4.93 13
5.25 - 5.49 2,966,790.79 10.41 16
5.50 - 5.74 1,130,887.15 3.97 9
5.75 - 5.99 2,823,818.80 9.90 24
6.00 - 6.24 4,373,987.97 15.34 49
6.25 - 6.49 1,881,571.63 6.60 17
6.50 - 6.74 3,084,589.34 10.82 19
6.75 - 6.99 1,981,636.01 6.95 21
7.00 - 7.24 815,550.61 2.86 9
7.25 - 7.49 1,896,047.12 6.65 16
7.50 - 7.74 1,737,719.76 6.09 18
7.75 - 7.99 467,285.33 1.64 4
8.00 - 8.24 395,257.42 1.39 3
8.25 - 8.49 455,825.56 1.60 3
8.50 - 8.74 96,000.00 0.34 1
=======================================================
TOTALS: 28,510,553.54 100.00 247
<PAGE>
ALLIANCE 1996-2
MARGIN REPORT
6 MONTH LIBOR
=======================================================
Total
Outstanding Percent Number
Principal of of
MARGIN Balance Balance Loans
=======================================================
3.75 - 3.99 444,068.30 1.80 4
4.50 - 4.74 1,340,220.90 5.44 11
4.75 - 4.99 1,209,557.75 4.91 6
5.00 - 5.24 2,190,951.14 8.89 19
5.25 - 5.49 2,322,395.08 9.42 16
5.50 - 5.74 915,928.48 3.72 7
5.75 - 5.99 2,040,438.97 8.28 19
6.00 - 6.24 1,456,886.01 5.91 16
6.25 - 6.49 2,192,388.07 8.90 15
6.50 - 6.74 1,004,279.07 4.07 7
6.75 - 6.99 2,485,252.46 10.08 22
7.00 - 7.24 1,814,272.77 7.36 12
7.25 - 7.49 1,560,089.68 6.33 13
7.50 - 7.74 621,791.50 2.52 5
7.75 - 7.99 1,654,518.18 6.71 12
8.00 - 8.24 296,319.66 1.20 2
8.25 - 8.49 297,311.50 1.21 3
8.50 - 8.74 800,000.00 3.25 5
=======================================================
TOTALS: 24,646,669.52 100.00 194
<PAGE>
ALLIANCE 1996-2
LIFECAP REPORT
1 YEAR CMT
=======================================================
Total
Outstanding Percent Number
Principal of of
LIFECAP Balance Balance Loans
=======================================================
13.00 -13.24 266,814.03 0.94 3
13.25 -13.49 697,320.92 2.45 6
13.50 -13.74 109,000.00 0.38 1
13.75 -13.99 1,117,934.78 3.92 9
14.00 -14.24 966,551.46 3.39 8
14.25 -14.49 1,000,524.69 3.51 9
14.50 -14.74 1,479,151.64 5.19 12
14.75 -14.99 3,404,859.16 11.94 21
15.00 -15.24 2,425,946.96 8.51 18
15.25 -15.49 3,080,254.28 10.80 33
15.50 -15.74 3,499,041.11 12.27 33
15.75 -15.99 2,051,533.35 7.20 16
16.00 -16.24 2,491,682.47 8.74 20
16.25 -16.49 534,110.96 1.87 5
16.50 -16.74 1,100,576.51 3.86 10
16.75 -16.99 2,044,908.66 7.17 21
17.00 -17.24 1,856,517.00 6.51 20
17.25 -17.49 167,889.10 0.59 1
17.75 -17.99 215,936.46 0.76 1
=======================================================
TOTALS: 28,510,553.54 100.00 247
<PAGE>
ALLIANCE 1996-2
LIFECAP REPORT
6 MONTH LIBOR
=======================================================
Total
Outstanding Percent Number
Principal of of
LIFECAP Balance Balance Loans
=======================================================
12.50 -12.74 92,518.30 0.38 1
13.00 -13.24 283,550.00 1.15 2
13.25 -13.49 68,000.00 0.28 1
13.50 -13.74 525,829.87 2.13 2
13.75 -13.99 506,037.69 2.05 5
14.00 -14.24 1,493,169.38 6.06 12
14.25 -14.49 2,261,423.21 9.18 14
14.50 -14.74 2,519,817.19 10.22 20
14.75 -14.99 1,718,809.97 6.97 13
15.00 -15.24 1,966,670.46 7.98 18
15.25 -15.49 1,933,532.74 7.84 17
15.50 -15.74 1,616,235.18 6.56 14
15.75 -15.99 1,729,960.49 7.02 13
16.00 -16.24 1,707,108.21 6.93 13
16.25 -16.49 1,479,058.61 6.00 13
16.50 -16.74 1,122,961.94 4.56 9
16.75 -16.99 1,295,919.15 5.26 9
17.00 -17.24 560,044.31 2.27 5
17.25 -17.49 553,316.20 2.24 3
17.50 -17.74 316,000.00 1.28 2
17.75 -17.99 692,306.62 2.81 6
18.00 AND OVER 204,400.00 0.83 2
=======================================================
TOTALS: 24,646,669.52 100.00 194
<PAGE>
ALLIANCE 1996-2
FLOOR REPORT
6 MONTH LIBOR
=======================================================
Total
Outstanding Percent Number
Principal of of
FLOOR Balance Balance Loans
=======================================================
6.50-6.74 92,518.30 0.38 1
7.00-7.24 283,550.00 1.15 2
7.25-7.49 68,000.00 0.28 1
7.50-7.74 525,829.87 2.13 2
7.75-7.99 506,037.69 2.05 5
8.00-8.24 1,493,169.38 6.06 12
8.25-8.49 2,261,423.21 9.18 14
8.50-8.74 2,519,817.19 10.22 20
8.75-8.99 1,718,809.97 6.97 13
9.00-9.24 1,966,670.46 7.98 18
9.25-9.49 1,933,532.74 7.84 17
9.50-9.74 1,616,235.18 6.56 14
9.75-9.99 1,729,960.49 7.02 13
10.00-10.24 1,707,108.21 6.93 13
10.25-10.49 1,479,058.61 6.00 13
10.50-10.74 1,122,961.94 4.56 9
10.75-10.99 1,295,919.15 5.26 9
11.00-11.24 560,044.31 2.27 5
11.25-11.49 553,316.20 2.24 3
11.50-11.74 316,000.00 1.28 2
11.75-11.99 692,306.62 2.81 6
12.00-12.24 204,400.00 0.83 2
=======================================================
TOTALS: 24,646,669.52 100.00 194
<PAGE>
ALLIANCE 1996-2
FLOOR REPORT
1 YEAR CMT
=======================================================
Total
Outstanding Percent Number
Principal of of
FLOOR Balance Balance Loans
=======================================================
7.00-7.24 266,814.03 0.94 3
7.25-7.49 697,320.92 2.45 6
7.50-7.74 109,000.00 0.38 1
7.75-7.99 1,117,934.78 3.92 9
8.00-8.24 966,551.46 3.39 8
8.25-8.49 1,000,524.69 3.51 9
8.50-8.74 1,479,151.64 5.19 12
8.75-8.99 3,404,859.16 11.94 21
9.00-9.24 2,425,946.96 8.51 18
9.25-9.49 3,080,254.28 10.80 33
9.50-9.74 3,499,041.11 12.27 33
9.75-9.99 2,051,533.35 7.20 16
10.00-10.24 2,491,682.47 8.74 20
10.25-10.49 534,110.96 1.87 5
10.50-10.74 1,100,576.51 3.86 10
10.75-10.99 2,044,908.66 7.17 21
11.00-11.24 1,856,517.00 6.51 20
11.25-11.49 167,889.10 0.59 1
11.75-11.99 215,936.46 0.76 1
=======================================================
TOTALS: 28,510,553.54 100.00 247
<PAGE>
ALLIANCE 1996-2
LOAN STATUS REPORT
ADJUSTABLE RATE LOANS
=======================================================
Total
Outstanding Percent Number
Principal of of
LOAN STATUS Balance Balance Loans
=======================================================
LOAN STATUS I 8,082,506.43 15.21 72
LOAN STATUS II 5,698,172.82 10.72 47
LOAN STATUS III 3,599,276.46 6.77 33
LOAN STATUS IV 11,273,360.12 21.21 116
LOAN STATUS V 1,908,298.13 3.59 19
SE 2,506,259.45 4.71 19
AA 5,657,480.07 10.64 42
ANIV 14,431,869.58 27.15 93
=======================================================
TOTALS: 53,157,223.06 100.00 441
<PAGE>
FIXED RATE CERTIFICATE PREPAYMENT ASSUMPTION:
With respect to the Fixed Rate Certificates, a 100% Prepayment Assumption
assumes constant prepayment rates (CPR) of 2% per annum of the then outstanding
principal balance of the Mortgage Loans in Sub-Pool 1 in the first month of the
life of the mortgage loans and an additional 1% per annum each month thereafter
until the twenty-first month. Beginning in the twenty-first month and in each
month thereafter during the life of the mortgage loans 100% Prepayment
Assumption assumes a constant prepayment rate of 22% per annum each month.
CLASS 1A CERTIFICATE PREPAYMENT SENSITIVITY ANALYSIS:
(assuming 0 bps losses):
(NO CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-1 WAL (yrs.) 9.80 2.42 1.56 1.24 1.06
Class A-1 Exp. Beg. Am. 1 1 1 1 1
Class A-1 Exp. End. Am. 178 58 34 25 21
(NO CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-2 WAL (yrs.) 14.85 5.27 3.05 2.26 1.86
Class A-2 Exp. Beg. Am. 178 58 34 25 21
Class A-2 Exp. End. Am. 178 69 39 29 23
(NO CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-3 WAL (yrs.) 15.02 7.17 4.03 2.88 2.28
Class A-3 Exp. Beg. Am. 178 69 39 29 23
Class A-3 Exp. End. Am. 182 106 59 41 32
(NO CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-4 WAL (yrs.) 15.46 9.57 5.31 3.70 2.87
Class A-4 Exp. Beg. Am. 182 106 59 41 32
Class A-4 Exp. End. Am. 194 124 69 48 37
(NO CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-5 WAL (yrs.) 18.26 13.04 7.53 5.13 3.87
Class A-5 Exp. Beg. Am. 194 124 69 48 37
Class A-5 Exp. End. Am. 240 181 121 82 61
(NO CLEAN-UP CALL)
9
<PAGE>
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-6 WAL (yrs.) 20.69 16.94 12.78 8.89 6.53
Class A-6 Exp. Beg. Am. 240 181 121 82 61
Class A-6 Exp. End. Am. 256 249 206 166 121
(5% CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
% Prepay Assumpt. 0% 50% 100% 150% 200%
Class A-6 WAL (yrs.) 20.49 15.60 11.54 7.81 5.74
Class A-6 Exp. Beg. Am. 240 181 121 82 61
Class A-6 Exp. End. Am. 247 190 143 97 71
CLASS 2A CERTIFICATE PREPAYMENT ASSUMPTION:
Prepayment Scenarios:
Scenario 1: 0% Constant prepayment rate.
Scenario 2: 15% Constant prepayment rate.
Scenario 3: 20% Constant prepayment rate.
Scenario 4: 25% Constant prepayment rate.
Scenario 5: 30% Constant prepayment rate.
CLASS 2A CERTIFICATE PREPAYMENT SENSITIVITY ANALYSIS:
(assuming 0 bps losses):
(NO CLEAN-UP CALL)
SCENARIO (1) 1 2 3 4 5
- - - - -
CPR 0% 15% 20% 25% 30%
Class 2A-1 WAL (yrs.) 21.89 5.61 4.23 3.34 2.73
Class 2A-1 Exp. Beg. Am. 1 1 1 1 1
Class 2A-1 Exp. End. Am. 362 362 362 362 362
8/26 8/26 8/26 8/26 8/26
(5% CLEAN-UP CALL)
SCENARIO 1 2 3 4 5
- - - - -
CPR 0% 15% 20% 25% 30%
Class 2A-1 WAL (yrs.) 21.88 5.42 4.05 3.19 2.60
Class 2A-1 Exp. Beg. Am. 1 1 1 1 1
Class 2A-1 Exp. End. Am. 355 206 156 123 100
1/26 8/13 6/09 9/06 10/04
10
<PAGE>
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 an offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitations or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Recipients of this communication are referred to the final prospectus and
prospectus supplement relating to the securities discussed in this communication
for a definitive explanation of the matters 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.
11
<PAGE>
Fixed Rate Mortgage Loan Group Collateral characteristics:
<TABLE>
<CAPTION>
Outstanding Principal Gross Remaining Original Remaining Original
Balance WAC Amort. Term Amort. Term Term to Balloon Term to Balloon
------- --- ----------- ----------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Fully Amortizing 52,457,579.62 11.230 254 256 n/a n/a
Balloon Loans 39,165,488.91 11.044 358 360 178 180
Subsequent Fixed Rate Loan transfers as of 7/01/96:
Fully Amortizing 15,318,335.03 11.263 256 256 n/a n/a
Balloon Loans 11,436,861.66 11.263 360 360 180 180
Subsequent Fixed Rate Loan transfers as of 8/01/96:
Fully Amortizing 15,318,335.03 11.263 256 256 n/a n/a
Balloon Loans 11,436,861.66 11.263 360 360 180 180
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
6 Month LIBOR Adjustable Rate Mortgage Fully Amortizing Loan Group Collateral characteristics:
Months to Next Rate Outstanding Principal Gross Rem. Orig. Gross Life Life Periodic
Adjustment Balance WAC Term Term Margin Cap Floor Cap
------- --- ---- ---- ------ --- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 282,896.24 9.264 355 360 6.195 15.264 9.264 1
2 1,293,425.17 9.344 356 360 6.056 15.344 9.344 1
3 1,603,680.57 9.194 357 360 6.114 15.194 9.194 1
4 5,041,860.42 9.656 358 360 6.524 15.656 9.656 1
5 11,404,722.63 9.398 359 360 6.106 15.398 9.398 1
6 5,020,084.49 9.524 360 360 6.043 15.465 9.470 1
<CAPTION>
Subsequent 6 Month LIBOR Adjustable Rate Loan Transfers as of 7/01/96:
6 7,335,299.33 9.803 360 360 6.300 15.803 9.803 1
<CAPTION>
Subsequent 6 Month LIBOR Adjustable Rate Loan Transfers as of 8/01/96:
6 7,335,299.33 9.803 360 360 6.300 15.803 9.803 1
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
1 Year CMT Adjustable Rate Mortgage Fully Amortizing Loan Group Collateral characteristics:
Months to Next Rate Outstanding Principal Gross Rem. Orig. Gross Life Life Periodic
Adjustment Balance WAC Term Term Margin Cap Floor Cap
------- --- ---- ---- ------ --- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2 201,866.73 9.089 356 360 6.632 15.089 9.089 2
3 648,719.74 9.503 357 360 6.567 15.503 9.503 2
4 8,169,130.85 9.480 358 360 6.256 15.480 9.480 2
5 13,482,627.60 9.440 359 360 5.954 15.440 9.440 2
6 5,303,290.00 9.479 360 360 5.936 15.479 9.479 2
7 50,636.90 9.750 349 360 4.500 13.750 7.750 2
9 59,806.05 12.125 351 360 7.000 16.125 10.125 2
10 80,520.77 11.125 352 360 6.250 15.375 9.375 2
11 244,995.16 11.227 353 360 6.820 15.227 9.227 2
12 268,959.74 11.625 354 360 7.500 15.625 9.625 2
<CAPTION>
Subsequent 1 Year CMT Adjustable Rate Loan transfers as of 7/01/96: (Prefunded pools characteristics will change later)
6 8,485,261.84 9.498 360 360 6.032 15.498 9.498 2
<CAPTION>
Subsequent 1 Year CMT Adjustable Rate Loan transfers as of 5/01/96: (Prefunded pools characteristics will change later):
6 8,485,261.84 9.498 360 360 6.032 15.498 9.498 2
</TABLE>
14
